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How to calculate margin for portfolios

When you hold multiple contracts that form a portfolio, the overall margin requirement for the portfolio may be lower.

For example, if your portfolio is composed of futures contracts only, the margin requirement for the portfolio will only be the highest margin requirement among the constituent contracts.

If your portfolio contains options contracts, the margin requirement for the portfolio will be the highest margin requirement among the constituent contracts, as well as an intra-commodity spread charge.

Notes:

If your entire portfolio consists of long positions in futures-style options contracts (such as Hong Kong index options contracts), the upper limit of the margin requirement will be the value of these long positions.

If your entire portfolio consists of long positions in equity-style options contracts (such as CME Gold options  contracts), you will be exempt from margin requirements (but we will deduct the option premium from your cash).