margins

Minneapolis Grain Exchange, LLC is now a MIAX® company

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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 July 27, 2023.

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 23 - Jul 24	$3,000
Sep 24 - Dec 24	$2,800

Spread		Maintenance Margin
Dec 23	Mar 24 - May 24	$900
Dec 23	Jul 24	$1,100
Dec 23	Sep 24 - Dec 24	$1,300
Mar 24	May 24	$900
Mar 24	Jul 24	$1,100
Mar 24	Sep 24 - Dec 24	$1,300
May 24	Jul 24	$1,100
May 24	Sep 24 - Dec 24	$1,300
Jul 24	Sep 24 - Dec 24	$1,300
Sep 24	Dec 24	$1,300

Spot Month Margin Add-On Charge

Commodity Code

Spot Month

Intra-commodity

Spread Charge

Outright Charge

Hard Red Spring Wheat (HRSW)

December 23

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	$8,350
Spikes Volatility Index (SPK) Month 2	$6,000
Spikes Volatility Index (SPK) Month 3	$4,600
Spikes Volatility Index (SPK) Month 4	$3,900
Spikes Volatility Index (SPK) Month 5	$3,500
Spikes Volatility Index (SPK) Month 6	$3,150

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

Bitnomial Bitcoin Futures

Outright Margin Rates - BUI and BUS Futures

Commodity Code

BUS

Sep 23 - Jun 24

30%

BUI

Sep 23 - Jun 24

30%

Spread Margin Rates - BUS
Spread		Maintenance Margin
Sep 23	Oct 23 - Dec 23	$1,900
Sep 23	Mar 24	$2,050
Sep 23	Jun 24	$2,350
Oct 23	Nov 23 - Dec 23	$2,050
Oct 23	Mar 24	$2,050
Oct 23	Jun 24	$2,350
Nov 23	Dec 23	$1,900
Nov 23	Mar 24	$2,050
Nov 23	Jun 24	$2,350
Dec 23	Mar 24	$2,200
Dec 23	Jun 24	$1,700
Mar 24	Jun 24	$1,700

Spread Margin Rates - BUI
Spread		Maintenance Margin
Sep 23	Oct 23 - Dec 23	$190
Sep 23	Mar 24	$205
Sep 23	Jun 24	$235
Oct 23	Nov 23 - Dec 23	$205
Oct 23	Mar 24	$205
Oct 23	Jun 24	$235
Nov 23	Dec 23	$190
Nov 23	Mar 24	$205
Nov 23	Jun 24	$235
Dec 23	Mar 24	$220
Dec 23	Jun 24	$170
Mar 24	Jun 24	$170

Inter-Commodity Spread Credit

Spread	Credit
1 BUS vs 10 BUI	70%

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 2023

August 2023

July 2023

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.

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