Anyone else out there use PC-SPAN, or something similar for calculating margin? I've read the really basic primer of how it functions... and it sounds mostly reasonable. But the end-result that I'm seeing are really *not* reasonable. Example, using 8/3 settlement risk parameters from the NYBOT. I plug in these hypothetical portfolios in COCOA (CC): 1) - short 1 20.00 call, (expiring this week), - long 1 cocoa future, (trading at 30.00) 2) - short 1 20.00 put, (same expiration) I think everyone recognizes that these two portfolios are the same. The short call + long underlying = synthetic put. Well, SPAN margin requirement for portfolio #1 is $9379. SPAN margin requirement for portfolio #2 is $29. Does this seem seriously broken to anyone else? Am I missing anything?