Maintenance Margin
The minimum equity level a futures account must maintain; falling below triggers a margin call demanding top-up to initial margin.
Maintenance margin is the lower boundary of acceptable equity in a futures margin account. While initial margin is required to open a trade, maintenance margin is the floor that must be maintained while the position is open.
When daily mark-to-market losses push account equity below the maintenance level, the broker issues a margin call. The trader must deposit enough to bring the account back to initial margin — not just maintenance — by the next session's open. Failure to meet the call results in forced liquidation.
Maintenance margin is typically ~90% of initial margin for most CME products — the clearinghouse usually sets initial at about 1.1× maintenance (e.g. ES $15,840 initial vs $14,400 maintenance). These figures are set by the exchange and change with volatility, so always check the current spec.
Example
ES initial margin = $15,840; maintenance margin = $14,400. A trader enters long with $16,000. Three consecutive down days lose $1,700 — equity falls to $14,300, below maintenance. The broker calls for $1,540 to restore the $15,840 initial level.
Related Terms
Clearinghouse / Central Counterparty (CCP)
The entity that steps between buyer and seller in every cleared trade, becoming counterparty to both and guaranteeing performance so neither faces the other's default.
IntermediateDaily Settlement Price
The official closing price established by the exchange each session, used to calculate mark-to-market P&L and margin requirements.
IntermediateDay-Trading Margin
A reduced intraday margin rate offered by retail brokers for futures positions opened and closed within the same session.
IntermediateInitial Margin
The minimum deposit required to open one futures contract, set by the exchange clearing house (CME, CBOT, NYMEX).
BeginnerLiquidation
The forced closure of a futures position by the broker when account equity falls below margin requirements.
IntermediateMark-to-Market
The daily revaluation of open futures positions to the settlement price, with gains and losses settled in cash each session.
IntermediateOvernight Margin
The full exchange-minimum initial margin required to carry a futures position through the close into the next session.
IntermediateSPAN Margin
Standard Portfolio Analysis of Risk — the CME's risk-based margin system that calculates required margin across a portfolio of futures and options.
AdvancedVariation Margin
The daily cash transfer that settles mark-to-market gains and losses on open futures positions, paid to the clearinghouse and credited to winners.
Intermediate