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MGEX MARGINS

In effect as of April 23, 2021.
Margins on agricultural Futures. Under the provisions of Rule 760.00, the Board, or its designee, hereby fixes the following minimum initial and maintenance margins: 

HRSW (Hard Red Spring Wheat) Margins

Outright Hedger Initial Margin Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
May 21 - Jul 22 $2,100 $2,100 $2,730 $2,100
Sep 22 - Mar 23 $1,800 $1,800 $2,340 $1,800

 

Spread
Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
May 21 Jul 21 $500 $500 $650 $500
May 21 Sep 21 -Dec 21 $600 $600 $780 $600
May 21 Mar 22 $800 $800 $1,040 $800
May 21 May 22 - Jul 22 $1,000 $1,000 $1,300 $1,000
May 21 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
Jul 21 Sep 21 - Dec 21 $600 $600 $780 $600
Jul 21 Mar 22 $800 $800 $1,040 $800
Jul 21 May 22 - Jul 22 $1,000 $1,000 $1,300 $1,000
Jul 21 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
Sep 21 Dec 21 $500 $500 $650 $500
Sep 21 Mar 22 $700 $700 $910 $700
Sep 21 May 22 - Jul 22 $900 $900 $1,170 $900
Sep 21 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
Dec 21 Mar 22 $700 $700 $910 $700
Dec 21 May 22 - Jul 22 $900 $900 $1,170 $900
Dec 21 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
Mar 22 May 22 - Jul 22 $900 $900 $1,170 $900
Mar 22 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
May 22 Jul 22 $900 $900 $1,170 $900
May 22 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
Jul 22 Sep 22 - Dec 22 $1,500 $1,500 $1,950 $1,500
Sep 22 Dec 22 $1,500 $1,500 $1,950 $1,500

 

Spot Month Margin Add-On Charge
Commodity Code
Spot Month

Intra-commodity

Spread Charge

Outright Charge
Hard Red Spring Wheat (HRSW)
Mar 21
$0
$0

Volatility Scan Range (VSR) Rate
Commodity Code
Contract Month
VSR Rate
Hard Red Spring Wheat (HRSW)
All
6.00%

Index Margins

Outright
Hedger Initial Margin
Hedger Maintenance Margin
Speculator Initial Margin
Speculator Maintenance Margin
HRSI
$2,100
$2,100
$2,730
$2,100
HRWI
$2,100
$2,100
$2,730
$2,100
SRWI
$2,100
$2,100
$2,730
$2,100
NCI
$1,700
$1,700
$2,210
$1,700
NSI
$2,600
$2,600
$3,380
$2,600

Volatility Scan Range (VSR) Rate
Commodity Code
VSR Rate
HRSI
5.50%
HRWI
5.50%
SRWI
5.50%
NCI
5.50%
NSI
5.50%

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%


SPIKES Futures

Outright Margin Rates - SPIKES Futures (SPK)
Commodity Code Hedger Initial Margin Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin

Spikes Volatility Index (SPK)

Month 1

$10,000 $10,000 $13,000 $10,000

Spikes Volatility Index (SPK)

Month 2

$8,000 $8,000 $10,400 $8,000

Spikes Volatility Index (SPK)

Month 3

$6,500 $6,500 $8,450 $6,500

Spikes Volatility Index (SPK)

Month 4

$5,500 $5,500 $7,150 $5,500

Spikes Volatility Index (SPK)

Month 5

$4,500 $4,500 $5,850 $4,500

Spikes Volatility Index (SPK)

Month 6

$4,000 $4,000 $5,200 $4,000

 

Spread Margin Rates - SPIKES Futures (SPK)
Spread
Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
Month 1 Month 2 $4,400 $4,400 $5,720 $4,400
Month 1 Month 3 $7,700 $7,700 $10,010 $7,700
Month 1 Month 4 $7,600 $7,600 $9,880 $7,600
Month 1 Month 5 $8,000 $8,000 $10,400 $8,000
Month 1 Month 6 $8,800 $8,800 $11,440 $8,800
Month 2 Month 3 $2,500 $2,500 $3,250 $2,500
Month 2 Month 4 $3,600 $3,600 $4,680 $3,600
Month 2 Month 5 $4,900 $4,900 $6,370 $4,900
Month 2 Month 6 $5,300 $5,300 $6,890 $5,300
Month 3 Month 4 $1,800 $1,800 $2,340 $1,800
Month 3 Month 5 $3,300 $3,300 $4,290 $3,300
Month 3 Month 6 $4,200 $4,200 $5,460 $4,200
Month 4 Month 5 $1,600 $1,600 $2,080 $1,600
Month 4 Month 6 $2,900 $2,900 $3,770 $2,900
Month 5 Month 6 $1,300 $1,300 $1,690 $1,300


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.   


***  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.

 

Acceptable Collateral.  In accordance with Regulation 2106.00., MGEX currently only accepts collateral in the form of cash (USD) and short-term (12 months or less) U.S. Treasury Bills.  A 1% haircut is applied to all Treasury Bills.

 

MGEX Month End Initial Margin Totals

May 2021

April 2021

March 2021

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