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MGEX MARGINS

In effect as of June 24, 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 Hedger Initial Margin Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
Dec 21 - Jul 22 $2,550 $2,550 $3,315 $2,550
Sep 22 - Mar 23 $2,000 $2,000 $2,600 $2,000

 

Spread
 Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
Dec 21 Mar 22 $700 $700 $910 $700
Dec 21 May 22 - Jul 22 $1,100 $1,100 $1,430 $1,100
Dec 21 Sep 22 - Dec 22 $1,700 $1,700 $2,210 $1,700
Mar 22 May 22 - Jul 22 $1,100 $1,100 $1,430 $1,100
Mar 22 Sep 22 - Dec 22 $1,700 $1,700 $2,210 $1,700
May 22 Jul 22 $1,100 $1,100 $1,430 $1,100
May 22 Sep 22 - Dec 22 $1,700 $1,700 $2,210 $1,700
Jul 22 Sep 22 - Dec 22 $1,700 $1,700 $2,210 $1,700
Sep 22 Dec 22 - May 23 $1,700 $1,700 $2,210 $1,700
Dec 22 Mar 23 - May 23 $1,700 $1,700 $2,210 $1,700
Mar 23 May 23 $1,700 $1,700 $2,210 $1,700

 

Spot Month Margin Add-On Charge
Commodity Code
Spot Month

Intra-commodity

Spread Charge

Outright Charge
Hard Red Spring Wheat (HRSW)
Dec 21
$0
$0

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

Index Margins

Outright
Hedger Initial Margin
Hedger Maintenance Margin
Speculator Initial Margin
Speculator Maintenance Margin
HRSI
$2,550
$2,550
$3,315
$2,550
HRWI
$2,550
$2,550
$3,315
$2,550
SRWI
$2,550
$2,550
$3,315
$2,550
NCI
$1,900
$1,900
$2,470
$1,900
NSI
$2,800
$2,800
$3,640
$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 Hedger Initial Margin Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin

Spikes Volatility Index (SPK)

Month 1

$10,000 $10,000 $13,000 $10,000

Spikes Volatility Index (SPK)

Month 2

$8,000 $8,000 $10,400 $8,000

Spikes Volatility Index (SPK)

Month 3

$6,500 $6,500 $8,450 $6,500

Spikes Volatility Index (SPK)

Month 4

$5,500 $5,500 $7,150 $5,500

Spikes Volatility Index (SPK)

Month 5

$4,500 $4,500 $5,850 $4,500

Spikes Volatility Index (SPK)

Month 6

$4,000 $4,000 $5,200 $4,000

 

Spread Margin Rates - SPIKES Futures (SPK)
Spread
 Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
Month 1 Month 2 $4,400 $4,400 $5,720 $4,400
Month 1 Month 3 $7,700 $7,700 $10,010 $7,700
Month 1 Month 4 $7,600 $7,600 $9,880 $7,600
Month 1 Month 5 $8,000 $8,000 $10,400 $8,000
Month 1 Month 6 $8,800 $8,800 $11,440 $8,800
Month 2 Month 3 $2,500 $2,500 $3,250 $2,500
Month 2 Month 4 $3,600 $3,600 $4,680 $3,600
Month 2 Month 5 $4,900 $4,900 $6,370 $4,900
Month 2 Month 6 $5,300 $5,300 $6,890 $5,300
Month 3 Month 4 $1,800 $1,800 $2,340 $1,800
Month 3 Month 5 $3,300 $3,300 $4,290 $3,300
Month 3 Month 6 $4,200 $4,200 $5,460 $4,200
Month 4 Month 5 $1,600 $1,600 $2,080 $1,600
Month 4 Month 6 $2,900 $2,900 $3,770 $2,900
Month 5 Month 6 $1,300 $1,300 $1,690 $1,300

 

Corporate Tax Futures

Outright Margin Rates - Tax Futures (TAX)

Commodity Code

Hedger Initial Margin
Hedger Maintenance Margins

Speculator

Initial Margin

Speculator

Maintenance Margin

Corporate Tax Futures (TAX)

Dec 21
$2,400
$2,400
$2,400
$2,400

Corporate Tax Futures (TAX)

Mar 22 - Mar 24

$2,670
$2,670
$3,471
$2,670

 

Spread Margin Rates - Tax Futures (TAX)
Spread
 Hedgers  Speculators
Side A 
Side B 
Initial Margin 
Maintenance Margin 
Initial Margin 
Maintenance Margin 
Mar 22 June 22 - Dec 22 $2,403 $2,403 $3,124 $2,403
June 21 Sep 22 - Dec 22 $2,403 $2,403 $3,124 $2,403
Sep 22 Dec 22 $2,403 $2,403 $3,124 $2,403
Mar 23 June 23 - Sep 23 $2,403 $2,403 $3,124 $2,403
June 23 Sep 23 - Dec 23 $2,403 $2,403 $3,124 $2,403
Sep 23 Dec 23 $2,403 $2,403 $3,124 $2,403

 

Bitnomial Bitcoin Futures

Outright Margin Rates - BUI and BUS Futures

Commodity Code

Hedger Initial Margin (% of Notional Value)
Hedger Maintenance Margins (% of Notional Value)

Speculator

Initial Margin (% of Notional Value)

Speculator

Maintenance Margin (% of Notional Value)

BUS

Dec 21 – Mar 22

35%
35%
45.5%
35%

BUI

Dec 21 – Mar 22

35%
35%
45.5%
35%

 

Spread Margin Rates - BUS
Spread
 Hedgers  Speculators
Side A 
Side B 
Initial Margin 
Maintenance Margin 
Initial Margin 
Maintenance Margin 
Dec 21
Mar 22
$1,500
$1,500
$1,950
$1,500

 

Spread Margin Rates - BUI
Spread
 Hedgers  Speculators
Side A 
Side B 
Initial Margin 
Maintenance Margin 
Initial Margin 
Maintenance Margin 
Dec 21
Mar 22
$150
$150
$195
$150

 

BRIXX Futures

Outright Margin Rates - BRIXX Retail Futures (BXT)

Commodity Code

Hedger Initial Margin
 Hedger Maintenance Margins

Speculator

Initial Margin

Speculator

Maintenance Margin

BRIXX Retail Index (BXT)

Nov 21 - Sep 22

$930
$930
$1,209
$930


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

October 2021

September 2021

August 2021
About Us Agricultural Indexes Hard Red Spring Wheat
DISCLAIMER
 The Minneapolis Grain Exchange, Inc. (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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