Public release of the Margin Ratio for OTC FX Margin Trades with institutional customers

Pursuant to the provisions of the Cabinet Office ordinance on Financial Instruments Business, etc, (The Cabinet Order) when financial instrument firms conduct OTC FX Margin trades with institutional customers, they are required to take sufficient deposit to meet the condition that the margin ratio (margin amount ÷ notional amount) of the new trades executed at the time of the business day should be higher than the margin ratio calculated by the specific method described in Notice No.25 notified by the Financial Services Agency as of June 14, 2016.

By following this notice, the Financial Futures Association of Japan (FFAJ) will calculate the margin ratio and publish the margin ratio information on this site weekly. Our members should make use of this information for their OTC FX margin trades with their own institutional customers instead of calculating a foreign exchange risk assumption ratio by themselves. We believe that each currency pair's leverage data which is published together with the foreign exchange risk assumption ratio will help investors understand foreign exchange market trends. (The effective date for the cabinet order is scheduled on February 27, 2017, and the relevant margin ratio for this date will be calculated on February 17, 2017. The margin ratios older than February 17, 2017 are for reference only.)

Price data used for this calculation will be provided by NEX Data Services Ltd (NEX Data) and the calculation and publication work will be conducted by NEX Data outsourced by the FFAJ. For more information on the price data, please visit the NEX Data website. For more information on the calculation details, please click here.

Select year
Base date Calculation date Effective date Foreign exchange risk assumption ratio (all currency pairs) Leverage (major currency pairs)
Filename Checksum USDJPY EURJPY GBPJPY AUDJPY CHFJPY CADJPY NZDJPY EURUSD ZARJPY TRYJPY
2017/06/23 2017/06/23 2017/07/03 ~ 2017/07/07 ffaj_margin_ratio_2017062300.csv 41c7afa1357368f6cac750e21010d0ec 66.22 63.69 48.30 50.00 51.81 53.76 51.81 68.96 34.72 44.05
2017/06/16 2017/06/16 2017/06/26 ~ 2017/06/30 ffaj_margin_ratio_2017061600.csv afe449b6a04185aba2d34f80d6f40f51 66.22 63.69 48.54 50.00 51.81 53.76 51.81 68.49 34.72 44.05
2017/06/09 2017/06/09 2017/06/19 ~ 2017/06/23 ffaj_margin_ratio_2017060900.csv f1e0e1a79c5c4e8b69abd34018119f0d 66.22 63.69 48.54 49.75 51.81 53.47 51.54 68.49 34.48 43.29
2017/06/02 2017/06/02 2017/06/12 ~ 2017/06/16 ffaj_margin_ratio_2017060200.csv 2f728f7cd81cf09e49b4936a20c3b84a 65.78 63.29 48.54 49.75 51.81 53.47 51.54 68.49 34.36 43.29
2017/05/26 2017/05/26 2017/06/05 ~ 2017/06/09 ffaj_margin_ratio_2017052600.csv bfe85db3f6779a50f33aca84d708793d 65.78 63.69 48.54 49.50 51.81 53.47 51.54 68.49 34.48 43.29
2017/05/19 2017/05/19 2017/05/29 ~ 2017/06/02 ffaj_margin_ratio_2017051900.csv f1605eae2221f275a230031265a3c972 65.78 63.69 48.54 49.50 51.81 53.47 51.54 68.49 34.60 43.29
2017/05/12 2017/05/12 2017/05/22 ~ 2017/05/26 ffaj_margin_ratio_2017051200.csv 74585ebae9318d03f36332039c742da3 64.93 63.29 48.54 49.75 51.81 53.47 51.54 68.49 34.72 43.47
2017/05/05 2017/05/05 2017/05/15 ~ 2017/05/19 ffaj_margin_ratio_2017050500.csv bc911393563555600cee597c5f1760dd 55.86 63.29 48.54 49.75 51.81 53.47 51.54 68.49 34.12 40.32
2017/04/28 2017/04/28 2017/05/08 ~ 2017/05/12 ffaj_margin_ratio_2017042800.csv b2cc32de6139dc3418888ae1b58e6f7f 55.24 63.29 48.30 49.75 51.54 53.47 51.28 68.02 33.89 40.48
2017/04/21 2017/04/21 2017/05/01 ~ 2017/05/05 ffaj_margin_ratio_2017042100.csv 5e567febc121069b532c5432de351460 55.55 63.69 48.30 49.50 51.54 53.47 51.28 68.49 34.24 41.15
2017/04/14 2017/04/14 2017/04/24 ~ 2017/04/28 ffaj_margin_ratio_2017041400.csv 449ff5e11d20815e02c2bc21a408b251 55.86 63.69 48.54 49.50 51.54 53.47 51.02 68.49 34.24 41.49
2017/04/07 2017/04/07 2017/04/17 ~ 2017/04/21 ffaj_margin_ratio_2017040700.csv 1837c8e14e0a266b8d168688a4441cd9 56.17 64.10 48.30 49.50 51.54 53.47 51.02 68.02 33.78 41.84
2017/03/31 2017/03/31 2017/04/10 ~ 2017/04/14 ffaj_margin_ratio_2017033100.csv 5810c005d46731de4e2e6b7e49f4a1e9 56.17 64.10 48.54 49.50 51.54 53.47 50.76 68.02 35.58 42.19
2017/03/24 2017/03/24 2017/04/03 ~ 2017/04/07 ffaj_margin_ratio_2017032400.csv b23ddfd15b5436ada93783cabfffa827 56.17 64.10 48.54 49.50 51.54 53.76 50.76 68.02 36.10 41.66
2017/03/17 2017/03/17 2017/03/27 ~ 2017/03/31 ffaj_margin_ratio_2017031700.csv c6cc3e6b0b9308356844496cd0d8a73b 54.94 64.10 48.54 49.75 51.54 53.76 50.76 68.02 36.10 41.84
2017/03/10 2017/03/10 2017/03/20 ~ 2017/03/24 ffaj_margin_ratio_2017031000.csv 0f1b7c74f41743651c73fe8cd5172820 54.94 64.10 48.30 49.50 51.54 53.47 50.76 68.02 36.10 42.01
2017/03/03 2017/03/03 2017/03/13 ~ 2017/03/17 ffaj_margin_ratio_2017030300.csv 430c4dcd38a91304b71d42d1a3e17744 53.76 64.10 48.30 49.50 51.54 52.91 50.76 68.49 36.10 42.19
2017/02/24 2017/02/24 2017/03/06 ~ 2017/03/10 ffaj_margin_ratio_2017022400.csv 0a132b745aa597d17cc45d6074c8ae79 52.91 64.10 48.30 49.75 51.54 52.63 50.76 68.02 36.23 42.37
2017/02/17 2017/02/17 2017/02/27 ~ 2017/03/03 ffaj_margin_ratio_2017021700.csv c36146d8dd888d9d8961b8efa4612ab1 52.63 64.10 48.30 49.50 51.54 52.63 50.76 68.02 36.23 42.55
2017/02/10 2017/02/10 2017/02/20 ~ 2017/02/24 ffaj_margin_ratio_2017021000.csv 4e77159bf2e5b22aa0c06505a84fe566 52.08 64.10 48.30 49.75 51.81 52.08 51.02 68.02 36.36 42.73
2017/02/03 2017/02/03 2017/02/13 ~ 2017/02/17 ffaj_margin_ratio_2017020300.csv 48f647b308b96c991302d716e59e1d93 52.08 64.51 48.54 49.75 51.81 52.63 51.02 68.02 36.36 43.29
2017/01/27 2017/01/27 2017/02/06 ~ 2017/02/10 ffaj_margin_ratio_2017012700.csv 7fb9e96408377dfd564c495c8c595250 51.54 64.51 48.54 49.75 51.81 52.08 51.02 68.02 36.23 43.29
2017/01/20 2017/01/20 2017/01/30 ~ 2017/02/03 ffaj_margin_ratio_2017012000.csv 1690e3f3df5adc63c24518df61b58e8e 51.02 64.51 48.78 49.75 51.81 51.02 51.02 68.49 36.10 43.47
2017/01/13 2017/01/13 2017/01/23 ~ 2017/01/27 ffaj_margin_ratio_2017011300.csv 031e0cbf6d9da80525b0354f062faed0 51.02 64.51 49.01 50.00 52.08 50.25 51.28 68.49 36.10 42.37
2017/01/06 2017/01/06 2017/01/16 ~ 2017/01/20 ffaj_margin_ratio_2017010600.csv f38fd539aa4d82147a474466b2519b9c 51.54 64.93 46.94 50.00 52.08 49.50 51.28 68.49 35.21 45.45

The FFAJ's foreign exchange risk assumption ratio is calculated with the FX Market Reference Rate provided by NEX Data as base data. Please contact NEX Data for any queries on the FX Market Reference Rate.

Effective date FX Market Reference Rate
Filename Checksum
2014/12/26 ~ 2017/06/23 ffaj_3RefRate_2017062300.csv e4a23e4083b13ccbdd267c0fde314113
Explanation
  1. The foreign exchange risk assumption ratio is normally calculated every Friday after 15:00 Tokyo time and is scheduled to be announced on this website at 17:00 Tokyo time the same day.
  2. The ‘effective date’ in the above table means the time period when members of this association apply the exchange rate risk ratio, published by this association to over-the-counter foreign exchange margin trading with institutional customers. (Note: it will not preclude the application of the margin ratio from commencing before the application period, depending on the judgement of the member.)
  3. When FFAJ members apply the margin ratio published by the FFAJ for their trades with institutional customers, the member will set their own margin ratio which should not be lower than the values stated here. The FFAJ publishes the margin ratio for the purpose of the investor's reference. The FFAJ recommends that members confirm notices and publications by the FFAJ and contact the FFAJ if there are any questions.
Disclaimer
The copyright to this website is owned by the FFAJ. However, the FX Reference Rate which is the base data of the foreign exchange assumption ratio calculation by the FFAJ is provided by NEX Data and its intellectual property rights belong to NEX Data and/or its affiliates and licensors.
This website is created for the purpose of providing information and is not created for solicitation or advice for investment and investment management. The FFAJ bears no responsibility for any use of contents and calculations on this website.
While every effort has been made to ensure the accuracy of information on the website, the FFAJ shall not guarantee the contents.
The information on this website may be subject to change or maybe deleted without prior notice.
The FFAJ bears no responsibility for any actions arising from the use of information on this website.
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