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 1122.49 976.075 USD No 1122.49 976.075
CBOTYME-mini Dow Jones Industrial Average YM 11224.86 9760.75 USD Yes 11224.86 9760.75


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
CDETSXS&P TSX COMPOSITE INDEX SCF 20398.12 16318.50 CAD No 20398.12 16318.50
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXF 17051.85 13641.48 CAD No 17051.85 13641.48
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXM 11980.20 9584.16 CAD No 11980.20 9584.16


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 9684.375 7747.50 USD No 9684.375 7747.50
CFEIBXXIBIGiBoxx iShares $ Investment Grade Corporate Bond Index TR IBIG 8263.75 6611 USD No 8263.75 6611


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 29954.18 23963.34 USD No 29954.18 23963.34
CMEEMDE-mini S&P Midcap 400 Futures EMD 24024.99 19219.99 USD Yes 1 24024.99 19219.99
CMENIYYen Denominated Nikkei 225 Index ENY 294750 235800 JPY No 294750 235800
CMEESE-mini S&P 500 ES 13357.84 12143.49 USD Yes 13357.84 12143.49
CMESPXESUPE-mini S&P 500 ESG ESG 14030.88 11224.71 USD No 14030.88 11224.71
CMEIBAABovespa Index - USD IBV 39730 31784 USD No 39730 31784
CMEM2KMicro E-Mini Russell 2000 Index M2K 856.67 685.336 USD No 856.67 685.336
CMEMESMicro E-Mini S&P 500 Stock Price Index MES 1335.78 1214.35 USD Yes 1335.78 1214.35
CMEMNQMicro E-Mini Nasdaq-100 Index MNQ 2371.36 2155.78 USD Yes 2371.36 2155.78
CMENIYYen Denominated Nikkei 225 Index NIY 1473750 1179000 JPY No 1473750 1179000
CMENKDDollar Denominated Nikkei 225 Index NKD 16555.55 13244.44 USD No 16555.55 13244.44
CMENQE-mini NASDAQ 100 NQ 23713.57 21557.79 USD Yes 23713.57 21557.79
CMERS1E-mini Russell 1000 Index Futures RS1 11764.83 9411.87 USD No 11764.83 9411.87
CMERSGE-mini Russell 1000 Growth Index Futures RSG 37047.64 29638.11 USD No 37047.64 29638.11
CMERSVE-Mini Russell 1000 Value Index Futures RSV 10184.13 8147.30 USD No 10184.13 8147.30
CMERTYE-mini Russell 2000 Index RTY 8566.70 6853.36 USD Yes 8566.70 6853.36
CMESGXS&P 500 / Citigroup Growth Index SG 221468.54 177174.83 USD No 221468.54 177174.83
CMESMCE-Mini S&P SmallCap 600 Futures SMC 37634.03 30107.22 USD No 37634.03 30107.22
CMESVXS&P 500 / Citigroup Value Index SU 86549.72 69239.78 USD No 86549.72 69239.78
CMEIXBMaterials Select Sector Index XAB 15035.05 12028.04 USD No 15035.05 12028.04
CMEIXEEnergy Select Sector Index XAE 16210.54 12968.43 USD No 16210.54 12968.43
CMEIXMFinancial Select Sector Index XAF 17714.88 14171.91 USD No 17714.88 14171.91
CMEIXIIndustrial Select Sector Index XAI 17107.70 13686.16 USD No 17107.70 13686.16
CMEIXTTechnology Select Sector Index - XAK 43964.59 35171.67 USD No 43964.59 35171.67
CMEIXRConsumer Staples Select Sector Index XAP 7079.34 5663.47 USD No 7079.34 5663.47
CMEIXREReal Estate Select Sector Index XAR 8587.93 6870.34 USD No 8587.93 6870.34
CMEIXUUtilities Select Sector Index XAU 9675.00 7740.00 USD No 9675.00 7740.00
CMEIXVHealth Care Select Sector Index XAV 16878.01 13502.41 USD No 16878.01 13502.41
CMEIXYConsumer Discretionary Select Sector Index XAY 36501.51 29201.21 USD No 36501.51 29201.21


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 5500 2200 EUR No 5500 2200
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDAX 41014.69 32811.75 EUR Yes 38978.44 31182.75
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXM 8202.94 6562.35 EUR No 7795.69 6236.55
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXS 1640.59 1312.47 EUR Yes 1559.14 1247.31
EUREXDBEAEURO STOXX Banks Index Dividend Futures FEBD 700.625 280.25 EUR No 700.625 280.25
EUREXSX7EEuro STOXX Banks Index FESB 899.719 719.775 EUR Yes 830.00 664.00
EUREXSX4EEuro STOXX Chemicals FESC 6696.91 5357.53 EUR Yes 1 6168.35 4934.68
EUREXSXNEEuro STOXX Industrial Goods&Services FESG 5986.39 4789.11 EUR Yes 1 5458.93 4367.15
EUREXSXDEEuro STOXX Healthcare FESH 3728.77 2983.01 EUR Yes 1 3728.77 2983.01
EUREXSXOEEuro STOXX Construction FESN 3278.74 2623.00 EUR Yes 1 3124.38 2499.50
EUREXSX3EEuro STOXX Food&Beverages FESO 2701.57 2161.26 EUR Yes 1 2701.57 2161.26
EUREXSXREEuro STOXX Retail FESR 3165.68 2532.54 EUR Yes 1 3165.68 2532.54
EUREXSXPEEuro STOXX Basic Resources FESS 1325.01 1060.01 EUR Yes 1 1238.96 991.165
EUREXSXKEEuro STOXX Telecommunications FEST 1341.87 1073.50 EUR Yes 1 1341.87 1073.50
EUREXSXTEEuro STOXX Travel & Leisure FESV 1334.78 1067.82 EUR Yes 1 1219.24 975.392
EUREXESTX50Euro STOXX50 FESX 4354.86 3483.89 EUR Yes 4095.54 3276.43
EUREXSX8EEuro STOXX Technology FESY 16144.85 12915.88 EUR Yes 1 16144.85 12915.88
EUREXSXQEEuro STOXX Personal & Household Goods FESZ 8179.77 6543.81 EUR Yes 1 8179.77 6543.81
EUREXOMXH25OMX Helsinki 25 Index FFOX 8713.51 6970.80 EUR Yes 1 8713.51 6970.80
EUREXDJ200STOXX MID 200 Index FMCP 2236.82 1789.46 EUR Yes 1 2179.06 1743.25
EUREXM1EFMSCI Emerging Markets Net Total Return Index FMEM 5121.08 4096.86 USD No 5121.08 4096.86
EUREXMXEUMSCI Europe FMEP 1405.32 1124.26 EUR No 1161.40 929.118
EUREXM7EUMSCI Europe Net Return EUR Index FMEU 2711.85 2169.48 EUR No 2234.92 1787.94
EUREXMXJPUSMSCI JAPAN INDEX - USD FMJP 5973.475 4778.78 USD No 5973.475 4778.78
EUREXMBWOMSCI World Net EUR Index 1 FMWN 3528.59 2822.87 EUR No 3096.45 2477.16
EUREXM1WOMSCI World NETR USD Index FMWO 8199.70 6559.76 USD No 7290.78 5832.62
EUREXMXWOMSCI World Index FMWP 4468.82 3575.06 USD No 4468.82 3575.06
EUREXSXXPESGXSTOXX Europe 600 ESG-X FSEG 1323.95 1059.16 EUR No 1263.21 1010.57
EUREXSLISwiss Leader Index (PREIS_INDEX) FSLI 3756.53 3005.23 CHF Yes 1 3756.53 3005.23
EUREXSMIDPSMI Dividend Points Index FSMD 18420.00 7368.00 CHF No 18420.00 7368.00
EUREXSMISwiss Market Index FSMI 9174.68 7339.74 CHF Yes 9174.68 7339.74
EUREXSMIMSwiss Mid-cap Index FSMM 4489.78 3591.83 CHF Yes 1 4489.78 3591.83
EUREXSMISwiss Market Index FSMS 917.468 733.974 CHF No 917.468 733.974
EUREXMDAXMidcap DAX FSMX 2600.42 2080.33 EUR No 2477.91 1982.33
EUREXSXAPSTOXX 600 Automobiles & Parts FSTA 5054.95 4043.96 EUR Yes 1 5054.95 4043.96
EUREXSX7PSTOXX 600 Banks FSTB 1284.36 1027.49 EUR Yes 1024.38 819.505
EUREXSX4PSTOXX 600 Chemicals FSTC 5555.38 4444.30 EUR Yes 1 4886.02 3908.81
EUREXSXEPSTOXX 600 Oil & Gas FSTE 1981.82 1585.45 EUR Yes 1981.82 1585.45
EUREXSXFPSTOXX 600 Financial Services Index FSTF 4286.33 3429.06 EUR Yes 1 3346.19 2676.955
EUREXSXNPSTOXX 600 Industrial Goods & Services Index FSTG 4223.58 3378.86 EUR Yes 1 3695.79 2956.63
EUREXSXDPSTOXX 600 Healthcare FSTH 3883.13 3106.50 EUR Yes 1 3883.13 3106.50
EUREXSXIPSTOXX 600 Insurance FSTI 2488.40 1990.72 EUR Yes 1 2090.91 1672.73
EUREXSX86PSTOXX 600 Real Estate FSTL 825.316 660.253 EUR No 825.316 660.253
EUREXSXMPSTOXX 600 Media FSTM 1680.85 1344.68 EUR Yes 1 1554.57 1243.65
EUREXSXOPSTOXX 600 Construction & Materials FSTN 3527.75 2822.20 EUR Yes 1 3067.18 2453.75
EUREXSX3PSTOXX 600 Food & Beverage Index FSTO 3402.19 2721.75 EUR Yes 1 3402.19 2721.75
EUREXSXRPSTOXX 600 Retail FSTR 1605.44 1284.35 EUR Yes 1 1605.44 1284.35
EUREXSXPPSTOXX 600 Basic Resources Index FSTS 3861.36 3089.09 EUR Yes 3861.36 3089.09
EUREXSXKPSTOXX 600 Telecommunications FSTT 1128.13 902.50 EUR Yes 1 1128.13 902.50
EUREXSX6PSTOXX 600 Utilities FSTU 1514.07 1211.26 EUR Yes 1514.07 1211.26
EUREXSXTPSTOXX 600 Travel & Leisure FSTV 1518.87 1215.095 EUR Yes 1 1467.84 1174.27
EUREXSTXSTOXX50 FSTX 3620.04 2896.03 EUR Yes 1 2967.56 2374.05
EUREXSX8PSTOXX 600 Technology FSTY 8155.03 6524.02 EUR Yes 1 8155.03 6524.02
EUREXSXQPSTOXX 600 Personal & Household Goods FSTZ 4637.31 3709.85 EUR Yes 1 4637.31 3709.85
EUREXESTX50Euro STOXX50 FSXE 435.486 348.389 EUR No 409.554 327.643
EUREXTDXTECDAX FTDX 8532.24 6825.79 EUR Yes 1 8532.24 6825.79
EUREXDJ600STOXX 600 Index FXXP 2107.21 1685.76 EUR Yes 1810.94 1448.75


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 11339.62 9071.69 EUR No 11339.62 9071.69


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 70815.08 56652.06 HKD No 70815.08 56652.06
HKFEHSIDPIHSI Dividend Point Index DHS 13303.58 7461.50 HKD No 13303.58 7461.50
HKFEHSIHang Seng Stock Index HSI 95591.74 76473.39 HKD Yes 95591.74 76473.39
HKFEHSTECHHang Seng TECH Index HTI 32910.99 26328.79 HKD Yes 32910.99 26328.79
HKFEMCAMSCI China A 50 Connect Index MCA 4451.18 3560.95 USD No 4451.18 3560.95
HKFEMHIMini Hang Seng Index MHI 19118.35 15294.68 HKD Yes 19118.35 15294.68
HKFEMID.HKMSCI Indonesia Index (USD) - HKFE MIA 1603.83 1283.06 USD No 1603.83 1283.06
HKFEMNDMSCI India Index (USD) - HKFE MND 3364.90 2691.92 USD No 3364.90 2691.92
HKFEMTWMSCI Taiwan (USD) Index - HKFE MTW 4415.60 3532.48 USD No 4415.60 3532.48


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 6961.12 5568.90 USD No 6961.12 5568.90
ICEEUF1DVFTSE 100 Dividend Index XZ 992.05 620 GBP No 992.05 620
ICEEUYFTSE 250 Index Y2 5017.08 4013.67 GBP No 5017.08 4013.67
ICEEUZFTSE 100 Index Z 5910.54 4728.43 GBP Yes 5910.54 4728.43


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 4475 1790 EUR No 4475 1790
IDEMFTMIBFTSE MIB Index FTMIB 24982.34 19985.875 EUR Yes 24982.34 19985.875
IDEMFTMIBFTSE MIB Index MICRO 999.294 799.435 EUR No 999.294 799.435
IDEMFTMIBFTSE MIB Index MINI 4996.47 3997.175 EUR No 4996.47 3997.175


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 61932.185 49545.75 MXN Yes 1 57125.30 45700.24
MEXDERIPCMexico Bolsa (IPC) Index MIP 12386.44 9909.15 MXN No 11425.06 9140.05


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 14404.60 11523.68 EUR No 14404.60 11523.68
MONEPFEOFTSEurofirst 100 NEW FEO 10678.01 8542.41 EUR No 10678.01 8542.41


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 24946.25 19957 SEK No 24946.25 19957
OMSOMXS30OMX Index (Sweden) OMXS30 26061.40 20849.12 SEK Yes 26061.40 20849.12


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 3382150.85 2705720.68 JPY Yes 3382150.85 2705720.68
OSE.JPNN225MNikkei 225 Mini 225M 338215.085 270572.07 JPY Yes 338215.085 270572.07
OSE.JPNN225MCNikkei 225 Micro 225MC 33821.51 27057.21 JPY No 33821.51 27057.21
OSE.JPNJPNK400JPX-Nikkei Index 400 400 144917.43 115933.95 JPY No 144917.43 115933.95
OSE.JPNTPXC30Topix Core30 C30 113597.41 90877.93 JPY No 113597.41 90877.93
OSE.JPNDJIAOSE Dow Jones Industrial Average DJIA 429066.15 343252.92 JPY No 429066.15 343252.92
OSE.JPNJGBStandardized 6% 10-Year Japanese Government Bond JBL 2373795.86 1899036.69 JPY Yes 2373795.86 1899036.69
OSE.JPNMJMini 10 Year JGB JBLM 237379.59 189903.67 JPY No 237379.59 189903.67
OSE.JPNTSEMOTHRTSE Growth Market 250 Index MOTH 79936.12 63948.89 JPY No 79936.12 63948.89
OSE.JPNNKVINikkei 225 Volatility Index NVI 127500 102000 JPY No 257954.36 206363.49
OSE.JPNTSEREITTSE REIT Index REIT 225490.80 180392.64 JPY No 225490.80 180392.64
OSE.JPNTOPXTOPIX Index TPX 2040021.11 1632016.89 JPY No 2040021.11 1632016.89
OSE.JPNMNTPXJapan Mini Topix TPXM 204002.11 163201.69 JPY No 204002.11 163201.69


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 1788 1430.40 USD No 1788 1430.40
SGXXIN0IFTSE China H50 FCH 5036.86 4029.49 USD No 5036.86 4029.49
SGXWIIDNFTSE Indonesia Index FID 1157.64 926.114 USD No 1157.64 926.114
SGXNKYDIVNikkei Stock Average Dividend Point Index ND 1611250 1289000 JPY No 1611250 1289000
SGXSGXNKSGX: Nikkei 225 NK 1500000 1200000 JPY Yes 1500000 1200000
SGXSGXNKMSGX: NIKKEI 225 Mini NS 300000 240000 JPY No 300000 240000
SGXN225USGX: USD Nikkei 225 Index NU 48239.41 38591.53 USD No 48239.41 38591.53
SGXSSGMSCI Singapore Free Index SGP 1758.44 1406.75 SGD Yes 1 1758.44 1406.75
SGXSTISGX Straits Times Index ST 4879.21 3903.37 SGD No 4879.21 3903.37
SGXC52COMFORTDELGRO CORP LTD YCDD 1277.11 1021.69 SGD No 1277.11 1021.68
SGXD05DBS GROUP HOLDINGS LTD YDBS 3151.42 2521.14 SGD No 3151.42 2521.14
SGXG13GENTING SINGAPORE LTD YGEN 849.525 679.62 SGD No 849.525 679.62
SGXBN4KEPPEL LTD YKEP 4045.59 3236.47 SGD No 4045.59 3236.47
SGXO39OVERSEA-CHINESE BANKING CORP YOCB 4892.29 3913.83 SGD No 4892.29 3913.83
SGXZ74SINGAPORE TELECOMMUNICATIONS YSTT 2197.12 1757.69 SGD No 2197.12 1757.69
SGXY92THAI BEVERAGE PCL YTBE 952.90 762.32 SGD No 952.90 762.32
SGXU11UNITED OVERSEAS BANK LTD YUOB 5288.86 4231.09 SGD No 5288.86 4231.09
SGXF34WILMAR INTERNATIONAL LTD YWIL 3142.49 2513.99 SGD No 3142.49 2513.99
SGXBS6YANGZIJIANG SHIPBUILDING YYZJ 15883.21 3582.54 SGD No 4478.18 3582.54


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%.