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	-	MYM	1576.07	1370.50	USD	No	1490.40	1296
CBOT	YM	-	YM	15760.71	13704.97	USD	Yes	14907.45	12963

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	-	SXF	22654.24	19699.335	CAD	No	22654.24	19699.335
CDE	TSE60	-	SXM	12345.56	10735.27	CAD	No	12345.56	10735.27

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	-	IBHY	9665.75	8405.00	USD	No	9665.76	8405.00
CFE	IBXXIBIG	-	IBIG	10598.92	9216.45	USD	No	10598.92	9216.45
CFE	VIX	-	VX	12818.07	11146.15	USD	Yes	22255.16	19352.31
CFE	VIX	-	VX19	12818.07	11146.15	USD	No	22255.16	19352.31
CFE	VIX	-	VX21	12818.07	11146.15	USD	No	22255.16	19352.31
CFE	VIX	-	VX22	12818.07	11146.15	USD	No	22255.16	19352.31
CFE	VIX	-	VX23	12305.40	10700.35	USD	No	21364.94	18578.21
CFE	VIX	-	VX25	12305	10700	USD	No	18282.71	15898.01
CFE	VXM	-	VXM	1281.81	1114.61	USD	No	2225.52	1935.23

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	-	BIO	27536.39	23944.69	USD	No	27536.39	23944.69
CME	EMD	-	EMD	25491.05	22166.13	USD	Yes¹	25609.35	22269
CME	NIY	-	ENY	347025.03	301760.90	JPY	No	321310	279400
CME	ES	-	ES	24014.14	21831.04	USD	Yes	22137.50	20125
CME	SPXESUP	-	ESG	43460.56	37786.73	USD	No	43800.57	37786.73
CME	IBAA	-	IBV	42050.96	36566.05	USD	No	30856.80	26832
CME	M2K	-	M2K	1069.15	929.696	USD	No	963.70	838
CME	MES	-	MES	2401.41	2183.10	USD	Yes	2214.30	2013
CME	MNQ	-	MNQ	3447.40	3134	USD	Yes	3262.60	2966
CME	NIY	-	NIY	1735125.16	1508804.49	JPY	No	1606550	1397000
CME	NKD	-	NKD	17505.34	15221.94	USD	No	16010.30	13922
CME	NQ	-	NQ	34470.69	31336.99	USD	Yes	32621.60	29656
CME	RS1	-	RS1	33023.48	28698.17	USD	No	33088.48	28698.17
CME	RSG	-	RSG	40353.19	35088.71	USD	No	40373.20	35088.71
CME	RSV	-	RSV	10202.65	8870.86	USD	No	10292.65	8870.86
CME	RTY	-	RTY	10691.50	9296.96	USD	Yes	9635.85	8379
CME	SGX	-	SG	283705.25	246700.22	USD	No	283705.25	246700.22
CME	SMC	-	SMC	30866.90	26840.78	USD	No	30866.90	26840.78
CME	SVX	-	SU	86940.48	75600.42	USD	No	86940.48	75600.42
CME	IXB	-	XAB	12555.62	10830.44	USD	No	12455.62	10830.44
CME	IXE	-	XAE	14598.03	12102.41	USD	No	13918.03	12102.41
CME	IXI	-	XAI	18158.25	15789.53	USD	No	18438.25	15789.53
CME	IXR	-	XAP	7201.36	6261.70	USD	No	7431.36	6261.70
CME	IXU	-	XAU	11188.45	9728.53	USD	No	11358.45	9728.53
CME	IXV	-	XAV	19214.63	16707.68	USD	No	19334.63	16707.68
CME	IXY	-	XAY	42256.51	36124.42	USD	No	41546.51	36124.42

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	-	FD3D	2631.20	2288.00	EUR	No	2631.20	2288.00
EUREX	DAX	-	FDAX	53703.41	46698.62	EUR	Yes	46802.99	40698.25
EUREX	DAX	-	FDXM	10740.68	9339.72	EUR	No	9360.60	8139.65
EUREX	DAX	-	FDXS	2148.14	1867.94	EUR	Yes	1872.12	1627.93
EUREX	DBEA	-	FEBD	245.263	213.272	EUR	No	232.968	202.581
EUREX	SX7E	-	FESB	1286.12	1118.36	EUR	Yes	1095.51	952.62
EUREX	SX4E	-	FESC	5934.575	5160.50	EUR	Yes¹	5453.79	4742.425
EUREX	SXNE	-	FESG	7972.78	6932.85	EUR	Yes¹	6809.58	5921.37
EUREX	SXDE	-	FESH	3182.03	2766.98	EUR	Yes¹	2969.53	2582.20
EUREX	SXOE	-	FESN	4346.79	3779.82	EUR	Yes¹	3621.22	3148.89
EUREX	SX3E	-	FESO	1411.91	1227.75	EUR	Yes¹	1465.05	1273.95
EUREX	SXRE	-	FESR	4421.41	3844.70	EUR	Yes¹	4224.87	3673.80
EUREX	SXPE	-	FESS	1073.77	933.615	EUR	Yes¹	1002.94	872.03
EUREX	SXKE	-	FEST	1282.97	1115.33	EUR	Yes¹	1106.49	961.915
EUREX	SXTE	-	FESV	1208.44	1050.82	EUR	Yes¹	965.307	839.398
EUREX	ESTX50	-	FESX	4591.05	3992.22	EUR	Yes	4010.79	3487.64
EUREX	SX8E	-	FESY	16383.32	14246.36	EUR	Yes¹	16383.32	14246.36
EUREX	SXQE	-	FESZ	5361.86	4662.49	EUR	Yes¹	5790.31	5035.05
EUREX	OMXH25	-	FFOX	8186.47	7116.40	EUR	Yes¹	8186.47	7116.40
EUREX	DJ200	-	FMCP	2293.56	1994.25	EUR	Yes¹	1961.88	1705.85
EUREX	M1EF	-	FMEM	8937.65	7771.32	USD	No	8937.65	7771.32
EUREX	MXEU	-	FMEP	2899.42	2521.11	EUR	No	2899.42	2521.11
EUREX	M7EU	-	FMEU	3152.55	2741.32	EUR	No	2709.27	2355.86
EUREX	MXJPUS	-	FMJP	8524.17	7412.00	USD	No	8524.17	7412.00
EUREX	MBWO	-	FMWN	5566.54	4840.47	EUR	No	3971.85	3453.79
EUREX	M1WO	-	FMWO	8971.80	7801.57	USD	No	8538.74	7424.99
EUREX	MXWO	-	FMWP	6727.69	5849.61	USD	No	6727.69	5849.61
EUREX	SXXPESGX	-	FSEG	1752.06	1523.51	EUR	No	1293.16	1124.47
EUREX	SLI	-	FSLI	3920.16	3408.84	CHF	Yes¹	3920.16	3408.84
EUREX	SMIDP	-	FSMD	8818.20	7668.00	CHF	No	8818.20	7668.00
EUREX	SMI	-	FSMI	12871.56	11192.66	CHF	Yes	8988.91	7816.44
EUREX	SMIM	-	FSMM	3882.44	3375.48	CHF	Yes¹	3882.44	3375.48
EUREX	SMI	-	FSMS	1287.16	1119.27	CHF	No	898.891	781.644
EUREX	MDAX	-	FSMX	2943.03	2559.08	EUR	No	2709.49	2356.01
EUREX	SXAP	-	FSTA	2823.86	2455.51	EUR	Yes¹	2567.07	2232.22
EUREX	SX7P	-	FSTB	1737.60	1510.95	EUR	Yes	1390.20	1208.86
EUREX	SX4P	-	FSTC	4975.13	4324.98	EUR	Yes¹	4242.41	3688.01
EUREX	SXEP	-	FSTE	1883.20	1637.565	EUR	Yes	1640.14	1426.205
EUREX	SXFP	-	FSTF	4663.35	4054.70	EUR	Yes¹	3688.25	3206.87
EUREX	SXNP	-	FSTG	5104.76	4438.66	EUR	Yes¹	4420.69	3843.85
EUREX	SXDP	-	FSTH	5017.12	4362.63	EUR	Yes¹	3903.11	3393.94
EUREX	SXIP	-	FSTI	2907.32	2528.035	EUR	Yes¹	2498.73	2172.745
EUREX	SX86P	-	FSTL	715.319	622.003	EUR	No	715.319	622.003
EUREX	SXMP	-	FSTM	2224.48	1933.47	EUR	Yes¹	1617.33	1405.75
EUREX	SXOP	-	FSTN	3681.18	3200.80	EUR	Yes¹	3512.24	3053.91
EUREX	SX3P	-	FSTO	1971.52	1714.25	EUR	Yes¹	2329.73	2025.72
EUREX	SXRP	-	FSTR	1910.16	1660.60	EUR	Yes¹	1910.16	1660.60
EUREX	SXPP	-	FSTS	3266.94	2840.78	EUR	Yes	3188.09	2772.22
EUREX	SXKP	-	FSTT	813.651	707.505	EUR	Yes¹	757.564	658.735
EUREX	SX6P	-	FSTU	1655.31	1439.38	EUR	Yes	1588.49	1381.28
EUREX	SXTP	-	FSTV	1315.23	1143.59	EUR	Yes¹	1109.89	965.05
EUREX	STX	-	FSTX	4197.73	3650.01	EUR	Yes¹	2941.01	2557.27
EUREX	SX8P	-	FSTY	6474.05	5628.90	EUR	Yes¹	6474.05	5628.90
EUREX	SXQP	-	FSTZ	3426.45	2979.01	EUR	Yes¹	3742.34	3253.65
EUREX	ESTX50	-	FSXE	459.105	399.222	EUR	No	401.079	348.764
EUREX	TDX	-	FTDX	8626.68	7501.46	EUR	Yes¹	8626.68	7501.46
EUREX	DJ600	-	FXXP	2366.79	2058.08	EUR	Yes	1757.41	1528.18

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	-	FMX	8550.77	7435.45	EUR	No	8550.77	7435.45

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	-	CHH	65369.09	56842.69	HKD	No	66144.09	56842.69
HKFE	HSIDPI	-	DHS	9262.42	8030.80	HKD	No	9235.42	8030.80
HKFE	HSI	-	HSI	154663.52	134490.01	HKD	Yes	156563.52	134490.01
HKFE	HSTECH	-	HTI	56046.80	46475.52	HKD	Yes	53446.85	46475.52
HKFE	MCA	-	MCA	4008.16	3485.36	USD	No	4113.16	3485.36
HKFE	MHI	-	MHI	30932.70	26898.00	HKD	Yes	31312.70	26898.00
HKFE	MID.HK	-	MIA	2986.48	2596.94	USD	No	2986.48	2596.94
HKFE	MND	-	MND	5203.15	4524.07	USD	No	6003.15	4524.07
HKFE	MTW	-	MTW	16031.15	13939.80	USD	No	17511.15	13939.80

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	-	MCG	8140.64	7078.14	USD	No	8140.64	7078.14
ICEEU	F1DV	-	XZ	646.387	562.075	GBP	No	646.387	562.075
ICEEU	Y	-	Y2	4005.94	3483.22	GBP	No	4005.94	3483.22
ICEEU	Z	-	Z	6924.19	6021.03	GBP	Yes	6924.19	6021.03

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	-	FDIV	1357	1180	EUR	No	1357	1180
IDEM	FTMIB	-	FIB	27058.57	23529.19	EUR	Yes	27058.57	23529.19
IDEM	FTMIB	-	MICR	1082.34	941.1675	EUR	No	1082.34	941.1675
IDEM	FTMIB	-	MIN	5411.71	4705.84	EUR	No	5411.71	4705.84

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	-	IBX	13800	12000	EUR	No	13800	12000
MEFFRV	IBEX	-	MIX	1380	1200	EUR	Yes	1380	1200

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	-	IPC	52852.02	45955.70	MXN	Yes¹	57114.27	49661.81
MEXDER	IPC	-	MIP	10570.89	9191.14	MXN	No	11423.38	9932.36

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	-	FEF	16048.52	13955.23	EUR	No	16048.52	13955.23
MONEP	FEO	-	FEO	10080.07	8765.28	EUR	No	10080.07	8765.28

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	-	OMXESG	25849.05	22476.98	SEK	No	25849.04	22476.98
OMS	OMXS30	-	OMXS30	26757.05	23267	SEK	Yes	26757.05	23267

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	-	225	3870375.60	3365544	JPY	Yes	3284475.90	2856066
OSE.JPN	N225M	-	225M	387037.56	336554.40	JPY	Yes	328447.59	285606.60
OSE.JPN	N225MC	-	225MC	38703.76	33655.44	JPY	No	32844.76	28560.66
OSE.JPN	JPNK400	-	400	199999.53	173911.20	JPY	No	199444.88	173428.90
OSE.JPN	TPXC30	-	C30	122704.02	106699.15	JPY	No	116712.13	101488.80
OSE.JPN	DJIA	-	DJIA	488743.22	424985.15	JPY	No	488743.22	424985.15
OSE.JPN	JGB	-	JBL	2361009.90	2053052.09	JPY	Yes	2280153.40	1982742.08
OSE.JPN	MJ	-	JBLM	236100.99	205305.21	JPY	No	228015.34	198274.21
OSE.JPN	TSEMOTHR	-	MOTH	71081.97	61810.10	JPY	No	71081.97	61810.10
OSE.JPN	NKVI	-	NVI	152265.75	132405	JPY	No	187404	162960
OSE.JPN	TSEREIT	-	REIT	171734.68	149316.61	JPY	No	171734.68	149316.61
OSE.JPN	TOPX	-	TPX	2233944	1942560	JPY	No	2012605.97	1750092.15
OSE.JPN	MNTPX	-	TPXM	223394.40	194256	JPY	No	201260.60	175009.22

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	-	CN	1852.65	1611	USD	No	1852.65	1611
SGX	XIN0I	-	FCH	3664.43	3186.37	USD	No	3664.43	3186.37
SGX	WIIDN	-	FID	2208.16	1920.10	USD	No	2208.16	1920.10
SGX	NKYDIV	-	ND	1817000	1580000	JPY	No	1817000	1580000
SGX	NIFTY	-	NIFTY	2875.01	2500.01	USD	No	2875.01	2500.01
SGX	SGXNK	-	NK	1610005.16	1400004.485	JPY	Yes	1610005.16	1400004.485
SGX	SGXNKM	-	NS	322001.03	280000.90	JPY	No	322001.03	280000.90
SGX	N225U	-	NU	40729.60	35417.04	USD	No	40729.60	35417.04
SGX	SSG	-	SGP	2875	2500	SGD	Yes¹	2875	2500
SGX	STI	-	ST	4789.14	4164.47	SGD	No	4789.14	4164.47
SGX	C52	-	YCDD	1321.06	1148.75	SGD	No	1394.36	1148.74
SGX	D05	-	YDBS	4092.60	3558.78	SGD	No	4178.82	3558.78
SGX	G13	-	YGEN	671.348	548.095	SGD	No	630.309	548.095
SGX	BN4	-	YKEP	3491.73	3036.29	SGD	No	3513.68	3036.29
SGX	O39	-	YOCB	5616.17	4853.26	SGD	No	5581.25	4853.26
SGX	Z74	-	YSTT	3466.92	2898.14	SGD	No	3332.87	2898.15
SGX	Y92	-	YTBE	915.171	765.84	SGD	No	880.704	765.83
SGX	U11	-	YUOB	6143.85	5188.13	SGD	No	5966.34	5188.13
SGX	F34	-	YWIL	2678.35	2282.47	SGD	No	2624.85	2282.47
SGX	BS6	-	YYZJ	18754.09	4264.62	SGD	No	5057.44	4264.62

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	-	AP	19591.45	17036.04	AUD	Yes	19591.45	17036.04

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%.