How is the initial margin (IM) calculated on open position?
The same margin % as applicable for Orders will be levied at position level also. Position level margin is arrived at by applying the IM% on the value of net open position. For example, you have open buy position in FUT-USDINR-27-Aug-2009 for 1 lot of 1000 qty @ Rs.50 and IM % for USDINR is 5%. In that case, margin at position level would be 1 * 1000 * 50 * 5% = Rs.2500/-. Benefit of calendar spread margin may also be available to you in case of spread position.