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
ISDA Comments: OSC Call for Feedback
On June 26, 2026, ISDA submitted comments to the Ontario Securities Commission’s (OSC) consultation on facilitating access to its regulatory framework and reducing burden for capital markets participants by publishing a machine-readable dataset of regulatory instruments. The comments are supportive...
ISDA Comments on EP's MISP Draft Reports
On July 15, ISDA shared comments with policymakers in the European Union on the European Parliament’s (EP) draft reports by Member of the European Parliament (MEP) Markus Ferber and MEP Eero Heinäluoma on the Market Integration and Supervision Package (MISP)....
Building Markets, Creating Opportunity
Deep and liquid derivatives markets are fundamental to the development of well-functioning financial markets and healthy economies. They support lending, investment and financial stability, creating the certainty needed for economic growth. But strong derivatives markets do not emerge by chance....
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...