PC-SPAN version 4 is an easy-to-use Windows program that makes calculating SPAN margins a snap. With just a few mouse clicks or keystrokes, you can load SPAN risk parameter files for exchanges and clearing organizations of interest, define portolios, calculate margins, and view or print results. Version 4 was first made available in 1999. The latest version is numbered as 4.01c.
Before there was the Windows-based PC-SPAN version 4, there was the old DOS-based program. First introduced in 1988, the program had many improvements made to it over the years. The final version of the DOS program was 3.12j, released in 1999.
The Windows-based PC-SPAN version 4 is a tremendous improvement over the old DOS-based program, which is no longer supported. Just a few of the important things that make version 4 better:
It's easier to use, with either a mouse or using
standard Windows keyboard shortcuts.
Defining portfolios -- typically the most labor-intensive
part of using PC-SPAN -- has been made much faster and less work through spreadsheet-style
position data entry. You browse through a table of contracts in
which you can define positions, and simply type the desired position
quantity next to each. No more having to remember strike price
formats, etc.
Much more information is available online, via a
"tree" structure that lets you quickly drill down on data.
Reports have been completely revamped, and all reports are viewable on-line,
or printable.
The new program is much faster. Although exact
performance will depend on the speed of your processor and in particular on
how much memory (RAM) is available, most users will see dramatic decreases
in runtimes.
It's much easier to automate PC-SPAN processing, using the new program's greatly simplified and improved scripting language.
PC-SPAN version 4 does everything the old program did, and then some:
It supports the new XML-based SPAN file format and the
Paris-expanded-unpacked format in addition to the original unpacked, packed, and
expanded-unpacked formats.
It supports the new XML-based position file format as well as
the original unpacked and expanded unpacked position file formats.
It supports the London Clearing House, LIFFE and the other exchanges cleared by LCH, Euronext, Tokyo Stock Exchange, Osaka Securities Exchange and several other new exchanges in addition to all exchanges and clearing organizations previously supported.
Online documentation
Complete documentation for PC-SPAN version 4.00 is available here, on the Web, at www.cme-ch.com/span/span4/doc/span4_help_index.htm, including installation instructions, a quick tour of using the program, and the complete quick reference guide. We've tried to make the documentation concise, complete, and useful. If you're considering whether PC-SPAN version 4 is right for you, this is the place to start.
Minimum system requirements
PC-SPAN version 4 requires Windows 95, 98, NT 4, or 2000. The program requires about 15 megabytes of disk space to install. As a practical matter, you will need about 50 megabytes of free space to be able to install and use the program. 32 megabytes of RAM is an absolute minimum (64 megabytes or more if you're using Windows NT or 2000.) Adding more RAM will greatly improve performance.
The program also requires Microsoft's Internet Explorer version 5 web browser. It doesn't have to be your default browser, or the only browser installed on your PC.