Futures Margins

Updated: 2012-01-26 for the markets on Friday, January 27th 2012.

Currencies

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CMEAfrican RandRA 4,860 3,6002012-01-23
CMEAustralian DollarAD 3,780 2,8002012-01-23
CMEBrazilian RealBR 5,600 4,0002011-12-09
CMEBritish PoundBP 2,025 1,5002011-11-25
CMECanadian DollarCD 2,700 2,0002012-01-23
CMEE-mini Euro FxE7 2,700 2,0002011-11-25
CMEE-mini J-yenJ7 2,430 1,8002012-01-23
CMEEuroEC 5,400 4,0002011-11-25
CMEEuro FX/BPRP£ 2,025£ 1,5002011-11-25
CMEEuro FX/JYRY¥ 607,500¥ 450,0002011-11-25
CMEEuro FX/SFRFCHF 5,400CHF 4,0002011-11-25
CMEJapanese YenJY 4,860 3,6002012-01-23
CMEMexican PesoMP 3,750 3,0002011-11-25
CMENew ZealandNE 2,700 2,0002012-01-23
CMESwiss FrancSF 7,290 5,4002012-01-23
ICEEuro/British PoundGB£ 1,862£ 1,4002011-06-30
ICEEuro/Japanese YenEJ¥ 343,805¥ 258,5002011-06-30
ICEEuro/Swiss FrancRZCHF 12,768CHF 9,6002011-09-16
ICEUS Dollar IndexDX 2,394 1,8002011-10-31

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Energies

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOTEthanolAC 4,725 3,5002012-01-23
NYMEXCoalQL 3,850 3,5002011-11-11
NYMEXE-mini Light Sweet CrudeQM 3,780 2,8002011-12-12
NYMEXE-mini Natural GasQG 709 5252012-01-23
NYMEXHeating OilHO 7,155 5,3002011-12-12
NYMEXHeating Oil, MiNYQH 3,578 2,6502011-12-12
NYMEXLight, Sweet Crude OilCL 7,560 5,6002011-12-12
NYMEXNY Harbor RBOB GasolineRB 8,100 6,0002011-11-25
NYMEXNatural GasNG 2,835 2,1002012-01-23
NYMEXPJM ElectricityJM 1,386 1,2602012-01-26
NYMEXPropanePN 4,388 3,2502008-01-08
NYMEXUnleaded Gasoline MiNYQU 4,050 3,0002011-11-25

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Financial

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOT10-Yr Interest Rate SwapNI 2,160 1,6002012-01-23
CBOT10y Treasury NoteTY 1,755 1,3002012-01-23
CBOT2 Yr Treasury NoteTU 540 4002012-01-23
CBOT30 Day Fed FundFF 78 582012-01-26
CBOT30 Yr U.S. Treasury BondUS 4,185 3,1002011-11-25
CBOT5 Yr Treasury NoteFV 1,013 7502012-01-23
CBOT5-Yr Interest Rate SwapBNG 1,215 9002011-11-25
CBOTmini-sized EurodollarYE 338 2502007-02-02
CME1-Month LIBOR RateEM 338 2502011-12-09
CMEEurodollarED 506 3752012-01-23
CMEEuroyenEY¥ 12,150¥ 9,0002011-11-25

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Grains

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOTCornC 2,363 1,7502011-11-25
CBOTOatsO 1,350 1,0002011-11-25
CBOTRough RiceRR 1,688 1,2502011-11-25
CBOTS.A. SoybeansBS 2,025 1,5002008-01-07
CBOTSoybean MealSM 1,688 1,2502011-11-25
CBOTSoybean OilBO 1,350 1,0002011-11-25
CBOTSoybeansS 3,375 2,5002011-11-25
CBOTWheatW 3,038 2,2502011-11-25
CBOTmini-sized CornYC 473 3502011-11-25
CBOTmini-sized SoybeansYK 675 5002011-11-25
CBOTmini-sized WheatYW 608 4502011-11-25
KCBOTKC WheatKW 2,500 2,0002008-11-19
MGEWheat, HD Red SpMW 2,568 1,9752010-12-27
WCECanolaRSCLP 540CLP 4002011-01-24
WCEFeed WheatWWCLP 216CLP 1602008-05-26
WCEWestern BarleyABC$ 162C$ 1202011-01-24

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Indices

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOTDow JonesDJ 8,750 7,0002011-11-25
CBOTMini Dow Jones IndexYM 4,375 3,5002011-11-25
CFXCBOE Mini VIXVX 8,750 7,0002009-04-02
CMEE-mini MidCapME 7,500 6,0002011-11-25
CMEE-mini Nasdaq 100NQ 3,500 2,8002011-11-25
CMEE-mini RussellER 5,250 4,2002007-11-30
CMEE-mini S&P 500ES 5,000 4,0002011-11-25
CMEE-mini S&P SmallCap 600SMC 3,625 2,9002011-11-25
CMEGSCIGI 10,500 7,0002011-12-22
CMENasdaq 100ND 17,500 14,0002011-11-25
CMENikkei 225CNK 5,313 4,2502011-11-25
CMENikkei 225 YenNIY¥ 531,250¥ 425,0002011-11-25
CMERussell 2000RL 26,250 21,0002007-11-30
CMES&P 500SP 25,000 20,0002011-11-25
CMES&P MidCap 400MD 37,500 30,0002011-11-25
ICEContinuous Comm. (CCI)CI 11,500 11,5002011-10-31
ICERJ/CRBCR 450 4502012-01-10
ICERussell 1000R1 22,500 22,5002008-12-11
ICE-USRussell 2000TO 27,500 27,5002008-12-11
ICE-USRussell 2000 MiniTF 6,850 6,8502011-10-31
SMXNikkei 225NK¥ 400,000¥ 400,0002009-05-06

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Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
COMEXAluminumAL 3,038 2,2502008-01-31
COMEXCopperQC 3,881 2,8752011-11-25
COMEXMiNY GoldQO 5,738 4,2502011-11-25
COMEXMiNY London Pri ALLA 1,890 1,4002007-02-02
COMEXMiNY London Shg ZNLZ 4,050 3,0002007-02-02
COMEXMiNY SilverQI 12,488 9,2502011-11-25

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Livestock

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CMEFeeder CattleFC 2,025 1,5002011-11-25
CMELean HogLH 1,688 1,2502011-11-25
CMELive CattleLC 1,620 1,2002011-11-25
CMEMilk Class IIIDA 675 5002012-01-23
CMEPork BellyPB 2,025 1,5002010-11-29

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Metals

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
COMEXCopperHG 7,763 5,7502011-11-25
COMEXGoldGC 11,475 8,5002011-11-25
COMEXSilverSI 24,975 18,5002011-11-25
NYL5000oz SilverZI 18,500 18,5002011-12-15
NYLGold, 100ozZG 8,499 8,4992011-12-15
NYLmini-sized GoldYG 2,833 2,8332011-12-15
NYLmini-sized SilverYI 3,700 3,7002011-12-15
NYMEXPalladiumPA 5,775 5,2502011-11-11
NYMEXPlatinumPL 4,950 4,5002011-11-11

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Softs

Span Minimum Margins: 2012-01-26
ExchangeContract
Name		CodeInitialMaintenancemodified
CMELumber 110LB 2,250 1,5002011-11-25
ICECocoaCC 2,310 1,6502012-01-23
ICECoffee "C"KC 7,560 5,4002011-03-25
ICECottonCT 3,780 2,7002011-10-31
ICEFL Orange JuiceJO 5,040 3,6002012-01-23
ICESugar #11 WorldSB 2,030 1,4502012-01-10
ICESugar #14 DmstcSE 1,260 9002008-08-11
ICE-USRobusta CoffeeRC 2,100 1,5002008-11-13

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Futures margin is determined by the SPAN margining system, which takes into account all positions in a customer's portfolio.

Margin is the amount of money or collateral deposited by a customer with his broker, by a broker with a clearing member, or by a clearing member with a clearing organization.

The margin is not partial payment on a purchase. Also called Performance Bond.

  1. Initial margin is the amount of margin required by the broker when a futures position is opened;
  2. Maintenance margin is an amount that must be maintained on deposit at all times.

If the equity in a customer's account drops to or below the level of maintenance margin because of adverse price movement, the broker must issue a margin call to restore the customer's equity to the initial level. See Variation Margin.

Exchanges specify levels of initial margin and maintenance margin for each futures contract, but futures commission merchants may require their customers to post margin at higher levels than those specified by the exchange.

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CCSTrade Futures Research

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  • SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MOST CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED IN THE PAST SEVERAL YEARS.THERE ARE USUALLY UNDERLYING, FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR YEAR.EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS.NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST, OR WILL IN THE FUTURE, ACHIEVE PROFITS USING THESE RECOMMENDATIONS.NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE.

  • THERE IS A RISK OF LOSS IN FUTURES TRADING AND IS NOT SUITABLE FOR
    ALL INVESTORS. ONLY RISK CAPITAL SHOULD BE USED WHEN TRADING FUTURES.
  • PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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