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
2022/05/13 2022/05/13 2022/05/23 ~ 2022/05/27 ffaj_margin_ratio_2022051300.csv 9a8994cc2707f7961d67a17d3ada22f9 91.74 76.92 70.42 56.17 107.52 71.94 60.24 87.71 41.49 11.83
2022/05/06 2022/05/06 2022/05/16 ~ 2022/05/20 ffaj_margin_ratio_2022050600.csv 061cfe4fbe2273aa79b354493589c474 91.74 80.64 70.92 56.49 113.63 72.46 60.60 89.28 41.66 11.84
2022/04/29 2022/04/29 2022/05/09 ~ 2022/05/13 ffaj_margin_ratio_2022042900.csv c7c3e18ab77d3b54266d30f2440d256c 92.59 80.00 70.92 56.81 113.63 72.46 60.60 90.09 41.84 11.84
2022/04/22 2022/04/22 2022/05/02 ~ 2022/05/06 ffaj_margin_ratio_2022042200.csv 6b0ca2c5c3f54254484e133607240c60 98.03 81.96 71.94 57.14 114.94 72.46 60.97 92.59 41.66 11.79
2022/04/15 2022/04/15 2022/04/25 ~ 2022/04/29 ffaj_margin_ratio_2022041500.csv 19591d2e0c87f29f01c7c7003d75b15d 100.00 83.33 71.42 57.80 114.94 73.52 61.34 92.59 42.01 11.77
2022/04/08 2022/04/08 2022/04/18 ~ 2022/04/22 ffaj_margin_ratio_2022040800.csv bd3d7a367d6c1812cf3503a41c3ea8d4 101.01 82.64 70.92 57.47 116.27 73.52 61.34 94.33 42.01 11.82
2022/04/01 2022/04/01 2022/04/11 ~ 2022/04/15 ffaj_margin_ratio_2022040100.csv ddf998a866fc3c3e2cb47b33cfc63ecb 103.09 84.03 70.42 57.80 116.27 73.52 61.34 97.08 41.84 11.83
2022/03/25 2022/03/25 2022/04/04 ~ 2022/04/08 ffaj_margin_ratio_2022032500.csv 23a3ed11f2f88b9232674c6998517f3c 104.16 84.03 70.42 58.13 114.94 73.52 61.34 102.04 41.84 11.84
2022/03/18 2022/03/18 2022/03/28 ~ 2022/04/01 ffaj_margin_ratio_2022031800.csv be9120f68bffc9f5267cb719f1d23b07 104.16 85.47 70.92 58.13 116.27 74.07 61.72 104.16 42.01 11.84
2022/03/11 2022/03/11 2022/03/21 ~ 2022/03/25 ffaj_margin_ratio_2022031100.csv a5ba3a3fe0e1d64f401720adca6e0a9e 105.26 87.71 70.92 58.47 116.27 74.07 61.72 107.52 42.01 11.86
2022/03/04 2022/03/04 2022/03/14 ~ 2022/03/18 ffaj_margin_ratio_2022030400.csv dd71f66c8456ed3c4c7ce236fff00acd 105.26 98.03 70.92 58.82 116.27 74.62 61.72 108.69 42.19 11.86
2022/02/25 2022/02/25 2022/03/07 ~ 2022/03/11 ffaj_margin_ratio_2022022500.csv 1288eb76e8715d94eb2dfbd2e31bb405 105.26 100.00 70.92 58.82 116.27 74.62 61.72 109.89 41.84 11.87
2022/02/18 2022/02/18 2022/02/28 ~ 2022/03/04 ffaj_margin_ratio_2022021800.csv 71230086eb0b633eba8b45b2d6eabd82 105.26 102.04 70.42 58.47 116.27 74.07 61.72 109.89 41.84 11.87
2022/02/11 2022/02/11 2022/02/21 ~ 2022/02/25 ffaj_margin_ratio_2022021100.csv bddbd1b4945b82b3f9c617051d267ad5 105.26 103.09 70.42 58.82 116.27 74.07 61.72 109.89 41.84 11.87
2022/02/04 2022/02/04 2022/02/14 ~ 2022/02/18 ffaj_margin_ratio_2022020400.csv 897669e0049c434b7782021bea885758 104.16 102.04 69.93 58.47 116.27 74.07 61.72 109.89 41.66 11.87
2022/01/28 2022/01/28 2022/02/07 ~ 2022/02/11 ffaj_margin_ratio_2022012800.csv b7d49e12c2d82b08308ce21620ceb2e1 104.16 103.09 69.93 58.13 114.94 73.52 60.97 111.11 41.32 11.87
2022/01/21 2022/01/21 2022/01/31 ~ 2022/02/04 ffaj_margin_ratio_2022012100.csv bf2d3c01bb96f65fcbb0de78e78d62fc 102.04 101.01 68.96 57.47 114.94 72.99 60.60 111.11 40.98 11.87
2022/01/14 2022/01/14 2022/01/24 ~ 2022/01/28 ffaj_margin_ratio_2022011400.csv 60b68a6205eb97214c5ed889c280b677 103.09 102.04 68.96 57.80 114.94 72.99 60.60 111.11 40.98 11.89
2022/01/07 2022/01/07 2022/01/17 ~ 2022/01/21 ffaj_margin_ratio_2022010700.csv 8134beea32fd932b5883e81509a6cf87 103.09 102.04 68.96 57.80 114.94 72.99 60.60 111.11 41.15 11.97

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
2019/11/15 ~ 2022/05/13 ffaj_3RefRate_2022051300.csv b1d98b7df2d29d7d2cff754978375f82
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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