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 December 16, 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
Maintenance Margin
Mar 22 - Jul 22
$2,250
Sep 22 - Sep 23
$1,800

 

Spread

Maintenance Margin
Mar 22
May 22
$600
Mar 22
Jul 22
$800
Mar 22
Sep 22 - Sep 23
$1,200
May 22
Jul 22
$800
May 22
Sep 22 - Sep 23
$1,200
Jul 22
Sep 22 - Sep 23
$1,200
Sep 22
Dec 22 - Sep 23
$1,200
Dec 22
Mar 23 - Sep 23
$1,200
Mar 23
May 23 - Sep 23
$1,200
May 23
Jul 23 - Sep 23
$1,200
Jul 23
Sep 23
$1,200

 

Spot Month Margin Add-On Charge
Commodity Code
Spot Month

Intra-commodity

Spread Charge

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

 

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

 

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)

Mar 22 - June 24

$2,670

 

Spread Margin Rates - Tax Futures (TAX)

Spread

Maintenance Margin
Mar 22
June 22 - Dec 22
$2,403
June 21
Sep 22 - Dec 22
$2,403
Sep 22
Dec 22
$2,403
Mar 23
June 23 - Sep 23
$2,403
June 23
Sep 23
$2,403
Sep 23
Dec 23
$2,403
Mar 24
June 24
$2,403

 

Bitnomial Bitcoin Futures

Outright Margin Rates - BUI and BUS Futures

Commodity Code

Maintenance Margin

BUS

Dec 21 - Mar 22

35%

BUI

Dec 21 - Mar 22

35%

 

Spread Margin Rates - BUS

Spread

Maintenance Margin

Dec 21

Mar 22
$1,500

 

Spread Margin Rates - BUI

Spread

Maintenance Margin

Dec 21

Mar 22
$150

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%

 

BRIXX Futures

Outright Margin Rates - BRIXX Retail Futures (BXT)

Commodity Code

Maintenance Margin

BRIXX Retail Futures

Mar 22 - Dec 22

$930

 

Outright Margin Rates - BRIXX Office Futures (BXO)

Commodity Code

Maintenance Margin

BRIXX Office Futures

Mar 22 - Dec 22

$2,110

 

Outright Margin Rates - BRIXX Residential Futures (BXR)

Commodity Code

Maintenance Margin

BRIXX Residential Futures

Mar 22 - Dec 22

$1,410

 

Outright Margin Rates - BRIXX Hospitality Futures (BXH)

Commodity Code

Maintenance Margin

BRIXX Hospitality Futures

Mar 22 - Dec 22

$1,900

 

Capital GainsTax Futures

Outright Margin Rates - Capital Gains Tax Futures (CGT)

Commodity Code

Maintenance Margin

Capital GainsTax Futures (CGT)

Mar 22 - June 24

$800

 

Spread Margin Rates - Capital Gains Tax Futures (CGT)

Spread

Maintenance Margin
Mar 22
June 22 - Dec 22
$720
June 21
Sep 22 - Dec 22
$720
Sep 22
Dec 22
$720
Mar 23
June 23 - Sep 23
$720
June 23
Sep 23 - Dec 23
$720
Sep 23
Dec 23
$720
Mar 24
June 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

January 2022

December 2021

November 2021

Miax Company