Futures Margins; Margin Requirements

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Futures Margins

Updated: 2009-12-16 for the markets on Thursday, December 17th 2009.

Currencies

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CMEAfrican RandRA 4,050 3,0002009-12-16
CMEAustralian DollarAD 3,375 2,5002009-05-05
CMEBrazilian RealBR 4,200 3,0002009-12-16
CMEBritish PoundBP 2,700 2,0002009-05-05
CMECanadian DollarCD 2,430 1,8002009-05-05
CMEE-mini Euro FxE7 2,025 1,5002009-12-16
CMEE-mini J-yenJ7 2,025 1,5002009-05-05
CMEEuroEC 4,050 3,0002009-12-16
CMEEuro FX/BPRP£ 3,375£ 2,5002009-12-16
CMEEuro FX/JYRY¥ 810,000¥ 600,0002009-12-16
CMEEuro FX/SFRFCHF 3,375CHF 2,5002009-12-16
CMEJapanese YenJY 4,050 3,0002009-05-05
CMEMexican PesoMP 2,500 2,0002009-05-05
CMENew ZealandNE 2,700 2,0002009-05-05
CMESwiss FrancSF 3,713 2,7502009-12-16
NYBOTEuro/British PoundGB£ 3,724£ 2,8002009-02-06
NYBOTEuro/Japanese YenEJ¥ 598,500¥ 450,0002009-03-09
NYBOTEuro/Swiss FrancRZCHF 3,724CHF 2,8002009-03-20
NYBOTUS Dollar IndexDX 2,261 1,7002009-03-09

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Energies

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOTEthanolAC 4,725 3,5002009-05-06
NYMEXCoalQL 13,500 10,0002009-05-06
NYMEXE-mini Light Sweet CrudeQM 3,881 2,8752009-05-06
NYMEXE-mini Natural GasQG 1,688 1,2502009-05-06
NYMEXHeating OilHO 8,438 6,2502009-05-06
NYMEXHeating Oil, MiNYQH 4,219 3,1252009-05-06
NYMEXLight, Sweet Crude OilCL 7,763 5,7502009-05-06
NYMEXNY Harbor RBOB GasolineRB 8,775 6,5002009-05-06
NYMEXNatural GasNG 6,750 5,0002009-05-06
NYMEXPJM ElectricityJM 8,606 6,3752009-05-08
NYMEXPropanePN 4,388 3,2502008-01-08
NYMEXUnleaded Gasoline MiNYQU 4,388 3,2502009-05-06

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Financial

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOT10-Yr Interest Rate SwapNI 2,565 1,9002009-12-16
CBOT10y Treasury NoteTY 2,025 1,5002009-12-16
CBOT2 Yr Treasury NoteTU 810 6002009-12-16
CBOT30 Day Fed FundFF 635 4702009-12-16
CBOT30 Yr U.S. Treasury BondUS 3,240 2,4002009-12-16
CBOT5 Yr Treasury NoteFV 1,080 8002009-12-16
CBOT5-Yr Interest Rate SwapBNG 1,215 9002009-12-16
CBOTmini-sized EurodollarYE 338 2502007-02-02
CME1-Month LIBOR RateEM 810 6002009-12-16
CMEEurodollarED 1,013 7502009-12-16
CMEEuroyenEY¥ 16,200¥ 12,0002009-12-16

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Grains

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOTCornC 1,485 1,1002009-12-16
CBOTOatsO 1,080 8002009-05-06
CBOTRough RiceRR 1,350 1,0002009-12-16
CBOTS.A. SoybeansBS 2,025 1,5002008-01-07
CBOTSoybean MealSM 2,025 1,5002009-12-16
CBOTSoybean OilBO 1,350 1,0002009-12-16
CBOTSoybeansS 3,713 2,7502009-12-16
CBOTWheatW 2,363 1,7502009-12-16
CBOTmini-sized CornYC 297 2202009-12-16
CBOTmini-sized SoybeansYK 743 5502009-12-16
CBOTmini-sized WheatYW 473 3502009-12-16
KCBOTKC WheatKW 2,500 2,0002008-11-19
MGEWheat, HD Red SpMW 2,275 1,7502009-05-06
WCECanolaRSC$ 405C$ 3002009-03-09
WCEFeed WheatWWC$ 216C$ 1602008-05-26
WCEWestern BarleyABC$ 230C$ 1702009-05-06

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Indices

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOTDow JonesDJ 13,000 10,4002009-03-20
CBOTMini Dow Jones IndexYM 6,500 5,2002009-03-20
CFXVolatility Index (VIX)VX 8,750 7,0002009-04-02
CMEE-mini MidCapME 7,500 6,0002009-03-20
CMEE-mini Nasdaq 100NQ 3,500 2,8002009-03-20
CMEE-mini RussellER 5,250 4,2002007-11-30
CMEE-mini S&P 500ES 5,625 4,5002009-03-20
CMEE-mini S&P SmallCap 600SMC 3,250 2,6002008-10-30
CMEGSCIGI 12,750 8,5002009-02-06
CMENasdaq 100ND 17,500 14,0002009-03-20
CMENikkei 225CNK 6,250 5,0002008-10-17
CMENikkei 225 YenNIY¥ 625,000¥ 500,0002008-10-17
CMERussell 2000RL 26,250 21,0002007-11-30
CMES&P 500SP 28,125 22,5002009-03-20
CMES&P MidCap 400MD 37,500 30,0002009-03-20
ICE-USRussell 2000TO 27,500 27,5002008-12-11
ICE-USRussell 2000 MiniTF 4,000 4,0002009-03-20
NYBOTContinuous Comm. (CCI)CI 7,000 7,0002009-03-09
NYBOTRJ/CRBCR 650 6502009-03-09
NYBOTRussell 1000R1 22,500 22,5002008-12-11
SMXNikkei 225NK¥ 400,000¥ 400,0002009-05-06

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Livestock

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CMEFeeder CattleFC 1,350 1,0002009-12-16
CMELean HogLH 1,418 1,0502009-05-06
CMELive CattleLC 1,080 8002009-12-16
CMEMilk Class IIIDA 810 6002009-12-16
CMEPork BellyPB 1,620 1,2002009-05-06

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Metals

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CBOT5000oz SilverZI 8,100 6,0002009-02-06
CBOTGold, 100ozZG 5,399 3,9992009-02-06
CBOTmini-sized GoldYG 1,800 1,3332009-02-06
CBOTmini-sized SilverYI 1,620 1,2002009-02-06
COMEXAluminumAL 3,038 2,2502008-01-31
COMEXCopper, Hi GradeHG 7,763 5,7502008-02-21
COMEXGoldGC 6,747 4,9982009-02-06
COMEXMiNY CopperQC 3,881 2,8752008-02-21
COMEXMiNY GoldQO 2,699 1,9992009-02-06
COMEXMiNY London Pri ALLA 1,890 1,4002007-02-02
COMEXMiNY London Shg ZNLZ 4,050 3,0002007-02-02
COMEXMiNY SilverQI 4,050 3,0002009-02-06
COMEXSilverSI 8,100 6,0002009-02-06
NYMEXPalladiumPA 3,713 2,7502008-05-05
NYMEXPlatinumPL 8,100 6,0002008-05-05

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Softs

Span Minimum Margins: 2009-12-16
ExchangeContract
Name		CodeInitialMaintenancemodified
CMELumber 110LB 1,650 1,1002007-02-02
ICE-USRobusta CoffeeRC 2,100 1,5002008-11-13
NYBOTCocoaCC 2,660 1,9002008-11-05
NYBOTCoffee "C"KC 3,780 2,7002009-01-13
NYBOTCottonCT 1,820 1,3002009-03-20
NYBOTFL Orange JuiceJO 980 7002009-03-09
NYBOTSugar #11 WorldSB 1,260 9002008-08-11
NYBOTSugar #14 DmstcSE 1,260 9002008-08-11

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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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See Also

  • 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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