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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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