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MEFF has updated the margins associated with its contracts, in accordance with the report published in March by FIA (Futures Industry Association) and FOA (Futures and Options Association) and in the wake of the decrease seen in volatility across the board. As a result of this, the following decisions were adopted:
1) The margin thresholds for all stock futures and options contracts have been updated. The contracts’ margins for the main five IBEX 35 constituents are as follows:
Telefónica 10%Santander 15%
BBVA 18%
Iberdrola 15%
Repsol YPF 12%
2) Based on the new margin thresholds, the margins will increase for large positions due to concentration; specifically, if an account shows a futures and options position on an underlying whose size exceeds the average daily volume traded in the cash market, its guarantee will increase by 22%; and if the position exceeds the average daily volume traded by 200%, its guarantee will increase by 58%.
These measures took effect on May 29.
