The ISDA Margin Survey analyzes the amount and type of initial margin (IM) and variation margin (VM) posted for non-cleared 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.
IM and VM collected by leading derivatives market participants subject to the margin rules totaled $1.4 trillion at year-end 2023, flat compared with 2022. This included $462.0 billion of IM and $944.5 billion of VM.
The survey also finds that $392.2 billion of IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2023.
Read the full survey by clicking on the attached PDF.
Documents (1) for ISDA Margin Survey Year-end 2023
Latest
FRTB Impact on Correlation Trading
The capitalization of the correlation trading portfolio (CTP) under the Fundamental Review of the Trading Book will have an adverse economic impact for users of these instruments. In particular, there is a lack of clarity and consistency in the application...
ISDA In Review – September 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2025.
A Path to Greater CFTC-SEC Alignment
Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a roundtable on regulatory harmonization – an initiative we wholeheartedly support. The US regulatory framework has evolved over time to facilitate financial markets...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.