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 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
$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

$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

Maintenance Margin

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

Miax Company