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
2020/05/22 2020/05/22 2020/06/01 ~ 2020/06/05 ffaj_margin_ratio_2020052200.csv 0dde661bb1f3caea097f191e0084e50b 72.46 87.71 52.35 37.31 104.16 56.17 40.98 95.23 30.58 32.46
2020/05/15 2020/05/15 2020/05/25 ~ 2020/05/29 ffaj_margin_ratio_2020051500.csv ff527bac9c89f1f03cac66f1e37201e2 72.46 90.09 53.19 37.73 106.38 56.81 41.84 96.15 30.95 32.36
2020/05/08 2020/05/08 2020/05/18 ~ 2020/05/22 ffaj_margin_ratio_2020050800.csv 5ec81ee6c722b711be2789aaf86bd345 72.99 90.90 53.47 37.87 107.52 57.14 42.19 97.08 31.25 32.46
2020/05/01 2020/05/01 2020/05/11 ~ 2020/05/15 ffaj_margin_ratio_2020050100.csv 5497da2201a19130ab67bf986394eaca 72.46 91.74 54.34 38.46 111.11 58.47 42.91 98.03 31.34 32.46
2020/04/24 2020/04/24 2020/05/04 ~ 2020/05/08 ffaj_margin_ratio_2020042400.csv f82f027eed0fbb3601bd43a9b895f3cf 72.99 91.74 54.64 38.75 113.63 58.13 43.29 101.01 31.74 32.46
2020/04/17 2020/04/17 2020/04/27 ~ 2020/05/01 ffaj_margin_ratio_2020041700.csv e2cbea74d2445bed39835ef6d0f2b869 72.99 91.74 54.34 38.75 113.63 58.47 43.29 101.01 31.74 32.46
2020/04/10 2020/04/10 2020/04/20 ~ 2020/04/24 ffaj_margin_ratio_2020041000.csv 36f22d16d050d8cf17a47b98c9ea07b3 74.07 91.74 53.19 39.21 113.63 58.82 44.05 102.04 31.74 32.46
2020/04/03 2020/04/03 2020/04/13 ~ 2020/04/17 ffaj_margin_ratio_2020040300.csv e1023a01f5943007413c0dc774d7b5d7 74.62 91.74 51.54 40.00 113.63 58.82 44.44 103.09 32.67 32.36
2020/03/27 2020/03/27 2020/04/06 ~ 2020/04/10 ffaj_margin_ratio_2020032700.csv 164baa56ddb299e63b143cde7586a01c 75.18 92.59 51.54 40.65 114.94 58.47 45.24 106.38 33.67 32.46
2020/03/20 2020/03/20 2020/03/30 ~ 2020/04/03 ffaj_margin_ratio_2020032000.csv dcd399da0feb1eab7d7ea70d9dbe73c3 80.00 92.59 54.34 45.24 114.94 59.52 49.50 107.52 34.60 32.46
2020/03/13 2020/03/13 2020/03/23 ~ 2020/03/27 ffaj_margin_ratio_2020031300.csv 1afa96bf70672b541e693fe483279d8c 86.20 91.74 61.72 63.69 114.94 64.51 64.51 109.89 35.97 32.57
2020/03/06 2020/03/06 2020/03/16 ~ 2020/03/20 ffaj_margin_ratio_2020030600.csv 68e7c0d6d702cc9287f66b917cd89234 106.38 94.33 67.56 74.07 116.27 81.96 74.62 111.11 41.84 32.89
2020/02/28 2020/02/28 2020/03/09 ~ 2020/03/13 ffaj_margin_ratio_2020022800.csv bd35635a026d3b03d9fc9246806f31c9 107.52 94.33 65.78 74.62 116.27 81.96 75.18 111.11 42.37 32.89
2020/02/21 2020/02/21 2020/03/02 ~ 2020/03/06 ffaj_margin_ratio_2020022100.csv a1ccb54204dcb8c33f7ce42f165b6a41 107.52 93.45 66.66 74.62 116.27 82.64 75.18 109.89 42.55 33.00
2020/02/14 2020/02/14 2020/02/24 ~ 2020/02/28 ffaj_margin_ratio_2020021400.csv 5c611d983be339eb2c865789a4526a84 108.69 94.33 66.22 74.62 117.64 82.64 75.18 109.89 42.73 33.00
2020/02/07 2020/02/07 2020/02/17 ~ 2020/02/21 ffaj_margin_ratio_2020020700.csv a72ed67e250817dd392d6b92fba5cd3e 107.52 93.45 64.51 74.62 117.64 82.64 75.18 109.89 42.73 32.89
2020/01/31 2020/01/31 2020/02/10 ~ 2020/02/14 ffaj_margin_ratio_2020013100.csv 9973adf9b62a1c8da6811219b2b35708 107.52 93.45 64.51 74.62 117.64 81.96 75.18 109.89 42.73 32.89
2020/01/24 2020/01/24 2020/02/03 ~ 2020/02/07 ffaj_margin_ratio_2020012400.csv 21cdd0609027065b7fb0a135488649a3 107.52 93.45 60.60 74.07 117.64 82.64 73.52 108.69 42.55 32.89
2020/01/17 2020/01/17 2020/01/27 ~ 2020/01/31 ffaj_margin_ratio_2020011700.csv c17546dc88542435ed712164f5cace4d 106.38 93.45 60.97 74.07 114.94 81.96 73.52 108.69 42.55 32.89
2020/01/10 2020/01/10 2020/01/20 ~ 2020/01/24 ffaj_margin_ratio_2020011000.csv c59b92a0637b808aebf42b5b5a6735d1 106.38 93.45 60.24 74.07 114.94 81.96 73.52 107.52 42.37 32.89
2020/01/03 2020/01/03 2020/01/13 ~ 2020/01/17 ffaj_margin_ratio_2020010300.csv ddcf662a953f810776d46694f918bd92 106.38 93.45 60.97 74.62 114.94 81.96 74.62 107.52 42.73 33.00

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
2017/11/24 ~ 2020/05/22 ffaj_3RefRate_2020052200.csv ddee468671c610957d93216ff9c7d9ce
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.
The website may be subject to be suspended temporarily due to system failure or system maintenance etc.