Exposure Margin
An additional margin layered on top of SPAN, covering risk SPAN's scenario grid doesn't fully capture.
Total margin blocked for an F&O position is SPAN plus exposure margin, not SPAN alone. The distinction matters when a broker's quoted requirement comes in higher than a back-of-envelope SPAN-only estimate.
Unlike SPAN, which is scenario-based and can swing sharply with volatility, exposure margin tends to move more predictably with position size and notional value, which makes SPAN the harder of the two components to budget for in advance when sizing a new position.
Example: a position whose SPAN works out to ₹40,000 might carry another ₹8,000-10,000 of exposure margin on top. The ₹40,000 alone was never the full amount actually blocked in the account.
Total blocked: ₹49,000 — not the ₹40,000 SPAN alone
Related terms
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