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MGEX MARGINS 

In effect as of June 19, 2013.
Margins on Futures. Under the provisions of Rule 760.00, the Board, or its designee, hereby fixes the following minimum initial and maintenance margins: 

SPECULATIVE MARGINS - OUTRIGHTS
Contract Initial Margin Maintenance Margin
Apple Juice Concentrate (AJC)**** $1,625 per contract $1,250
Hard Red Spring Wheat (HRSW) $2,795 per contract $2,150
Hard Red Spring Wheat Index (HRSI) $2,795 per contract $2,150
Hard Winter Wheat Index (HRWI) $2,795 per contract $2,150
National Corn Index (NCI) $2,535 per contract $1,950
National Soybean Index (NSI) $4,420 per contract $3,400
Soft Red Winter Wheat Index (SRWI) $2,795 per contract $2,150

 

SPECULATIVE MARGINS - INTRA-COMMODITY
Contract Exchange Initial Margin Exchange Maintenance Margin
AJC Calendar Spread*** $910 $700
HRSW Intra-Crop Year* (Year 1) $650

$500

HRSW Intra-Crop Year* (Year 2) $1,170 $900
HRSW Intra-Crop Year* (Year 3) $1,170 $900
HRSW Inter-Crop Years** $1,430 $1,100

 

HEDGE MARGINS - OUTRIGHTS
Contract Initial Margin Maintenance Margin
Apple Juice Concentrate (AJC) $1,250 per contract $1,250
Hard Red Spring Wheat (HRSW) $2,150 per contract $2,150
Hard Red Spring Wheat Index (HRSI) $2,150 per contract $2,150
Hard Winter Wheat Index (HRWI) $2,150 per contract $2,150
National Corn Index (NCI) $1,950 per contract $1,950
National Soybean Index (NSI) $3,400 per contract $3,400
Soft Red Winter Wheat Index (SRWI) $2,150 per contract $2,150

 

HEDGE MARGINS - INTRA-COMMODITY
Contract Exchange Initial Margin Exchange Maintenance Margin
AJC Calendar Spread*** $700 $700
HRSW Intra-Crop Year* (Year 1) $500 $500
HRSW Intra-Crop Year* (Year 2) $900 $900
HRSW Intra-Crop Year* (Year 3) $900 $900
HRSW Inter-Crop Years** $1,100 $1,100

 

INTRA-EXCHANGE, INTER-COMMODITY SPREADS
Spread Spread Credit 
NCI vs. NSI 50%
HRWI vs. HRSW 100%
HRSI vs. HRSW 100%
SRWI vs. HRSW 100%
HRWI vs. HRSI 100%
HRWI vs. SRWI 100%
SRWI vs. HRSI 100%


INTER-EXCHANGE SPREADS - MGEX SIDE
Spread Spread Credit
MGEX NCI vs. CBOT Corn 100%
MGEX NSI vs. CBOT Soybeans 100%
MGEX HRWI vs. CBOT Wheat 100%
MGEX HRWI vs. KCBT Wheat  100%
MGEX HRSI vs. CBOT Wheat

100%

MGEX HRSI vs. KCBT Wheat 100%
MGEX SRWI vs. CBOT Wheat 100%
MGEX SRWI vs. KCBT Wheat 100%
MGEX HRSW vs. CBOT Wheat 60%
MGEX HRSW vs. KCBT Wheat 60%



Margins on Options. Under the provisions of Rule 760.00, the Board, or its designee, hereby establishes that minimum margins for option transactions will be determined by the Standard Portfolio of Analysis of Risk®

(SPAN®)*** margin calculations.  

The MGEX margin setting methodology is risk based, taking into consideration unusual but plausible market movements.  Margins are measured daily and subject to change at any time based upon additional and changing data, information and market conditions.   

*  Rate charged for spreads consisting of two HRSW contracts within the same crop year (Crop Year defined as September through July contract months).

**  Rate charged for spreads consisting of two HRSW futures contracts, each within a different crop year (Crop Year defined as September through July contract months).


***  SPAN® is a registered trademark of the Chicago Mercantile Exchange. The Chicago Mercantile Exchange assumes no liability in connection with the use of SPAN® by any person or entity.

****  AJC Calendar Spread defined as November 2012 through September 2013 contract months.



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