Margin Requirements

Margin Requirements

Margin Requirements

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 1125.76 978.925 USD No 1125.76 978.925
CBOTYME-mini Dow Jones Industrial Average YM 11257.64 9789.25 USD Yes 11257.64 9789.25


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
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXF 16727.50 13382.00 CAD No 16727.50 13382.00
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXM 12396.26 9917.01 CAD No 12396.26 9917.01


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 11024.50 8819.60 USD No 11024.50 8819.60
CFEIBXXIBIGiBoxx iShares $ Investment Grade Corporate Bond Index TR IBIG 14506.13 11604.91 USD No 14506.13 11604.91


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 27306.61 21845.29 USD No 27306.61 21845.29
CMEEMDE-mini S&P Midcap 400 Futures EMD 25351.85 20281.48 USD Yes 1 25351.85 20281.48
CMENIYYen Denominated Nikkei 225 Index ENY 291000 232800 JPY No 291000 232800
CMEESE-mini S&P 500 ES 13882.44 12620.40 USD Yes 13882.44 12620.40
CMESPXESUPE-mini S&P 500 ESG ESG 13609.06 10887.25 USD No 13609.06 10887.25
CMEIBAABovespa Index - USD IBV 29128.82 23303.06 USD No 29128.82 23303.06
CMEM2KMicro E-Mini Russell 2000 Index M2K 812.50 650 USD No 812.50 650
CMEMESMicro E-Mini S&P 500 Stock Price Index MES 1388.24 1262.04 USD Yes 1388.24 1262.04
CMEMNQMicro E-Mini Nasdaq-100 Index MNQ 2439.77 2217.97 USD Yes 2439.77 2217.97
CMENIYYen Denominated Nikkei 225 Index NIY 1455000 1164000 JPY No 1455000 1164000
CMENKDDollar Denominated Nikkei 225 Index NKD 14939.50 11951.60 USD No 14939.50 11951.60
CMENQE-mini NASDAQ 100 NQ 24397.70 22179.73 USD Yes 24397.70 22179.73
CMERS1E-mini Russell 1000 Index Futures RS1 11286.29 9029.03 USD No 11286.29 9029.03
CMERSGE-mini Russell 1000 Growth Index Futures RSG 39430.91 31544.73 USD No 39430.91 31544.73
CMERSVE-Mini Russell 1000 Value Index Futures RSV 11518.74 9214.99 USD No 11518.74 9214.99
CMERTYE-mini Russell 2000 Index RTY 8125 6500 USD Yes 8125 6500
CMESGXS&P 500 / Citigroup Growth Index SG 232055.39 185644.31 USD No 232055.39 185644.31
CMESMCE-Mini S&P SmallCap 600 Futures SMC 33684.24 26947.39 USD No 33684.24 26947.39
CMESVXS&P 500 / Citigroup Value Index SU 92324.45 73859.56 USD No 92324.45 73859.56
CMEIXBMaterials Select Sector Index XAB 15418.61 12334.89 USD No 15418.61 12334.89
CMEIXEEnergy Select Sector Index XAE 15206.27 12165.02 USD No 15206.27 12165.02
CMEIXMFinancial Select Sector Index XAF 18244.09 14595.27 USD No 18244.09 14595.27
CMEIXIIndustrial Select Sector Index XAI 20802.82 16642.26 USD No 20802.82 16642.26
CMEIXTTechnology Select Sector Index - XAK 45452.99 36362.39 USD No 45452.99 36362.39
CMEIXRConsumer Staples Select Sector Index XAP 8784.01 7027.21 USD No 8784.01 7027.21
CMEIXREReal Estate Select Sector Index XAR 9360.08 7488.07 USD No 9360.08 7488.07
CMEIXUUtilities Select Sector Index XAU 10864.95 8691.96 USD No 10864.95 8691.96
CMEIXVHealth Care Select Sector Index XAV 16113.55 12890.84 USD No 16113.55 12890.84
CMEIXYConsumer Discretionary Select Sector Index XAY 37541.31 30033.05 USD No 37541.31 30033.05


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 3450.79 2174.00 EUR No 3450.79 2174.00
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDAX 42782.085 34225.67 EUR Yes 41063.125 32850.50
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXM 8556.42 6845.13 EUR No 8212.625 6570.10
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXS 1711.28 1369.03 EUR Yes 1642.525 1314.02
EUREXDBEAEURO STOXX Banks Index Dividend Futures FEBD 366.923 229.103 EUR No 366.923 229.103
EUREXSX7EEuro STOXX Banks Index FESB 1048.11 838.49 EUR Yes 932.988 746.39
EUREXSX4EEuro STOXX Chemicals FESC 6579.31 5263.45 EUR Yes 1 6254.30 5003.44
EUREXSXNEEuro STOXX Industrial Goods&Services FESG 6752.75 5402.20 EUR Yes 1 5747.03 4597.62
EUREXSXDEEuro STOXX Healthcare FESH 2798.83 2239.06 EUR Yes 1 2798.83 2239.06
EUREXSXOEEuro STOXX Construction FESN 3367.05 2693.64 EUR Yes 1 3354.18 2683.345
EUREXSX3EEuro STOXX Food&Beverages FESO 1620.06 1296.04 EUR Yes 1 1620.06 1296.04
EUREXSXREEuro STOXX Retail FESR 3579.24 2863.39 EUR Yes 1 3579.24 2863.39
EUREXSXPEEuro STOXX Basic Resources FESS 1498.68 1198.94 EUR Yes 1 1399.78 1119.82
EUREXSXKEEuro STOXX Telecommunications FEST 892.1875 713.75 EUR Yes 1 892.1875 713.75
EUREXSXTEEuro STOXX Travel & Leisure FESV 1179.69 943.751 EUR Yes 1 1179.69 943.751
EUREXESTX50Euro STOXX50 FESX 4407.46 3525.97 EUR Yes 4224.65 3379.72
EUREXSX8EEuro STOXX Technology FESY 16530.71 13224.57 EUR Yes 1 16530.71 13224.57
EUREXSXQEEuro STOXX Personal & Household Goods FESZ 7954.83 6363.87 EUR Yes 1 7954.83 6363.87
EUREXOMXH25OMX Helsinki 25 Index FFOX 8265.78 6612.62 EUR Yes 1 8265.78 6612.62
EUREXDJ200STOXX MID 200 Index FMCP 2420.47 1936.37 EUR Yes 1 1887.61 1510.09
EUREXM1EFMSCI Emerging Markets Net Total Return Index FMEM 4800.67 3840.54 USD No 4800.67 3840.54
EUREXMXEUMSCI Europe FMEP 1451.40 1161.12 EUR No 1195.55 956.437
EUREXM7EUMSCI Europe Net Return EUR Index FMEU 2850.35 2280.28 EUR No 2340.89 1872.71
EUREXMXJPUSMSCI JAPAN INDEX - USD FMJP 6176.525 4941.22 USD No 5521.20 4416.96
EUREXMBWOMSCI World Net EUR Index 1 FMWN 3721.56 2977.25 EUR No 3268.81 2615.05
EUREXM1WOMSCI World NETR USD Index FMWO 8725.78 6980.625 USD No 7451.40 5961.12
EUREXMXWOMSCI World Index FMWP 4900.61 3920.49 USD No 4900.61 3920.49
EUREXSXXPESGXSTOXX Europe 600 ESG-X FSEG 1501.95 1201.56 EUR No 1196.99 957.59
EUREXSLISwiss Leader Index (PREIS_INDEX) FSLI 4285.24 3428.19 CHF Yes 1 4285.24 3428.19
EUREXSMIDPSMI Dividend Points Index FSMD 11768.25 7414.00 CHF No 11768.25 7414.00
EUREXSMISwiss Market Index FSMI 8265.53 6612.42 CHF Yes 7481.875 5985.50
EUREXSMIMSwiss Mid-cap Index FSMM 4179.11 3343.29 CHF Yes 1 4179.11 3343.29
EUREXSMISwiss Market Index FSMS 826.553 661.242 CHF No 748.1875 598.55
EUREXMDAXMidcap DAX FSMX 2867.79 2294.23 EUR No 2283.775 1827.02
EUREXSXAPSTOXX 600 Automobiles & Parts FSTA 5197.91 4158.33 EUR Yes 1 5197.91 4158.33
EUREXSX7PSTOXX 600 Banks FSTB 1398.20 1118.56 EUR Yes 1188.61 950.885
EUREXSX4PSTOXX 600 Chemicals FSTC 5656.49 4525.19 EUR Yes 1 4823.125 3858.50
EUREXSXEPSTOXX 600 Oil & Gas FSTE 1995.68 1596.55 EUR Yes 1995.68 1596.55
EUREXSXFPSTOXX 600 Financial Services Index FSTF 4560.43 3648.34 EUR Yes 1 3554.26 2843.41
EUREXSXNPSTOXX 600 Industrial Goods & Services Index FSTG 4428.06 3542.44 EUR Yes 1 4064.36 3251.48
EUREXSXDPSTOXX 600 Healthcare FSTH 3838.06 3070.45 EUR Yes 1 3838.06 3070.45
EUREXSXIPSTOXX 600 Insurance FSTI 2479.05 1983.24 EUR Yes 1 2130.66 1704.53
EUREXSX86PSTOXX 600 Real Estate FSTL 846.242 676.994 EUR No 846.242 676.994
EUREXSXMPSTOXX 600 Media FSTM 1764.43 1411.55 EUR Yes 1 1547.96 1238.37
EUREXSXOPSTOXX 600 Construction & Materials FSTN 3642.40 2913.92 EUR Yes 1 3467.96 2774.37
EUREXSX3PSTOXX 600 Food & Beverage Index FSTO 2229.60 1783.68 EUR Yes 1 2229.60 1783.68
EUREXSXRPSTOXX 600 Retail FSTR 1730.71 1384.56 EUR Yes 1 1684.88 1347.90
EUREXSXPPSTOXX 600 Basic Resources Index FSTS 4707.54 3766.03 EUR Yes 4593.91 3675.13
EUREXSXKPSTOXX 600 Telecommunications FSTT 629.6875 503.75 EUR Yes 1 629.6875 503.75
EUREXSX6PSTOXX 600 Utilities FSTU 1610.83 1288.66 EUR Yes 1610.83 1288.66
EUREXSXTPSTOXX 600 Travel & Leisure FSTV 1330.21 1064.165 EUR Yes 1 1204.86 963.888
EUREXSTXSTOXX50 FSTX 3664.525 2931.62 EUR Yes 1 2821.25 2257
EUREXSX8PSTOXX 600 Technology FSTY 7183.90 5747.12 EUR Yes 1 7183.90 5747.12
EUREXSXQPSTOXX 600 Personal & Household Goods FSTZ 4302.94 3442.35 EUR Yes 1 4302.94 3442.35
EUREXESTX50Euro STOXX50 FSXE 440.746 352.597 EUR No 422.465 337.972
EUREXTDXTECDAX FTDX 8294.14 6635.31 EUR Yes 1 8294.14 6635.31
EUREXDJ600STOXX 600 Index FXXP 2172.66 1738.13 EUR Yes 1918.99 1535.19


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 11507.92 9206.33 EUR No 11507.92 9206.33


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 76523.52 61218.82 HKD No 76523.52 61218.82
HKFEHSIDPIHSI Dividend Point Index DHS 11868.18 8296.90 HKD No 11868.18 8296.90
HKFEHSIHang Seng Stock Index HSI 108696.34 86957.07 HKD Yes 108696.34 86957.07
HKFEHSTECHHang Seng TECH Index HTI 34866.05 27892.84 HKD Yes 34866.05 27892.84
HKFEMCAMSCI China A 50 Connect Index MCA 4571.49 3657.19 USD No 4571.49 3657.19
HKFEMHIMini Hang Seng Index MHI 21739.27 17391.41 HKD Yes 21739.27 17391.41
HKFEMID.HKMSCI Indonesia Index (USD) - HKFE MIA 2108.17 1686.54 USD No 2108.17 1686.54
HKFEMNDMSCI India Index (USD) - HKFE MND 3418.10 2734.48 USD No 3418.10 2734.48
HKFEMTWMSCI Taiwan (USD) Index - HKFE MTW 6461.87 5169.50 USD No 6461.87 5169.50


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 6361.50 5089.20 USD No 6361.50 5089.20
ICEEUF1DVFTSE 100 Dividend Index XZ 827.707 606 GBP No 827.707 606
ICEEUYFTSE 250 Index Y2 5210.53 4168.43 GBP No 5210.53 4168.43
ICEEUZFTSE 100 Index Z 6458.46 5166.77 GBP Yes 6458.46 5166.77


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 3105.08 2484.06 EUR No 3105.08 2484.06
IDEMFTMIB- FIB 26693.52 21354.81 EUR Yes 26693.52 21354.81
IDEMFTMIB- MICR 1067.74 854.1925 EUR No 1067.74 854.1925
IDEMFTMIB- MIN 5338.70 4270.96 EUR No 5338.70 4270.96


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 60414.73 48331.78 MXN Yes 1 58881.71 47105.37
MEXDERIPCMexico Bolsa (IPC) Index MIP 12082.95 9666.36 MXN No 11776.34 9421.07


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 14883.65 11906.92 EUR No 14883.65 11906.92
MONEPFEOFTSEurofirst 100 NEW FEO 11337.46 9069.97 EUR No 11337.46 9069.97


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 27018.83 21615.06 SEK No 27018.83 21615.06
OMSOMXS30OMX Index (Sweden) OMXS30 27947.50 22358 SEK Yes 27947.50 22358


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 3929496.875 3143597.50 JPY Yes 3929496.875 3143597.50
OSE.JPNN225MNikkei 225 Mini 225M 392949.69 314359.75 JPY Yes 392949.69 314359.75
OSE.JPNN225MCNikkei 225 Micro 225MC 39294.97 31435.975 JPY No 39294.97 31435.975
OSE.JPNJPNK400JPX-Nikkei Index 400 400 146798 117438.40 JPY No 146798 117438.40
OSE.JPNTPXC30Topix Core30 C30 110296.83 88237.46 JPY No 110296.83 88237.46
OSE.JPNDJIAOSE Dow Jones Industrial Average DJIA 510748.89 408599.11 JPY No 510748.89 408599.11
OSE.JPNJGBStandardized 6% 10-Year Japanese Government Bond JBL 1847820.05 1478256.04 JPY Yes 1506960.04 1205568.03
OSE.JPNMJMini 10 Year JGB JBLM 184782.01 147825.60 JPY No 150696.00 120556.80
OSE.JPNTSEMOTHRTSE Growth Market 250 Index MOTH 51959.75 41567.80 JPY No 51959.75 41567.80
OSE.JPNNKVINikkei 225 Volatility Index NVI 115937.50 92750 JPY No 274695.06 219756.04
OSE.JPNTSEREITTSE REIT Index REIT 237853.78 190283.03 JPY No 237853.78 190283.03
OSE.JPNTOPXTOPIX Index TPX 2036202.04 1628961.63 JPY No 2036202.04 1628961.63
OSE.JPNMNTPXJapan Mini Topix TPXM 203620.20 162896.16 JPY No 203620.20 162896.16


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 1890.75 1512.60 USD No 1890.75 1512.60
SGXXIN0IFTSE China H50 FCH 4960.85 3968.68 USD No 4960.85 3968.68
SGXWIIDNFTSE Indonesia Index FID 1587.38 1269.91 USD No 1587.38 1269.91
SGXNKYDIVNikkei Stock Average Dividend Point Index ND 2078249.97 1392599.98 JPY No 2078249.97 1392599.98
SGXSGXNKSGX: Nikkei 225 NK 1458937.50 1167150 JPY Yes 1458937.50 1167150
SGXSGXNKMSGX: NIKKEI 225 Mini NS 291787.50 233430 JPY No 291787.50 233430
SGXN225USGX: USD Nikkei 225 Index NU 49564.92 39651.93 USD No 49564.92 39651.93
SGXSSGMSCI Singapore Free Index SGP 1949.06 1559.25 SGD Yes 1 1949.06 1559.25
SGXSTISGX Straits Times Index ST 4743.22 3794.58 SGD No 4743.22 3794.58
SGXC52COMFORTDELGRO CORP LTD YCDD 1303.36 1042.68 SGD No 1303.36 1042.68
SGXD05DBS GROUP HOLDINGS LTD YDBS 3696.66 2957.33 SGD No 3696.66 2957.33
SGXG13GENTING SINGAPORE LTD YGEN 848.588 678.87 SGD No 848.588 678.87
SGXBN4KEPPEL LTD YKEP 3791.93 3033.54 SGD No 3791.92 3033.54
SGXO39OVERSEA-CHINESE BANKING CORP YOCB 5414.09 4331.27 SGD No 5414.09 4331.27
SGXZ74SINGAPORE TELECOMMUNICATIONS YSTT 2278.53 1822.83 SGD No 2278.53 1822.83
SGXY92THAI BEVERAGE PCL YTBE 937.667 750.13 SGD No 937.667 750.13
SGXU11UNITED OVERSEAS BANK LTD YUOB 5718.83 4575.06 SGD No 5718.83 4575.06
SGXF34WILMAR INTERNATIONAL LTD YWIL 2925.52 2340.41 SGD No 2925.53 2340.42
SGXBS6YANGZIJIANG SHIPBUILDING YYZJ 17116.35 3860.69 SGD No 4825.86 3860.69


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 19077.50 15262 AUD Yes 19077.50 15262



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.


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%.