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
2018/10/19 2018/10/19 2018/10/29 ~ 2018/11/02 ffaj_margin_ratio_2018101900.csv 91e195c627bb5b8a9d47652cef2f5b15 71.94 72.99 50.76 64.10 84.74 63.29 68.96 84.74 33.67 18.51
2018/10/12 2018/10/12 2018/10/22 ~ 2018/10/26 ffaj_margin_ratio_2018101200.csv be12ab2d99dc629db3e9c6dff3452da8 71.42 72.46 50.50 62.89 84.03 61.72 68.49 84.74 33.78 18.62
2018/10/05 2018/10/05 2018/10/15 ~ 2018/10/19 ffaj_margin_ratio_2018100500.csv a57e0e714bc2def8a8164e60259e1667 71.42 72.46 50.50 62.89 84.03 61.72 68.02 84.74 34.72 18.69
2018/09/28 2018/09/28 2018/10/08 ~ 2018/10/12 ffaj_margin_ratio_2018092800.csv 4e8c2ebb74a646b7e0900bd8dbf7d48a 70.92 71.94 50.25 62.50 84.03 62.11 67.56 85.47 35.21 18.76
2018/09/21 2018/09/21 2018/10/01 ~ 2018/10/05 ffaj_margin_ratio_2018092100.csv c720f076512f5f67c50e053d66107bd8 70.92 71.94 50.25 62.50 84.03 62.11 67.56 84.74 35.21 19.08
2018/09/14 2018/09/14 2018/09/24 ~ 2018/09/28 ffaj_margin_ratio_2018091400.csv 08f6620a80cfc77fbb1d2cfbeaf95c2e 70.92 72.46 50.25 62.50 84.03 62.11 67.56 85.47 36.23 19.19
2018/09/07 2018/09/07 2018/09/17 ~ 2018/09/21 ffaj_margin_ratio_2018090700.csv 06d7964aa805a07008281fd6a6f23825 70.42 72.46 50.25 62.11 84.03 62.11 66.66 84.74 36.49 19.76
2018/08/31 2018/08/31 2018/09/10 ~ 2018/09/14 ffaj_margin_ratio_2018083100.csv e19bb1addfe204918e77866a42cf4d41 70.42 71.94 50.25 62.11 83.33 61.34 66.66 84.03 36.49 19.80
2018/08/24 2018/08/24 2018/09/03 ~ 2018/09/07 ffaj_margin_ratio_2018082400.csv e1537d8f743c150a40f4539f54c5f016 70.42 71.94 50.25 61.34 83.33 60.97 65.78 83.33 36.10 20.12
2018/08/17 2018/08/17 2018/08/27 ~ 2018/08/31 ffaj_margin_ratio_2018081700.csv 639abfcf8ed98b83a792774b31bea58b 70.42 71.94 50.00 60.97 83.33 60.60 64.93 84.03 36.10 20.32
2018/08/10 2018/08/10 2018/08/20 ~ 2018/08/24 ffaj_margin_ratio_2018081000.csv 5eb616d2f2889eae5a43114427715966 69.93 71.94 49.75 60.24 82.64 59.88 64.51 84.03 37.03 33.78
2018/08/03 2018/08/03 2018/08/13 ~ 2018/08/17 ffaj_margin_ratio_2018080300.csv f0e63d428a688187ca2e33a72252fb6e 68.96 71.42 49.26 59.52 81.30 58.82 64.10 84.03 36.90 38.16
2018/07/27 2018/07/27 2018/08/06 ~ 2018/08/10 ffaj_margin_ratio_2018072700.csv b5adf76968b956328e67a083f89ced28 68.49 71.42 49.26 59.17 81.30 58.47 64.10 83.33 36.63 38.46
2018/07/20 2018/07/20 2018/07/30 ~ 2018/08/03 ffaj_margin_ratio_2018072000.csv 1e2c8022079161a048931fec63f85218 68.02 70.92 48.78 58.47 81.30 57.47 62.89 83.33 36.36 38.61
2018/07/13 2018/07/13 2018/07/23 ~ 2018/07/27 ffaj_margin_ratio_2018071300.csv e246d5252c0663de541ce920fe1677b2 68.02 70.92 48.54 57.47 80.64 56.49 61.72 83.33 36.10 38.61
2018/07/06 2018/07/06 2018/07/16 ~ 2018/07/20 ffaj_margin_ratio_2018070600.csv 79e83fc4c58e4d890c4eaf40b2b79ede 68.02 70.92 48.30 56.81 80.64 56.17 60.60 83.33 35.33 39.21
2018/06/29 2018/06/29 2018/07/09 ~ 2018/07/13 ffaj_margin_ratio_2018062900.csv 3a41b6372c667d53b16318ab0a51af11 68.02 70.42 48.30 55.86 80.00 55.86 59.88 82.64 35.21 39.68
2018/06/22 2018/06/22 2018/07/02 ~ 2018/07/06 ffaj_margin_ratio_2018062200.csv dd983398c92ecec19d924d23d3fe628e 68.02 70.42 48.30 56.17 80.00 55.86 59.88 83.33 35.21 41.49
2018/06/15 2018/06/15 2018/06/25 ~ 2018/06/29 ffaj_margin_ratio_2018061500.csv e85e305de98f619134569820dc13032c 68.02 70.42 48.30 56.17 79.36 56.17 60.24 83.33 35.58 41.32
2018/06/08 2018/06/08 2018/06/18 ~ 2018/06/22 ffaj_margin_ratio_2018060800.csv 4bb493be48ce2a25a7f3e792c5c2221f 68.02 70.92 48.30 56.17 80.00 55.86 59.88 84.03 35.46 41.49
2018/06/01 2018/06/01 2018/06/11 ~ 2018/06/15 ffaj_margin_ratio_2018060100.csv e25c3616e6ca9d01d10ea090efc5c582 67.56 70.92 48.30 56.17 80.00 55.86 59.88 84.03 35.21 42.19
2018/05/25 2018/05/25 2018/06/04 ~ 2018/06/08 ffaj_margin_ratio_2018052500.csv e806fd2cb889d9932a39126a7dd63665 67.56 70.42 48.30 56.17 78.74 55.86 59.88 81.96 35.33 44.44
2018/05/18 2018/05/18 2018/05/28 ~ 2018/06/01 ffaj_margin_ratio_2018051800.csv ff20465652f061b3cdb385444e7d13d4 68.02 70.92 48.30 56.17 78.74 55.86 59.88 81.30 35.33 47.16
2018/05/11 2018/05/11 2018/05/21 ~ 2018/05/25 ffaj_margin_ratio_2018051100.csv 06a27a61ac9df208b50a921a09f108d8 68.02 70.42 48.30 56.17 78.74 55.86 59.88 81.30 35.33 47.39
2018/05/04 2018/05/04 2018/05/14 ~ 2018/05/18 ffaj_margin_ratio_2018050400.csv cdc4e48ae6b26ef1e7e4d4c3fcbaf4ff 67.56 70.42 48.30 56.17 78.74 56.17 59.88 81.30 35.33 47.39
2018/04/27 2018/04/27 2018/05/07 ~ 2018/05/11 ffaj_margin_ratio_2018042700.csv c91259b123648c0466885eed1e5a74a2 67.56 70.42 48.54 56.17 78.74 55.86 59.52 81.30 35.33 47.16
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
2016/04/22 ~ 2018/10/19 ffaj_3RefRate_2018101900.csv 434c25650e57fc6a53658bd393659801
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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