2011年11月5日 星期六

CME Goes To Collateral DefCon 1: Makes Maintenance Margin Equal To Initial For... Everything!?

CME Group 美國期交所提升維護按金至交易按金, 所以星期一可能有好多期貨參於者會俾人要求補倉, 而沒補倉者會俾人斬倉, 所以下星期市場一定大波動 ! 大家小心小心啦 !

en.wikipedia.org/wiki/CME_Group

CME Group Inc. (NASDAQ: CME) owns and operates large derivatives and futures exchanges in Chicago and New York City, as well as online trading platforms. It also owns the Dow Jones stock and financial indexes. The exchange-traded derivative contracts include futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, rare and precious metals, weather and real estate.

www.zerohedge.com

The most important news announcement of the day was not anything to came out of Cannes (as nothing did), nor from Greece (the merry go round farce there continues unabated). No, it was a brief paragraph distributed by the CME long after everyone had gone home, and was already on their 3rd drink. It is critical, because not only is this announcement a direct consequence of what happened with MF Global several days ago, but because also it confirms one of our biggest concerns: systemic liquidity is non-existanet. We confirmed interbank liquidity in Europe was at an all time low earlier today, and can only assume the same is true for US banks. But what is very disturbing is that this is just as true at the exchange level, where it appears the aftermath of the MF collapse is just now being felt. What exactly was the announcement. Unless we are completely reading it incorrectly, it is nothing short of a margin call for tens if not hundreds of billions worth of product. Because as of close of business on November 4, today, the CME just made the maintenance margin, traditionally about 26% lower than the initial margin for specs, equal. For everything. Which means that by close of business Monday, millions of options and futures holders will be forced to deposit billions in additional capital to the CME just so they are not found to be margin deficient, and thus receive a margin call. Naturally, since it is very unlikely that this incremental amount of liquidity can be easily procured in one business day, we anticipate the issuance of hundreds of thousands of margin calls Monday, followed by forced liquidations of margin accounts across America... and the world. Just like when Lehman blew up, it took 5 days for Money Markets to break. Is this unprecedented elimination in the distinction between initial and maintenance margin the post-MF equivalent of the first domino to fall this time around?

新消息 : CME Group 提高維護按金是為了MF Global 客戶轉倉去第二間期貨商時, 不須俾人叫補倉 ! 所以呢個變動只是短暫 !
cmegroup.mediaroom.com/index.php?s=43&item=3208

16 則留言:

TAXI-DRIVER 提到...

MAYBE,good price to buy again. :)

Lisa 提到...

回TAXI-DRIVER,
好難講, 無咗期貨交易, D人可能會去搶現貨都唔定, 所以金銀方面, 可以先跌後大升 !

TAXI-DRIVER 提到...

Yup. so let's keep stacking on Monday :)

Lisa 提到...

回巠力亡口月貝凡投資人,
睇怕股票市場有更大的風險 !
小心 !

honson 提到...

又係星期五收晒市先來....出報告加按金...

小初哥 提到...

出左糧 good!

巠力亡口月貝凡投資人 提到...

i have already no stocks now, both in hk and us

Lisa 提到...

回巠力亡口月貝凡投資人,
恭喜你, 乘跌市買少少實金實銀啦 !

kidthief 提到...

回巠力亡口月貝凡投資人
may i ask what do you hold now?

巠力亡口月貝凡投資人 提到...

usa : gold etf
HK : 100% cash

ido2 提到...

THE CME-GROUP RAISES MARGINS ON SILVER: LOWERS MARGINS ON THE TWO YEAR NOTE
http://www.silvergoldsilver.com/index.php?option=com_smf&Itemid=39&topic=579.msg3032

Lisa 提到...

謝david395:)
星期一睇戲啦 !

singwin 提到...

This is a margin requirement reduction, not hike. CME reduced the initial requirement to the same level as the maintenance requirement. ZeroHedge made a mistake on this report.

http://traderdannorcini.blogspot.com/2011/11/important-update-cme-clarifies-changes.html

Lisa 提到...

回singwin,
好似是說, CME Group 提高維護按金是為了MF Global 客戶轉倉去第二間期貨商時, 不須俾人叫補倉 !

其實D訊息有少少混亂 !

honson 提到...

唔亂唔亂.....有Lisa姐係到....聽你意見就可以.:)

singwin 提到...

OIC. Thanks for clarification