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MGEX MARGINS 

In effect as of November 16, 2017.
Margins on 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 Member/Hedger Initial Margin Member/Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
Dec 17 - Mar 18 $1,500 $1,500 $1,950 $1,500
May 18 - Jul 18 $1,350 $1,350 $1,755 $1,350
Sep 18 - Sep 19 $750 $750 $975 $750

 

  Members and Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
Dec 17 Mar 18 $300 $300 $390 $300
Dec 17 May 18 $400 $400 $520 $400
Dec 17 Jul 18 $600 $600 $780 $600
Dec 17 Sep 18 - Mar 19 $800 $800 $1,040 $800
Dec 17 May 19 - Sep 19 $900 $900 $1,170 $900
Mar 18 May 18 $400 $400 $520 $400
Mar 18 Jul 18 $500 $500 $650 $500
Mar 18 Sep 18 - Mar 19 $800 $800 $1,040 $800
Mar 18 May 19 - Sep 19 $900 $900 $1,170 $900
May 18 Jul 18 $500 $500 $650 $500
May 18 Sep 18 - Mar 19 $800 $800 $1,040 $800
May 18 May 19 - Sep 19 $900 $900 $1,170 $900
Jul 18 Sep 18 - Mar 19 $800 $800 $1,040 $800
Jul 18 May 19 - Sep 19 $900 $900 $1,170 $900
Sep 18 Dec 18 - Mar 19 $600 $600 $780 $600
Sep 18 May 19 - Sep 19 $900 $900 $1,170 $900
Dec 18 Mar 19 $600 $600 $780 $600
Dec 18 May 19 - Sep 19 $900 $900 $1,170 $900
Mar 19 May 19 - Sep 19 $900 $900 $1,170 $900
May 19 Jul 19 - Sep 19 $900 $900 $1,170 $900
Jul 19 Sep 19 $900 $900 $1,170 $900

 

Spot Month Margin Add-On Charge
Commodity Code
Spot Month

Intra-commodity

Spread Charge

Outright Charge
Hard Red Spring Wheat (HRSW)
Dec 17
$0
$0

Volatility Scan Range (VSR) Rate

Commodity Code
Contract Month
VSR Rate
Hard Red Spring Wheat (HRSW)
Dec 17 - Sep 19
5.00%

 

AJC Margins

Outright Member/Hedger Initial Margin Member/Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
Apple Juice Concentrate $1,250 $1,250 $1,625 $1,250
Intra-Commodity Spreads
Intra-Commodity: AJC Intra-Crop Year* $700 $700 $910 $700
Intra-Commodity: AJC Inter-Crop Year** $700 $700 $910 $700

Volatility Scan Range (VSR) Rate

Commodity Code
Contract Month
VSR Rate
Apple Juice Concentrate (AJC)
Jan 18 - Sep 19
6.50%

 

Index Margins

Outright Member/Hedger Initial Margin Member/Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
HRSI $1,500 $1,500 $1,950 $1,500
HRWI $1,000 $1,000 $1,300 $1,000
SRWI $1,100 $1,100 $1,430 $1,100
NCI $750 $750 $975 $750
NSI $1,900 $1,900 $2,470 $1,900

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%



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.   

*  Rate charged for spreads consisting of two AJC futures contracts within the same crop year (Crop Year defined as November through September contract months).

**  Rate charged for spreads consisting of two AJC futures contracts, each within a different crop year (Crop Year defined as November through September contract months).


***  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 2102.00., MGEX currently only accepts collateral in the form of cash (USD) and short-term U.S. Treasury Bills.  A 1% haircut is applied to all Treasury Bills.

   
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