There is something wrong here Now the ES at 685 has a value of 34,250 USD and the margin requested by the exchange is 6188 USD This means a leverage of 5.5 When the ES was at 1500 the value was 75,000 USD and the margin requested by the exchange was 3850 USD A leverage of 20 OK the volatility has changed big during this waterfall decline, but right now is low What the CME is waiting for in order to reduce margins?