Initial Margin Requirements

Speculative ("Spec") /non-member initial margin requirements for all products are set at 110% of the maintenance margin requirement for a given product. Hedger/member initial margin requirements for all products are set at 100% of the maintenance margin requirement for a given product.

The following table¹ depicts the aforementioned logic in practice:

CC Rate Type Description ISO Current Initial Current Maintenance
Outright Rates
CRUDE OIL SPREADS - Outright Rates
CANADIAN HEAVYCRUDE(NET ENERGY) FUT(WCC)
WCC Spec Mnths 3 - 6 USD 1,540 1,400
WCC Hedge/Member Mnths 3 - 6 USD 1,400 1,400

The maintenance margin requirement for Canadian Heavy Crude (Net Energy) Futures Months 3-6 is $1,400. The Hedge/Member initial margin requirement is $1,400, while the Spec initial margin requirement is $1,540 ($1,400*1.1).

Please direct any questions regarding the initial margin requirements to the Risk Management Group at 312-648-3888 or at clearing.riskmanagement@cmegroup.com


¹ For illustration purposes only