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- 初始保证金——2021年2月动态更新
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初始保证金——2021年2月动态更新
- 2020年9月11日，在相关修订的公开咨询结束后，香港金融管理局（HKMA）发布了保证金风险缓释标准（第2版）。其中一项重要变化涉及到新增了若干替代合规适用的条件。在香港境外设立的认可机构可以基于替代合规制度，只要做到了全面遵守其设立地的母国监管要求，即可视为符合香港的合规要求。但是，如果母国监管要求覆盖的交易范围和香港本地标准的交易适用范围不一样，这家境外设立的认可机构必须要把其母国监管要求扩展适用到HKMA保证金规则所覆盖的一切交易种类。
- 香港证券及期货事务监察委员会（SFC）于2020年6月已正式公布其保证金要求。对于名义金额汇总额的平均数（AANA）达到3,750亿港元起点金额的交易对手而言,初始保证金实施的第五阶段将从2021年9月1日开始，时间跨度为2021年9月1日至2022年8月31日。对于名义金额汇总额的平均数（AANA）达到600亿港元起点金额的交易对手而言，初始保证金实施的第六阶段将自2022年9月1日起开始，此后按每12个月为一个周期进行计算。
- 英国脱欧，欧盟/英国的欧洲市场基础设施监管规则（EU/UK EMIR规则）。2020年12月31日，英国的脱欧过渡期宣告结束。依据《2018年退出欧盟法案》（经修订），EMIR规则已被体现在英国本国法律之中，并经过了有针对性的具体修订（UK EMIR）。但是，由于只有在过渡期结束日已经开始实施的欧盟法规才能被视为“落实适用”，欧盟保证金规则近期预计会作出的新的修订就不能自动地成为UK EMIR规则的一部分了。该等修订预计包括：实物交割外汇远期及掉期产品可豁免交换变动保证金；AANA在80亿欧元至500亿欧元之间的交易对手可豁免交换初始保证金；单一股票期权及指数期权产品豁免交换保证金。请考虑UK EMIR规则是否会与贵方相关？其与EU EMIR规则的差异会如何影响贵方落实和实施初始保证金规则？
- 美国证券交易委员会保证金规则：预期在2021年秋季，证券掉期交易商将开始向美国证券交易委员会（SEC）注册。SEC保证金要求将适用于非银行类证券掉期交易商此后所订立的非清算证券掉期交易。在亚洲地区的市场参与者，若面对证券掉期交易商且交易关系属SEC保证金规则涵盖范围内，则可能需要对其交易文件及开户文件作出修订或补充，以符合SEC保证金规则的要求。
- CFTC保证金规则：美国商品期货交易委员会（CFTC）已公布了关于修订“重大掉期风险敞口”（或CFTC保证金规则下的名义金额汇总额的平均数（AANA））计算方法的修订规则的最终版本，其将影响到初始保证金第六阶段的参与者。为更好地与BCBS/IOSCO框架保持一致，就2022年9月1日起初始保证金第六阶段的合规期而言，观察期将由前一日历年度6月、7月和8月被更改为同一年度的3月、4月和5月。此外，在名义金额汇总额的平均数（AANA）计算期内，AANA不再以未清算衍生产品名义金额汇总额的日平均数为准，而是要看未清算衍生产品名义金额月末汇总额的平均数。CFTC还修订了其保证金规则，允许掉期交易商就已成为注册掉期交易商的交易对手，使用基于风险的初始保证金计算模型，以决定将向该交易对手收取的初始保证金金额，并确定（就初始保证金交换而言）是否已达到初始保证金起点金额。
年利达律师事务所接受国际掉期与衍生工具协会（“ISDA”）的委托协助起草了下一代初始保证金文件，并为ISDA开发了名为“ISDA Create”的一项以线上方式谈判拟定初始保证金文件的文件管理平台。我们同时也在为数量众多的亚洲客户提供初始保证金的法律服务。我们非常乐意为您实施初始保证金提供协助。点击"Read more"查阅常见问题。
Margin Requirements
In this video, you’ll learn about the different types of margins 1 that you will come across when trading with Plus500.
What are Margins?
Margins enable you to use leverage when trading an instrument. This allows you to put 商品初始和维持保证金 down a percentage of the opening value of the trade while still gaining full exposure to the instrument’s size.
This increases a trader’s exposure & risk to the fluctuations of the market. For example, if an instrument moves in a direction that is not in the trader’s favour, they are responsible for the full value of the leveraged trade’s movement.
What is the Initial Margin?
The Initial Margin is the amount required in order to open a leveraged position. The margin ratio gives traders information regarding 商品初始和维持保证金 the power of the leveraged position.
For example, if you are trading an instrument that has an Initial Margin of 5%, or a leverage of 1:20, you only need to put aside that margin amount in order to gain full exposure. The benefit of trading with leverage is that you can realise 100% of the profits of the trade even though only 5% of the total value was used. This can also work against traders, because their exposure to risk is magnified.
A trader will notice that when opening a position, the funds that are used to open the position are deducted from their ‘Available’ funds while their ‘Equity’ remains the same. A simple way to calculate the total available balance is: Available = Equity - Initial Margin.
What is a Maintenance Margin?
The Maintenance Margin is the minimum amount of equity which must remain available in order to keep positions open.
The amount that needs to remain available in your equity to satisfy the Maintenance Margin is half the value of the Initial Margin. For example, if a position requires the trader to put aside 5% of the trade value to open a trade, then they will need to keep only 2.5% of the trade’s value as their Maintenance Margin in their equity to keep it open.
Traders should be aware that if the market moves against their positions and the equity drops near the Maintenance Margin requirement, they will be at a greater risk of 商品初始和维持保证金 a Margin Call.
Traders can see the Maintenance Margin requirements 商品初始和维持保证金 for each product in the instrument details in the Trading Platform.
Example:
A trader has no open positions and $2,000 available in their account. Assuming 商品初始和维持保证金 they can open a leveraged position on an Oil CFD 商品初始和维持保证金 where the Initial Margin is $1,000, and another position for Netflix CFD with the same amount for the 商品初始和维持保证金 Initial Margin, they will have two open positions, with $0 under ‘Available’ but still almost $2,000 under ‘Equity’.
As positions begin to move either up or down, the 商品初始和维持保证金 amount of equity will change. But as long as the amount of equity does not dip below the combined Maintenance Margins of $1,000 ($500 for Oil and another $500 for Netflix), the positions will remain open.
What is a Margin Call?
A Margin Call refers to the automatic closure of a trade due to insufficient equity.
This happens as a result of a price moving in a direction that is not favourable to the trader, reducing their equity below the Maintenance Margin, meaning that they no longer have enough equity to sustain the position.
Traders can use a stop loss feature as an extra precaution against margin calls but should always remain aware of market movements while positions are open. In order to avoid margin calls, traders can deposit more funds 2 to meet the maintenance margin requirements or reduce their exposure by either closing or adjusting their open positions.
How Will Alerts be Sent?
Plus500 offers free trading alerts to help make your trading experience more convenient.
One of these free alerts is a Margin Alert that can be sent via SMS, Email, or Push notification. It serves to notify you that your available equity is low and that your position has a high probability of being closed automatically, unless you take action.
It is important to know that due to carrier interruptions, rapid price movements, and other factors, Margin Alert notifications are not guaranteed and should not be relied upon to make trading decisions.
Ultimately, it is the trader’s responsibility to monitor their trades to ensure that they have sufficient funds to support their position’s Maintenance Margin.
1 Leveraged trading activity involves substantial risks for losing all of the invested funds in a short time period.
2 Depositing additional funds may prevent the transaction from being closed, but also can increase potential loss.
证券风险管理模型
PriceMin = 40
Price Market = 商品初始和维持保证金 100
OrdersBuySize = 500 + 300 + 100 = 900
OrdersBuyValue = 500 * 80 + 300 * 60 + 100 * 40 = 62 000
买入保证金 = 1000 * (100 - 40) + (1000 + 900) * 40 * 0.1 + (62 000 - 900 * 40) = 87 900
什么是期货保证金
期货保证金 在我国，期货保证金（以下简称保证金〕按性质与作用的不同，可分为：结算准备金和交易保证金两大类。 结算准备金 一般由会员单位按固定标准向交易所缴纳，为交易结算预先准备的资金。 交易保证金 交易保证金是会员单位或客户在期货交易中因持有期货合约而实际支付的保证金 。它又分为初始保证金和追加保证金两类： 初始保证金 期货保证金 期货保证金 初始保证金是交易者新开仓时所需交纳的资金。它是根据交易额和保证金比率确 定的，即初始保证金=交易金额调保证金比率。我国现行的最低保证金比率为交易 金额的5%，国际上一般在3%～8%之间。例如，大连商品交易所的大豆保证金比率 为5%，如果某客户以2700元/吨的价格买入5手大豆期货合约（每手10吨），那么 ，他必须向交易所支付6 750元（即2700x5×10x5%）的初始保证金。 交易者在持仓过程中，会因市场行情的不断变化而产生浮动盈亏（结算价与成交 价之差），因而保证金账户中实际可用来弥补亏损和提供担保的资金就随时发生 增减。浮动盈利将增加保证金账户余额，浮动亏损将减少保证金账户余额。保证 金账户中必须维持的最低余额叫维持保证金，维持保证金：结算价调持仓量调保 证金比率xk（k为常数，称维持保证金比率，在我国通常为0．75）。 追加保证金 当保证金账面余额低于维持保证金时，交易者必须在规定时间内补充保证金，使 保证金账户的余额）结算价x持仓量x保证金比率，否则在下一交易日，交易所或 代理机构有权实施强行平仓。这部分需要新补充的保证金就称追加保证金。仍按 上例，假设客户以2700元/吨的价格买入50吨大豆后的第三天，大豆结算价下跌至 追加保证金。2600元/吨。由于价格下跌，客户的浮动亏损为5000元（即