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	1100.78	957.20	USD	No	1100.78	957.20
CBOT	YM	E-mini Dow Jones Industrial Average	YM	11007.80	9572	USD	Yes	11007.80	9572

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	16812.31	13449.85	CAD	No	16812.31	13449.85
CDE	TSE60	S&P Canada 60 Index Futures (Old TSE60)	SXM	12609.23	10087.38	CAD	No	12609.23	10087.38

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	11725.91	9380.72	USD	No	11725.91	9380.72
CFE	IBXXIBIG	iBoxx iShares $ Investment Grade Corporate Bond Index TR	IBIG	10635.38	8508.30	USD	No	10635.38	8508.30

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	26367.48	21093.98	USD	No	26367.48	21093.98
CME	EMD	E-mini S&P Midcap 400 Futures	EMD	26489.63	21191.70	USD	Yes¹	26489.63	21191.70
CME	NIY	Yen Denominated Nikkei 225 Index	ENY	306646.70	245317.36	JPY	No	306646.70	245317.36
CME	ES	E-mini S&P 500	ES	14771.65	13428.77	USD	Yes	14771.65	13428.77
CME	SPXESUP	E-mini S&P 500 ESG	ESG	13389.09	10711.28	USD	No	13389.09	10711.28
CME	IBAA	Bovespa Index - USD	IBV	29205	23364	USD	No	29205	23364
CME	M2K	Micro E-Mini Russell 2000 Index	M2K	839.043	671.234	USD	No	839.043	671.234
CME	MES	Micro E-Mini S&P 500 Stock Price Index	MES	1477.17	1342.88	USD	Yes	1477.17	1342.88
CME	MNQ	Micro E-Mini Nasdaq-100 Index	MNQ	2595.48	2359.53	USD	Yes	2595.48	2359.53
CME	NIY	Yen Denominated Nikkei 225 Index	NIY	1533233.48	1226586.78	JPY	No	1533233.48	1226586.78
CME	NKD	Dollar Denominated Nikkei 225 Index	NKD	15578.43	12462.74	USD	No	15578.43	12462.74
CME	NQ	E-mini NASDAQ 100	NQ	25954.84	23595.31	USD	Yes	25954.84	23595.31
CME	RS1	E-mini Russell 1000 Index Futures	RS1	11749.09	9399.27	USD	No	11749.09	9399.27
CME	RSG	E-mini Russell 1000 Growth Index Futures	RSG	42021.00	33616.80	USD	No	42021.00	33616.80
CME	RSV	E-Mini Russell 1000 Value Index Futures	RSV	10969.27	8775.42	USD	No	10969.27	8775.42
CME	RTY	E-mini Russell 2000 Index	RTY	8390.43	6712.34	USD	Yes	8390.43	6712.34
CME	SGX	S&P 500 / Citigroup Growth Index	SG	258125.40	206500.32	USD	No	258125.40	206500.32
CME	SMC	E-Mini S&P SmallCap 600 Futures	SMC	35366.50	28293.20	USD	No	35366.50	28293.20
CME	SVX	S&P 500 / Citigroup Value Index	SU	88659.08	70927.26	USD	No	88659.08	70927.26
CME	IXB	Materials Select Sector Index	XAB	16385.41	13108.33	USD	No	16385.41	13108.33
CME	IXE	Energy Select Sector Index	XAE	15300.04	12240.03	USD	No	15300.04	12240.03
CME	IXM	Financial Select Sector Index	XAF	17351.53	13881.22	USD	No	17351.53	13881.22
CME	IXI	Industrial Select Sector Index	XAI	22656.67	18125.34	USD	No	22656.67	18125.34
CME	IXT	Technology Select Sector Index -	XAK	49911.01	39928.81	USD	No	49911.01	39928.81
CME	IXR	Consumer Staples Select Sector Index	XAP	7732.80	6186.24	USD	No	7732.80	6186.24
CME	IXRE	Real Estate Select Sector Index	XAR	8502.67	6802.14	USD	No	8502.67	6802.14
CME	IXU	Utilities Select Sector Index	XAU	8990.06	7192.05	USD	No	8990.06	7192.05
CME	IXV	Health Care Select Sector Index	XAV	18662.02	14929.62	USD	No	18662.02	14929.62
CME	IXY	Consumer Discretionary Select Sector Index	XAY	36075.72	28860.57	USD	No	36075.72	28860.57

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	4383.57	2166.00	EUR	No	4383.57	2166.00
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDAX	41653.125	33322.50	EUR	Yes	39979.69	31983.75
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDXM	8330.625	6664.50	EUR	No	7995.94	6396.75
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDXS	1666.125	1332.90	EUR	Yes	1599.19	1279.35
EUREX	DBEA	EURO STOXX Banks Index Dividend Futures	FEBD	439.098	216.171	EUR	No	439.098	216.171
EUREX	SX7E	Euro STOXX Banks Index	FESB	1004.09	803.27	EUR	Yes	893.794	715.035
EUREX	SX4E	Euro STOXX Chemicals	FESC	7003.24	5602.59	EUR	Yes¹	7003.24	5602.59
EUREX	SXNE	Euro STOXX Industrial Goods&Services	FESG	6650.57	5320.45	EUR	Yes¹	6650.57	5320.45
EUREX	SXDE	Euro STOXX Healthcare	FESH	2791.94	2233.55	EUR	Yes¹	2791.94	2233.55
EUREX	SXOE	Euro STOXX Construction	FESN	3157.41	2525.93	EUR	Yes¹	3145.34	2516.28
EUREX	SX3E	Euro STOXX Food&Beverages	FESO	1601.67	1281.34	EUR	Yes¹	1601.67	1281.34
EUREX	SXRE	Euro STOXX Retail	FESR	4572.29	3657.83	EUR	Yes¹	4572.29	3657.83
EUREX	SXPE	Euro STOXX Basic Resources	FESS	1410.48	1128.38	EUR	Yes¹	1317.40	1053.92
EUREX	SXKE	Euro STOXX Telecommunications	FEST	893.406	714.725	EUR	Yes¹	893.406	714.725
EUREX	SXTE	Euro STOXX Travel & Leisure	FESV	1304.69	1043.75	EUR	Yes¹	1304.69	1043.75
EUREX	ESTX50	Euro STOXX50	FESX	4536.07	3628.86	EUR	Yes	4536.07	3628.86
EUREX	SX8E	Euro STOXX Technology	FESY	17953.27	14362.61	EUR	Yes¹	17953.27	14362.61
EUREX	SXQE	Euro STOXX Personal & Household Goods	FESZ	8684.18	6947.35	EUR	Yes¹	8684.18	6947.35
EUREX	OMXH25	OMX Helsinki 25 Index	FFOX	9109.20	7287.36	EUR	Yes¹	9109.20	7287.36
EUREX	DJ200	STOXX MID 200 Index	FMCP	2309.32	1847.45	EUR	Yes¹	2079.22	1663.37
EUREX	M1EF	MSCI Emerging Markets Net Total Return Index	FMEM	4896.73	3917.39	USD	No	4896.73	3917.39
EUREX	MXEU	MSCI Europe	FMEP	1402.81	1122.25	EUR	No	1155.51	924.41
EUREX	M7EU	MSCI Europe Net Return EUR Index	FMEU	2753.99	2203.20	EUR	No	2261.75	1809.40
EUREX	MXJPUS	MSCI JAPAN INDEX - USD	FMJP	6200.83	4960.66	USD	No	5542.89	4434.31
EUREX	MBWO	MSCI World Net EUR Index 1	FMWN	3620.40	2896.32	EUR	No	3179.975	2543.98
EUREX	M1WO	MSCI World NETR USD Index	FMWO	8721.44	6977.15	USD	No	8721.44	6977.15
EUREX	MXWO	MSCI World Index	FMWP	5666.18	4532.94	USD	No	5666.18	4532.94
EUREX	SXXPESGX	STOXX Europe 600 ESG-X	FSEG	1451.51	1161.21	EUR	No	1156.80	925.439
EUREX	SLI	Swiss Leader Index (PREIS_INDEX)	FSLI	4445.06	3556.05	CHF	Yes¹	4445.06	3556.05
EUREX	SMIDP	SMI Dividend Points Index	FSMD	14939.76	7382.00	CHF	No	14939.76	7382.00
EUREX	SMI	Swiss Market Index	FSMI	7970.45	6376.36	CHF	Yes	7917.38	6333.90
EUREX	SMIM	Swiss Mid-cap Index	FSMM	4456.94	3565.55	CHF	Yes¹	4456.94	3565.55
EUREX	SMI	Swiss Market Index	FSMS	797.045	637.636	CHF	No	791.738	633.39
EUREX	MDAX	Midcap DAX	FSMX	2799.075	2239.26	EUR	No	2419.57	1935.65
EUREX	SXAP	STOXX 600 Automobiles & Parts	FSTA	5535.14	4428.11	EUR	Yes¹	5535.14	4428.11
EUREX	SX7P	STOXX 600 Banks	FSTB	1328.14	1062.51	EUR	Yes	1129.04	903.235
EUREX	SX4P	STOXX 600 Chemicals	FSTC	5652.99	4522.39	EUR	Yes¹	5333.79	4267.03
EUREX	SXEP	STOXX 600 Oil & Gas	FSTE	2123.79	1699.03	EUR	Yes	2123.79	1699.03
EUREX	SXFP	STOXX 600 Financial Services Index	FSTF	4200.38	3360.30	EUR	Yes¹	3777.71	3022.17
EUREX	SXNP	STOXX 600 Industrial Goods & Services Index	FSTG	4225.05	3380.04	EUR	Yes¹	4115.12	3292.10
EUREX	SXDP	STOXX 600 Healthcare	FSTH	3844.83	3075.86	EUR	Yes¹	3844.83	3075.86
EUREX	SXIP	STOXX 600 Insurance	FSTI	2357.75	1886.20	EUR	Yes¹	2026.40	1621.12
EUREX	SX86P	STOXX 600 Real Estate	FSTL	878.244	702.595	EUR	No	878.244	702.595
EUREX	SXMP	STOXX 600 Media	FSTM	1672.95	1338.36	EUR	Yes¹	1581.68	1265.34
EUREX	SXOP	STOXX 600 Construction & Materials	FSTN	3428.21	2742.56	EUR	Yes¹	3264.01	2611.21
EUREX	SX3P	STOXX 600 Food & Beverage Index	FSTO	2185.63	1748.50	EUR	Yes¹	2185.63	1748.50
EUREX	SXRP	STOXX 600 Retail	FSTR	2269.00	1815.20	EUR	Yes¹	2269.00	1815.20
EUREX	SXPP	STOXX 600 Basic Resources Index	FSTS	4395.56	3516.45	EUR	Yes	4289.46	3431.57
EUREX	SXKP	STOXX 600 Telecommunications	FSTT	652.603	522.083	EUR	Yes¹	652.603	522.083
EUREX	SX6P	STOXX 600 Utilities	FSTU	1435.375	1148.30	EUR	Yes	1315.88	1052.71
EUREX	SXTP	STOXX 600 Travel & Leisure	FSTV	1450.87	1160.69	EUR	Yes¹	1450.87	1160.69
EUREX	STX	STOXX50	FSTX	3560.50	2848.40	EUR	Yes¹	2953.79	2363.04
EUREX	SX8P	STOXX 600 Technology	FSTY	7930.98	6344.79	EUR	Yes¹	7930.98	6344.79
EUREX	SXQP	STOXX 600 Personal & Household Goods	FSTZ	4283.22	3426.58	EUR	Yes¹	4283.22	3426.58
EUREX	ESTX50	Euro STOXX50	FSXE	453.607	362.886	EUR	No	453.607	362.886
EUREX	TDX	TECDAX	FTDX	9135.77	7308.61	EUR	Yes¹	9135.77	7308.61
EUREX	DJ600	STOXX 600 Index	FXXP	2097.63	1678.10	EUR	Yes	2091.30	1673.04

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	11941.06	9552.85	EUR	No	11941.06	9552.85

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	73534.52	58827.61	HKD	No	73534.52	58827.61
HKFE	HSIDPI	HSI Dividend Point Index	DHS	12818.59	8064.00	HKD	No	12818.59	8064.00
HKFE	HSI	Hang Seng Stock Index	HSI	100241.14	80192.91	HKD	Yes	100241.14	80192.91
HKFE	HSTECH	Hang Seng TECH Index	HTI	34986.25	27989.00	HKD	Yes	34986.25	27989.00
HKFE	MCA	MSCI China A 50 Connect Index	MCA	4264.64	3411.71	USD	No	4264.64	3411.71
HKFE	MHI	Mini Hang Seng Index	MHI	20048.23	16038.58	HKD	Yes	20048.23	16038.58
HKFE	MID.HK	MSCI Indonesia Index (USD) - HKFE	MIA	1871.55	1497.24	USD	No	1871.55	1497.24
HKFE	MND	MSCI India Index (USD) - HKFE	MND	3494.63	2795.71	USD	No	3494.63	2795.71
HKFE	MTW	MSCI Taiwan (USD) Index - HKFE	MTW	7581.63	6065.30	USD	No	7581.63	6065.30

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	6961.15	5568.92	USD	No	6961.15	5568.92
ICEEU	F1DV	FTSE 100 Dividend Index	XZ	891.069	606	GBP	No	891.069	606
ICEEU	Y	FTSE 250 Index	Y2	5622.17	4497.74	GBP	No	5622.17	4497.74
ICEEU	Z	FTSE 100 Index	Z	6270.14	5016.11	GBP	Yes	6270.14	5016.11

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	5548.08	4438.47	EUR	No	5548.08	4438.47
IDEM	FTMIB	-	FIB	25874.30	20699.44	EUR	Yes	25874.30	20699.44
IDEM	FTMIB	-	MICR	1034.97	827.9775	EUR	No	1034.97	827.9775
IDEM	FTMIB	-	MIN	5174.86	4139.89	EUR	No	5174.86	4139.89

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	11875.00	9500.00	EUR	No	11875.00	9500.00
MEFFRV	IBEX	IBEX 35 Index Mini	MIX	1187.50	950.00	EUR	Yes	1187.50	950.00

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	Mexico Bolsa (IPC) Index	IPC	59002.19	47201.75	MXN	Yes¹	64679.625	51743.70
MEXDER	IPC	Mexico Bolsa (IPC) Index	MIP	11800.44	9440.35	MXN	No	12935.925	10348.74

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	16227.96	12982.37	EUR	No	16227.96	12982.37
MONEP	FEO	FTSEurofirst 100 NEW	FEO	11313.36	9050.69	EUR	No	11313.36	9050.69

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	25818.75	20655	SEK	No	25818.75	20655
OMS	OMXS30	OMX Index (Sweden)	OMXS30	26832.51	21466.01	SEK	Yes	26832.51	21466.01

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	4160851.50	3328681.20	JPY	Yes	4160851.50	3328681.20
OSE.JPN	N225M	Nikkei 225 Mini	225M	416085.15	332868.12	JPY	Yes	416085.15	332868.12
OSE.JPN	N225MC	Nikkei 225 Micro	225MC	41608.515	33286.81	JPY	No	41608.515	33286.81
OSE.JPN	JPNK400	JPX-Nikkei Index 400	400	169806.25	135845	JPY	No	169806.25	135845
OSE.JPN	TPXC30	Topix Core30	C30	123398.80	98719.04	JPY	No	123398.80	98719.04
OSE.JPN	DJIA	OSE Dow Jones Industrial Average	DJIA	500095.73	400076.59	JPY	No	500095.73	400076.59
OSE.JPN	JGB	Standardized 6% 10-Year Japanese Government Bond	JBL	2359217.65	1887374.12	JPY	Yes	2359217.65	1887374.12
OSE.JPN	MJ	Mini 10 Year JGB	JBLM	235921.76	188737.41	JPY	No	235921.76	188737.41
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	133437.50	106750	JPY	No	248500	198800
OSE.JPN	TSEREIT	TSE REIT Index	REIT	220251.20	176200.96	JPY	No	220251.20	176200.96
OSE.JPN	TOPX	TOPIX Index	TPX	2256956.07	1805564.85	JPY	No	2256956.07	1805564.85
OSE.JPN	MNTPX	Japan Mini Topix	TPXM	225695.61	180556.49	JPY	No	225695.61	180556.49

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	1875.30	1500.24	USD	No	1875.30	1500.24
SGX	XIN0I	FTSE China H50	FCH	4212.93	3370.35	USD	No	4212.93	3370.35
SGX	WIIDN	FTSE Indonesia Index	FID	1403.36	1122.69	USD	No	1403.36	1122.69
SGX	NKYDIV	Nikkei Stock Average Dividend Point Index	ND	2076999.97	1391599.98	JPY	No	2076999.97	1391599.98
SGX	SGXNK	SGX: Nikkei 225	NK	1552807.16	1242245.73	JPY	Yes	1552807.16	1242245.73
SGX	SGXNKM	SGX: NIKKEI 225 Mini	NS	310561.43	248449.15	JPY	No	310561.43	248449.15
SGX	N225U	SGX: USD Nikkei 225 Index	NU	57489.99	45991.99	USD	No	57489.99	45991.99
SGX	SSG	MSCI Singapore Free Index	SGP	1938.49	1550.79	SGD	Yes¹	1938.49	1550.79
SGX	STI	SGX Straits Times Index	ST	4913.98	3931.19	SGD	No	4913.98	3931.19
SGX	C52	COMFORTDELGRO CORP LTD	YCDD	1387.50	1110	SGD	No	1387.50	1110
SGX	D05	DBS GROUP HOLDINGS LTD	YDBS	3549.05	2839.24	SGD	No	3549.05	2839.24
SGX	G13	GENTING SINGAPORE LTD	YGEN	862.50	690	SGD	No	862.50	690
SGX	BN4	KEPPEL LTD	YKEP	3847.50	3078	SGD	No	3847.50	3078
SGX	O39	OVERSEA-CHINESE BANKING CORP	YOCB	5349.375	4279.50	SGD	No	5349.375	4279.50
SGX	Z74	SINGAPORE TELECOMMUNICATIONS	YSTT	2259.375	1807.50	SGD	No	2259.375	1807.50
SGX	Y92	THAI BEVERAGE PCL	YTBE	890.625	712.50	SGD	No	890.625	712.50
SGX	U11	UNITED OVERSEAS BANK LTD	YUOB	5700.94	4560.75	SGD	No	5700.94	4560.75
SGX	F34	WILMAR INTERNATIONAL LTD	YWIL	3150	2520	SGD	No	3150	2520
SGX	BS6	YANGZIJIANG SHIPBUILDING	YYZJ	15428.58	3480	SGD	No	4350	3480

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	19077.59	15262.07	AUD	Yes	19077.59	15262.07

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%.