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)
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
2016/08/19 ~ 2019/02/15 ffaj_3RefRate_2019021500.csv 0915df0af90ffdee6cb9935755eea648
  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.
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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