2.1

 2.2

 2.3

  2.4

  2.5

  2.6

  2.7

Estimation of volatility

Calendar spreads

Trader Networth

Margin Collection and Enforcement

Clearing Corporation

Position Limits

Legal Issues
 

   3.1

  3.1.1

  3.1.2

  3.1.3

3.2

3.3

3.4

3.5

3.6

Mandating a Margin Methodology not Specific Margins

Initial Methodology

Periodic Reporting

Continuous Refining

Initial Margin Fixation Methodology

Daily Changes in Margins

Margining for Calendar Spreads

Margin Collection and Enforcement

Transparency and Disclosures

4.1

4.2

Definition of Liquid Net Worth

Minimum Liquid Net Worth Requirement

5.1

5.2

5.3

5.4

5.5

   5.5.1

   5.5.2

  5.5.3

Bank Guarantees

Securities

Minimum cash requirement

Bank Accounts

Example on capital adequacy and margin requirement:

Beginning of day one

Initiation of spread trade on day one

Margin and capital adequacy calculations on day two
 

6.1

6.2

6.3

6.4

Customer Level

Trading Member Level

Clearing Member Level

Market Level