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	1466.52	1004.80	USD	No	1155.52	1004.80
CBOT	YM	-	YM	14665.20	10048	USD	Yes	11555.20	10048

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	16753.77	13961.47	CAD	No	16753.77	13961.47
CDE	TSE60	-	SXM	12565.33	10471.10	CAD	No	12565.33	10471.10

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	9576.87	7977.75	USD	No	9576.87	7977.75
CFE	IBXXIBIG	-	IBIG	9182.72	7648.18	USD	No	9182.72	7648.18

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	28669.46	23891.21	USD	No	28669.46	23891.21
CME	EMD	-	EMD	31013.40	22636.07	USD	Yes¹	27163.41	22636.07
CME	NIY	-	ENY	350620.54	260100.45	JPY	No	312120.54	260100.45
CME	ES	-	ES	20631.05	16187.32	USD	Yes	17806.05	16187.32
CME	SPXESUP	-	ESG	19856.53	14636.19	USD	No	17566.53	14636.19
CME	IBAA	-	IBV	28405.24	23671.03	USD	No	28405.24	23671.03
CME	M2K	-	M2K	1008.17	753.894	USD	No	904.673	753.894
CME	MES	-	MES	2063.10	1618.73	USD	Yes	1780.60	1618.73
CME	MNQ	-	MNQ	3773.60	3096.36	USD	Yes	3405.99	3096.36
CME	NIY	-	NIY	1753102.71	1300502.25	JPY	No	1560602.71	1300502.25
CME	NKD	-	NKD	19471.29	14642.67	USD	No	17571.29	14642.67
CME	NQ	-	NQ	37735.96	30963.59	USD	Yes	34059.95	30963.59
CME	RS1	-	RS1	14035.79	10693.62	USD	No	12840.79	10693.62
CME	RSG	-	RSG	52483.45	42661.58	USD	No	51208.44	42661.58
CME	RSV	-	RSV	11791.45	9025.01	USD	No	10831.45	9025.01
CME	RTY	-	RTY	10081.73	7538.94	USD	Yes	9046.73	7538.94
CME	SGX	-	SG	310447.32	258706.08	USD	No	310447.29	258706.08
CME	SMC	-	SMC	40091.07	33067.56	USD	No	39681.07	33067.56
CME	SVX	-	SU	86285.64	71904.70	USD	No	86285.64	71904.70
CME	IXB	-	XAB	16928.66	13127.65	USD	No	15758.66	13127.65
CME	IXE	-	XAE	15266.02	12720.46	USD	No	15466.03	12720.46
CME	IXM	-	XAF	18745.02	14109.25	USD	No	16932.52	14109.25
CME	IXI	-	XAI	23591.40	17921.86	USD	No	21511.41	17921.86
CME	IXT	-	XAK	59129.25	47439.66	USD	No	56939.25	47439.66
CME	IXR	-	XAP	8324.56	6428.03	USD	No	7714.57	6428.03
CME	IXRE	-	XAR	10461.68	8246.60	USD	No	9899.18	8246.60
CME	IXU	-	XAU	11229.54	8815.37	USD	No	10579.54	8815.37
CME	IXV	-	XAV	18477.11	14377.92	USD	No	17257.10	14377.92
CME	IXY	-	XAY	48239.55	38960.30	USD	No	46779.56	38960.30

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	2592	2160	EUR	No	2592	2160
EUREX	DAX	-	FDAX	40488.49	33740.40	EUR	Yes	44386.53	36988.77
EUREX	DAX	-	FDXM	8097.70	6748.08	EUR	No	8877.31	7397.75
EUREX	DAX	-	FDXS	1619.54	1349.62	EUR	Yes	1775.46	1479.55
EUREX	DBEA	-	FEBD	392.14	326.783	EUR	No	376.168	313.473
EUREX	SX7E	-	FESB	1015.12	845.935	EUR	Yes	940.168	783.473
EUREX	SX4E	-	FESC	6331.44	5276.20	EUR	Yes¹	7597.72	6331.44
EUREX	SXNE	-	FESG	6285.10	5237.59	EUR	Yes¹	7542.12	6285.10
EUREX	SXDE	-	FESH	2734.66	2278.88	EUR	Yes¹	3281.59	2734.66
EUREX	SXOE	-	FESN	3095.44	2578.31	EUR	Yes¹	3345.96	2786.97
EUREX	SX3E	-	FESO	1715.93	1429.94	EUR	Yes¹	2059.12	1715.93
EUREX	SXRE	-	FESR	3762.96	3135.80	EUR	Yes¹	4515.56	3762.96
EUREX	SXPE	-	FESS	1262.87	1052.39	EUR	Yes¹	1405.28	1171.06
EUREX	SXKE	-	FEST	899.70	749.75	EUR	Yes¹	1006.58	838.819
EUREX	SXTE	-	FESV	974.13	811.775	EUR	Yes¹	1168.96	974.13
EUREX	ESTX50	-	FESX	4529.52	3774.60	EUR	Yes	5435.43	4529.52
EUREX	SX8E	-	FESY	19898.86	16578.75	EUR	Yes¹	23878.63	19894.50
EUREX	SXQE	-	FESZ	8044.80	6704.00	EUR	Yes¹	9653.76	8044.80
EUREX	OMXH25	-	FFOX	11151.54	9290.14	EUR	Yes¹	13381.85	11148.17
EUREX	DJ200	-	FMCP	2266.55	1888.38	EUR	Yes¹	2319.99	1932.91
EUREX	M1EF	-	FMEM	5019.94	4182.67	USD	No	6023.93	5019.21
EUREX	MXEU	-	FMEP	1554.73	1295.61	EUR	No	1865.68	1554.73
EUREX	M7EU	-	FMEU	2707.32	2256.03	EUR	No	2223.43	1852.79
EUREX	MXJPUS	-	FMJP	6088.22	5073.27	USD	No	5442.25	4534.99
EUREX	MBWO	-	FMWN	3658.05	3048.32	EUR	No	3213.05	2677.49
EUREX	M1WO	-	FMWO	8590.43	7158.59	USD	No	10301.45	8584.41
EUREX	MXWO	-	FMWP	5062.95	4218.80	USD	No	6075.54	5062.56
EUREX	SXXPESGX	-	FSEG	1427.01	1189.14	EUR	No	1137.27	947.697
EUREX	SLI	-	FSLI	4225.17	3520.97	CHF	Yes¹	5070.20	4225.17
EUREX	SMIDP	-	FSMD	8887.20	7406.00	CHF	No	8887.20	7406.00
EUREX	SMI	-	FSMI	8376.00	6980.00	CHF	Yes	9317.01	7764.18
EUREX	SMIM	-	FSMM	4230.75	3523.44	CHF	Yes¹	5076.91	4228.13
EUREX	SMI	-	FSMS	837.60	698.00	CHF	No	931.701	776.418
EUREX	MDAX	-	FSMX	2547.64	2122.50	EUR	No	2550.41	2124.80
EUREX	SXAP	-	FSTA	4941.28	4117.51	EUR	Yes¹	5929.54	4941.01
EUREX	SX7P	-	FSTB	1356.56	1130.44	EUR	Yes	1236.16	1030.11
EUREX	SX4P	-	FSTC	5324.01	4433.60	EUR	Yes¹	5860.41	4880.29
EUREX	SXEP	-	FSTE	1813.96	1511.60	EUR	Yes	2176.75	1813.91
EUREX	SXFP	-	FSTF	4397.13	3663.14	EUR	Yes¹	4198.45	3497.62
EUREX	SXNP	-	FSTG	4145.61	3454.01	EUR	Yes¹	4974.73	4144.82
EUREX	SXDP	-	FSTH	3766.36	3138.32	EUR	Yes¹	4519.63	3765.99
EUREX	SXIP	-	FSTI	2346.84	1955.59	EUR	Yes¹	2017.03	1680.76
EUREX	SX86P	-	FSTL	823.207	685.98	EUR	No	987.849	823.176
EUREX	SXMP	-	FSTM	1693.41	1409.735	EUR	Yes¹	1881.38	1566.22
EUREX	SXOP	-	FSTN	3433.76	2860.32	EUR	Yes¹	3632.76	3026.09
EUREX	SX3P	-	FSTO	2233.54	1860.89	EUR	Yes¹	2680.24	2233.07
EUREX	SXRP	-	FSTR	1833.17	1526.23	EUR	Yes¹	2199.80	1831.48
EUREX	SXPP	-	FSTS	3937.80	3281.33	EUR	Yes	4576.80	3813.81
EUREX	SXKP	-	FSTT	639.664	533.00	EUR	Yes¹	762.521	635.37
EUREX	SX6P	-	FSTU	1450.37	1208.60	EUR	Yes	1626.59	1355.44
EUREX	SXTP	-	FSTV	1244.17	1036.70	EUR	Yes¹	1493.01	1244.04
EUREX	STX	-	FSTX	3477.35	2897.16	EUR	Yes¹	3778.24	3147.85
EUREX	SX8P	-	FSTY	8740.10	7283.23	EUR	Yes¹	10488.12	8739.88
EUREX	SXQP	-	FSTZ	4582.49	3814.66	EUR	Yes¹	5498.99	4577.59
EUREX	ESTX50	-	FSXE	452.952	377.46	EUR	No	543.543	452.952
EUREX	TDX	-	FTDX	8106.69	6755.57	EUR	Yes¹	9728.02	8106.69
EUREX	DJ600	-	FXXP	2065.77	1721.47	EUR	Yes	2478.92	2065.77

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	11735.09	9779.24	EUR	No	11735.09	9779.24

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	69966.34	58305.28	HKD	No	69966.34	58305.28
HKFE	HSIDPI	-	DHS	9736.08	8113.40	HKD	No	9736.08	8113.40
HKFE	HSI	-	HSI	97822.95	81519.13	HKD	Yes	97822.95	81519.13
HKFE	HSTECH	-	HTI	29288.92	24407.43	HKD	Yes	29288.92	24407.43
HKFE	MCA	-	MCA	3916.85	3264.03	USD	No	3916.85	3264.03
HKFE	MHI	-	MHI	19564.59	16303.83	HKD	Yes	19564.59	16303.83
HKFE	MID.HK	-	MIA	1778.69	1482.24	USD	No	1778.69	1482.24
HKFE	MND	-	MND	4268.61	3555.52	USD	No	4268.61	3555.52
HKFE	MTW	-	MTW	8041.23	6700.37	USD	No	8041.24	6700.37

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	6108.07	5089.22	USD	No	6108.07	5089.22
ICEEU	F1DV	-	XZ	897.554	747.951	GBP	No	897.554	747.951
ICEEU	Y	-	Y2	5090.97	4242.17	GBP	No	5090.97	4242.17
ICEEU	Z	-	Z	6091.87	5076.56	GBP	Yes	6091.87	5076.56

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	2205.60	1838	EUR	No	2205.60	1838
IDEM	FTMIB	-	FIB	24971.625	20809.69	EUR	Yes	24971.625	20809.69
IDEM	FTMIB	-	MICR	998.865	832.3875	EUR	No	998.865	832.3875
IDEM	FTMIB	-	MIN	4994.325	4161.94	EUR	No	4994.325	4161.94

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	12000.05	10000.04	EUR	No	12000.05	10000.04
MEFFRV	IBEX	-	MIX	1200.01	1000.00	EUR	Yes	1200.00	1000.00

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	56874.67	47391.49	MXN	Yes¹	53203.26	44332.25
MEXDER	IPC	-	MIP	11375.72	9478.30	MXN	No	10641.39	8866.45

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	16983.55	14152.95	EUR	No	16983.55	14152.95
MONEP	FEO	-	FEO	12235.96	10196.63	EUR	No	12235.96	10196.63

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	25428.66	21190	SEK	No	25428.66	21190
OMS	OMXS30	-	OMXS30	26136.12	21780.10	SEK	Yes	26136.12	21780.10

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	3656037	3046697.50	JPY	Yes	3656037	3046697.50
OSE.JPN	N225M	-	225M	365603.70	304669.75	JPY	Yes	365603.70	304669.75
OSE.JPN	N225MC	-	225MC	36560.37	30466.975	JPY	No	36560.37	30466.975
OSE.JPN	JPNK400	-	400	165560.92	137965.50	JPY	No	190715.19	158927.10
OSE.JPN	TPXC30	-	C30	134867.65	112389.71	JPY	No	134867.65	112389.71
OSE.JPN	DJIA	-	DJIA	521491.83	434567.20	JPY	No	625790.20	521480.65
OSE.JPN	JGB	-	JBL	1782393.69	1485328.07	JPY	Yes	1601934.25	1334945.21
OSE.JPN	MJ	-	JBLM	178239.37	148532.81	JPY	No	160193.42	133494.52
OSE.JPN	TSEMOTHR	-	MOTH	55306.07	46087.90	JPY	No	66367.28	55305.48
OSE.JPN	NKVI	-	NVI	121800	101500	JPY	No	245760	204800
OSE.JPN	TSEREIT	-	REIT	216470.34	180362.58	JPY	No	259764.41	216435.09
OSE.JPN	TOPX	-	TPX	2304958.56	1920798.80	JPY	No	2765950.27	2304958.56
OSE.JPN	MNTPX	-	TPXM	230495.86	192079.88	JPY	No	276595.03	230495.86

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	1699.20	1416	USD	No	1699.20	1416
SGX	XIN0I	-	FCH	4242.20	3534.61	USD	No	4242.20	3534.61
SGX	WIIDN	-	FID	1387.65	1155.49	USD	No	1387.65	1155.49
SGX	NKYDIV	-	ND	1669920.09	1391599.98	JPY	No	1669919.97	1391599.98
SGX	SGXNK	-	NK	1536044.77	1280037.31	JPY	Yes	1536044.77	1280037.31
SGX	SGXNKM	-	NS	307208.95	256007.46	JPY	No	307208.95	256007.46
SGX	N225U	-	NU	53778.24	44815.20	USD	No	53778.24	44815.20
SGX	SSG	-	SGP	1952.49	1627.08	SGD	Yes¹	1952.49	1627.08
SGX	STI	-	ST	4896.03	4080.02	SGD	No	4896.03	4080.02
SGX	C52	-	YCDD	1343.22	1035.09	SGD	No	1293.87	1035.10
SGX	D05	-	YDBS	3768.54	3014.83	SGD	No	3940.94	3014.83
SGX	G13	-	YGEN	812.18	630.06	SGD	No	787.575	630.06
SGX	BN4	-	YKEP	3919.13	2920.78	SGD	No	3650.97	2920.78
SGX	O39	-	YOCB	5584.28	4467.42	SGD	No	5837.09	4467.42
SGX	Z74	-	YSTT	2889.46	2272.72	SGD	No	2840.89	2272.72
SGX	Y92	-	YTBE	937.587	750.07	SGD	No	938.062	750.07
SGX	U11	-	YUOB	6094.33	4875.46	SGD	No	6402.40	4875.46
SGX	F34	-	YWIL	2906.52	2325.22	SGD	No	2912.99	2325.22
SGX	BS6	-	YYZJ	23280.54	4800.46	SGD	No	6000.56	4800.45

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	18988.80	15824	AUD	Yes	18988.80	15824

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%.