FIX Protocol has published recommended practices for margin reporting between asset managers and broker-dealers, setting out a common framework for exchanging information on margin requirements.
The document, Asset Manager–Broker Margin Communication, was finalised in September 2026 following public comment. Developed by the FIX Post Trade Committee, it covers swaps financing and other activities involving margin requirements.
The recommendations aim to standardise how firms request, acknowledge and receive margin reports, including information on margin excesses and deficits, net positions and amounts posted or received. FIX says timely reporting helps firms monitor exposures and track initial and variation margin requirements.
Requests and ongoing reporting
The framework supports both reports sent in response to a request and reports provided without one. Asset managers can request summary or detailed information, either as a single snapshot or through ongoing updates.
Brokers can acknowledge requests as accepted, accepted with warnings or rejected before sending the relevant report. The messages identify the accounts, portfolios, instruments, currencies and amounts covered.
Focus on data exchange
The recommendations address the format and transmission of margin information, rather than how margin is calculated. They do not define the legal, regulatory or bilateral agreement terms governing margin calculations, or validate the economic content of data supplied by brokers.
The document is intended for operations, collateral, margin and technology teams at asset managers, broker-dealers, prime brokers and other service providers involved in post-trade margin workflows.