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
2019/08/16 2019/08/16 2019/08/26 ~ 2019/08/30 ffaj_margin_ratio_2019081600.csv e3cc2b65e1f2016bad5695dbe3b4bb79 98.03 86.95 70.92 73.52 106.38 78.12 74.07 101.01 40.98 32.78
2019/08/09 2019/08/09 2019/08/19 ~ 2019/08/23 ffaj_margin_ratio_2019080900.csv 8bd87d9315f0ee8ee5bed8bb52e89a44 98.03 87.71 71.42 73.52 106.38 78.74 74.62 101.01 41.15 32.78
2019/08/02 2019/08/02 2019/08/12 ~ 2019/08/16 ffaj_margin_ratio_2019080200.csv 2b74df9a357d37dc09000aa4903ad957 98.03 86.95 71.42 74.07 106.38 78.74 75.18 101.01 41.32 32.67
2019/07/26 2019/07/26 2019/08/05 ~ 2019/08/09 ffaj_margin_ratio_2019072600.csv e4e7261fb6daed1f0bc52540d300d4b9 99.00 87.71 71.94 75.18 107.52 79.36 76.33 101.01 41.84 32.78
2019/07/19 2019/07/19 2019/07/29 ~ 2019/08/02 ffaj_margin_ratio_2019071900.csv bd64e0b50de37647f9c8cf5acca9e769 97.08 87.71 71.94 74.62 106.38 78.12 75.75 100.00 41.66 32.78
2019/07/12 2019/07/12 2019/07/22 ~ 2019/07/26 ffaj_margin_ratio_2019071200.csv bc483f2eadcd1cd43c1775add7d2f840 96.15 86.95 70.92 74.07 105.26 78.12 75.18 100.00 41.66 32.78
2019/07/05 2019/07/05 2019/07/15 ~ 2019/07/19 ffaj_margin_ratio_2019070500.csv ab8cdb8fa960ec42f0f0ba330ef017a5 94.33 86.20 69.93 74.07 104.16 77.51 75.18 100.00 41.66 32.36
2019/06/28 2019/06/28 2019/07/08 ~ 2019/07/12 ffaj_margin_ratio_2019062800.csv 576458c3ebf22299b47804da89c2d4e3 93.45 86.20 65.78 64.93 101.01 75.75 68.02 99.00 41.66 32.36
2019/06/21 2019/06/21 2019/07/01 ~ 2019/07/05 ffaj_margin_ratio_2019062100.csv f07cfd78c7d0b47378d91edf8e64dd20 93.45 86.20 66.22 64.51 100.00 74.07 68.02 99.00 41.66 32.46
2019/06/14 2019/06/14 2019/06/24 ~ 2019/06/28 ffaj_margin_ratio_2019061400.csv 747442bed21175858988158f6088bebb 93.45 86.20 66.22 63.29 100.00 72.99 64.93 99.00 41.66 32.46
2019/06/07 2019/06/07 2019/06/17 ~ 2019/06/21 ffaj_margin_ratio_2019060700.csv b3268ee7928383adce91d660e0718162 91.74 86.20 65.35 62.89 100.00 73.52 64.93 98.03 41.84 32.46
2019/05/31 2019/05/31 2019/06/10 ~ 2019/06/14 ffaj_margin_ratio_2019053100.csv 56bd575ccdc85845378864a65a074de0 91.74 84.03 65.35 61.72 100.00 72.46 64.51 95.23 41.84 32.36
2019/05/24 2019/05/24 2019/06/03 ~ 2019/06/07 ffaj_margin_ratio_2019052400.csv 7f77d389f0ac2dca364ceaba213a6fea 90.90 84.03 65.78 62.11 101.01 72.99 64.93 95.23 42.19 32.36
2019/05/17 2019/05/17 2019/05/27 ~ 2019/05/31 ffaj_margin_ratio_2019051700.csv 31e89fed3c533ebeb0ca4491b905712f 90.09 83.33 66.22 62.50 100.00 73.52 64.93 95.23 42.01 32.36
2019/05/10 2019/05/10 2019/05/20 ~ 2019/05/24 ffaj_margin_ratio_2019051000.csv 46c58a40a66576b0299c554f5c6216fb 89.28 83.33 63.69 62.50 100.00 73.52 64.93 94.33 41.66 32.46
2019/05/03 2019/05/03 2019/05/13 ~ 2019/05/17 ffaj_margin_ratio_2019050300.csv c4bd8c069f1ebd4ebb2ab6231ff0ecc4 84.03 83.33 63.69 62.50 100.00 71.42 63.69 89.28 40.00 32.15
2019/04/26 2019/04/26 2019/05/06 ~ 2019/05/10 ffaj_margin_ratio_2019042600.csv e38a2f7b2ac90df0c4b10cdf26077718 83.33 82.64 62.89 60.97 100.00 70.92 61.72 89.28 39.84 32.15
2019/04/19 2019/04/19 2019/04/29 ~ 2019/05/03 ffaj_margin_ratio_2019041900.csv 576857940ec4878ab17f2b04f2d2d3a3 83.33 82.64 61.34 60.60 99.00 70.92 60.97 89.28 39.84 32.15
2019/04/12 2019/04/12 2019/04/22 ~ 2019/04/26 ffaj_margin_ratio_2019041200.csv 0857d3af77b5ef646b19d4734260bb09 83.33 82.64 60.60 60.97 99.00 70.92 60.24 89.28 39.84 32.15
2019/04/05 2019/04/05 2019/04/15 ~ 2019/04/19 ffaj_margin_ratio_2019040500.csv 6fe7e93f497db49cfb74dec156d4be96 82.64 82.64 60.24 59.88 99.00 70.42 59.52 89.28 39.52 32.15
2019/03/29 2019/03/29 2019/04/08 ~ 2019/04/12 ffaj_margin_ratio_2019032900.csv bc0c31409d044efbd318d9e347a3b6c8 81.96 81.96 60.60 59.88 98.03 69.44 59.17 88.49 39.52 32.25
2019/03/22 2019/03/22 2019/04/01 ~ 2019/04/05 ffaj_margin_ratio_2019032200.csv 18972dd4c48dc98af37f88a9bb14ee34 81.96 81.96 59.17 60.24 98.03 69.93 59.88 89.28 39.68 32.78
2019/03/15 2019/03/15 2019/03/25 ~ 2019/03/29 ffaj_margin_ratio_2019031500.csv 67574214332b0205941fc05ff1f7f9ef 81.30 81.30 58.82 59.17 96.15 69.44 58.82 88.49 39.52 32.78
2019/03/08 2019/03/08 2019/03/18 ~ 2019/03/22 ffaj_margin_ratio_2019030800.csv 5e4a65b9725c008a32c46c79351b2f48 80.64 80.64 60.60 58.82 95.23 68.96 58.82 89.28 39.52 32.78
2019/03/01 2019/03/01 2019/03/11 ~ 2019/03/15 ffaj_margin_ratio_2019030100.csv 8302b0b17e0a6c61934677a14f75ea6d 80.00 81.30 60.97 58.47 97.08 68.96 58.82 89.28 39.68 32.78
2019/02/22 2019/02/22 2019/03/04 ~ 2019/03/08 ffaj_margin_ratio_2019022200.csv 77844c61dba6944c04da06f581bc5069 79.36 81.30 60.24 58.47 97.08 68.96 59.17 88.49 39.21 32.15
2019/02/15 2019/02/15 2019/02/25 ~ 2019/03/01 ffaj_margin_ratio_2019021500.csv 3fdebd7df96fdc36acfd31ef34a0e3cd 78.74 80.64 60.97 59.52 96.15 68.96 60.24 88.49 39.21 31.05
2019/02/08 2019/02/08 2019/02/18 ~ 2019/02/22 ffaj_margin_ratio_2019020800.csv 54632af864da52365e7e20502c30138e 78.12 78.74 60.97 59.52 95.23 68.96 60.97 88.49 34.01 19.60
2019/02/01 2019/02/01 2019/02/11 ~ 2019/02/15 ffaj_margin_ratio_2019020100.csv 4774cc3a582c762829a357ddccf642f6 78.12 77.51 60.97 59.88 95.23 68.96 60.97 88.49 33.44 18.79
2019/01/25 2019/01/25 2019/02/04 ~ 2019/02/08 ffaj_margin_ratio_2019012500.csv e662b23701faf75f9c9f83bd4f5e12b7 77.51 76.92 60.60 60.24 94.33 68.49 60.97 88.49 33.33 18.72
2019/01/18 2019/01/18 2019/01/28 ~ 2019/02/01 ffaj_margin_ratio_2019011800.csv 2fd8aed81df9079cf1f0200316224853 76.33 76.92 61.72 60.24 94.33 67.56 61.34 88.49 33.33 18.69
2019/01/11 2019/01/11 2019/01/21 ~ 2019/01/25 ffaj_margin_ratio_2019011100.csv d7cf22e69850af2f200e65ab9a011d1c 75.75 78.12 62.89 60.97 93.45 67.11 62.11 88.49 33.22 18.76
2019/01/04 2019/01/04 2019/01/14 ~ 2019/01/18 ffaj_margin_ratio_2019010400.csv bd2eb679b9b6c9e9296a9040b2a3f59f 75.18 78.12 61.72 61.34 92.59 66.66 62.50 88.49 33.22 18.76

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
2017/02/17 ~ 2019/08/16 ffaj_3RefRate_2019081600.csv 1c613a38c2ab4c4bc732ad2328be4ea7
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.
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The information on this website may be subject to change or maybe deleted without prior notice.
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