The ISDA Margin Survey analyzes the amount and composition of initial margin (IM) and variation margin (VM) received and posted for noncleared derivatives. The survey also reviews IM posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions.
Leading derivatives market participants subject to the margin rules collected a total of $1.6 trillion of IM and VM at year-end 2025, representing a 9.3% increase from the previous year. This included $524.7 billion of IM and $1.0 trillion of VM. In addition, the survey finds that $423.5 billion of required IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2025, up by 8.7% compared to the end of 2024.
The share of non-cash collateral grew to 51.7% of total collateral received for non-cleared derivatives exposures, with the share of cash declining to its lowest level of 48.3% at year-end 2025. Non-cash collateral accounted for 89.8% of IM and 32.4% of VM, reflecting a continued shift in the composition of collateral for non-cleared derivatives.
Non-cash collateral remained concentrated in government securities, particularly US Treasury and other G-7 debt, alongside a meaningful allocation to equities and exchange-traded funds (ETFs) and corporate securities.
Read the full survey by clicking on the attached PDF.
Documents (1) for ISDA Margin Survey Year-end 2025
Latest
US Treasury Repo Market Indicators Methodology
This paper is intended for market participants interested in the structure and methodology used to construct the ISDA-Actrix US Treasury Repo Market Clearing Indicators. It provides precise details allowing participants to access the publicly available data and replicate the calculations...
Response to BoE on Mobilization of new CCPs
On June 4, ISDA submitted a response to the Bank of England’s (BoE) consultation on its approach to using its requirements and permissions powers to facilitate mobilization of new central counterparties (CCPs). The consultation includes a draft policy statement, setting...
S&P Global Selected as DC Administrator
ISDA and the Credit Derivatives Governance Committee have announced that S&P Global Market Intelligence has been selected as the administrator for the Credit Derivatives Determinations Committees (DCs). The announcement follows an invitation to tender in November 2025. The DC administrator...
Supporting ISDA SIMM Adoption in Australia
Derivatives have become a critical tool for Australia’s massive superannuation sector, as funds look to manage the risks associated with their expanding offshore investments. The use of derivatives brings real risk management benefits, but it also means funds need to...