Margin

Margin Deposited by Participants

Margin Requirement

For Proprietary Position

Clearing Margin requirement for proprietary position shall be equal to or larger amount calculated by deducting the Total Amount of Net Option Value calculated based on proprietary open position of options trading from the amount calculated by SPAN® (SPAN Requirement) based on proprietary open position of futures and options trading.

SPAN Requirement - Total Amount of Net Option Value

SPAN Requirement:
The worst possible portfolio loss arising from market fluctuation, etc. subtracting loss amounts that can be theoretically offset in that portfolio.
This shall be calculated by SPAN®.

Total Amount of Net Option Value:
Settlement value of each option in the portfolio at the market close. This shall be the amount that covers costs taking place in the event of liquidation of open positions required by participant's default, etc., or risks taking place in the event of option exercise.

For Customer Accounts

Clearing Margin requirement for customer account shall be equal to or larger amount calculated by totaling Margin Requirement for each customer.

Deposit of margin in foreign currency

A participant may deposit margin in foreign currency.

Deposit of margin in securities in lieu of cash

A participant may deposit margin in securities in lieu of cash.

Clearing Margin Direct Deposit /Substitution of Direct Deposit

(Direct Deposit)
A participant shall deposit all cash and/or securities, which are originally deposited by a customer as Clearing Margin, acting as the customer's agent.

(Substitution of direct deposit)
However, for 4 days (excluding non business day) starting from the day when the customer deposit a cash and/or securities with a participant, a participant may deposit with the Exchange its own cash and/or securities equal to or larger than the amount of cash and/or securities deposited by the customer in lieu of such cash and securities .
If a participant obtains the customer's agreement in writing, the participant may deposit with the Exchange its own cash and/or securities equal to or larger than the amount of cash and/or securities deposited by a customer in lieu of such cash and/or securities, as "Clearing Margin, Substitution of Direct Deposit."

Deadline of Clearing Margin Deposit

A participant deposits Clearing Margin with the Exchange by 11:00 a.m. on the day following day when the obligation of deposit arises.

Handling of Clearing Margin etc.

Please refer to the JSCC website for the detail of the handling of Clearing Margin etc.

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