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My main account is with RJO. I have a small account with Schwab / Schwab Futures (used to be OptionsXpress). Not sure about non-US accounts.
I use RJO's web-based platform called WEBOE. It is fairly simplistic, though placing an order takes a little getting used to (if selling a credit spread you have to designate the Premium Side), but it has all the tools I need to get the job done.
I just contacted RJOBrien and they tell me that the margin requirement for selling Option is the full margin of a futures contract. That would be extremely high.
Here are the margin they require for the above 2 contracts:
Margin on E-mini S&P is $4500
Margin on Nat gas is $2750
It could be a misunderstanding with the person you are in contact with. I was able to look up the margin guide for RJO in the UK and it was the same as the US margin guide.
Peter, thank you for reaching out to RJO. At the bottom of the email there is a link that says “open a futures trading account”. Please click that link and complete the application.
Margin on E-mini S&P is $4500
Margin on Nat gas is $2750
RJO is a little more strict on option sellers, so if you over leverage or are too heavy on one position, they may look at having you send additional funds.
Thank you
TONY CHOLLY
Senior Market Strategist
Series 3 Licensed
[email protected]
d (312) 373-4968 // tf (800) 826-2270 // f (312) 373-5278
Dudetooth could you please check again with your RJOBrien broker what margin they charge for those 2 trades?
and I'm not asking about the margin from the 14th of Dec risk files from CME. I mean the actual margin that your broker charges.
Thanks heaps.
RJO charges what is called Total margin (SPAN margin + value of option). So if the option you sold is worth $80 and the SPAN margin is $280 then Total margin would be $360.