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Intraday Futures and Futures Options Intraday Margin

Taifook Power Overseas Futures (TWS) Intraday Futures Margin and Futures Options Hours

SPECIAL MARGIN CONDITION

The following table contains TWS' standard intraday margins and are derived from the exchange statutory margins. Under conditions of unusual volatility, TWS may occasionally limit the amount of the intraday margin reduction in recognition of the higher risk.

We feel the current market volatility warrants additional margin to ensure accounts have adequate financial capacity to handle sharp, adverse movements. Accordingly, effective August 6 2007 and until further notice, TWS will apply the following logic to determine the intraday margin:

Effective Intraday Margin is equal to the table value (listed below) or 4% of the contract value (price times contract multiplier). If this amount exceeds the normal overnight margin as listed on the below table, it will be capped at the overnight amount. Mathematically, this can be expressed as:

IntradayMargin = MIN( overnightMargin, MAX(tableMargin,4%*contractValue) )

All Futures products will be margined at 50% of the normal margin requirements during normal liquid trading hours for each product type. Each day at 15 minutes before the close of the normal trading session for a product, margin requirements will revert back to the 100% requirement until the opening of normal trading hours the next day. Margin requirements will always be applied at 100% for all spread transactions.

50% Margin Cut-Off Time
Exchange Normal Trading Margin Commences
ECBOT & Globex The earlier of 15 minutes before open outcry hours for a product ends or 15:45 pm EST
OneChicago 15:45 EST
European Exchanges (with the exception of DTB) 15 minutes before product trading ends
DTB

18:45 CET for capital markets products, DAX, and ESX index futures. 17:15 CET for all other products. Portfolios with combined options and futures will convert to overnight margins based on earlier cut-off time. (Example: DAX options cut-off is 17:15, futures cut-off is 18:45. A futures-only portfolio will convert to overnight margins at 18:45. A combined portfolio of DAX options and DAX futures will convert at 17:15).
HKFE 16:00 HK Time
Initial Margin Minimums

125% of Maintenance Margin
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