BCBS - CPMI - IOSCO Joint Working Group on Margin Workstream 3
Survey on Client Margin Preparedness

**** Deadline for submissions extended to 2nd August ****


The G20, as part of its the work programme to enhance the resilience of non–bank financial intermediation (NBFI) sector, has called for a review of margining practices in cleared and uncleared markets, including with regards to the preparedness of market participants for margin calls.

To achieve this objective, IOSCO, CPMI and the BCBS have set up a Joint Working Group on Margin (JWGM), co-chaired by the Bank of England and the US CFTC.

Project Mandate

The JWGM is examining the following areas, taking into account both initial and variation margins:

  • Margin in cleared and uncleared markets during the March market turmoil, including clearing member-client dynamics (“workstream 1”);
  • Margin practice transparency, predictability and volatility during the March market turmoil across various markets, jurisdictions and margining models (“workstream 2”); and
  • Liquidity management preparedness of market participants (especially non-banks) to meet margin calls and the actions they took to do so (for example, ability of firms to use or transform high quality liquid assets) (“workstream 3”).


To undertake such a data-driven analysis, the JWGM’s workstream 3 is undertaking an ad-hoc survey to better understand whether various financial market participants were prepared to meet increased margin calls and the mechanisms through which they funded these calls.

The data required is outlined in the data template, which can be downloaded from the link below. Respondents are asked to participate on a best effort basis and, as appropriate, to include any additional information or accompanying documents that describe aspects of their firm’s liquidity strategy, liquidity risk management practices and constraints faced during the time-period under investigation.

Before submission, respondents are asked to remove any identifying codes. The data will then be further anonymised before analysis. All data will be held in strict confidence and stored securely. Access to the data is only through a dedicated unique login and password and the analytical team will be subject to a confidentiality agreement.

The JWGM strongly encourages responses from clients of clearing members, particularly from non-bank firms. This is an important opportunity to help inform the focus and direction of future policies to address systemic risks in NBFI, including interactions between CCPs, banks and non-banks and cross-border spill-overs.

Please complete and return the survey to the IOSCO Secretariat ([email protected]), by 17th May 2021.

We would like to thank you for your time and participation in this important exercise. During the course of this data collection exercise, please forward any questions to [email protected].

Download Survey on Client Margin Preparedness