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MGEX MARGINS 

In effect as of March 22, 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
May 17 - Mar 18 $1,200 $1,200 $1,560 $1,200
May 18 - Dec 18 $1,000 $1,000 $1,300 $1,000

 

  Members and Hedgers  Speculators
Side A  Side B  Initial Margin  Maintenance Margin  Initial Margin  Maintenance Margin 
May 17 Jul 17 $300 $300 $390 $300
May 17 Sep 17 - Dec 17 $500 $500 $650 $500
May 17 Mar 18 - May 18 $700 $700 $910 $700
May 17 Jul 18 - Dec 18 $900 $900 $1,170 $900
Jul 17 Sep 17 - Dec 17 $500 $500 $650 $500
Jul 17 Mar 18 - May 18 $700 $700 $910 $700
Jul 17 Jul 18 - Dec 18 $900 $900 $1,170 $900
Sep 17 Dec 17 $500 $500 $650 $500
Sep 17 Mar 18 - May 18 $700 $700 $910 $700
Sep 17 Jul 18 - Dec 18 $900 $900 $1,170 $900
Dec 17 Mar 18 - May 18 $700 $700 $910 $700
Dec 17 Jul 18 - Dec 18 $900 $900 $1,170 $900
Mar 18 May 18 $700 $700 $910 $700
Mar 18 Jul 18 - Dec 18 $900 $900 $1,170 $900
May 18 Jul 18 - Dec 18 $900 $900 $1,170 $900
Jul 18 Sep 18 - Dec 18 $900 $900 $1,170 $900
Sep 18 Dec 18 $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)
May 17
$0
$0

 

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

 

Index Margins

Outright Member/Hedger Initial Margin Member/Hedger Maintenance Margin Speculator Initial Margin Speculator Maintenance Margin
HRSI $1,200 $1,200 $1,560 $1,200
HRWI $1,200 $1,200 $1,560 $1,200
SRWI $1,200 $1,200 $1,560 $1,200
NCI $900 $900 $1,170 $900
NSI $2,100 $2,100 $2,730 $2,100

 

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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