margins

Products
Hard Red Spring Wheat
Margin Requirements

400 South 4th Street
130 Grain Exchange Building
Minneapolis, MN 55415
ph: 612-321-7101 or
toll free: 1-800-827-4746
mgex@mgex.com

MGEX MARGINS

In effect as of June 24, 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
Sep 21 - Jul 22	$2,550	$2,550	$3,315	$2,550
Sep 22 - Mar 23	$2,000	$2,000	$2,600	$2,000

Spread		Hedgers		Speculators
Side A	Side B	Initial Margin	Maintenance Margin	Initial Margin	Maintenance Margin
Sep 21	Dec 21	$500	$500	$650	$500
Sep 21	Mar 22	$700	$700	$910	$700
Sep 21	May 22 - Jul 22	$1,100	$1,100	$1,430	$1,100
Sep 21	Sep 22 - Dec 22	$1,700	$1,700	$2,210	$1,700
Dec 21	Mar 22	$700	$700	$910	$700
Dec 21	May 22 - Jul 22	$1,100	$1,100	$1,430	$1,100
Dec 21	Sep 22 - Dec 22	$1,700	$1,700	$2,210	$1,700
Mar 22	May 22 - Jul 22	$1,100	$1,100	$1,430	$1,100
Mar 22	Sep 22 - Dec 22	$1,700	$1,700	$2,210	$1,700
May 22	Jul 22	$1,100	$1,100	$1,430	$1,100
May 22	Sep 22 - Dec 22	$1,700	$1,700	$2,210	$1,700
Jul 22	Sep 22 - Dec 22	$1,700	$1,700	$2,210	$1,700
Sep 22	Dec 22 - May 23	$1,700	$1,700	$2,210	$1,700
Dec 22	Mar 23 - May 23	$1,700	$1,700	$2,210	$1,700
Mar 23	May 23	$1,700	$1,700	$2,210	$1,700

Spot Month Margin Add-On Charge

Commodity Code

Spot Month

Intra-commodity

Spread Charge

Outright Charge

Hard Red Spring Wheat (HRSW)

Jul 21

Volatility Scan Range (VSR) Rate
Commodity Code	Contract Month	VSR Rate
Hard Red Spring Wheat (HRSW)	All	8.00%

Index Margins

Outright	Hedger Initial Margin	Hedger Maintenance Margin	Speculator Initial Margin	Speculator Maintenance Margin
HRSI	$2,550	$2,550	$3,315	$2,550
HRWI	$2,550	$2,550	$3,315	$2,550
SRWI	$2,550	$2,550	$3,315	$2,550
NCI	$1,900	$1,900	$2,470	$1,900
NSI	$2,800	$2,800	$3,640	$2,800

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

Corporate Tax Futures

Outright Margin Rates - Tax Futures (TAX)

Commodity Code

Hedger Initial Margin

Speculator

Initial Margin

Speculator

Maintenance Margin

Corporate Tax Futures (TAX)

Jun 21 - Dec 21

$2,400

Corporate Tax Futures (TAX)

Mar 22 - Sep 23

$2,670

$3,471

$2,670

Spread Margin Rates - Tax Futures (TAX)
Spread		Hedgers		Speculators
Side A	Side B	Initial Margin	Maintenance Margin	Initial Margin	Maintenance Margin
Jun 21	Sep 21 - Dec 21	$2,160	$2,160	$2,808	$2,160
Sep 21	Dec 21	$2,160	$2,160	$2,808	$2,160
Mar 21	June 22 - Dec 22	$2,403	$2,403	$3,124	$2,403
June 21	Sep 22 - Dec 22	$2,403	$2,403	$3,124	$2,403
Sep 22	Dec 22	$2,403	$2,403	$3,124	$2,403
Mar 23	June 23 - Sep 23	$2,403	$2,403	$3,124	$2,403
June 23	Sep 23	$2,403	$2,403	$3,124	$2,403

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

September 2021

August 2021

July 2021

DISCLAIMER

The Minneapolis Grain Exchange, Inc. (MGEX) is a commodity exchange located in Minneapolis, Minnesota (MN). It is the world's largest market for hard red spring wheat futures and options trading.

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