If neither the initial nor the maintenance margin is specified, the appropriate value will be calculated according to the following formula:. The current market Ask price is used for buy deals, while the current Bid price is used for sell deals. The same calculation method is applied for all risk management modes. The bond margin is calculated as part of the position value. Bond prices are provided as a face value percentage, so the position value is calculated as follows:.

The part of the position value to be reserved for maintenance is determined by margin ratios. The margin for the futures contracts of the Moscow Exchange derivative section is calculated separately for each symbol: First, the margin is calculated for the open position and all Buy orders. Then the margin for the same position and all Sell orders is calculated. The largest one of the calculated values is used as the final margin value for the symbol. Thus, the same position is used in the calculation of both values.

In the first formula which includes Buy orders , the position margin is calculated as follows:. The volume is used with a positive sign for long positions and with a negative sign for short positions. In the second formula which includes Sell orders , the position margin is calculated as follows:. The volume is used with a positive sign for short positions and with a negative sign for long positions.

This approach provides the trader a discount on margin, when there is an open position in the opposite direction with respect to the orders placed the position acts as collateral for orders. Margin on orders is calculated by the following formulas:. All these parameters for calculation are provided by the Moscow Exchange. The below example shows the calculation of margin requirements for the following trading account state:. The resulting margin for the Si Non-tradable instruments of this type are used as trader's assets to provide the required margin for open positions of other instruments.

For these instruments the margin is not calculated. If the "Initial margin" field of the symbol specification contains any non-zero value, the margin calculation formulas specified above are not applied except for the calculation of futures , as everything remains the same there. In this case, for all types of calculations except for Forex and Contracts Leverage , the margin is calculated like for the "Futures" calculation type:.

Calculations of the Forex and Contracts Leverage types additionally allow for leverage:. This stage is common for all calculation types.

Conversion of the margin requirements calculated using one of the above-mentioned methods is performed in case their currency is different from the account deposit one. The current exchange rate of a margin currency to a deposit one is used for conversion. The Ask price is used for buy deals, and the Bid price is used for sell deals. For example, if the current rate is 1. The final margin requirements value calculated taking into account the conversion into the deposit currency, is additionally multiplied by the appropriate rate. This sum is additionally multiplied by the long margin rate.

For example, if it is equal to 1.

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The margin can be charged on preferential basis in case trading positions are in spread relative to each other. The spread trading is defined as the presence of the oppositely directed positions of correlated symbols. Reduced margin requirements provide more trading opportunities for traders.

Configuration of spreads is described in a separate section. Spreads are only used in the netting system for position accounting. If the hedging position accounting system is used, the margin is calculated using the same formulas and principles as described above. However, there are some additional features for multiple positions of the same symbol.

Their volumes are summed up and the weighted average open price is calculated for them. The resulting values are used for calculating margin by the formula corresponding to the symbol type. For pending orders if the margin ratio is non-zero margin is calculated separately. Oppositely directed open positions of the same symbol are considered hedged or covered. Two margin calculation methods are possible for such positions. The calculation method is determined by the broker. Used if "calculate using larger leg" is not specified in the "Hedged margin" field of contract specification.

The resulting margin value is calculated as the sum of margins calculated at each step. Calculation for covered volume. Used if the "Hedged margin" value is specified in a contract specification. In this case margin is charged for hedged, as well as uncovered volume. If the initial margin is specified for a symbol, the hedged margin is specified as an absolute value in monetary terms. If the initial margin is not specified equal to 0 , the contract size is specified in the "Hedged" field. The margin is calculated by the appropriate formula in accordance with the type of the financial instrument, using the specified contract size.

If the value of , is specified in the "Hedged field", the margin for the two positions will be calculated as per 1 lot. If you specify 0, no margin is charged for the hedged covered volume. Per each hedged lot of a position, the margin is charged in accordance with the value specified in the "Hedged Margin" field in the contract specification :.

Calculation specifics for hedging orders when using fixed margin.

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When an order opposite to an existing position is placed, the margin on the hedged volume is always calculated using the "Hedge margin" value. For the non-hedged volume, the "Initial margin" value is used when placing an order, and "Maintenance margin" is applied after the appropriate position is opened. These calculation specifics only apply for symbols, for which the initial and maintenance margin values are specified calculation type "Fixed margin" or "Futures".

A trader has a position Buy 1. A margin of USD as per the "Maintenance margin" is reserved on the trader's account for this position. Used if "calculate using larger leg" is specified in the "Hedged margin" field of contract specification. Calculate the weighted average Open price for the hedged volume by all positions: 1. Calculate the weighted average Open price for the non-hedged volume by all positions: 1.

The larger leg sell margin ratio is used for the non-hedged volume: 4. Calculate the hedged volume margin using the equation: 2.

Calculate the non-hedged volume margin using the equation: 1. The final margin size: Margin Calculation for Retail Forex, Futures The trading platform provides different risk management models, which define the type of pre-trade control. Margin calculation is based on the type of instrument. For Stock Exchange, based on margin discount rates — used for the exchange market.

Margin calculation is based on the discounts for instruments. Contract size — Equivalent to the traded amount on the Forex or CFD market, which is calculated as a standard lot size multiplied with lot amount.