Notices to Members

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Notice I-23-08

March 6, 2023

Immediate attention required—Financial Requirements Section 12—Increases in required minimum security deposits for forex transactions

Given the current margin requirements of CME and ICE with respect to foreign currency futures involving the British pound, Japanese yen and Turkish lira, the NFA Executive Committee has determined to increase the minimum security deposits required to be collected and maintained by forex dealer members (FDM) under NFA Financial Requirements Section 12 with respect to currency pairs involving the currencies below to the following:

British pound 5%
Japanese yen 5%
Turkish lira 25%

If the currency pair includes a currency with a higher minimum requirement, FDMs must collect and maintain that higher amount. Below is a summary of the current rates in place for all currencies. Those that vary from NFA Financial Requirements Section 12 are specifically listed:

Current Security Deposit Requirements
TRY 25%
ZAR 7%
RUB 20%
BRL 9%
GBP 5%
JPY 5%
NZD 3%
AUD 3%
MXN 10%
CHF 3%
SEK 3%
NOK 7%
All other Majors 2%
All other Minors 5%

The increases become effective, for both new and existing positions, at 5:00 p.m. CT on March 13, 2023 and will remain in effect until further notice. FDMs should be aware that the Executive Committee may make additional increases in these currencies or other currencies as warranted by market conditions.

If you have any questions on these requirements, please contact Bradley Livingston, Manager, Market Regulation ( or 312-781-1646).

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