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+Chapter 34: Futures and Futures Options 671 
+As a means of comparison, under the older "customer margin" option require­
+ments, the requirement for a covered write was the futures margin, plus the option 
+premium, less one-half the out-of-the-money amount. In the above example, assume 
+the futures were at 408 and the call was trading at 8. The customer covered write 
+margin would then be more than twice the SPAN requirement: 
+Futures margin 
+Option premium 
+1/2 out-of-money amount 
+$10,000 
++ 4,000 
+- 1,000 
+$13,000 
+Obviously, one can alter the quantities in the use of the risk array quite easily. 
+For example, ifhe had a ratio write oflong 3 futures and short 5 December 410 calls, 
+he could easily calculate the SPAN requirement by multiplying the projected futures 
+gains and losses by 3, multiplying the projected option gains and losses by 5, and 
+adding the two together to obtain the total requirement. Once he had completed this 
+calculation, his SPAN requirement would be the worst expected loss as projected by 
+SPAN for the next trading day. 
+In actual practice, the SPAN calculations are even more sophisticated: They 
+take into account a certain minimum option margin (for deeply out-of-the-money 
+options); they account for spreads between futures contracts on the same commodi­
+ty (different expiration months); they add a delivery month charge (if you are hold­
+ing a position past the first notice day); ~ they even allow for slightly reduced 
+requirements for related, but different, futures spreads (T-bills versus T-bonds, for 
+example). 
+If you are interested in calculating SPAN margin yourself, your broker may be 
+able to provide you with the software to do so. More likely, though, he will provide 
+the service of calculating the SPAN margin on a position prior to your establishing it. 
+The details for obtaining the SPAN margin requirements should thus be requested 
+from your broker. 
+PHYSICAL CURRENCY OPTIONS 
+Another group oflisted options on a physical is the currency options that trade on the 
+Philadelphia Stock Exchange (PHLX). In addition, there is an even larger over-the­
+counter market in foreign currency options. Since the physical commodity underly­
+ing the option is currency, in some sense of the word, these are cash-based options 
+as well. However, the cash that the options are based in is not dollars, but rather may 
+be deutsche marks, Swiss francs, British pounds, Canadian dollars, French francs, or