What is the settlement margin for the contract at expiry?
A. During the last three trading days prior to expiry, customers holding positions will be required to post additional margin, called the Spot Month Assessment. The Spot Month Assessment is applied to each open contract in addition to the initial and maintenance margins, and is a portion of the contract value, please click here for the current margin rates. The Spot Month Assessment provides additional delivery collateral, and will alert the customer to an imminent physical delivery position. After expiry, the Clearing House will continue to hold initial margin and Spot Month Assessment for each contract that is matched for physical delivery. Then, one business day prior to the actual delivery month, long delivery position holders will be required to post additional collateral with the Clearing House so that margin will equal the full value of the delivery position. The delivery margins will be maintained at the Clearing House until notification of payment has been made to the Clearing
