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
2021/10/22 2021/10/22 2021/11/01 ~ 2021/11/05 ffaj_margin_ratio_2021102200.csv 11f57ee3712d05d6030cf9abdd2b2169 104.16 103.09 69.44 58.82 116.27 74.07 61.34 112.35 41.66 45.87
2021/10/15 2021/10/15 2021/10/25 ~ 2021/10/29 ffaj_margin_ratio_2021101500.csv 975548c60fc06e11ffa96b20378faa62 104.16 103.09 69.44 58.82 116.27 74.07 61.72 112.35 41.66 46.29
2021/10/08 2021/10/08 2021/10/18 ~ 2021/10/22 ffaj_margin_ratio_2021100800.csv e9c41cfe97519e7c8bfa930c709426cb 104.16 104.16 69.44 59.17 117.64 74.62 61.72 112.35 41.84 46.29
2021/10/01 2021/10/01 2021/10/11 ~ 2021/10/15 ffaj_margin_ratio_2021100100.csv f75f3438ada9eafd1fd08262d170e5e0 104.16 104.16 69.93 59.17 117.64 74.62 62.11 112.35 41.84 46.08
2021/09/24 2021/09/24 2021/10/04 ~ 2021/10/08 ffaj_margin_ratio_2021092400.csv 64a1b49b3ee47f0e9f4fbf6ad030c2ee 105.26 104.16 69.93 59.17 117.64 74.62 62.11 113.63 41.66 46.08
2021/09/17 2021/09/17 2021/09/27 ~ 2021/10/01 ffaj_margin_ratio_2021091700.csv 7e007d6bdca142a988ef0e61cce19ecb 104.16 103.09 69.93 59.17 117.64 75.18 62.11 112.35 41.32 39.68
2021/09/10 2021/09/10 2021/09/20 ~ 2021/09/24 ffaj_margin_ratio_2021091000.csv 683fc4f460fbe54ef7abe06728d20f3c 104.16 104.16 69.93 59.17 117.64 75.18 62.11 112.35 41.49 38.91
2021/09/03 2021/09/03 2021/09/13 ~ 2021/09/17 ffaj_margin_ratio_2021090300.csv 8df26b901c993f496d22ccdeaa237ff6 104.16 104.16 68.96 59.17 117.64 75.18 62.11 112.35 41.49 38.91
2021/08/27 2021/08/27 2021/09/06 ~ 2021/09/10 ffaj_margin_ratio_2021082700.csv 35334b91af36f6afec2f75f02fc17476 104.16 103.09 68.96 59.17 116.27 74.62 62.11 112.35 41.32 38.16
2021/08/20 2021/08/20 2021/08/30 ~ 2021/09/03 ffaj_margin_ratio_2021082000.csv a0ed67805ac34c4794b6b921d024eabb 104.16 102.04 68.49 59.17 116.27 75.18 62.11 112.35 41.32 36.90
2021/08/13 2021/08/13 2021/08/23 ~ 2021/08/27 ffaj_margin_ratio_2021081300.csv bf4d8f66db4568e1255c5dd0944c6baf 104.16 102.04 68.49 59.17 116.27 75.75 62.11 112.35 41.49 36.76
2021/08/06 2021/08/06 2021/08/16 ~ 2021/08/20 ffaj_margin_ratio_2021080600.csv 93fe4af16f180c993dac42b0f56ef73a 104.16 102.04 68.49 59.17 116.27 75.18 61.72 112.35 41.32 36.76
2021/07/30 2021/07/30 2021/08/09 ~ 2021/08/13 ffaj_margin_ratio_2021073000.csv 4b5b4f9a11c2f5b1b0c24e612320ba94 104.16 102.04 68.49 58.82 116.27 75.18 61.72 112.35 41.32 36.36
2021/07/23 2021/07/23 2021/08/02 ~ 2021/08/06 ffaj_margin_ratio_2021072300.csv 9b9ac7d5fdcc2641f43e1ce167f9bece 104.16 102.04 68.49 58.82 116.27 75.18 61.34 111.11 41.32 36.23
2021/07/16 2021/07/16 2021/07/26 ~ 2021/07/30 ffaj_margin_ratio_2021071600.csv e37953dd4367d8ef8846de96ecac890f 104.16 102.04 68.49 58.82 116.27 75.75 61.72 111.11 41.32 36.10
2021/07/09 2021/07/09 2021/07/19 ~ 2021/07/23 ffaj_margin_ratio_2021070900.csv 72296dc0b3c34e5ad67c16ebe24fc23e 104.16 101.01 68.02 58.82 114.94 75.75 61.72 111.11 41.49 35.97
2021/07/02 2021/07/02 2021/07/12 ~ 2021/07/16 ffaj_margin_ratio_2021070200.csv 8d4416800db1f80e2107046b1d8286dc 104.16 101.01 68.02 58.82 114.94 75.75 61.72 111.11 41.32 35.58
2021/06/25 2021/06/25 2021/07/05 ~ 2021/07/09 ffaj_margin_ratio_2021062500.csv a63177384b322ef054c45b331edd25c3 101.01 96.15 65.78 57.14 109.89 73.52 60.24 111.11 40.81 35.21
2021/06/18 2021/06/18 2021/06/28 ~ 2021/07/02 ffaj_margin_ratio_2021061800.csv a1fdacace488b1ac2e4c2a0345d4124d 100.00 96.15 65.78 57.14 109.89 73.52 60.24 109.89 40.81 35.46
2021/06/11 2021/06/11 2021/06/21 ~ 2021/06/25 ffaj_margin_ratio_2021061100.csv 637a360f660e7cbd3bbb50f1280e5881 100.00 97.08 65.78 57.14 111.11 74.07 60.24 111.11 40.98 35.71
2021/06/04 2021/06/04 2021/06/14 ~ 2021/06/18 ffaj_margin_ratio_2021060400.csv b4bbbbc01b23b9236e55bdcb2d6515fa 100.00 97.08 65.78 57.14 111.11 73.52 59.88 111.11 40.81 35.84
2021/05/28 2021/05/28 2021/06/07 ~ 2021/06/11 ffaj_margin_ratio_2021052800.csv 0b1760a3e113cd64ad28bfa1fce3e687 100.00 97.08 65.78 56.81 111.11 73.52 59.88 111.11 40.81 36.10
2021/05/21 2021/05/21 2021/05/31 ~ 2021/06/04 ffaj_margin_ratio_2021052100.csv 1d1e6d3cf1c0ff3c03452c88db66f798 100.00 97.08 65.78 56.81 111.11 73.52 59.88 111.11 40.81 35.21
2021/05/14 2021/05/14 2021/05/24 ~ 2021/05/28 ffaj_margin_ratio_2021051400.csv 68a28ddecbdb24f3cf6231362e16fc08 100.00 97.08 65.78 56.81 111.11 73.52 60.24 111.11 40.81 34.96
2021/05/07 2021/05/07 2021/05/17 ~ 2021/05/21 ffaj_margin_ratio_2021050700.csv bfced10f237aebd1aad7c36aec4961b3 100.00 97.08 65.35 56.81 112.35 73.52 60.24 111.11 40.81 31.84
2021/04/30 2021/04/30 2021/05/10 ~ 2021/05/14 ffaj_margin_ratio_2021043000.csv 3805c1784fed97a7b55b1fd70b908d85 100.00 97.08 65.35 56.81 112.35 73.52 59.88 111.11 40.65 31.84
2021/04/23 2021/04/23 2021/05/03 ~ 2021/05/07 ffaj_margin_ratio_2021042300.csv 43a457fe1fbc022665448af4e451d2d9 100.00 96.15 64.93 56.49 112.35 73.52 59.52 111.11 40.48 31.84
2021/04/16 2021/04/16 2021/04/26 ~ 2021/04/30 ffaj_margin_ratio_2021041600.csv 57748d4780764ac81b4d04d120702058 100.00 96.15 65.35 56.49 112.35 74.07 59.52 111.11 40.32 32.15
2021/04/09 2021/04/09 2021/04/19 ~ 2021/04/23 ffaj_margin_ratio_2021040900.csv 41f6e4488243e6f2613b22bf5246c2e6 100.00 96.15 64.93 56.49 112.35 73.52 59.52 111.11 40.16 32.15
2021/04/02 2021/04/02 2021/04/12 ~ 2021/04/16 ffaj_margin_ratio_2021040200.csv e27f64278b3eba04234f6a4e629fc41c 100.00 95.23 65.35 56.17 111.11 73.52 59.17 111.11 40.00 32.05
2021/03/26 2021/03/26 2021/04/05 ~ 2021/04/09 ffaj_margin_ratio_2021032600.csv 84b1cb3024afc2037a3f95e31af3196f 100.00 95.23 65.35 56.49 111.11 72.99 59.17 109.89 39.84 32.36
2021/03/19 2021/03/19 2021/03/29 ~ 2021/04/02 ffaj_margin_ratio_2021031900.csv f40768bf1e205082c288ffdebb04785e 100.00 95.23 64.93 56.49 112.35 72.99 59.52 109.89 39.84 40.48
2021/03/12 2021/03/12 2021/03/22 ~ 2021/03/26 ffaj_margin_ratio_2021031200.csv 6c8c8a48707d9bdb264f50f74a00210a 100.00 94.33 64.93 56.49 111.11 72.99 59.52 109.89 39.52 41.15
2021/03/05 2021/03/05 2021/03/15 ~ 2021/03/19 ffaj_margin_ratio_2021030500.csv 415d146bfe2b122789e8958b846cd879 100.00 93.45 64.51 56.49 111.11 72.99 59.52 109.89 39.52 41.32
2021/02/26 2021/02/26 2021/03/08 ~ 2021/03/12 ffaj_margin_ratio_2021022600.csv 35fcd1f759d6d362cd2ee4a01222e129 101.01 93.45 64.51 56.17 111.11 72.99 59.52 109.89 39.37 42.19
2021/02/19 2021/02/19 2021/03/01 ~ 2021/03/05 ffaj_margin_ratio_2021021900.csv 01f60a1f027ec1262ba91194be8700cc 101.01 93.45 64.51 56.49 111.11 72.99 59.88 109.89 39.52 42.73
2021/02/12 2021/02/12 2021/02/22 ~ 2021/02/26 ffaj_margin_ratio_2021021200.csv 877b6f1ea67c888617376b705e3c2b26 100.00 93.45 64.51 56.49 111.11 72.99 59.88 109.89 39.52 42.37
2021/02/05 2021/02/05 2021/02/15 ~ 2021/02/19 ffaj_margin_ratio_2021020500.csv 085e7b77e5347b7f9323cc6cce6bd51c 100.00 92.59 64.51 56.49 111.11 72.46 59.88 109.89 38.16 33.89
2021/01/29 2021/01/29 2021/02/08 ~ 2021/02/12 ffaj_margin_ratio_2021012900.csv 06ea37d0acbd77b63b1238ddb74031ed 100.00 91.74 64.51 56.49 109.89 72.46 59.52 108.69 38.02 33.11
2021/01/22 2021/01/22 2021/02/01 ~ 2021/02/05 ffaj_margin_ratio_2021012200.csv 0eae96ffff8482cb4719c4abf7b0385f 100.00 91.74 64.51 56.49 109.89 72.46 59.52 105.26 38.16 33.11
2021/01/15 2021/01/15 2021/01/25 ~ 2021/01/29 ffaj_margin_ratio_2021011500.csv 7f4ef77db4f39950e27d5947d8efa7b5 99.00 91.74 64.51 56.49 109.89 72.99 59.52 103.09 38.16 33.00
2021/01/08 2021/01/08 2021/01/18 ~ 2021/01/22 ffaj_margin_ratio_2021010800.csv 000d28e89fab14e5cd23b9ebe6353788 99.00 91.74 64.51 56.49 109.89 72.99 59.52 105.26 38.02 33.00
2021/01/01 2021/01/01 2021/01/11 ~ 2021/01/15 ffaj_margin_ratio_2021010100.csv 64dfd8173cc9e53444ca388d869bf63f 99.00 91.74 64.51 56.49 109.89 72.99 59.52 102.04 38.16 33.00

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
2019/04/26 ~ 2021/10/22 ffaj_3RefRate_2021102200.csv 877d74dfde49c77f7815076ee63549fe
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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