INE applies pre-margining. The Exchange applies dierent rates of 

trading margin for a futures contract based on dierent periods of 

trading from its listing to its last trading day. The Exchange may, 

in its sole discretion, adjust the price limit for a futures contract 

in response to market risk conditions and it shall issue a public 

announcement of the adjustment. The management of Clearing 

Deposit shall be managed in accordance with the Clearing Rules of 

the Shanghai International Energy Exchange.

Both the ICE Clear of ICE Europe and the Clearing House of CME 

Group use CME’s proprietary margining system – the Standard 

Portfolio Analysis of Risk (SPAN) system. The system calculates the 

initial margin requirement by taking into account the prot and 

loss under dierent trading strategies such as calendar spread, 

crack spread, and arbitrage, as well as the volatility of the dierent 

contract months. As a result and which also meets the needs of 

clearing member’s netting settlement procedure, the level of 

initial margin is minimized to ensure capital eciency

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