The group recommends that the volatility estimated at the end of the day’s trading would be used in calculating margin calls at the end of the same day. This implies that during the course of trading, market participants would not know the exact margin that would apply to their position. It was agreed therefore that the volatility estimation and margin fixation methodology would be clearly made known to all market participants so that they can compute what the margin would be for any given closing level of the index. It was also agreed that the trading software would itself provide this information on a real time basis on the trading workstation screen.