Margin Requirements

Margin Requirements

Futures

Options

Japan Stock CFDs

Please note that we require the margin amount described below at the time of opening a new trade.
Currently we only accept cash as margin and do not accept securities as collateral.

Futures

Futures margin requirements are based on risk-based algorithms. All margin requirements are expressed in the currency of the traded product and can change frequently. Risk-based margin algorithms define a standard set of market outcome scenarios with a one-day time horizon. A price scanning range is defined for each product by the respective clearing house.

Note that margin is the amount of cash a client must put up as collateral to support a futures contract.


Chicago Board Of Trade (CBOT)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
CBOTMYMMicro E-Mini Dow Jones Industrial Average Index MYM 1035.29 900.25 USD No 1035.29 900.25
CBOTYME-mini Dow Jones Industrial Average YM 10352.875 9002.50 USD Yes 10352.875 9002.50


Montreal Exchange (CDE)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
CDETSXS&P TSX COMPOSITE INDEX SCF 18316.44 14653.15 CAD No 18316.44 14653.15
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXF 16443.68 13154.94 CAD No 16443.68 13154.94
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXM 10887.38 8709.91 CAD No 10887.38 8709.91


CBOE Futures Exchange (CFE)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
CFEIBXXIBHYiBoxx iShares $ High Yield Corporate Bond Index TR IBHY 11522.38 9217.90 USD No 11522.38 9217.90
CFEIBXXIBIGiBoxx iShares $ Investment Grade Corporate Bond Index TR IBIG 13142.69 10514.15 USD No 13142.69 10514.15


Chicago Mercantile Exchange (CME)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
CMEBQXCME E-Mini NASDAQ Biotechnology BIO 24826.41 19861.13 USD No 24826.41 19861.13
CMEEMDE-mini S&P Midcap 400 Futures EMD 21781.32 17425.05 USD Yes 1 21781.32 17425.05
CMENIYYen Denominated Nikkei 225 Index ENY 251550 201240 JPY No 251550 201240
CMEESE-mini S&P 500 ES 12320 11200 USD Yes 12320 11200
CMESPXESUPE-mini S&P 500 ESG ESG 13388.14 10710.51 USD No 13388.14 10710.51
CMEIBAABovespa Index - USD IBV 38346.32 30677.06 USD No 38346.32 30677.06
CMEM2KMicro E-Mini Russell 2000 Index M2K 775 620 USD No 775 620
CMEMESMicro E-Mini S&P 500 Stock Price Index MES 1232 1120 USD Yes 1232 1120
CMEMNQMicro E-Mini Nasdaq-100 Index MNQ 2016.59 1833.27 USD Yes 2016.59 1833.27
CMENIYYen Denominated Nikkei 225 Index NIY 1257750 1006200 JPY No 1257750 1006200
CMENKDDollar Denominated Nikkei 225 Index NKD 14950.81 11960.65 USD No 14950.81 11960.65
CMENQE-mini NASDAQ 100 NQ 20165.94 18332.67 USD Yes 20165.94 18332.67
CMERS1E-mini Russell 1000 Index Futures RS1 10524.62 8419.70 USD No 10524.62 8419.70
CMERSGE-mini Russell 1000 Growth Index Futures RSG 33301.39 26641.11 USD No 33301.39 26641.11
CMERSVE-Mini Russell 1000 Value Index Futures RSV 10911.78 8729.42 USD No 10911.78 8729.42
CMERTYE-mini Russell 2000 Index RTY 7750 6200 USD Yes 7750 6200
CMESGXS&P 500 / Citigroup Growth Index SG 169076.14 135260.91 USD No 169076.14 135260.91
CMESMCE-Mini S&P SmallCap 600 Futures SMC 34205.21 27364.17 USD No 34205.21 27364.17
CMESVXS&P 500 / Citigroup Value Index SU 79565.52 63652.42 USD No 79565.52 63652.42
CMEIXBMaterials Select Sector Index XAB 13525.16 10820.13 USD No 13525.16 10820.13
CMEIXEEnergy Select Sector Index XAE 17924.72 14339.77 USD No 17924.72 14339.77
CMEIXMFinancial Select Sector Index XAF 16683.19 13346.55 USD No 16683.19 13346.55
CMEIXIIndustrial Select Sector Index XAI 17163.92 13731.14 USD No 17163.92 13731.14
CMEIXTTechnology Select Sector Index - XAK 37799.60 30239.68 USD No 37799.60 30239.68
CMEIXRConsumer Staples Select Sector Index XAP 7913.41 6330.73 USD No 7913.41 6330.73
CMEIXREReal Estate Select Sector Index XAR 8640.73 6912.59 USD No 8640.73 6912.59
CMEIXUUtilities Select Sector Index XAU 7892.29 6313.83 USD No 7892.29 6313.83
CMEIXVHealth Care Select Sector Index XAV 15713.87 12571.10 USD No 15713.87 12571.10
CMEIXYConsumer Discretionary Select Sector Index XAY 31273.66 25018.92 USD No 31273.66 25018.92


Eurex Exchange

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
EUREXSD3EDEuro Stoxx Select Dividend 30 DVP FD3D 2542.50 2034.00 EUR No 2542.50 2034.00
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDAX 37675.15 30140.12 EUR Yes 35804.375 28643.50
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXM 7535.03 6028.02 EUR No 7160.875 5728.70
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXS 1507.01 1205.60 EUR Yes 1432.175 1145.74
EUREXDBEAEURO STOXX Banks Index Dividend Futures FEBD 350.3125 280.25 EUR No 350.3125 280.25
EUREXSX7EEuro STOXX Banks Index FESB 849.001 679.201 EUR Yes 783.219 626.575
EUREXSX4EEuro STOXX Chemicals FESC 6357.72 5086.18 EUR Yes 1 5943.01 4754.41
EUREXSXNEEuro STOXX Industrial Goods&Services FESG 5177.10 4141.68 EUR Yes 1 4797.18 3837.74
EUREXSXDEEuro STOXX Healthcare FESH 3728.76 2983.01 EUR Yes 1 3728.76 2983.01
EUREXSXOEEuro STOXX Construction FESN 2991.77 2393.41 EUR Yes 1 2850.89 2280.71
EUREXSX3EEuro STOXX Food&Beverages FESO 2701.57 2161.26 EUR Yes 1 2701.57 2161.26
EUREXSXREEuro STOXX Retail FESR 3252.96 2602.37 EUR Yes 1 3252.96 2602.37
EUREXSXPEEuro STOXX Basic Resources FESS 1368.35 1094.68 EUR Yes 1 1279.48 1023.58
EUREXSXKEEuro STOXX Telecommunications FEST 1341.88 1073.50 EUR Yes 1 1341.88 1073.50
EUREXSXTEEuro STOXX Travel & Leisure FESV 1218.18 974.547 EUR Yes 1 1218.18 974.547
EUREXESTX50Euro STOXX50 FESX 3897.40 3117.92 EUR Yes 3665.30 2932.24
EUREXSX8EEuro STOXX Technology FESY 13323.51 10658.81 EUR Yes 1 13323.51 10658.81
EUREXSXQEEuro STOXX Personal & Household Goods FESZ 7915.58 6332.47 EUR Yes 1 7915.58 6332.47
EUREXOMXH25OMX Helsinki 25 Index FFOX 9223.34 7378.67 EUR Yes 1 9223.34 7378.67
EUREXDJ200STOXX MID 200 Index FMCP 2179.06 1743.25 EUR Yes 1 2179.06 1743.25
EUREXM1EFMSCI Emerging Markets Net Total Return Index FMEM 4522.88 3618.30 USD No 4522.88 3618.30
EUREXMXEUMSCI Europe FMEP 1306.66 1045.33 EUR No 1306.45 1045.16
EUREXM7EUMSCI Europe Net Return EUR Index FMEU 2511.21 2008.97 EUR No 2069.56 1655.65
EUREXMXJPUSMSCI JAPAN INDEX - USD FMJP 5973.475 4778.78 USD No 5973.475 4778.78
EUREXMBWOMSCI World Net EUR Index 1 FMWN 3153.13 2522.50 EUR No 2766.99 2213.59
EUREXM1WOMSCI World NETR USD Index FMWO 7296.29 5837.03 USD No 6340.96 5072.77
EUREXMXWOMSCI World Index FMWP 3384.50 2707.60 USD No 3384.50 2707.60
EUREXSXXPESGXSTOXX Europe 600 ESG-X FSEG 1229.91 983.926 EUR No 1162.265 929.812
EUREXSLISwiss Leader Index (PREIS_INDEX) FSLI 3951.75 3161.40 CHF Yes 1 3951.75 3161.40
EUREXSMIDPSMI Dividend Points Index FSMD 8610.00 6888.00 CHF No 8610.00 6888.00
EUREXSMISwiss Market Index FSMI 9174.625 7339.70 CHF Yes 9174.625 7339.70
EUREXSMIMSwiss Mid-cap Index FSMM 4155.81 3324.65 CHF Yes 1 4155.81 3324.65
EUREXSMISwiss Market Index FSMS 917.4625 733.97 CHF No 917.4625 733.97
EUREXMDAXMidcap DAX FSMX 2638.99 2111.19 EUR No 2483.81 1987.05
EUREXSXAPSTOXX 600 Automobiles & Parts FSTA 4196.07 3356.86 EUR Yes 1 4196.07 3356.86
EUREXSX7PSTOXX 600 Banks FSTB 1204.04 963.235 EUR Yes 960.325 768.26
EUREXSX4PSTOXX 600 Chemicals FSTC 5275.99 4220.79 EUR Yes 1 4693.34 3754.67
EUREXSXEPSTOXX 600 Oil & Gas FSTE 2154.25 1723.40 EUR Yes 2154.25 1723.40
EUREXSXFPSTOXX 600 Financial Services Index FSTF 3910.97 3128.78 EUR Yes 1 3053.17 2442.54
EUREXSXNPSTOXX 600 Industrial Goods & Services Index FSTG 3665.35 2932.28 EUR Yes 1 3207.31 2565.85
EUREXSXDPSTOXX 600 Healthcare FSTH 3883.13 3106.50 EUR Yes 1 3883.13 3106.50
EUREXSXIPSTOXX 600 Insurance FSTI 2304.43 1843.54 EUR Yes 1 1936.33 1549.07
EUREXSX86PSTOXX 600 Real Estate FSTL 825.313 660.25 EUR No 825.313 660.25
EUREXSXMPSTOXX 600 Media FSTM 1479.68 1183.75 EUR Yes 1 1339.33 1071.47
EUREXSXOPSTOXX 600 Construction & Materials FSTN 3173.52 2538.82 EUR Yes 1 2759.21 2207.37
EUREXSX3PSTOXX 600 Food & Beverage Index FSTO 3402.20 2721.76 EUR Yes 1 3402.20 2721.76
EUREXSXRPSTOXX 600 Retail FSTR 1692.24 1353.79 EUR Yes 1 1630.86 1304.69
EUREXSXPPSTOXX 600 Basic Resources Index FSTS 4251.01 3400.80 EUR Yes 4251.01 3400.80
EUREXSXKPSTOXX 600 Telecommunications FSTT 1128.13 902.50 EUR Yes 1 1128.13 902.50
EUREXSX6PSTOXX 600 Utilities FSTU 1545.34 1236.27 EUR Yes 1514.06 1211.25
EUREXSXTPSTOXX 600 Travel & Leisure FSTV 1319.93 1055.95 EUR Yes 1 1319.93 1055.95
EUREXSTXSTOXX50 FSTX 3347.75 2678.20 EUR Yes 1 2967.56 2374.05
EUREXSX8PSTOXX 600 Technology FSTY 6963.60 5570.88 EUR Yes 1 6963.60 5570.88
EUREXSXQPSTOXX 600 Personal & Household Goods FSTZ 3924.28 3139.42 EUR Yes 1 3924.28 3139.42
EUREXESTX50Euro STOXX50 FSXE 389.74 311.792 EUR No 366.53 293.224
EUREXTDXTECDAX FTDX 7261.51 5809.21 EUR Yes 1 7261.51 5809.21
EUREXDJ600STOXX 600 Index FXXP 1959.34 1567.48 EUR Yes 1810.94 1448.75


Euronext NL (FTA)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
FTAAMXAMX INDEX FMX 10587.53 8470.02 EUR No 10587.53 8470.02


Hong Kong Futures Exchange (HKFE)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
HKFECES120CES China 120 Index CHH 79331.87 63465.50 HKD No 79331.87 63465.50
HKFEHSIDPIHSI Dividend Point Index DHS 9000 7200 HKD No 9000 7200
HKFEHSIHang Seng Stock Index HSI 111236.64 88989.31 HKD Yes 111236.64 88989.31
HKFEHSTECHHang Seng TECH Index HTI 37304.06 29843.25 HKD Yes 37304.06 29843.25
HKFEMCAMSCI China A 50 Connect Index MCA 4514.63 3611.71 USD No 4514.63 3611.71
HKFEMHIMini Hang Seng Index MHI 22247.33 17797.86 HKD Yes 22247.33 17797.86
HKFEMID.HKMSCI Indonesia Index (USD) - HKFE MIA 1525.32 1220.26 USD No 1525.32 1220.26
HKFEMNDMSCI India Index (USD) - HKFE MND 2899.40 2319.52 USD No 2899.40 2319.52
HKFEMTWMSCI Taiwan (USD) Index - HKFE MTW 3963.40 3170.72 USD No 3963.40 3170.72


Intercontinental Exchange (ICEEU)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
ICEEUNDUEBRAFThe MSCI Brazil Net Total Return MCG 8403.50 6722.80 USD No 8403.50 6722.80
ICEEUF1DVFTSE 100 Dividend Index XZ 1730.32 1384.26 GBP No 1730.32 1384.26
ICEEUYFTSE 250 Index Y2 4969.14 3975.31 GBP No 4969.14 3975.31
ICEEUZFTSE 100 Index Z 5781.89 4625.51 GBP Yes 5781.89 4625.51


Borsa Italiana (IDEM)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
IDEMMIBDIVFTSE MIB Dividend Index FDIV 1682.50 1346 EUR No 1682.50 1346
IDEMFTMIBFTSE MIB Index FTMIB 22804.91 18243.925 EUR Yes 22804.91 18243.925
IDEMFTMIBFTSE MIB Index MICRO 912.196 729.757 EUR No 912.196 729.757
IDEMFTMIBFTSE MIB Index MINI 4560.98 3648.785 EUR No 4560.98 3648.785


Mercado Espanol de Futuros Finacial Futures & Options Exchange (MEFFRV)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
MEFFRVIBEX35IBEX 35 Index IBX 11875 9500 EUR No 11875 9500
MEFFRVIBEXIBEX 35 Index Mini MIX 1187.50 950 EUR Yes 1187.50 950


Mexican Derivatives Exchange (MEXDER)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
MEXDERIPCMexico Bolsa (IPC) Index IPC 57000.50 45600.40 MXN Yes 1 57421.35 45937.08
MEXDERIPCMexico Bolsa (IPC) Index MIP 11400.10 9120.08 MXN No 11484.27 9187.42


Euronext France (MONEP)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
MONEPFEFFTSEurofirst 80 NEW FEF 13945.16 11156.12 EUR No 13945.16 11156.12
MONEPFEOFTSEurofirst 100 NEW FEO 10275.64 8220.51 EUR No 10275.64 8220.51


Nasdaq OMX - Stockholm (OMS)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
OMSOMXESGOMXS30 ESG Responsible Index OMXESG 22836.35 18269.08 SEK No 22836.35 18269.08
OMSOMXS30OMX Index (Sweden) OMXS30 23720.055 18976.04 SEK Yes 23720.055 18976.04


Osaka Securities Exchange (OSE.JPN)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
OSE.JPNN225Nikkei 225 225 2975223.75 2380179.00 JPY Yes 2975223.75 2380179.00
OSE.JPNN225MNikkei 225 Mini 225M 297522.38 238017.90 JPY Yes 297522.38 238017.90
OSE.JPNN225MCNikkei 225 Micro 225MC 29752.24 23801.79 JPY No 29752.24 23801.79
OSE.JPNJPNK400JPX-Nikkei Index 400 400 131052 104841.60 JPY No 131052 104841.60
OSE.JPNTPXC30Topix Core30 C30 97850.93 78280.75 JPY No 97850.93 78280.75
OSE.JPNDJIAOSE Dow Jones Industrial Average DJIA 383495.27 306796.22 JPY No 383495.27 306796.22
OSE.JPNJGBStandardized 6% 10-Year Japanese Government Bond JBL 2149154.60 1719323.68 JPY Yes 2149154.60 1719323.68
OSE.JPNMJMini 10 Year JGB JBLM 214915.46 171932.37 JPY No 214915.46 171932.37
OSE.JPNTSEMOTHRTSE Growth Market 250 Index MOTH 96195.66 76956.53 JPY No 96195.66 76956.53
OSE.JPNNKVINikkei 225 Volatility Index NVI 110937.50 88750 JPY No 283231.29 226585.04
OSE.JPNTSEREITTSE REIT Index REIT 261906.60 209525.28 JPY No 261906.60 209525.28
OSE.JPNTOPXTOPIX Index TPX 1919796.84 1535837.47 JPY No 1919796.84 1535837.47
OSE.JPNMNTPXJapan Mini Topix TPXM 191979.68 153583.75 JPY No 191979.68 153583.75


Singapore Exchange (SGX)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
SGXXINA50FTSE/Xinhua China A50 CN 1739.70 1391.76 USD No 1739.70 1391.76
SGXXIN0IFTSE China H50 FCH 5962.58 4770.06 USD No 5962.58 4770.06
SGXWIIDNFTSE Indonesia Index FID 1300.14 1040.11 USD No 1300.14 1040.11
SGXNKYDIVNikkei Stock Average Dividend Point Index ND 1608000.03 1286400.02 JPY No 1608000.03 1286400.02
SGXSGXNKSGX: Nikkei 225 NK 1253062.50 1002450 JPY Yes 1253062.50 1002450
SGXSGXNKMSGX: NIKKEI 225 Mini NS 250612.50 200490 JPY No 250612.50 200490
SGXN225USGX: USD Nikkei 225 Index NU 41698.14 33358.52 USD No 41698.14 33358.52
SGXSSGMSCI Singapore Free Index SGP 1700.31 1360.25 SGD Yes 1 1700.31 1360.25
SGXSTISGX Straits Times Index ST 4898.37 3918.70 SGD No 4898.37 3918.70
SGXC52COMFORTDELGRO CORP LTD YCDD 1211.40 969.12 SGD No 1211.39 969.115
SGXD05DBS GROUP HOLDINGS LTD YDBS 2989.96 2391.96 SGD No 2989.96 2391.96
SGXG13GENTING SINGAPORE LTD YGEN 863.671 690.935 SGD No 863.671 690.935
SGXBN4KEPPEL CORP LTD YKEP 3859.73 3087.79 SGD No 3859.74 3087.79
SGXO39OVERSEA-CHINESE BANKING CORP YOCB 4740.32 3792.26 SGD No 4740.32 3792.26
SGXZ74SINGAPORE TELECOMMUNICATIONS YSTT 2158.71 1726.96 SGD No 2158.71 1726.96
SGXY92THAI BEVERAGE PCL YTBE 939.80 751.84 SGD No 939.787 751.83
SGXU11UNITED OVERSEAS BANK LTD YUOB 5122.82 4098.25 SGD No 5122.82 4098.25
SGXF34WILMAR INTERNATIONAL LTD YWIL 3387.96 2710.36 SGD No 3387.96 2710.37
SGXBS6YANGZIJIANG SHIPBUILDING YYZJ 12888.13 2907.10 SGD No 3633.87 2907.09


ASX24 (SNFE)

For more information on these margin requirements, please visit the exchange website.

Exchange Underlying Product description Trading Class Overnight Initial Overnight Maintenance Currency Has Options Short Overnight Initial Short Overnight Maintenance
SNFESPIS&P/ASX 200 Index (Australia) AP 17138.77 13711.01 AUD Yes 17138.77 13711.01



Disclosures

  1. Long positions only.
  2. Margin requirements for HHI.HK futures positions larger than 1,000 contracts on HKFE are double the normal HHI.HK margin requirements.

Options

As a trader of options in Japan, you are subjected to Risk-based margin. The complete margin requirement details are listed in the section below.


Risk Margin Overview

What is risk based margining?

A risk based margin system evaluates your portfolio to set your margin requirements. The risk valuations of your positions are created using simulated market movements that anticipate possible outcomes. As a result, a more accurate margin model is created, allowing the investor to increase their leverage.

How are correlated risks offset?

Within a group of positions with the same underlying, 100% of the gain at any one valuation point is allowed to offset another positions loss at the same valuation point.

Example: An account holds a long stock position in stock ABC and a long put option contract in ABC. If a theoretical worst case scenario causes the underlying asset to drop 15%, then the loss that on the long stock position would be offset by the gain on the long put position.

What are my eligibility requirements?

Eligibility requirements vary according to the investor’s personal information, region, and exchange.

What positions are eligible?

All positions in margin equity securities (including foreign equity securities and options on foreign equity securities, listed options on an equity security or index of equity securities, security futures products, unlisted derivatives on an equity security or index of equity securities, broad-based index futures, and options on broad-based index futures.


Japan Stock CFDs


IBJP Maintenance and Initial Margin Requirements for Japan Stock CFDs


Account Type Minimum Initial/Maintenance Margin
Individual Account 20%
Institutional Account 10%


We establish a risk-based margin for each CFD individually based on the observed historical volatility of the underlying share. Specifically, we calculate five historical standard deviations (based on 30 days' price history) to determine the standard maintenance margin, subject to a minimum margin (without correlation-based off-sets). The resultant margin rates apply position by position. In the majority of cases the minimum margin is applied.

In certain cases IBSJ may, at its discretion, establish special margin rates for individual CFDs that are higher than those indicated by our standard methodology.


The following house charges may apply in addition to standard margins:

Large Position Charge

If a position is greater than the equivalent of 0.5% of the market capitalization of a share, a large position charge applies. The required margin grows linearly from the risk-based margin to 100% when the share of market capitalization grows from 0.5% to 2%.

Short Cheap Stock Charge

A short cheap stock charge is applied for short CFDs on shares with market capitalizations below $500 million. The required margin grows linearly from 30% to 100% as the market capitalization decreases from $500 to $250 million. For market capitalizations between $250 and $100 million, the required margin is 100%, subject to a minimum of $2.50.

Concentration Minimum

In cases where a portfolio consists of a small number of CFD positions or if the two largest positions have a dominant weight, a concentration charge is applied instead of the standard maintenance margin described above.

We stress the portfolio by applying a 30% adverse move on the two largest positions and a 5% adverse move on the remaining positions. The total loss is applied as the maintenance margin requirement if it is greater than the standard requirement.

The initial margin is the maintenance charge + 10%.