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 the amount of IM posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions.
The latest survey finds that the 20 largest market participants (phase-one firms) collected approximately $207.3 billion of IM for their non-cleared derivatives transactions at year-end 2020. Of this amount, $129.2 billion was collected from counterparties currently in scope of the regulatory IM requirements. A further $78.1 billion of IM (independent amount, or IA) was collected from counterparties and/or for transactions that are not in scope of the non-cleared margin rules, including legacy transactions.
In addition to regulatory IM and IA, phase-one firms collected $1.2 trillion of VM for their non-cleared derivatives transactions at year-end 2020, including $638.5 billion of regulatory VM and $526.1 billion of discretionary VM.
The survey also finds that $330.6 billion of IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2020.
Read the full survey by clicking on the PDF below.
Documents (1) for ISDA Margin Survey Year-End 2020
Latest
Trading Book Capital: Scott O'Malia Remarks
Trading Book Capital: Capital Conundrum, Navigating Basel III Endgame February 5, 2026 Welcoming Remarks Scott O’Malia, ISDA Chief Executive Good afternoon, and welcome to ISDA’s Trading Book Capital event – it’s great to be here in New York. We...
ISDA In Review – January 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in January 2026.
ISDA Responds to RBI Unique Transaction Identifier (UTI) Proposals
On November 14, 2025, ISDA submitted comments to a Draft Circular from the Reserve Bank of India (RBI) proposing to mandate the global Unique Transaction Identifier (UTI) for all transactions in OTC markets for Rupee interest rate derivatives, forward contracts in Government...
How and Why Pension Funds Use Derivatives
With over $58 trillion in assets globally, pension fund managers are major participants in financial markets and play a vital role in helping to provide post-retirement incomes for plan employees. Meeting such an important goal requires careful consideration of investment...