Derivatives Firms Collected $1.5 Trillion in Margin for Non-Cleared Trades in 2024
Initial and variation margins for non-cleared derivatives ROSE 6.4% year-over-year to $1.5 trillion, according to ISDA’s latest survey. The 32 participating firms—including all major phase-one dealers—collected $431.2 billion in initial margin, virtually unchanged from 2023, while variation margin surged 9.3% to $1 trillion.
Regulatory mandates continue shaping the post-trade landscape as institutional players adapt to evolving capital requirements. The steady growth in collateralization reflects both market expansion and tightened risk management frameworks across the derivatives ecosystem.