Margin-/sikkerhedskrav på valutaoptioner

Vanilla optioner marginkrav

Med valutaoptioner har du mulighed for at sammensætte forskellige strategier med forskellige risikoprofiler. Derfor adskilles der i beregningen af margin-/sikkerhedskrav mellem forskellige optionsstrategier. 

For optionsstrategier med ubegrænset risiko, anvendes margin-/sikkerhedskravet på det underliggende valutakryds til at beregne margin-/sikkerhedskravet på optionspositionen. Hvis der ikke findes et specifikt margin-/sikkerhedskrav på det underliggende valutakryds, vil beregningen blive baseret på det højeste margin-/sikkerhedskrav i de valutaer i det underliggende kryds.  

The margin requirement on FX options is calculated per currency pair, (ensuring alignment with the concept of tiered margins as per FX spot and forwards) and per maturity date. In each currency pair, there is an upper limitation to the margin requirement that is the highest potential exposure across the FX options and FX spot and forward positions multiplied by the prevailing spot margin requirement. This calculation also takes into account potential netting between FX options and FX spot and forward positions.

On limited risk strategies, e.g. a short call spread, the margin requirement on an FX options portfolio is calculated as the maximum future loss.

On unlimited risk strategies, e.g. naked short options, the margin requirement is calculated as the notional amount multiplied by the prevailing spot margin requirement.

Tiered margin rates are applicable to the FX options margin calculation when a client's margin requirement is driven by the prevailing FX spot margin requirement, and not the maximum future loss. The prevailing FX spot margin levels are tiered based on USD notional amounts; a the higher the notional amount potentially the higher the margin rate. The tiered margin requirement is calculated per currency pair. In the FX options margin calculation, the prevailing spot margin requirement in each currency pair is the tiered, or blended, margin rate determined on the basis of the highest potential exposure across the FX options and FX spot and forward positions.

Example 1: Short Call Spread or Limited Risk strategy

You sell a call spread on 10M USDCAD at strikes 1.41 and 1.42. 
The current spot rate is 1.40. 
The margin requirement will be the maximum future loss of 71,429 USD (10M x (1.42 – 1.41) = 100,000 CAD / USD @ 1.40).

Example 2: Unlimited Downside Risk

You sell a 10M USDCAD put option. You have an unlimited downside risk. The margin requirement is therefore calculated as the notional amount multiplied by the prevailing spot margin requirement.

The prevailing spot margin rate is determined by the highest potential exposure, which is 10M USD. 
Thus, the prevailing spot rate is the blended margin rate of 2.2% ((1% x 3M USD + 2% x 2M USD + 3% x 5M USD) / 10M). 
The margin requirement is therefore 220,000 USD (2.2% x 10M USD).

For additional examples click here.

View FX Margin Policy.


The FX option margin calculation does not apply to Touch options, however open positions will affect the amount you have 'Available for Margin Trading' as displayed in the Account Summary.

Therefore, if margin positions are held on the account, the 'Margin Utilisation' will increase when adding Touch option positions.

Note. Before opening the position a pre-check will be done to ensure that you cannot accidentally open a Touch option position that will move the Margin Utilisation above 100%.

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Optioner er kategoriseret som et rødt produkt, fordi de vurderes som et investeringsprodukt med høj kompleksitet og høj risiko.

Optioner indebærer risici og er ikke egnede for alle investorer, da de særlige risici i forbindelse med optionshandel kan udsætte investorer for potentielt hurtige og betydelige tab. Optionshandelsprivilegier er underlagt gennemgang og godkendelse af Saxo Bank A/S. Før køb eller salg af en option skal investorer læse en kopi af Characteristics & Risks of Standardized Options, også kendt som Options Disclosure Document (ODD). Det forklarer de karakteristika og risici, der er forbundet med børshandlede optioner.

Spreads, Straddles og andre flerbenede optionsstrategier kan indebære betydelige transaktionsomkostninger, herunder flere kurtager, hvilket kan påvirke eventuelt afkast. Disse er avancerede optionsstrategier og involverer ofte større og mere kompleks risiko end basale optionshandler.

Handel og investering indebærer risici
Alle handler indebærer en risiko. For at hjælpe dig med at forstå risiciene har vi samlet nogle dokumenter med central investorinformation (KID'er), der viser risici og afkast for hvert enkelt produkt. Læs mere

Yderligere KID'er er tilgængelige på vores handelsplatform.