Minneapolis Grain Exchange, LLC is now a MIAX® company
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 September 22, 2022.


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
Maintenance Margin
Dec 22
$3,300
Mar 23 - Jul 23
$3,000
Sep 23 - Dec 23
$2,700

 

Spread

Maintenance Margin
Dec 22
Mar 23
$400
Dec 22
May 23
$600
Dec 22
Jul 23
$800
Dec 22
Sep 23 - Dec 23
$1,400
Mar 23
May 23
$500
Mar 23
Jul 23
$700
Mar 23
Sep 23 - Dec 23
$1,400
May 23
Jul 23
$700
May 23
Sep 23 - Dec 23
$1,400
Jul 23
Sep 23 - Dec 23
$1,400
Sep 23
Dec 23
$1,400

 

Spot Month Margin Add-On Charge
Commodity Code
Spot Month

Intra-commodity

Spread Charge

Outright Charge
Hard Red Spring Wheat (HRSW)
Dec 22
$0
$0

 

Volatility Scan Range (VSR) Rate
Commodity Code
Contract Month
VSR Rate
Hard Red Spring Wheat (HRSW)
All
12.00%

 

Index Margins

Outright
Maintenance Margin
HRSI
$2,550
HRWI
$2,550
SRWI
$2,550
NCI
$1,900
NSI
$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
Maintenance Margin

Spikes Volatility Index (SPK)

Month 1

$9,250

Spikes Volatility Index (SPK)

Month 2

$7,000

Spikes Volatility Index (SPK)

Month 3

$5,750

Spikes Volatility Index (SPK)

Month 4

$5,000

Spikes Volatility Index (SPK)

Month 5

$4,250

Spikes Volatility Index (SPK)

Month 6

$3,500

 

Spread Margin Rates - SPIKES Futures (SPK)

Spread

Maintenance Margin
Month 1
Month 2
$4,400
Month 1
Month 3
$7,700
Month 1
Month 4
$7,600
Month 1
Month 5
$8,000
Month 1
Month 6
$8,800
Month 2
Month 3
$2,500
Month 2
Month 4
$3,600
Month 2
Month 5
$4,900
Month 2
Month 6
$5,300
Month 3
Month 4
$1,800
Month 3
Month 5
$3,000
Month 3
Month 6
$3,500
Month 4
Month 5
$1,400
Month 4
Month 6
$2,500
Month 5
Month 6
$1,300

 

Corporate Tax Futures

Outright Margin Rates - Tax Futures (TAX)

Commodity Code

Maintenance Margin

Corporate Tax Futures (TAX)

Dec 22 - March 25

$2,670

 

Spread Margin Rates - Tax Futures (TAX)

Spread

Maintenance Margin
Mar 23
June 23 - Dec 23
$2,403
June 23
Sep 23 - Dec 23
$2,403
Sep 23
Dec 23
$2,403
Mar 24
June 24 - Sep 24
$2,403
June 24
Sep 24
$2,403
Sep 24
Dec 24
$2,403

 

Bitnomial Bitcoin Futures

Outright Margin Rates - BUI and BUS Futures

Commodity Code

Maintenance Margin

BUS

Dec 22 - Sep 23

30%

BUI

Dec 22 - Sep 23

30%

 

Spread Margin Rates - BUS

Spread

Maintenance Margin

 Dec 22

Mar 23
$1,500
Dec 22
Jun 23
$1,800
Dec 22
Sep 23
$2,300
Mar 23
Jun 23
$2,200
Mar 23
Sep 23
$1,700
Jun 23
Sep 23
$1,000

 

Spread Margin Rates - BUI

Spread

Maintenance Margin

 Dec 22

Mar 23
$150
Dec 22
Jun 23
$180
Dec 22
Sep 23
$230
Mar 23
Jun 23
$220
Mar 23
Sep 23
$170
Jun 23
Sep 23
$100

Starting with the first day of a contracts delivery month, margins will increase using the

following schedule:

Delivery Margin
Effective Date
Margin Requirement (Percent of Notional)
1st Day of Delivery Month
40%
3rd Wednesday prior to Last Trading Day
60%
2nd Wednesday Prior to Last Trading Day
80%
5 days prior to Last Trading Day
100%

 

Capital GainsTax Futures

Outright Margin Rates - Capital Gains Tax Futures (CGT)

Commodity Code

Maintenance Margin

Capital GainsTax Futures (CGT)

Dec 22 - Mar 25

$800

 

Spread Margin Rates - Capital Gains Tax Futures (CGT)

Spread

Maintenance Margin
Mar 23
June 23 - Dec 23
$720
June 23
Sep 23 - Dec 23
$720
Sep 23
Dec 23
$720
Mar 24
June 24 - Sep 24
$720
June 24
Sep 24
$720
Sep 24
Dec 24
$720

 

Initial Margin. Accounts with a heightended risk profile will be charged an initial margin rate of 110% of the maintenance margin rate for each product.


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 2022

August 2022

July 2022

June 2022

May 2022

April 2022

March 2022

Miax Company