The ISDA Margin Survey looks at the impact of regulatory and other changes on collateral practices, and analyzes the amount and type of initial margin (IM) and variation margin posted for non-cleared derivatives, and the IM posted for cleared transactions.
The new survey finds that the 20 largest market participants (phase-one firms) collected approximately $173.2 billion of IM for their non-cleared derivatives transactions at year-end 2019. Of this amount, $105.2 billion was collected from counterparties currently in scope of the regulatory IM requirements. A further $68.0 billion of IM was collected from counterparties and/or for transactions that are not in scope of the margin rules (independent amount), including legacy transactions.
In addition to these amounts, phase-one firms reported that they collected $44.0 billion of IM for their inter-affiliate derivatives transactions at year-end 2019.
The survey also finds that $269.1 billion of IM was posted by all market participants to major central counterparties for their cleared interest rate derivatives and credit default swap transactions at the end of 2019.
Read the full survey by clicking on the attached PDF.
Documents (1) for ISDA Margin Survey Year-End 2019
Latest
ISDA & EMTA Publish New FX Definitions
ISDA and EMTA, Inc., the trade association for emerging markets, have jointly published a revised set of standard definitions for foreign exchange (FX) derivatives transactions, which update key market practices and consolidate various FX and FX-related product templates and provisions...
ISDA Position Paper on SFDR Review
On February 27, ISDA and the Association for Financial Markets in Europe (AFME) published a position paper on the European Commission’s (EC) proposed revisions to the Sustainable Finance Disclosure Regulation (SFDR 2.0). The paper welcomes the EC’s proposal as a...
ISDA Response to HKMA SFC Consultation on Clearing Rules
On February 27, ISDA responded to a joint consultation by the Hong Kong Monetary Authority (HKMA) and the Securities Futures Commission (SFC) on proposed amendments to schedule 2 of the clearing rules for over-the-counter (OTC) derivatives. The proposed amendments introduce...
ISDA/ASIFMA Request Clarifications on RBI IRD Master Directions
On February 11, 2026, ISDA and ASIFMA submitted a joint letter to the Reserve Bank of India (RBI) requesting clarifications on Master Direction – RBI (Rupee Interest Rate Derivatives) Directions, 2025 (FMRD.DIRD.No.06/14.03.046/2025-26) related to reporting data of IRD transactions entered...