Guaranteeing on the futures market
12 / March / 20 Visitors: 21 ★★★★★
Why isn't it as easy as with stocks
The stock market is relatively simple from a technical point of view. It can be regarded as a typical trade: bought for 100 rubles, sold for 150 rubles. The urgent market is arranged differently: a trader does not pay for the contract, but a certain amount is blocked in his account to open a position. This is an important remark, as the size of this amount changes. Let us explain it by an example:
We have purchased a contract Si-06.20 (futures on the pair dollar ruble), as a result of which the amount of GO 4000 rubles was blocked on our account. As a result of increased market volatility or growth in the value of the underlying instrument, the amount of collateral for the position is increased to 4,500 rubles. In this case, the amount of free funds in the amount of 500 rubles is used to secure the contract.
Therefore, a CS is only blocked funds, not a payment in exchange for securities. The principle also works downwards. And the amount of security may be different for a long and short position.
At closing of a position the amount of CS will be fully unblocked and it can be used in other operations or withdrawn from the account if the financial result of the already closed position allows to do so (i.e. if the amount of CS has not been used to cover losses from the operation under which it was blocked).
However, for this purpose it is necessary to combine the stock market and the derivatives market through the service "Single brokerage account". You can connect it at online.bcs.ru personal cabinet. On the main page click on the necessary agreement, at the bottom right go through the buttons: Service conditions Change conditions Single money position with FORTS market Sign (SMS-password).
I pay special attention that the service implies a ban on options trading.
Taking into account the united platforms, positions may be pledged for opening:
Federal loan bonds (OFZ).
That is, the broker provides a loan on the stock or foreign exchange platform against the pledge of assets to open a position on futures. Not all instruments are included in the list, because in order to be used as collateral the asset must be liquid and have no high risks.
GO in currency
Opening positions on the derivatives market secured by dollars and euros is associated with many nuances. Therefore, this topic should be separated separately. When currency is transferred to the futures market, it is not converted into rubles, but only technically recalculated at the rate of the Central Bank. In this case, the financial result is credited/written off to clearing in rubles. This may lead to forced closing of positions (Margin call). If you have entered only dollars on the site and have incurred a loss in the first clearing, the broker is entitled to close the positions due to the debt.
If you are an experienced trader with a good trading history, you can deposit a GO twice as much as the standard one.
However, not everyone can meet the conditions, the obligatory requirements are as follows:
Profitable trading for the last 2 full calendar months;
Absence of the service "Single cash position with FORTS market".
There are restrictions for a double reduction of the CS:
Valid from 10:00 to 18:30 MSK, then the amount of collateral becomes standard;
Only liquid futures are available for trading;
Trading of futures contracts via My Broker service is blocked;
For those who trade via Quik, it is worth using the superstructure. It allows you to quickly monitor the level of security of your position.
What is a GO and why does it change?
The amount to secure a position can both increase and decrease. Interestingly, the GO size is different for long and short positions.
The Moscow Exchange has a complex mechanism for calculating the risk of each contract separately, and calls it the principle of portfolio margin. At the same time, a special module takes over a part of the calculation. That is why there is no simple answer to the question "how is the CS calculated?". In general, the indicator is not as volatile as the price of the contracts themselves.
More important is the question about the factors of the CS size change. There are several factors that can be highlighted:
If the price of the contract reaches the "bar" and stays on it for a certain period of time, the size of the CS may greatly increase. The bar is the maximum (minimum) price of a futures contract set by the exchange. If the quotes reach this level, the price does not move further as it is impossible to place an order above the upper "bar" and below the lower one. Then the exchange expands this corridor and sharply increases the amount of GO, as this market situation indicates an increase in volatility to a level that requires reducing the "leverage" in this instrument, i.e. an increase in GO.
GO is directly related to the value of the underlying asset. In the absence of other factors, the GO is approximately changed in accordance with a certain "leverage".
For example, the Civil Defense of the futures is 5000 rubles, and the contract price is 20 thousand rubles. "Leverage" 1 to 4. If the contract price has increased by 5000 rubles, the Civil Defense will make approximately 6250 rubles.