On 5 May 2021, the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions announced that they had issued a survey on the use of margin calls as part of an examination into liquidity shortfalls during the early stages of the COVID-19 pandemic.

This work covers both initial and variation margins in derivatives and securities markets and covers:

• Margin in cleared and uncleared markets during the March 2020 market turmoil, including clearing member-client dynamics.
• Margin practice transparency, predictability and volatility during the March market turmoil across various markets, jurisdictions and margining models.
• Liquidity management preparedness of market participants (especially non-banks) to meet margin calls.