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Home » Announcements » OKCoin Futures Margin Ratio and Futures Index Exchange  Add New Post

OKCoin Futures Margin Ratio and Futures Index Exchange 

Moderator published on OKCoin Announcements Announcements 2015-03-24 14:08 8718


Thanks to feedback from our users, we’re going to be making the following changes to out futures platform:



OKCoin will be adjusting the way the 20x leverage margin rate is calculated. The 20x leverage margin call threshold will be changed from 10% to 20% for both cross-margin mode and fixed-margin mode. This has been done to improve fairness across different leverage levels; a margin
call for both the 10x and 20x leverage will now result in the same amount of remaining funds.



Originally under fixed margin mode, margin call risk would be displayed as a PL ratio, and a margin call would be triggered when PL ratio reached -90%. Now under the new system, the margin call risk will be displayed as a margin ratio – the same as in cross margin mode. When the margin ratio reaches 0% a margin call will be triggered.



The above changes will be implemented on 27th March 2015 at 16:00 (UTC+8), after the delivery of the current week’s contracts.



Once implemented, the new calculation method will affect any existing positions post-settlement. This change has some important implications for any user that has 20x leverage enabled. In fixed margin mode, 20x positions may be margin called earlier than before the changes. In cross-margin mode, the account margin ratio will be subject to the 20% adjustment factor whether the user is using over 10x leverage or not. Therefore it is recommended that the user only selects 20x leverage mode when using over 10x leverage.


Users should take note of the risks produced by these changes and take measures to make sure their normal trading is not affected.


In addition to the changes described above, OKCoin will also be making changes to the way bitcoin futures index is calculated. The exchange rate used by OKCoin futures was originally set according to the rate published by the People’s Bank of China (PBOC). However due to recent long-term exchange rate fluctuations, there has been a consistent gap between the actual market exchange rate and the PBOC exchange rate, which is affecting investors’ trading and arbitrage activities. According to user feedback, OKCoin will be making the following adjustments to the exchange rate system:



1. The exchange rate will now be set each week according to the average market rate over the last two weeks.



2. The exchange rate will be changed every Friday at 16:00 (UTC+8), after the delivery of the current week’s contracts. The exchange rate will not be changed before delivery/settlement so that users current positions are not effected by the changes.


3. The exchange rate adjustment threshold will be set at 0.2%. This means that if the deviation between the two-week average market rate and the current system exchange rates does not exceed ±0.2%, the system exchange rate will not be adjusted. Only if the deviation exceeds ±0.2% will the system exchange rate be changed to the two-week average market rate.
4. In order to avoid impacting users with a jump in exchange rates, the system exchange rate will be used in place of market exchange rates prior to 27th March during system exchange rate
calculations.
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