Just had this message.
"We’re increasing our initial margin requirement for Brent and US Crude. This is due to the recent price action of oil.
Our starting margin rate will be the larger of 80 points multiplied by your trade size or 5% of the notional value of your trade, based on the opening level. This rate is already in effect for new positions opened now, and will apply to any existing positions and working orders from 4pm (UK time) on Friday 24 April 2020."
Could some kind soul please explain to me what this actually means in practice? If I have a £1 a point position on say July WTI, how much additional margin am I actually going to need by 4pm tomorrow?
Thank you.