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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
2023/03/24 2023/03/24 2023/04/03 ~ 2023/04/07 ffaj_margin_ratio_2023032400.csv e56db70be5b67272bd2701fb2ea30c6d 49.50 57.47 44.05 50.76 58.47 52.63 50.25 64.51 49.01 22.98
2023/03/17 2023/03/17 2023/03/27 ~ 2023/03/31 ffaj_margin_ratio_2023031700.csv d001f95959ad2e6a0c51bd6d53ed39e0 49.26 57.47 43.66 51.02 55.86 52.63 50.25 64.51 48.30 22.98
2023/03/10 2023/03/10 2023/03/20 ~ 2023/03/24 ffaj_margin_ratio_2023031000.csv 8de8433617d7e7f0253215cbc9a9c02f 50.00 60.60 44.44 52.63 59.17 54.05 51.81 64.93 48.78 23.04
2023/03/03 2023/03/03 2023/03/13 ~ 2023/03/17 ffaj_margin_ratio_2023030300.csv cc127bb08457c8ca70f50b3f1ff348ab 49.26 58.82 43.66 52.35 58.47 53.19 51.81 64.51 48.54 23.04
2023/02/24 2023/02/24 2023/03/06 ~ 2023/03/10 ffaj_margin_ratio_2023022400.csv 69e351d911b4f0b20d53a5d40525361c 49.01 58.47 43.85 52.35 57.80 53.19 52.08 64.10 48.07 23.04
2023/02/17 2023/02/17 2023/02/27 ~ 2023/03/03 ffaj_margin_ratio_2023021700.csv 68de15b999fe70cd97b7ab8d51f81953 48.78 57.80 44.05 52.35 57.80 53.19 52.08 63.29 48.07 23.04
2023/02/10 2023/02/10 2023/02/20 ~ 2023/02/24 ffaj_margin_ratio_2023021000.csv d8f5bc953164f1e20c5e4994e895d744 49.01 57.47 43.85 52.08 58.13 53.19 51.81 62.89 47.84 23.04
2023/02/03 2023/02/03 2023/02/13 ~ 2023/02/17 ffaj_margin_ratio_2023020300.csv c4dc8eaaf52f6ea67ba45f8bafddf788 49.75 58.13 44.24 51.81 58.13 53.76 51.81 62.89 47.84 23.04
2023/01/27 2023/01/30 2023/02/06 ~ 2023/02/10 ffaj_margin_ratio_2023012700.csv 67e6b3a36a7d54d5b78a79a417f0c19d 48.54 57.80 44.05 50.25 57.47 51.54 50.76 64.10 47.61 22.98
2023/01/27 2023/01/27 2023/02/06 ~ 2023/02/10 ffaj_margin_ratio_2023012700.csv 80e7a8e6ac3d0e8520a167cbf25b4938 48.54 57.80 44.05 50.25 57.47 51.54 50.76 64.10 47.61 22.98
2023/01/20 2023/01/20 2023/01/30 ~ 2023/02/03 ffaj_margin_ratio_2023012000.csv bf6b4f6a55b3232eb235962f39c95f46 47.39 56.49 43.29 50.25 56.49 50.76 50.76 63.69 47.61 22.93
2023/01/13 2023/01/13 2023/01/23 ~ 2023/01/27 ffaj_margin_ratio_2023011300.csv c0658a1acdfcca63a1ac36dbf338626a 50.00 59.52 45.24 55.86 59.17 55.55 54.94 63.29 47.84 22.98
2023/01/06 2023/01/06 2023/01/16 ~ 2023/01/20 ffaj_margin_ratio_2023010600.csv 779790ffaa8f9135f8b0ad3d50dd020c 51.02 59.17 45.45 55.86 61.34 55.24 55.86 64.10 47.84 23.04

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
2020/09/25 ~ 2023/03/24 ffaj_3RefRate_2023032400.csv 3be015a98ef586696c63bdd8c453f40f
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.
The FFAJ bears no responsibility for any actions arising from the use of information on this website.
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