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.