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	1708.22	1379	USD	No	1491.55	1297
CBOT	YM	-	YM	17082.23	13788	USD	Yes	14913.20	12968

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	22735.09	19769.64	CAD	No	22735.09	19769.64
CDE	TSE60	-	SXM	14241.22	12383.67	CAD	No	14241.22	12383.67

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	10048.32	8737.67	USD	No	10048.32	8737.67
CFE	IBXXIBIG	-	IBIG	10573.62	9194.45	USD	No	10573.62	9194.45
CFE	VIX	-	VX	13617.15	11841.00	USD	Yes	21400.35	18609.00
CFE	VIX	-	VX17	13617.15	11841	USD	No	21400.35	18609
CFE	VIX	-	VX18	13617.15	11841	USD	No	21400.35	18609
CFE	VIX	-	VX19	13617.15	11841	USD	No	21400.35	18609
CFE	VIX	-	VX21	13617.15	11841	USD	No	21400.35	18609
CFE	VIX	-	VX22	12800.08	11130.50	USD	No	20116.38	17492.50
CFE	VXM	-	VXM	1361.72	1184.10	USD	No	2140.04	1860.90

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	30731.64	26723.17	USD	No	30731.64	26723.17
CME	EMD	-	EMD	26479.40	22903.83	USD	Yes¹	26339.40	22903.83
CME	NIY	-	ENY	354610.38	300200	JPY	No	317630	276200
CME	ES	-	ES	28527.50	21978	USD	Yes	27002.50	20157
CME	SPXESUP	-	ESG	50959.93	44305.68	USD	No	51089.92	44305.68
CME	IBAA	-	IBV	41766.90	36319.05	USD	No	30601.50	26610
CME	M2K	-	M2K	1187.14	932	USD	No	1179.14	837
CME	MES	-	MES	2852.75	2198	USD	Yes	2700.25	2016
CME	MNQ	-	MNQ	4759.72	3183.88	USD	Yes	4613.72	3183.88
CME	NIY	-	NIY	1773051.91	1500900	JPY	No	1588150	1381000
CME	NKD	-	NKD	17862.29	15166	USD	No	15858.50	13790
CME	NQ	-	NQ	47597.20	31838.76	USD	Yes	46137.20	31838.76
CME	RS1	-	RS1	38917.74	33362.68	USD	No	38392.75	33362.68
CME	RSG	-	RSG	47599.28	41256.94	USD	No	47449.29	41256.94
CME	RSV	-	RSV	13279.48	11497.98	USD	No	13224.48	11497.98
CME	RTY	-	RTY	11871.40	9318	USD	Yes	11791.40	8369
CME	SGX	-	SG	346386.78	301205.89	USD	No	346386.77	301205.89
CME	SMC	-	SMC	32613.49	28359.56	USD	No	33003.49	28359.56
CME	SVX	-	SU	108273.96	94151.27	USD	No	108273.98	94151.27
CME	IXB	-	XAB	15521.80	13061.53	USD	No	15021.80	13061.53
CME	IXE	-	XAE	15427.75	13414.71	USD	No	15947.75	13414.71
CME	IXI	-	XAI	19890.69	17034.75	USD	No	19590.69	17034.75
CME	IXR	-	XAP	11198.43	9467.56	USD	No	10888.44	9467.56
CME	IXU	-	XAU	11489.36	9746.63	USD	No	11209.36	9746.63
CME	IXV	-	XAV	18407.13	15335.83	USD	No	17637.13	15335.83
CME	IXY	-	XAY	54856.64	47694.34	USD	No	55916.64	47694.34

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	2628.90	2286.00	EUR	No	2628.90	2286.00
EUREX	DAX	-	FDAX	52179.85	45373.78	EUR	Yes	45101.275	39218.50
EUREX	DAX	-	FDXM	10435.97	9074.76	EUR	No	9020.255	7843.70
EUREX	DAX	-	FDXS	2087.19	1814.95	EUR	Yes	1804.05	1568.74
EUREX	DBEA	-	FEBD	246.332	214.202	EUR	No	232.256	201.9615
EUREX	SX7E	-	FESB	1285.93	1118.20	EUR	Yes	1063.27	924.58
EUREX	SX4E	-	FESC	5845.28	5082.85	EUR	Yes¹	5507.25	4788.91
EUREX	SXNE	-	FESG	7586.03	6596.55	EUR	Yes¹	6656.13	5787.94
EUREX	SXDE	-	FESH	3069.73	2669.33	EUR	Yes¹	2775.66	2413.62
EUREX	SXOE	-	FESN	4249.38	3695.12	EUR	Yes¹	3563.08	3098.33
EUREX	SX3E	-	FESO	1382.21	1201.92	EUR	Yes¹	1435.42	1248.19
EUREX	SXRE	-	FESR	4780.48	4156.94	EUR	Yes¹	5259.28	4573.29
EUREX	SXPE	-	FESS	1054.56	916.797	EUR	Yes¹	984.995	856.32
EUREX	SXKE	-	FEST	1270.30	1104.28	EUR	Yes¹	1234.33	1073.01
EUREX	SXTE	-	FESV	1142.37	993.365	EUR	Yes¹	1106.75	962.392
EUREX	ESTX50	-	FESX	4597.08	3997.47	EUR	Yes	4133.12	3594.02
EUREX	SX8E	-	FESY	17916.86	15579.88	EUR	Yes¹	17916.86	15579.88
EUREX	SXQE	-	FESZ	5647.03	4910.46	EUR	Yes¹	6153.48	5350.85
EUREX	OMXH25	-	FFOX	9707.72	8440.38	EUR	Yes¹	9707.72	8440.38
EUREX	DJ200	-	FMCP	2221.20	1931.28	EUR	Yes¹	2052.46	1784.56
EUREX	M1EF	-	FMEM	8145.50	7082.54	USD	No	8145.50	7082.54
EUREX	MXEU	-	FMEP	3279.10	2851.13	EUR	No	3279.10	2851.13
EUREX	M7EU	-	FMEU	3130.03	2721.72	EUR	No	3060.20	2661.00
EUREX	MXJPUS	-	FMJP	9691.04	8426.62	USD	No	9691.04	8426.62
EUREX	MBWO	-	FMWN	5455.17	4743.63	EUR	No	4302.02	3740.89
EUREX	M1WO	-	FMWO	9291.37	8079.45	USD	No	9291.37	8079.45
EUREX	MXWO	-	FMWP	7088.90	6164.10	USD	No	7088.90	6164.10
EUREX	SXXPESGX	-	FSEG	1737.98	1511.26	EUR	No	1461.63	1270.96
EUREX	SLI	-	FSLI	4077.43	3545.59	CHF	Yes¹	4077.43	3545.59
EUREX	SMIDP	-	FSMD	8841.20	7688.00	CHF	No	8841.20	7688.00
EUREX	SMI	-	FSMI	13008.11	11311.40	CHF	Yes	9140.46	7948.23
EUREX	SMIM	-	FSMM	4423.84	3845.70	CHF	Yes¹	4423.84	3845.70
EUREX	SMI	-	FSMS	1300.81	1131.14	CHF	No	914.046	794.823
EUREX	MDAX	-	FSMX	2870.56	2496.04	EUR	No	2631.23	2287.93
EUREX	SXAP	-	FSTA	2788.39	2424.65	EUR	Yes¹	2534.82	2204.16
EUREX	SX7P	-	FSTB	1752.38	1523.79	EUR	Yes	1354.47	1177.785
EUREX	SX4P	-	FSTC	4871.94	4234.08	EUR	Yes¹	4228.46	3674.85
EUREX	SXEP	-	FSTE	1962.69	1706.68	EUR	Yes	1707.88	1485.11
EUREX	SXFP	-	FSTF	4556.57	3961.57	EUR	Yes¹	3738.34	3250.185
EUREX	SXNP	-	FSTG	4912.16	4271.12	EUR	Yes¹	4013.54	3489.77
EUREX	SXDP	-	FSTH	4789.65	4164.79	EUR	Yes¹	3770.45	3278.555
EUREX	SXIP	-	FSTI	2783.18	2420.03	EUR	Yes¹	2392.03	2079.92
EUREX	SX86P	-	FSTL	754.418	655.997	EUR	No	754.418	655.997
EUREX	SXMP	-	FSTM	2129.55	1850.92	EUR	Yes¹	1558.40	1354.50
EUREX	SXOP	-	FSTN	3728.69	3241.96	EUR	Yes¹	3728.69	3241.96
EUREX	SX3P	-	FSTO	1925.55	1674.25	EUR	Yes¹	2302.35	2001.88
EUREX	SXRP	-	FSTR	1771.58	1540.03	EUR	Yes¹	1950.72	1695.75
EUREX	SXPP	-	FSTS	3287.78	2858.89	EUR	Yes	3208.43	2789.885
EUREX	SXKP	-	FSTT	833.844	725.054	EUR	Yes¹	833.844	725.054
EUREX	SX6P	-	FSTU	1666.47	1449.07	EUR	Yes	1564.08	1360.04
EUREX	SXTP	-	FSTV	1256.79	1092.75	EUR	Yes¹	1106.09	961.718
EUREX	STX	-	FSTX	4119.66	3582.08	EUR	Yes¹	2961.50	2575.05
EUREX	SX8P	-	FSTY	6436.72	5596.42	EUR	Yes¹	6436.72	5596.42
EUREX	SXQP	-	FSTZ	3461.95	3009.61	EUR	Yes¹	3771.16	3278.42
EUREX	ESTX50	-	FSXE	459.708	399.747	EUR	No	413.312	359.402
EUREX	TDX	-	FTDX	9251.50	8044.78	EUR	Yes¹	9251.50	8044.78
EUREX	DJ600	-	FXXP	2352.72	2045.845	EUR	Yes	1717.08	1493.11

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	8912.11	7749.66	EUR	No	8912.11	7749.66

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	67087.13	58336.64	HKD	No	67087.13	58336.64
HKFE	HSIDPI	-	DHS	9203.22	8002.80	HKD	No	9203.22	8002.80
HKFE	HSI	-	HSI	150563.98	130925.20	HKD	Yes	150563.98	130925.20
HKFE	HSTECH	-	HTI	49152.01	42740.88	HKD	Yes	49152.01	42740.88
HKFE	MCA	-	MCA	4576.29	3979.38	USD	No	4576.29	3979.38
HKFE	MHI	-	MHI	30112.80	26185.04	HKD	Yes	30112.80	26185.04
HKFE	MID.HK	-	MIA	2942.95	2559.09	USD	No	2942.95	2559.09
HKFE	MND	-	MND	5459.29	4746.11	USD	No	5459.29	4746.11
HKFE	MTW	-	MTW	17842.36	15513.78	USD	No	17842.36	15513.78

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	8185.76	7117.17	USD	No	8185.76	7117.17
ICEEU	F1DV	-	XZ	556.807	484.18	GBP	No	556.807	484.18
ICEEU	Y	-	Y2	4443.97	3864.01	GBP	No	4443.97	3864.01
ICEEU	Z	-	Z	6924.16	6021.01	GBP	Yes	6924.16	6021.01

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	26023.84	22629.425	EUR	Yes	26023.84	22629.425
IDEM	FTMIB	-	MICR	1040.95	905.177	EUR	No	1040.95	905.177
IDEM	FTMIB	-	MIN	5204.77	4525.885	EUR	No	5204.77	4525.885

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	13800.02	12000.02	EUR	No	13800.02	12000.02
MEFFRV	IBEX	-	MIX	1380.00	1200.00	EUR	Yes	1380.00	1200.00

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	50658.09	44047.23	MXN	Yes¹	59541.66	51771.50
MEXDER	IPC	-	MIP	10132.24	8809.45	MXN	No	11909.07	10354.30

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	16538.14	14380.99	EUR	No	16538.14	14380.99
MONEP	FEO	-	FEO	12971.65	11279.69	EUR	No	12971.65	11279.69

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	-	OMXESG	28476.40	24760.02	SEK	No	28476.42	24760.02
OMS	OMXS30	-	OMXS30	26525.90	23066	SEK	Yes	26525.90	23066

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	3704296.05	3221127	JPY	Yes	3387933.26	2946028.93
OSE.JPN	N225M	-	225M	370429.605	322112.70	JPY	Yes	338793.33	294602.89
OSE.JPN	N225MC	-	225MC	37042.96	32211.27	JPY	No	33879.33	29460.29
OSE.JPN	JPNK400	-	400	208978.15	181717.85	JPY	No	208978.15	181717.85
OSE.JPN	TPXC30	-	C30	145517.39	126536.86	JPY	No	145517.39	126536.86
OSE.JPN	DJIA	-	DJIA	533751.24	464116.94	JPY	No	533751.24	464116.94
OSE.JPN	JGB	-	JBL	2425867.59	2109450.08	JPY	Yes	2328832.88	2025072.07
OSE.JPN	MJ	-	JBLM	242586.76	210945.01	JPY	No	232883.29	202507.21
OSE.JPN	TSEMOTHR	-	MOTH	75657.97	65788.80	JPY	No	75657.97	65788.80
OSE.JPN	NKVI	-	NVI	161575	140500	JPY	No	188600	164000
OSE.JPN	TSEREIT	-	REIT	150406.91	130772.10	JPY	No	150406.91	130772.10
OSE.JPN	TOPX	-	TPX	2352725.775	2045848.50	JPY	No	2274151.36	1977522.92
OSE.JPN	MNTPX	-	TPXM	235272.58	204584.85	JPY	No	227415.14	197752.29

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	1809.87	1573.80	USD	No	1809.87	1573.80
SGX	XIN0I	-	FCH	3826.17	3326.59	USD	No	3826.17	3326.59
SGX	WIIDN	-	FID	2528.02	2197.81	USD	No	2528.02	2197.81
SGX	NKYDIV	-	ND	1822750	1585000	JPY	No	1822750	1585000
SGX	NIFTY	-	NIFTY	3105.00	2700.00	USD	No	3105.00	2700.00
SGX	SGXNK	-	NK	1725001.10	1500000.96	JPY	Yes	1725001.10	1500000.96
SGX	SGXNKM	-	NS	345000.22	300000.19	JPY	No	345000.22	300000.19
SGX	N225U	-	NU	44807.10	38962.69	USD	No	44807.10	38962.69
SGX	SSG	-	SGP	3220	2800	SGD	Yes¹	3220	2800
SGX	STI	-	ST	4503.03	3915.67	SGD	No	4503.03	3915.67
SGX	C52	-	YCDD	1319.625	1147.50	SGD	No	1319.625	1147.50
SGX	D05	-	YDBS	4013.21	3489.75	SGD	No	4013.21	3489.75
SGX	G13	-	YGEN	633.9375	551.25	SGD	No	633.9375	551.25
SGX	BN4	-	YKEP	3348.225	2911.50	SGD	No	3348.225	2911.50
SGX	O39	-	YOCB	5461.35	4749	SGD	No	5461.35	4749
SGX	Z74	-	YSTT	3268.875	2842.50	SGD	No	3268.875	2842.50
SGX	Y92	-	YTBE	888.375	772.50	SGD	No	888.375	772.50
SGX	U11	-	YUOB	5937.45	5163.00	SGD	No	5942.45	5163.00
SGX	F34	-	YWIL	2708.25	2355	SGD	No	3178.25	2355
SGX	BS6	-	YYZJ	19950.75	4500	SGD	No	5175	4500

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	19591.42	17036.02	AUD	Yes	19591.42	17036.02

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%.