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
CBOTMYM- MYM 1711.45 1365 USD No 1499.60 1304
CBOTYM- YM 17114.54 13650 USD Yes 15000.60 13044


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
CDETSE60- SXF 22040.87 19165.88 CAD No 22040.86 19165.88
CDETSE60- SXM 13604.41 11829.92 CAD No 13604.41 11829.92


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
CFEIBXXIBHY- IBHY 10242.49 8905.25 USD No 10242.49 8905.25
CFEIBXXIBIG- IBIG 8584.88 7463.48 USD No 8584.89 7463.48
CFEVIX- VX 10078.97 8764.32 USD Yes 24474.11 21281.83
CFEVIX- VX38 9259.455 8051.70 USD No 26505.06 23047.875
CFEVIX- VX39 9259.455 8051.70 USD No 26505.06 23047.875
CFEVIX- VX40 9259.455 8051.70 USD No 26505.06 23047.875
CFEVIX- VX41 9259.455 8051.70 USD No 26505.06 23047.875
CFEVIX- VX43 9230.25 8026.30 USD No 24056.90 20919.04
CFEVXM- VXM 1007.90 876.432 USD No 2503.74 2177.17


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
CMEBQX- BIO 31834.33 27682.02 USD No 31834.33 27682.02
CMEEMD- EMD 27132.92 22279.25 USD Yes 1 25739.30 22382
CMENIY- ENY 353027.41 302400 JPY No 341090 296600
CMEES- ES 23227.57 21115.97 USD Yes 22211.20 20192
CMESPXESUP- ESG 18501.30 16074.90 USD No 18651.29 16074.90
CMEIBAA- IBV 35261.30 30662 USD No 36038.70 31338
CMEM2K- M2K 1189.79 928 USD No 990.15 861
CMEMES- MES 2322.76 2111.60 USD Yes 2220.90 2019
CMEMNQ- MNQ 3355.35 3050.32 USD Yes 3322.20 2965
CMENIY- NIY 1765048.79 1512200 JPY No 1705565 1483100
CMENKD- NKD 19366.61 16511.99 USD No 18991.61 16511.99
CMENQ- NQ 33553.48 30503.16 USD Yes 33222.02 29646
CMERS1- RS1 14125.26 12267.96 USD No 12389.20 10612.52
CMERSG- RSG 46938.73 40780.53 USD No 48608.73 40780.53
CMERSV- RSV 12369.90 10293.15 USD No 11839.90 10293.15
CMERTY- RTY 11897.90 9282 USD Yes 9896.90 8606
CMESGX- SG 293689.82 255382.45 USD No 293689.84 255382.45
CMESMC- SMC 33201.17 28870.59 USD No 33201.17 28870.59
CMESVX- SU 84304.51 73308.27 USD No 84304.51 73308.27
CMEIXB- XAB 15869.39 13120.67 USD No 15099.39 13120.67
CMEIXE- XAE 14174.42 12149.45 USD No 13974.42 12149.45
CMEIXI- XAI 22323.43 19312.49 USD No 22233.43 19312.49
CMEIXR- XAP 7219.76 5536.38 USD No 6369.76 5536.38
CMEIXU- XAU 12717.02 10533.77 USD No 12117.02 10533.77
CMEIXV- XAV 15660.85 12917.77 USD No 14860.85 12917.77
CMEIXY- XAY 52134.55 45266.24 USD No 53174.55 45266.24


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
EUREXSD3ED- FD3D 2628.90 2286.00 EUR No 2628.90 2286.00
EUREXDAX- FDAX 49216.55 42797 EUR Yes 47928.26 41676.75
EUREXDAX- FDXM 9843.31 8559.40 EUR No 9585.65 8335.35
EUREXDAX- FDXS 1968.66 1711.88 EUR Yes 1917.13 1667.07
EUREXDBEA- FEBD 283.82 246.80 EUR No 278.324 242.021
EUREXSX7E- FESB 1556.67 1353.63 EUR Yes 1412.97 1228.67
EUREXSX4E- FESC 5660.70 4922.34 EUR Yes 1 5292.04 4601.77
EUREXSXNE- FESG 7046.95 6127.79 EUR Yes 1 6588.54 5729.17
EUREXSXDE- FESH 2418.74 2103.25 EUR Yes 1 2418.74 2103.25
EUREXSXOE- FESN 3669.02 3190.46 EUR Yes 1 3603.62 3133.58
EUREXSX3E- FESO 1254.95 1091.26 EUR Yes 1 1242.58 1080.50
EUREXSXRE- FESR 3892.84 3385.08 EUR Yes 1 3729.105 3242.70
EUREXSXPE- FESS 1165.39 1013.385 EUR Yes 1 1086.62 944.89
EUREXSXKE- FEST 1017.04 884.38 EUR Yes 1 1007.82 876.368
EUREXSXTE- FESV 1122.08 975.726 EUR Yes 1 1122.08 975.726
EUREXESTX50- FESX 4318.75 3755.44 EUR Yes 4318.75 3755.44
EUREXSX8E- FESY 16241.55 14123.09 EUR Yes 1 16241.55 14123.09
EUREXSXQE- FESZ 5103.55 4437.87 EUR Yes 1 5103.55 4437.87
EUREXOMXH25- FFOX 9332.31 8115.05 EUR Yes 1 9332.31 8115.05
EUREXDJ200- FMCP 2356.80 2048.65 EUR Yes 1 1882.34 1636.23
EUREXM1EF- FMEM 10301.42 8954.71 USD No 10301.42 8954.71
EUREXMXEU- FMEP 1446.29 1257.64 EUR No 1350.40 1174.26
EUREXM7EU- FMEU 2923.34 2541.80 EUR No 2431.66 2114.29
EUREXMXJPUS- FMJP 6801.20 5913.67 USD No 6801.20 5913.67
EUREXMBWO- FMWN 4071.42 3540.17 EUR No 3549.38 3086.25
EUREXM1WO- FMWO 9348.83 8129.02 USD No 9348.83 8129.02
EUREXMXWO- FMWP 6911.52 6003.65 USD No 6911.52 6003.65
EUREXSXXPESGX- FSEG 1536.87 1336.33 EUR No 1195.75 1039.72
EUREXSLI- FSLI 4026.43 3501.25 CHF Yes 1 4026.43 3501.25
EUREXSMIDP- FSMD 8875.70 7718.00 CHF No 8875.70 7718.00
EUREXSMI- FSMI 8317.40 7232.52 CHF Yes 8236.46 7162.14
EUREXSMIM- FSMM 4716.81 4097.26 CHF Yes 1 4716.81 4097.26
EUREXSMI- FSMS 831.74 723.252 CHF No 823.646 716.214
EUREXMDAX- FSMX 2887.07 2510.09 EUR No 2346.03 2039.70
EUREXSXAP- FSTA 2864.18 2490.37 EUR Yes 1 2660.81 2313.54
EUREXSX7P- FSTB 2003.88 1742.38 EUR Yes 1687.22 1467.04
EUREXSX4P- FSTC 4663.78 4047.72 EUR Yes 1 3982.92 3456.80
EUREXSXEP- FSTE 1799.79 1564.94 EUR Yes 1649.85 1434.57
EUREXSXFP- FSTF 4767.79 4138.77 EUR Yes 1 3819.15 3315.28
EUREXSXNP- FSTG 4972.21 4321.14 EUR Yes 1 4490.50 3902.505
EUREXSXDP- FSTH 4051.61 3522.40 EUR Yes 1 3526.75 3066.09
EUREXSXIP- FSTI 2996.73 2604.40 EUR Yes 1 2456.64 2135.02
EUREXSX86P- FSTL 791.41 688.072 EUR No 791.41 688.072
EUREXSXMP- FSTM 1561.49 1355.60 EUR Yes 1 1320.53 1146.41
EUREXSXOP- FSTN 3857.18 3348.11 EUR Yes 1 3718.28 3227.55
EUREXSX3P- FSTO 1735.70 1508.00 EUR Yes 1 1753.05 1523.08
EUREXSXRP- FSTR 1506.83 1308.29 EUR Yes 1 1506.83 1308.29
EUREXSXPP- FSTS 3361.87 2923.10 EUR Yes 3566.01 3100.60
EUREXSXKP- FSTT 721.582 627.25 EUR Yes 1 721.582 627.25
EUREXSX6P- FSTU 1613.39 1402.80 EUR Yes 1286.42 1118.51
EUREXSXTP- FSTV 1200.96 1043.88 EUR Yes 1 1186.35 1031.18
EUREXSTX- FSTX 3515.97 3056.19 EUR Yes 1 2751.29 2391.51
EUREXSX8P- FSTY 7195.83 6254.05 EUR Yes 1 7195.83 6254.05
EUREXSXQP- FSTZ 3323.11 2886.91 EUR Yes 1 3323.11 2886.91
EUREXESTX50- FSXE 431.875 375.544 EUR No 431.875 375.544
EUREXTDX- FTDX 8201.41 7131.66 EUR Yes 1 8201.41 7131.66
EUREXDJ600- FXXP 2175.58 1891.81 EUR Yes 1889.86 1643.36


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
FTAAMX- FMX 11404.85 9917.26 EUR No 11404.85 9917.26


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
HKFECES120- CHH 89787.05 78075.70 HKD No 89787.05 78075.70
HKFEHSIDPI- DHS 9211.16 8009.70 HKD No 9211.15 8009.70
HKFEHSI- HSI 147169.86 127973.79 HKD Yes 147169.86 127973.79
HKFEHSTECH- HTI 50473.33 43889.85 HKD Yes 50473.33 43889.85
HKFEMCA- MCA 5664.51 4925.58 USD No 5664.51 4925.58
HKFEMHI- MHI 29433.97 25594.76 HKD Yes 29433.97 25594.76
HKFEMID.HK- MIA 1931.04 1679.17 USD No 1931.04 1679.17
HKFEMND- MND 4612.99 4011.30 USD No 4612.99 4011.30
HKFEMTW- MTW 6913.45 6011.64 USD No 6913.45 6011.64


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
ICEEUNDUEBRAF- MCG 5578.47 4849.85 USD No 5578.47 4849.85
ICEEUF1DV- XZ 694.14 603.60 GBP No 694.14 603.60
ICEEUY- Y2 5135.34 4463.85 GBP No 5135.34 4463.85
ICEEUZ- Z 6924.15 6021 GBP Yes 6924.15 6021


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
IDEMMIBDIV- FDIV 2270.10 1974 EUR No 2270.10 1974
IDEMFTMIB- FIB 29748.09 25867.10 EUR Yes 29748.09 25867.10
IDEMFTMIB- MICR 1189.89 1034.68 EUR No 1189.89 1034.68
IDEMFTMIB- MIN 5949.50 5173.42 EUR No 5949.50 5173.42


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
MEFFRVIBEX35- IBX 13800.28 12000 EUR No 13800.28 12000
MEFFRVIBEX- MIX 1380.02 1200 EUR Yes 1380.02 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
MEXDERIPC- IPC 59734.05 51916.58 MXN Yes 1 56467.86 49077.83
MEXDERIPC- MIP 11951.91 10383.32 MXN No 11298.39 9815.57


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
MONEPFEF- FEF 17339.84 15078.12 EUR No 17339.84 15078.12
MONEPFEO- FEO 15968.25 13885.43 EUR No 15968.25 13885.43


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
OMSOMXESG- OMXESG 24408.21 21219.09 SEK No 24408.20 21219.09
OMSOMXS30- OMXS30 25554.15 22221 SEK Yes 25554.15 22221


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.JPNN225- 225 4601744.55 4001517 JPY Yes 3945085.35 3430509
OSE.JPNN225M- 225M 460174.455 400151.70 JPY Yes 394508.535 343050.90
OSE.JPNN225MC- 225MC 46017.45 40015.17 JPY No 39450.85 34305.09
OSE.JPNJPNK400- 400 159688.23 138838.70 JPY No 159688.23 138838.70
OSE.JPNTPXC30- C30 123748.70 107607.56 JPY No 123748.70 107607.56
OSE.JPNDJIA- DJIA 636954.62 553503.66 JPY No 636954.62 553503.66
OSE.JPNJGB- JBL 1921161.04 1670574.82 JPY Yes 1921161.04 1670574.82
OSE.JPNMJ- JBLM 192116.10 167057.48 JPY No 192116.10 167057.48
OSE.JPNTSEMOTHR- MOTH 57204.48 49736.40 JPY No 57204.48 49736.40
OSE.JPNNKVI- NVI 138862.50 120750 JPY No 211312.50 183750
OSE.JPNTSEREIT- REIT 179774.96 156255.24 JPY No 179774.96 156255.24
OSE.JPNTOPX- TPX 2030165.36 1765361.18 JPY No 2030165.36 1765361.18
OSE.JPNMNTPX- TPXM 203016.54 176536.12 JPY No 203016.54 176536.12


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
SGXXINA50- CN 2094.98 1821.72 USD No 2094.98 1821.72
SGXXIN0I- FCH 4867.18 4232.33 USD No 4867.18 4232.33
SGXWIIDN- FID 1460.87 1270.30 USD No 1460.87 1270.30
SGXNKYDIV- ND 1848740.09 1607599.98 JPY No 1848739.97 1607599.98
SGXNIFTY- NIFTY 2875 2500 USD No 2875 2500
SGXSGXNK- NK 1538700 1338000 JPY Yes 1538700 1338000
SGXSGXNKM- NS 307740 267600 JPY No 307740 267600
SGXN225U- NU 48633.67 42290.14 USD No 48633.67 42290.14
SGXSSG- SGP 2596.99 2258.25 SGD Yes 1 2596.99 2258.25
SGXSTI- ST 5599.41 4869.05 SGD No 5599.41 4869.05
SGXC52- YCDD 1302.93 1132.98 SGD No 1366.18 1132.99
SGXD05- YDBS 4891.01 4253.05 SGD No 4938.93 4253.05
SGXG13- YGEN 655.782 570.245 SGD No 662.413 570.245
SGXBN4- YKEP 4542.64 3907.68 SGD No 4493.83 3907.68
SGXO39- YOCB 5798.49 5042.16 SGD No 6132.92 5042.17
SGXZ74- YSTT 3760.54 3256.40 SGD No 3744.86 3256.40
SGXY92- YTBE 811.095 705.30 SGD No 873.115 705.30
SGXU11- YUOB 6060.80 5270.26 SGD No 6425.88 5270.26
SGXF34- YWIL 2545.47 2213.45 SGD No 2716.80 2213.45
SGXBS6- YYZJ 27875.51 6362.73 SGD No 7650.80 6362.73


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
SNFESPI- AP 18214.85 15839 AUD Yes 18214.85 15839



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%.