Margin Requirements

Margin Requirements

Margin Requirements

Futures
Options
Share 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
CBOT	MYM	Micro E-Mini Dow Jones Industrial Average Index	MYM	1092.21	949.75	USD	No	1092.21	949.75
CBOT	YM	E-mini Dow Jones Industrial Average	YM	10922.125	9497.50	USD	Yes	10922.125	9497.50

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
CDE	TSE60	S&P Canada 60 Index Futures (Old TSE60)	SXF	17818.73	14254.98	CAD	No	17818.73	14254.98
CDE	TSE60	S&P Canada 60 Index Futures (Old TSE60)	SXM	13364.05	10691.24	CAD	No	13364.05	10691.24

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
CFE	IBXXIBHY	iBoxx iShares $ High Yield Corporate Bond Index TR	IBHY	10651.42	8521.14	USD	No	10651.42	8521.14
CFE	IBXXIBIG	iBoxx iShares $ Investment Grade Corporate Bond Index TR	IBIG	11223.19	8978.55	USD	No	11223.19	8978.55

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
CME	BQX	CME E-Mini NASDAQ Biotechnology	BIO	27835.03	22268.02	USD	No	27835.03	22268.02
CME	EMD	E-mini S&P Midcap 400 Futures	EMD	28854.26	23083.41	USD	Yes¹	28854.26	23083.41
CME	NIY	Yen Denominated Nikkei 225 Index	ENY	304814.11	243851.29	JPY	No	304814.11	243851.29
CME	ES	E-mini S&P 500	ES	15935.19	14486.53	USD	Yes	15935.19	14486.53
CME	SPXESUP	E-mini S&P 500 ESG	ESG	13214.40	10571.52	USD	No	13214.40	10571.52
CME	IBAA	Bovespa Index - USD	IBV	29105	23284	USD	No	29105	23284
CME	M2K	Micro E-Mini Russell 2000 Index	M2K	864.756	691.805	USD	No	864.756	691.805
CME	MES	Micro E-Mini S&P 500 Stock Price Index	MES	1593.52	1448.65	USD	Yes	1593.52	1448.65
CME	MNQ	Micro E-Mini Nasdaq-100 Index	MNQ	2675.16	2431.96	USD	Yes	2675.16	2431.96
CME	NIY	Yen Denominated Nikkei 225 Index	NIY	1524070.54	1219256.44	JPY	No	1524070.54	1219256.44
CME	NKD	Dollar Denominated Nikkei 225 Index	NKD	16900.85	13520.68	USD	No	16900.85	13520.68
CME	NQ	E-mini NASDAQ 100	NQ	26751.60	24319.64	USD	Yes	26751.60	24319.64
CME	RS1	E-mini Russell 1000 Index Futures	RS1	11509.35	9207.48	USD	No	11509.35	9207.48
CME	RSG	E-mini Russell 1000 Growth Index Futures	RSG	42915.31	34332.25	USD	No	42915.31	34332.25
CME	RSV	E-Mini Russell 1000 Value Index Futures	RSV	12625.97	10100.78	USD	No	12625.97	10100.78
CME	RTY	E-mini Russell 2000 Index	RTY	8647.56	6918.05	USD	Yes	8647.56	6918.05
CME	SGX	S&P 500 / Citigroup Growth Index	SG	259208.26	207366.61	USD	No	259208.26	207366.61
CME	SMC	E-Mini S&P SmallCap 600 Futures	SMC	35258.78	28207.03	USD	No	35258.78	28207.03
CME	SVX	S&P 500 / Citigroup Value Index	SU	98182.69	78546.15	USD	No	98182.69	78546.15
CME	IXB	Materials Select Sector Index	XAB	16722.45	13377.96	USD	No	16722.45	13377.96
CME	IXE	Energy Select Sector Index	XAE	17547.52	14038.01	USD	No	17547.52	14038.01
CME	IXM	Financial Select Sector Index	XAF	18724.98	14979.98	USD	No	18724.98	14979.98
CME	IXI	Industrial Select Sector Index	XAI	23202.70	18562.16	USD	No	23202.70	18562.16
CME	IXT	Technology Select Sector Index -	XAK	50482.91	40386.33	USD	No	50482.91	40386.33
CME	IXR	Consumer Staples Select Sector Index	XAP	7751.66	6201.33	USD	No	7751.66	6201.33
CME	IXRE	Real Estate Select Sector Index	XAR	9597.83	7678.26	USD	No	9597.83	7678.26
CME	IXU	Utilities Select Sector Index	XAU	9634.06	7707.25	USD	No	9634.06	7707.25
CME	IXV	Health Care Select Sector Index	XAV	18094.46	14475.57	USD	No	18094.46	14475.57
CME	IXY	Consumer Discretionary Select Sector Index	XAY	39839.23	31871.38	USD	No	39839.23	31871.38

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
EUREX	SD3ED	Euro Stoxx Select Dividend 30 DVP	FD3D	4598.45	2166.00	EUR	No	4598.45	2166.00
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDAX	41066.875	32853.50	EUR	Yes	39417.19	31533.75
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDXM	8213.375	6570.70	EUR	No	7883.44	6306.75
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDXS	1642.675	1314.14	EUR	Yes	1576.69	1261.35
EUREX	DBEA	EURO STOXX Banks Index Dividend Futures	FEBD	505.45	237.423	EUR	No	505.45	237.423
EUREX	SX7E	Euro STOXX Banks Index	FESB	955.765	764.612	EUR	Yes	864.44	691.552
EUREX	SX4E	Euro STOXX Chemicals	FESC	6861.49	5489.20	EUR	Yes¹	6861.49	5489.20
EUREX	SXNE	Euro STOXX Industrial Goods&Services	FESG	6452.40	5161.92	EUR	Yes¹	6423.64	5138.91
EUREX	SXDE	Euro STOXX Healthcare	FESH	2978.72	2382.98	EUR	Yes¹	2652.57	2122.05
EUREX	SXOE	Euro STOXX Construction	FESN	3139.64	2511.71	EUR	Yes¹	3127.64	2502.115
EUREX	SX3E	Euro STOXX Food&Beverages	FESO	2225.67	1780.54	EUR	Yes¹	1559.11	1247.28
EUREX	SXRE	Euro STOXX Retail	FESR	4074.77	3259.82	EUR	Yes¹	4074.77	3259.82
EUREX	SXPE	Euro STOXX Basic Resources	FESS	1398.26	1118.61	EUR	Yes¹	1352.29	1081.83
EUREX	SXKE	Euro STOXX Telecommunications	FEST	1100.59	880.468	EUR	Yes¹	855.625	684.50
EUREX	SXTE	Euro STOXX Travel & Leisure	FESV	1391.06	1112.85	EUR	Yes¹	1391.06	1112.85
EUREX	ESTX50	Euro STOXX50	FESX	4630.11	3704.09	EUR	Yes	4630.11	3704.09
EUREX	SX8E	Euro STOXX Technology	FESY	17539.61	14031.69	EUR	Yes¹	17539.61	14031.69
EUREX	SXQE	Euro STOXX Personal & Household Goods	FESZ	8609.47	6887.58	EUR	Yes¹	8609.47	6887.58
EUREX	OMXH25	OMX Helsinki 25 Index	FFOX	8439.66	6751.73	EUR	Yes¹	8439.66	6751.73
EUREX	DJ200	STOXX MID 200 Index	FMCP	2278.44	1822.75	EUR	Yes¹	2052.97	1642.38
EUREX	M1EF	MSCI Emerging Markets Net Total Return Index	FMEM	5297.59	4238.07	USD	No	5297.59	4238.07
EUREX	MXEU	MSCI Europe	FMEP	1382.86	1106.29	EUR	No	1139.09	911.271
EUREX	M7EU	MSCI Europe Net Return EUR Index	FMEU	2716.21	2172.97	EUR	No	2230.71	1784.57
EUREX	MXJPUS	MSCI JAPAN INDEX - USD	FMJP	6202.91	4962.32	USD	No	5544.76	4435.81
EUREX	MBWO	MSCI World Net EUR Index 1	FMWN	3609.91	2887.93	EUR	No	3170.76	2536.61
EUREX	M1WO	MSCI World NETR USD Index	FMWO	8937.66	7150.13	USD	No	8937.66	7150.13
EUREX	MXWO	MSCI World Index	FMWP	5548.76	4439.01	USD	No	5548.76	4439.01
EUREX	SXXPESGX	STOXX Europe 600 ESG-X	FSEG	1431.35	1145.08	EUR	No	1140.72	912.579
EUREX	SLI	Swiss Leader Index (PREIS_INDEX)	FSLI	4446.57	3557.26	CHF	Yes¹	4446.57	3557.26
EUREX	SMIDP	SMI Dividend Points Index	FSMD	15748.53	7418.00	CHF	No	15748.53	7418.00
EUREX	SMI	Swiss Market Index	FSMI	7995.13	6396.10	CHF	Yes	7995.13	6396.10
EUREX	SMIM	Swiss Mid-cap Index	FSMM	4567.00	3653.60	CHF	Yes¹	4567.00	3653.60
EUREX	SMI	Swiss Market Index	FSMS	799.513	639.61	CHF	No	799.513	639.61
EUREX	MDAX	Midcap DAX	FSMX	2760.86	2208.69	EUR	No	2427.25	1941.80
EUREX	SXAP	STOXX 600 Automobiles & Parts	FSTA	5509.86	4407.89	EUR	Yes¹	5509.86	4407.89
EUREX	SX7P	STOXX 600 Banks	FSTB	1277.05	1021.64	EUR	Yes	1111.50	889.202
EUREX	SX4P	STOXX 600 Chemicals	FSTC	5671.34	4537.07	EUR	Yes¹	5198.48	4158.78
EUREX	SXEP	STOXX 600 Oil & Gas	FSTE	2252.06	1801.65	EUR	Yes	2252.06	1801.65
EUREX	SXFP	STOXX 600 Financial Services Index	FSTF	4277.39	3421.92	EUR	Yes¹	3653.14	2922.51
EUREX	SXNP	STOXX 600 Industrial Goods & Services Index	FSTG	4189.89	3351.91	EUR	Yes¹	3978.48	3182.79
EUREX	SXDP	STOXX 600 Healthcare	FSTH	3776.62	3021.30	EUR	Yes¹	3776.62	3021.30
EUREX	SXIP	STOXX 600 Insurance	FSTI	2309.48	1847.58	EUR	Yes¹	1984.91	1587.93
EUREX	SX86P	STOXX 600 Real Estate	FSTL	835.105	668.084	EUR	No	835.105	668.084
EUREX	SXMP	STOXX 600 Media	FSTM	1659.03	1327.22	EUR	Yes¹	1484.16	1187.33
EUREX	SXOP	STOXX 600 Construction & Materials	FSTN	3428.21	2742.57	EUR	Yes¹	3264.01	2611.21
EUREX	SX3P	STOXX 600 Food & Beverage Index	FSTO	2795.27	2236.21	EUR	Yes¹	2167.50	1734.00
EUREX	SXRP	STOXX 600 Retail	FSTR	2059.88	1647.90	EUR	Yes¹	2059.88	1647.90
EUREX	SXPP	STOXX 600 Basic Resources Index	FSTS	4387.26	3509.81	EUR	Yes	4330.48	3464.38
EUREX	SXKP	STOXX 600 Telecommunications	FSTT	926.405	741.124	EUR	Yes¹	615.742	492.594
EUREX	SX6P	STOXX 600 Utilities	FSTU	1426.20	1140.96	EUR	Yes	1426.20	1140.96
EUREX	SXTP	STOXX 600 Travel & Leisure	FSTV	1499.69	1199.75	EUR	Yes¹	1499.69	1199.75
EUREX	STX	STOXX50	FSTX	3504.43	2803.55	EUR	Yes¹	3077.33	2461.86
EUREX	SX8P	STOXX 600 Technology	FSTY	7874.11	6299.29	EUR	Yes¹	7874.11	6299.29
EUREX	SXQP	STOXX 600 Personal & Household Goods	FSTZ	4528.22	3622.57	EUR	Yes¹	4528.22	3622.57
EUREX	ESTX50	Euro STOXX50	FSXE	463.011	370.409	EUR	No	463.011	370.409
EUREX	TDX	TECDAX	FTDX	9183.92	7347.13	EUR	Yes¹	9183.92	7347.13
EUREX	DJ600	STOXX 600 Index	FXXP	2161.13	1728.91	EUR	Yes	2161.13	1728.91

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
FTA	AMX	AMX INDEX	FMX	11974.28	9579.43	EUR	No	11974.28	9579.43

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
HKFE	CES120	CES China 120 Index	CHH	73651.37	58921.09	HKD	No	73651.37	58921.09
HKFE	HSIDPI	HSI Dividend Point Index	DHS	13060.00	8013.70	HKD	No	13060.00	8013.70
HKFE	HSI	Hang Seng Stock Index	HSI	99515.12	79612.09	HKD	Yes	99515.12	79612.09
HKFE	HSTECH	Hang Seng TECH Index	HTI	30958.20	24766.56	HKD	Yes	30958.20	24766.56
HKFE	MCA	MSCI China A 50 Connect Index	MCA	4235.60	3388.48	USD	No	4235.60	3388.48
HKFE	MHI	Mini Hang Seng Index	MHI	19903.02	15922.42	HKD	Yes	19903.02	15922.42
HKFE	MID.HK	MSCI Indonesia Index (USD) - HKFE	MIA	1719.52	1375.62	USD	No	1719.52	1375.62
HKFE	MND	MSCI India Index (USD) - HKFE	MND	3351.63	2681.30	USD	No	3351.63	2681.30
HKFE	MTW	MSCI Taiwan (USD) Index - HKFE	MTW	5632.28	4505.82	USD	No	5632.28	4505.82

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
ICEEU	NDUEBRAF	The MSCI Brazil Net Total Return	MCG	6961.13	5568.90	USD	No	6961.13	5568.90
ICEEU	F1DV	FTSE 100 Dividend Index	XZ	902.765	602	GBP	No	902.765	602
ICEEU	Y	FTSE 250 Index	Y2	5748.69	4598.95	GBP	No	5748.69	4598.95
ICEEU	Z	FTSE 100 Index	Z	6123.28	4898.62	GBP	Yes	6123.28	4898.62

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
IDEM	MIBDIV	FTSE MIB Dividend Index	FDIV	6377.18	5101.74	EUR	No	6377.18	5101.74
IDEM	FTMIB	-	FIB	25311.56	20249.25	EUR	Yes	25311.56	20249.25
IDEM	FTMIB	-	MICR	1012.46	809.97	EUR	No	1012.46	809.97
IDEM	FTMIB	-	MIN	5062.31	4049.85	EUR	No	5062.31	4049.85

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
MEFFRV	IBEX35	IBEX 35 Index	IBX	11875.02	9500.02	EUR	No	11875.02	9500.02
MEFFRV	IBEX	IBEX 35 Index Mini	MIX	1187.50	950.002	EUR	Yes	1187.50	950.002

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
MEXDER	IPC	Mexico Bolsa (IPC) Index	IPC	58084.77	46467.81	MXN	Yes¹	61710.71	49368.57
MEXDER	IPC	Mexico Bolsa (IPC) Index	MIP	11616.95	9293.56	MXN	No	12342.14	9873.71

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
MONEP	FEF	FTSEurofirst 80 NEW	FEF	15878.25	12702.60	EUR	No	15878.25	12702.60
MONEP	FEO	FTSEurofirst 100 NEW	FEO	11495.10	9196.08	EUR	No	11495.10	9196.08

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
OMS	OMXESG	OMXS30 ESG Responsible Index	OMXESG	25686.38	20549.10	SEK	No	25686.38	20549.10
OMS	OMXS30	OMX Index (Sweden)	OMXS30	26750.11	21400.09	SEK	Yes	26750.11	21400.09

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.JPN	N225	Nikkei 225	225	3832605.11	3066084.08	JPY	Yes	3832605.11	3066084.08
OSE.JPN	N225M	Nikkei 225 Mini	225M	383260.51	306608.41	JPY	Yes	383260.51	306608.41
OSE.JPN	N225MC	Nikkei 225 Micro	225MC	38326.05	30660.84	JPY	No	38326.05	30660.84
OSE.JPN	JPNK400	JPX-Nikkei Index 400	400	169806.25	135845	JPY	No	169806.25	135845
OSE.JPN	TPXC30	Topix Core30	C30	120806.46	96645.17	JPY	No	120806.46	96645.17
OSE.JPN	DJIA	OSE Dow Jones Industrial Average	DJIA	494645.74	395716.59	JPY	No	494645.74	395716.59
OSE.JPN	JGB	Standardized 6% 10-Year Japanese Government Bond	JBL	2359217.99	1887374.39	JPY	Yes	2359217.99	1887374.39
OSE.JPN	MJ	Mini 10 Year JGB	JBLM	235921.80	188737.44	JPY	No	235921.80	188737.44
OSE.JPN	TSEMOTHR	TSE Growth Market 250 Index	MOTH	78291.14	62632.91	JPY	No	78291.14	62632.91
OSE.JPN	NKVI	Nikkei 225 Volatility Index	NVI	138125	110500	JPY	No	243250	194600
OSE.JPN	TSEREIT	TSE REIT Index	REIT	243435.48	194748.38	JPY	No	243435.48	194748.38
OSE.JPN	TOPX	TOPIX Index	TPX	2278545.70	1822836.56	JPY	No	2278545.70	1822836.56
OSE.JPN	MNTPX	Japan Mini Topix	TPXM	227854.57	182283.66	JPY	No	227854.57	182283.66

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
SGX	XINA50	FTSE/Xinhua China A50	CN	1845.60	1476.48	USD	No	1845.60	1476.48
SGX	XIN0I	FTSE China H50	FCH	4367.34	3493.87	USD	No	4367.34	3493.87
SGX	WIIDN	FTSE Indonesia Index	FID	1333.51	1066.80	USD	No	1333.51	1066.80
SGX	NKYDIV	Nikkei Stock Average Dividend Point Index	ND	2056250	1375000	JPY	No	2056250	1375000
SGX	SGXNK	SGX: Nikkei 225	NK	1610842.35	1288673.88	JPY	Yes	1610842.35	1288673.88
SGX	SGXNKM	SGX: NIKKEI 225 Mini	NS	322168.47	257734.78	JPY	No	322168.47	257734.78
SGX	N225U	SGX: USD Nikkei 225 Index	NU	54815.31	43852.25	USD	No	54815.31	43852.25
SGX	SSG	MSCI Singapore Free Index	SGP	1815.39	1452.31	SGD	Yes¹	1815.39	1452.31
SGX	STI	SGX Straits Times Index	ST	4875.31	3900.25	SGD	No	4875.31	3900.25
SGX	C52	COMFORTDELGRO CORP LTD	YCDD	1369.18	1095.34	SGD	No	1369.18	1095.34
SGX	D05	DBS GROUP HOLDINGS LTD	YDBS	3417.77	2734.22	SGD	No	3417.77	2734.22
SGX	G13	GENTING SINGAPORE LTD	YGEN	872.744	698.195	SGD	No	872.744	698.195
SGX	BN4	KEPPEL LTD	YKEP	3831.69	3065.35	SGD	No	3831.69	3065.35
SGX	O39	OVERSEA-CHINESE BANKING CORP	YOCB	5142.61	4114.09	SGD	No	5142.61	4114.09
SGX	Z74	SINGAPORE TELECOMMUNICATIONS	YSTT	2194.99	1756.00	SGD	No	2195.00	1756.00
SGX	Y92	THAI BEVERAGE PCL	YTBE	900.90	720.72	SGD	No	900.89	720.71
SGX	U11	UNITED OVERSEAS BANK LTD	YUOB	5495.56	4396.45	SGD	No	5495.56	4396.45
SGX	F34	WILMAR INTERNATIONAL LTD	YWIL	3066.91	2453.53	SGD	No	3066.90	2453.52
SGX	BS6	YANGZIJIANG SHIPBUILDING	YYZJ	15710.22	3543.52	SGD	No	4429.40	3543.52

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
SNFE	SPI	S&P/ASX 200 Index (Australia)	AP	19077.50	15262	AUD	Yes	19077.50	15262

Disclosures

Long positions only.
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.

Share CFDs

Maintenance and Initial Margin Requirements for Share 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%.