An acronym for average aggregate notional amount; the sum of the total outstanding notional amounts (ONA) of non-cleared derivative positions during a prespecified observation period (as prescribed by regulators) calculated on a gross basis, including positions established through a prime broker. This measure helps determine the scale of a party’s activities and positions in non-centrally cleared derivative trades. Initial margin (IM) requirements (subject to a phased approach) apply to a market participant if its average aggregate notional amount in OTC derivatives breach an annually decreasing threshold.

AANA may measure a party’s outstanding uncleared swap trades, aggregated as of certain dates (e.g., three-month periods) to determine whether and on which phase-in compliance date, a party may be required to meet certain global margin requirements for uncleared swaps.