Speculative Margins

Last updated: April 14, 2008

Please be aware that the margin requirements for the spot month are often higher (in some cases significantly higher) than the margins quoted here.


Grains & Oilseeds

Contract

Exchange
Initial
Margins
Maint.
Margins
Corn CBOT 2025
1500
Wheat CBOT 6075
4500
Oats CBOT 1350
1000
Soybeans CBOT 5400
4000
Soy Meal CBOT 2700
2000
Soy Oil CBOT 2025
1500
KC Wheat KBOT 3750
3000
Rice CBOT 1620
1200




Meats

Contract

Exchange
Initial
Margins
Maint.
Margins
Live Cattle CME 1080
800
Feeder Cattle CME 1350
1000
Lean Hogs CME 1215
900
Pork Bellies CME 1620 1200




Metals

Contract

Exchange
Initial
Margins
Maint.
Margins
Gold COMEX 8100
6000
e-mini Gold CBOT 1485
1100
Silver COMEX 11644
8625
e-mini Silver CBOT 2025
1500
Copper COMEX 7763
5750
Platinum NYMEX 9450
7000
Palladium NYMEX 6075
4500




Energy

Contract

Exchange
Initial
Margins
Maint.
Margins
Crude Oil* NYMEX 8775
6500
RBOB Gas* NYMEX 9113
6750
Heating Oil* NYMEX 10125
7500
Natural Gas* NYMEX 8100
6000




Tropicals

Contract

Exchange
Initial
Margins
Maint.
Margins
Coffee CSCE 4900
3500
Cocoa CSCE 2660
1900
Sugar CSCE 1540
1100
Cotton NYCE 4900
3500
Orange Juice NYCE 1890
1350




Currencies

Contract

Exchange
Initial
Margins
Maint.
Margins
Austr. Dollar IMM 2430
1800
British Pound IMM 2430
1800
Canadian Dollar IMM 2700
2000
Dollar Index NYCE 1064 800
Euro IMM 3510
2500
Japanese Yen IMM 3780 2800
Mexican Peso IMM 1875 1500
Swiss Frank IMM 2970
2200




Interest Rates

Contract

Exchange
Initial
Margins
Maint.
Margins
US T-Bonds CBOT 2700
2000
10 Year Notes CBOT 2160
1600
5 Year Notes CBOT 1485
1100
Eurodollars IMM 1013
750




Indices

Contract

Exchange
Initial
Margins
Maint.
Margins
S&P 500 Index CME 22500
18000
E-Mini S&P CME 4375
3500
Nasdaq 100 Ind. CME 16250 13000
E-Mini Nasdaq CME 3250 2600
Russel 2000 CBOT 26250
21000
E-Mini Russel 1000
CBOT 5250
4200
Dow Jones
CBOT
7000
5600
E-Mini Dow CBOT
3503
2802
Nikkei Index CME
5000
4000




Woods

Contract

Exchange
Initial
Margins
Maint.
Margins
Lumber CME 1650 1100

Margins are subject to change without notice.
* Margins involving the spot month may be significantly higher.


PLEASE NOTE THAT THERE IS AN INHERENT RISK OF LOSS ASSOCIATED WITH TRADING DERIVATIVES CONTRACTS, FUTURES AND OPTIONS. TRADING IS NOT SUITABLE FOR ALL INVESTORS. PLEASE CAREFULLY CONSIDER YOUR FINANCIAL CONDITION BEFORE INVESTING IN FUTURES AND OPTIONS CONTRACTS.