There are great differences in the margin setting of futures trading at home and abroad. Domestic futures are charged according to the proportion of contract value, that is, the contract value is multiplied by the margin ratio of the contract to determine the margin amount of the trading day; Overseas futures are charged at a fixed value.

Margin setting of major futures varieties

The collection of margin for overseas futures trading is divided into maintenance margin and initial margin. The former refers to the minimum margin amount that traders must guarantee in the margin account, while the latter refers to the minimum margin that traders need to occupy when opening futures contracts. The following table shows the margin levels of major futures trading varieties at home and abroad.

The latest contract value ratio of the initial margin of varieties maintains the margin ratio of soybean 540014.458 * 50007.40% 37505.20% soybean meal 3038406.4 * 1007.50% soybean oil 22505.50 * 50080876 600006.70%/. Kloc-0/08257.60%39507.60% cotton 34320.92*500007.50%27305.90% sugar 20740.315 *1kloc-0/20005.90%/kloc.

Note: The value is the margin level of overseas futures companies, and the unit is USD; The price is the instant price of electronic disk. The date of the data is April 24th.

Differences in margin systems

In domestic futures trading, the margin of the same contract on each trading day is different. Because the settlement price of domestic commodity futures is calculated by taking the all-day price of each trading day as the weighted average price of trading volume, the margin occupied by the same contract during intra-day trading will be different from that after the settlement of the same day. The margin of overseas futures trading products will remain unchanged for a certain period of time, and the collection standard of margin will be stipulated by the exchange or clearing house and published on the website. In fact, brokers charge customers' deposits, and will add a certain proportion to the deposit level of exchanges or overseas clearing institutions to control risks. When the exchange or overseas clearing institution adjusts the margin, the brokerage firm will also make corresponding adjustments.

Capital cost of margin

Multiplying the real-time quotation of contract transactions by the contract scale, it is not difficult to find that the margin ratio of overseas varieties is lower than that of domestic futures.

As the delivery month approaches, the profit changes.

After the domestic trading contracts are listed, as the delivery month approaches, the exchange will make corresponding margin adjustments. The time and proportion of the adjustments are clearly defined in the exchange system and publicized on the exchange website. The ratio of contract margin in delivery month is much higher than that in active month; When external futures contracts enter the delivery month, individual exchanges or contracts will increase the margin from the first notice date, and most contracts do not have this adjustment.

Correlation between margin, price limit and position

The margin ratio of domestic futures trading will also be adjusted due to market fluctuations and changes in futures contract positions, and the conditions and methods of adjustment are stipulated in the exchange system. If the soybean oil 1205 contract has the first price limit, the margin ratio of the contract will be raised from 7% to 8% in the next trading day. If the price limit in the same direction appears again, the exchange will continue to maintain or increase the margin level. If the price limit in the same direction does not appear, the exchange will restore the margin level to the initial state. If the soybean oil 1205 contract holds more than 700,000 lots, the margin ratio of the contract in the next trading day shall be 10%. If the above two situations occur at the same time, take the larger value.

The domestic margin system is closely linked with the risk control system, and the exchange has formulated a unified margin standard in the form of the system, and adjusted it as needed. The margin system of overseas futures trading is not as complicated as that of China. The exchange or clearing house shall adjust the margin level according to the fluctuation of market conditions and the needs of risk management. The adjustment interval can be weekly or several months. Once adjusted, it will be announced in advance, and market participants can check it on the website.