---
kind: "section"
citation: "17 C.F.R. § 242.403"
title: "17"
number: "242.403"
heading: "Required margin."
url: "https://uscodex.org/cfr/17/242.403"
---

# §242.403. Required margin.

- (a) **Applicability.** Each security futures intermediary shall determine the required margin for the security futures and related positions held on behalf of a customer in a securities account or futures account as set forth in this section.
- (b) **Required margin—**
  - (1) **General rule.** The required margin for each long or short position in a security future shall be fifteen (15) percent of the current market value of such security future.
  - (2) **Offsetting positions.** Notwithstanding the margin levels specified in [paragraph (b)(1)](#b-1) of this section, a self-regulatory authority may set the required initial or maintenance margin level for an offsetting position involving security futures and related positions at a level lower than the level that would be required under [paragraph (b)(1)](#b-1) of this section if such positions were margined separately, pursuant to rules that meet the criteria set forth in section 7(c)(2)(B) of the Act ([15 U.S.C. 78g(c)(2)(B)](/usc/15/78g.md?p=c-2-B)) and are effective in accordance with section 19(b)(2) of the Act ([15 U.S.C. 78s(b)(2)](/usc/15/78s.md?p=b-2)) and, as applicable, [Section 5c(c)](/cfr/17/5c.md?p=c) of the CEA ([7 U.S.C. 7a-2(c)](/usc/7/7a-2.md?p=c)).
- (c) **Procedures for certain margin level adjustments.** An exchange registered under section 6(g) of the Act ([15 U.S.C. 78f(g)](/usc/15/78f.md?p=g)), or a national securities association registered under section 15A(k) of the Act ([15 U.S.C. 78o-3(k)](/usc/15/78o-3.md?p=k)), may raise or lower the required margin level for a security future to a level not lower than that specified in this section, in accordance with section 19(b)(7) of the Act ([15 U.S.C. 78s(b)(7)](/usc/15/78s.md?p=b-7)).

## Notes

### Amendments

[67 FR 53176, Aug. 14, 2002, as amended at 85 FR 75146, Nov. 24, 2020]

### Source

Source: 67 FR 53176, Aug. 14, 2002, unless otherwise noted.

### Authority

Authority: 15 U.S.C. 77g, 77q(a), 77s(a), 78b, 78c, 78c-4, 78g(c)(2), 78i(a), 78j, 78k-1(c), 78 l, 78m, 78n, 78 o (b), 78 o (c), 78 o (g), 78q(a), 78q(b), 78q(h), 78w(a), 78dd-1, 78mm, 80a-23, 80a-29, 80a-37, and 8343.

### Source

Source: 62 FR 544, Jan. 3, 1997, unless otherwise noted.

### Amendments

[67 FR 53176, Aug. 14, 2002, as amended at 85 FR 75146, Nov. 24, 2020]