In practice, there are two kinds of margin: one is trading margin; The first is the settlement reserve.
Trading margin is the guarantee that member companies or customers need to hold futures contracts when trading. There are two kinds of subdivision, namely initial allowance and additional allowance. The initial deposit is the deposit that needs to be paid when opening a new position. This should be determined according to your own trading volume and the margin ratio stipulated by the exchange, ranging from 5% to 20%.
Calculation formula of futures margin
The specific operation should be determined according to the variety of its own operation. At present, international practice is between 3% and 8%. Let's take the soybean deposit of Dalian Commodity Exchange as an example. If 10 contract is bought at the price of 2800 yuan/ton, and 1 0 ton, then the specific calculation method of futures margin is 2800 * 10 * 5% = 65438+. In the later period, because the trading contract has profit and loss with the fluctuation of the market, this margin will have an additional margin. If it is profitable, it will increase the margin, and once it is losing money, investors need to increase the margin in order to maintain the minimum balance, and the margin balance must be the ratio of excess settlement price * position * margin in a certain period of time. If you don't add it, there will be a strong balance risk in the next trading day. According to the above example, when the settlement price of soybean drops to 2700 yuan/ton after purchase, the customer's loss is (2800-2700) *100 =10000 yuan; At this time, the margin balance is 14000- 10000=4000, which is obviously smaller than the maintenance margin (2800 *100 * 5% * 0.75 =10500), so the insufficient margin needs/kloc-0.
The settlement margin is a certain proportion paid by the member units to the futures exchange, which is the funds prepared in advance for futures settlement and cannot be occupied by the contract. This ratio is stipulated by the exchange. At present, futures companies are members of RMB 2 million, and non-futures companies are members of RMB 500,000. Once it is lower than this ratio, the exchange will inform members to pay. If it is not replenished, member units cannot open new positions. If the margin is less than zero, not only will it be paid, but the second trading day will be tied. The specific calculation formula is the balance of settlement reserve in the previous trading day+trading margin in the previous trading day-trading margin in the previous trading day+actual available offset amount in the previous trading day+profit and loss in the current day+deposit in the current day-withdrawal in the current day-transaction fee+other funds, etc.