Page 20 - 期货和衍生品行业监管动态（2024年4月）

期货和衍生品行业监管动态

时候都多，并且每年都将有更多的公司进入监管范围。这极大地降低了交易对手

方信用风险，但也意味着需要筹集大量的高质量流动资产以满足追加保证金需要，

担保品管理流程必须尽可能高效。”

ISDA 正在采取多项措施，将通用领域模型（Common Domain Model）（一

种用于金融产品、交易和生命周期事件的开源数据标准）应用于担保品管理文件、

担保品陈述及保证金和结算流程，以增加自动化程度，提高效率，并降低操作、

流动性和交易对手风险。

ISDA Margin Survey Shows $1.4 Trillion in Margin Collected at Year-end 2023

(2024/4/16)

ISDA has published its latest margin survey, which shows that $1.4 trillion of

initial margin (IM) and variation margin (VM) was collected by 32 leading

derivatives market participants for their non-cleared derivatives exposures at the end

of 2023, unchanged from the previous year.

The $1.4 trillion total comprised $462.0 billion of IM and $944.5 billion of VM,

compared to $325.7 billion of IM and $1.1 trillion of VM at the end of 2022. The 32

firms covered by the ISDA Margin Survey included all 20 of the firms subject to the

first phase of regulatory IM requirements for non-cleared derivatives in September

2016 (phase-one entities), five of the six phase-two firms and seven of the eight

phase-three entities.

Total margin received by the 20 phase-one firms was $1.3 trillion, a fall of 0.6%

from the previous year. This included $432.3 billion of IM (a 40.8% increase versus

2022) and $851.0 billion of VM (a decline of 13.5%).

The survey also reports the amount of IM posted by all market participants to

major central counterparties. Total IM posted for cleared interest rate derivatives (IRD)

and single-name and index credit default swaps (CDS) reached $392.2 billion at the

end of 2023, a rise of 2% compared to the year before. Of this, $331.8 billion was

6