- Initial Margin (IM) refers to the minimum margin value that you must deposit into the Margin account at FPTS for positions expected to open before executing transactions, excluding transactions to close position.

IM = Number of positions * Last traded price * Contract multiplier * Initial margin ratio according to FPTS's regulations

- Variation Margin (VM) is determined by VSDC’s regulations and only added to the margin requirement in case the profit or loss position of portfolio in your account is in loss status.

VM = (Current position * Last traded price - Day-opening position * Daily settlement price of the previous trading day - Position traded * Price traded) * Contract multiplier

After FPTS completes the end-of-day transaction accounting, the VM value will be converted into “Unpaid Profit/Loss” value (in the “Cash at FPTS”) and will be settled on the morning of the next trading day.

- Government bond futures contract performance margin (Delivery Margin – DM) refers to the margin amount you hold both sell and buy positions in government bond futures contracts are required to deposit with VSDC from the trading day following the final trading day (E+1) and maintain until the final settlement date (E+3) to ensure their contractual obligations. This margin replaces the initial margin requirement. The DM will be calculated and notified to FPTS by VSDC.

- Margin Requirement (MR)is the total margin value you have to deposit to maintain your current positions and compensate for losses incurred during the session, calculated continuously by FPTS's system during the trading session.

Margin Requirement  = Initial Margin + Variation Margin + Delivery Margin

- You need to keep a regular track of your margin collateral rate to have best trading plans and avoid having your account designated warning or handling rates as below.

VSDC's Required Margin Amount: The total required margin value that VSDC demands investors to deposit based on position balances at the end of each trading day. Investors need to deposit and maintain this margin amount on Day T+1 (even if positions have been partially closed). FPTS will automatically deposit the margin to VSDC on behalf of customers to ensure VSDC’s required margin amount is met.

The method for determining VSDC Required Margin is based on:

• Risk Margin: The margin value that investors and securities companies must deposit to cover the maximum potential loss of derivatives, calculated based on underlying asset price fluctuation scenarios.

• Spread Margin: The margin value that investors and clearing members holding futures contracts must deposit to cover additional potential losses beyond the Risk Margin, arising from differences in price movements between the underlying asset and the futures contract.

• Delivery Margin (DM): The margin value that investors participating in settlement for Government Bond (G-Bond) futures contracts must deposit to cover potential losses in the event that an investor lacks sufficient funds for settlement or G-Bonds for delivery.

• Minimum Margin: The margin value aimed at covering costs that may arise in the event of insolvency by a clearing member, including mandatory position closing transaction service fees, administrative costs, and other related expenses (if any).