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 — a distinction that matters when comparing a broker's quoted margin requirement against a back-of-envelope SPAN-only estimate and finding the real number higher.
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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