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The risk rate of futures margin is relatively safe and reasonable. The newcomer asked, thank you.
Under normal circumstances, when the capital utilization rate is ≥ 100%, the futures company will require the customer to add margin, and reserve the right to forcibly close the position. When the capital utilization rate is greater than or equal to 80%, the futures company will simultaneously include the direction of the customer's net position and the risk change in the monitoring scope. It is particularly important to note that the position margin calculated according to the margin ratio stipulated by the futures company and the margin standard of the exchange is different. Under normal circumstances, only when the capital utilization rate calculated according to the exchange margin standard reaches more than 100% will strong leveling be implemented.

In commodity futures, the fluctuation range is generally 4%-5%, the margin standard of exchanges is generally 5%-7%, and the margin standard of futures companies is generally 7%- 12%. Therefore, the margin level charged by a general exchange can withstand 1.4 stop-loss intervals, while the margin level charged by a futures company can generally withstand more than 2 stop-loss intervals. In order to keep pace with the spot market, the price limit of stock index futures reaches 10%, and the margin standard charged by the exchange 10% can only bear a limit. According to the current market situation, it is predicted that the margin standard for futures companies to collect customers is generally at the level of 15%, and the limit is around 18%. If it exceeds 20%, it will be unattractive to speculative customers. Comparing the two, according to exchange standards, the price limit that commodity futures can bear is 1.4 times that of stock index futures (7%/5% ÷110% =1.4); According to the margin standard of futures companies, the former is 1.6 times of the latter (12%/5% ÷15%/10% =1.6). If calculated simply on average, the ability of commodity futures to withstand ups and downs is 1.5 times that of stock index futures. Therefore, if the capital utilization rate of commodity futures is lower than 50% as the safety critical line, the stock index futures should be around 30%.

For settlement members, we suggest that the capital utilization rate be divided into three grades: below 50%, 50%-80% and above 80%. When the capital utilization rate is lower than 50%, if there is a stop loss, which does not reach the level of additional margin, it can theoretically bear more than two stop losses, and its risk is generally relatively small. When the capital utilization rate is between 50% and 80%, whether the net position of trading members or customers accounts for more than 50% of the total position should be considered comprehensively. For example, if the capital utilization rate is 66.7% and the net position accounts for 50% of the total position, it can just meet the critical point of bearing the loss of stopping the board without additional margin. When the capital utilization rate reaches above 80%, we need to pay enough attention to it regardless of the net position ratio.