margins

Minneapolis Grain Exchange, LLC is now a MIAX® company

Quick Links

Market Commentary

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

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

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

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

BRIXX Retail Futures

Mar 22 - Dec 22

$930

Outright Margin Rates - BRIXX Office Futures (BXO)

Commodity Code

BRIXX Office Futures

Mar 22 - Dec 22

$2,110

Outright Margin Rates - BRIXX Residential Futures (BXR)

Commodity Code

BRIXX Residential Futures

Mar 22 - Dec 22

$1,410

Outright Margin Rates - BRIXX Hospitality Futures (BXH)

Commodity Code

BRIXX Hospitality Futures

Mar 22 - Dec 22

$1,900

Capital GainsTax Futures

Outright Margin Rates - Capital Gains Tax Futures (CGT)

Commodity Code

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

The Minneapolis Grain Exchange, LLC (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.

Copyright © 2021 MINNEAPOLIS GRAIN EXCHANGE, LLC. All Rights Reserved.
Site designed by Voila! Media Group

DISCLAIMER