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
2018/04/20 2018/04/20 2018/04/30 ~ 2018/05/04 ffaj_margin_ratio_2018042000.csv 19864ca728dbf1959ec47b6629fa9960 67.56 70.42 48.30 55.86 78.74 55.86 59.17 81.30 35.33 46.94
2018/04/13 2018/04/13 2018/04/23 ~ 2018/04/27 ffaj_margin_ratio_2018041300.csv 63fe74c119e0d665c3fa5795bb9a31d8 67.56 70.42 48.54 55.55 78.74 55.55 59.17 80.64 35.21 46.94
2018/04/06 2018/04/06 2018/04/16 ~ 2018/04/20 ffaj_margin_ratio_2018040600.csv b70bde24561510a2b247a14ed8099996 67.56 70.42 48.54 55.55 78.74 55.55 58.82 80.00 35.08 47.16
2018/03/30 2018/03/30 2018/04/09 ~ 2018/04/13 ffaj_margin_ratio_2018033000.csv d544f301191fb0ec6af4dbc1f532eff2 67.56 69.93 48.54 55.24 78.12 55.55 58.47 80.00 34.96 46.94
2018/03/23 2018/03/23 2018/04/02 ~ 2018/04/06 ffaj_margin_ratio_2018032300.csv 2fe5d7c3410b8bbfd6f73ea2786fd303 67.56 70.42 48.54 54.94 78.12 55.55 57.80 80.00 34.84 46.72
2018/03/16 2018/03/16 2018/03/26 ~ 2018/03/30 ffaj_margin_ratio_2018031600.csv a946e6c8a871ac5077c7d96bbf680c66 68.02 70.42 48.54 54.94 78.74 55.55 57.80 79.36 34.84 46.94
2018/03/09 2018/03/09 2018/03/19 ~ 2018/03/23 ffaj_margin_ratio_2018030900.csv a48c7ab35a59681eacad53baa3454469 67.56 70.42 48.54 54.94 78.74 55.55 57.80 79.36 34.72 46.72
2018/03/02 2018/03/02 2018/03/12 ~ 2018/03/16 ffaj_margin_ratio_2018030200.csv 8504091d99f2b580ba86b4315cdf202f 67.56 70.42 48.30 54.64 78.12 55.55 57.14 79.36 34.48 46.29
2018/02/23 2018/02/23 2018/03/05 ~ 2018/03/09 ffaj_margin_ratio_2018022300.csv 0c701970ecf13905aa7c638ba102f689 67.56 69.93 48.30 54.34 78.12 55.55 57.14 79.36 34.36 46.08
2018/02/16 2018/02/16 2018/02/26 ~ 2018/03/02 ffaj_margin_ratio_2018021600.csv 17700eca614a8be89cd0996a438e4e5a 67.11 69.93 48.07 53.19 78.12 54.64 55.86 78.74 34.01 45.87
2018/02/09 2018/02/09 2018/02/19 ~ 2018/02/23 ffaj_margin_ratio_2018020900.csv e4b4b13459db7652f34776a37e04423a 67.11 69.93 48.07 53.19 78.12 54.64 55.86 78.12 34.12 45.45
2018/02/02 2018/02/02 2018/02/12 ~ 2018/02/16 ffaj_margin_ratio_2018020200.csv a2fc8f7e21264166f6f4499d7f9d8594 67.56 70.42 48.30 53.47 78.12 54.94 55.86 78.12 34.24 45.45
2018/01/26 2018/01/26 2018/02/05 ~ 2018/02/09 ffaj_margin_ratio_2018012600.csv 8d4d19062071a54b0c7bb869b8e343dd 67.56 70.42 48.54 53.47 78.12 54.64 55.86 78.12 34.24 45.66
2018/01/19 2018/01/19 2018/01/29 ~ 2018/02/02 ffaj_margin_ratio_2018011900.csv 018c381eb5834454ff7c5056f1031a81 67.56 70.42 48.54 53.47 78.74 54.64 55.86 78.12 34.24 45.66
2018/01/12 2018/01/12 2018/01/22 ~ 2018/01/26 ffaj_margin_ratio_2018011200.csv 8949c6684572dcdd64d6057bbdb54299 67.56 70.42 48.54 53.47 78.74 54.94 55.55 78.12 34.24 45.66
2018/01/05 2018/01/05 2018/01/15 ~ 2018/01/19 ffaj_margin_ratio_2018010500.csv 8d65a130a38d1ede15ca13f64f352985 67.56 70.42 48.30 53.19 78.12 54.94 55.24 78.12 34.24 45.66

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
2015/10/23 ~ 2018/04/20 ffaj_3RefRate_2018042000.csv 945512228345b41245191b62d8228314
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.
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