Exchange margin, calculated for your portfolio.
A proposed trade changes the risk of the book around it. Cumulus9 calculates portfolio margin across supported clearing methodologies, giving risk teams and clearing operations a common view before a trade, during the day and at the close.
Discuss your portfolioFrom portfolio to a decision
Step 1
Define the book
Upload positions or submit them through the API. Retain the account, venue, contract, expiry, option details and quantities needed to identify each exposure.
Step 2
Calculate the requirement
Run the portfolio against the applicable supported methodology and parameter set. Inspect margin by account, contract and clearing house in the returned results.
Step 3
Compare the decision
Add the proposed trades to a copy of the book and compare the resulting margin with the baseline. Keep the valuation date, parameters and reporting currency aligned.
Why a contract rate is only a starting point
An outright contract requirement helps describe one position. A portfolio calculation answers a different question: what requirement results when the applicable methodology evaluates the positions together? Account structure, recognised offsets and additional charges can all matter. Multiplying a headline rate by total contracts cannot describe every portfolio.
- Identify futures by venue, product and expiry, and options by their additional contract terms.
- Keep gross long and short quantities where the clearing workflow requires them.
- Compare results at the same account scope, currency and parameter cycle.
Use the same workflow before and after trading
Cumulus9 provides margin calculation through its platform and API. A desk can assess a proposed portfolio change, while operations uses the same calculation capability to investigate an end-of-day requirement. Historical Margin extends that analysis to available historical parameter sets, with the replay assumptions made explicit.
Read the number in its clearing context
Exchange or CCP initial margin is one part of a funding discussion. A broker may apply its own requirements, and variation margin, collateral valuation and other charges need their own treatment. Establish which figure you are comparing before treating a calculated portfolio result as the amount payable on a statement.
See the portfolio workflow.
This product overview follows portfolio uploads, margin analysis and API automation. English captions are available in the player.
Review our security informationQuestions before you integrate
- Can I calculate the margin impact of a proposed futures trade?
- Yes. Calculate the current book and a second portfolio containing the proposed trade, then compare the results on the same basis. The difference is the incremental margin for that scenario. It can differ from the margin of the new trade calculated alone.
- Does Cumulus9 support SPAN 2?
- Yes. SPAN 2 is one of the supported margin methodologies. Confirm the relevant products, calculation date and parameter cycle when setting up your portfolio workflow.
- What information should I bring to a demonstration?
- Bring the exchanges and clearing houses in scope, your account structure, the calculation frequency you need and a non-sensitive description of the position fields available. A representative synthetic portfolio can establish the workflow before any client data is shared.
- Is the worked example an exchange margin quote?
- No. The worked example uses assumed margin outputs to explain a gross-to-net comparison. An actual requirement needs a defined portfolio, the applicable methodology and a dated parameter set.
References
Contact · request a demo
Run your book through it.
Bring us a portfolio and the scenarios that matter. We run it live, on your numbers — no commitment, and no data retention beyond the demo.
- Postal address
- 30 St. Mary Axe, London, EC3A 8BF
- Phone number
- +44 (0) 20 7205 4090
- info@cumulus9.com
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