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MGEX MARGINS 

In effect as of July 27, 2018.
Margins on 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 Member/Hedger Initial Margin Member/Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
Sep 18 - Jul 19 $1,500 $1,500 $1,950 $1,500
Sep 19 - Jul 20 $1,250 $1,250 $1,625 $1,250

 

  Members and Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
Sep 18 Dec 18 $400 $400 $520 $400
Sep 18 Mar 19 $500 $500 $650 $500
Sep 18 May 19 - Jul 19 $700 $700 $910 $700
Sep 18 Sep 19 - Jul 20 $1,100 $1,100 $1,430 $1,100
Dec 18 Mar 19 $500 $500 $650 $500
Dec 18 May 19 - Jul 19 $700 $700 $910 $700
Dec 18 Sep 19 - Jul 20 $1,100 $1,100 $1,430 $1,100
Mar 19 May 19 - Jul 19 $700 $700 $910 $700
Mar 19 Sep 19 - Jul 20 $1,100 $1,100 $1,430 $1,100
May 19 Jul 19 $700 $700 $910 $700
May 19 Sep 19 - Jul 20 $1,100 $1,100 $1,430 $1,100
Jul 19 Sep 19 - Jul 20 $1,100 $1,100 $1,430 $1,100
Sep 19 Dec 19 - Jul 20 $1,100 $1,100 $1,430 $1,100
Dec 19 Mar 20 - Jul 20 $1,100 $1,100 $1,430 $1,100
Mar 20 May 20 - Jul 20 $1,100 $1,100 $1,430 $1,100
May 20 Jul 20 $1,100 $1,100 $1,430 $1,100

 

Spot Month Margin Add-On Charge
Commodity Code
Spot Month

Intra-commodity

Spread Charge

Outright Charge
Hard Red Spring Wheat (HRSW)
Sep 18
$0
$0

Volatility Scan Range (VSR) Rate

Commodity Code
Contract Month
VSR Rate
Hard Red Spring Wheat (HRSW)
Sep 18 - Jul 20
4.00%

 

Index Margins

Outright Member/Hedger Initial Margin Member/Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
HRSI $1,500 $1,500 $1,950 $1,500
HRWI $1,500 $1,500 $1,950 $1,500
SRWI $1,500 $1,500 $1,950 $1,500
NCI $750 $750 $975 $750
NSI $1,800 $1,800 $2,340 $1,800

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%



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 AJC futures contracts within the same crop year (Crop Year defined as November through September contract months).

**  Rate charged for spreads consisting of two AJC futures contracts, each within a different crop year (Crop Year defined as November through September 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.

 

Acceptable Collateral.  In accordance with Regulation 2102.00., 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.

   
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