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 1553.65 1351 USD No 1491.55 1297
CBOTYM- YM 15535.43 13509.07 USD Yes 14910.90 12966


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 21745.07 18908.76 CAD No 21745.07 18908.76
CDETSE60- SXM 12928.72 11242.36 CAD No 12928.72 11242.36


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 10031.74 8723.25 USD No 10031.74 8723.25
CFEIBXXIBIG- IBIG 9275.80 8065.91 USD No 9275.80 8065.91
CFEVIX- VX 10522.96 9150.40 USD Yes 26189.26 22773.27
CFEVIX- VX34 10522.96 9150.40 USD No 30111.03 26183.50
CFEVIX- VX35 10522.96 9150.40 USD No 27939.58 24295.29
CFEVIX- VX36 10522.96 9150.40 USD No 26900.32 23391.58
CFEVIX- VX38 9996.81 8692.88 USD No 25676.15 22327.09
CFEVIX- VX39 9260.26 8052.40 USD No 25261.98 21966.93
CFEVXM- VXM 1052.30 915.04 USD No 2493.14 2167.95


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 28822.60 25063.13 USD No 28822.60 25063.13
CMEEMD- EMD 24840.18 21600.16 USD Yes 1 25203.40 21916
CMENIY- ENY 348954.68 303438.86 JPY No 340400 296000
CMEES- ES 23471.80 21338 USD Yes 22012.10 20011
CMESPXESUP- ESG 17730.72 15415.55 USD No 17730.73 15415.55
CMEIBAA- IBV 33291.37 28949.02 USD No 32778.45 28503
CMEM2K- M2K 1062.60 924 USD No 972.90 846
CMEMES- MES 2347.40 2134 USD Yes 2201.10 2001
CMEMNQ- MNQ 3566.01 3241.83 USD Yes 3566.01 3241.83
CMENIY- NIY 1744780 1517200 JPY No 1701770 1479800
CMENKD- NKD 17714.37 15403.80 USD No 17714.37 15403.80
CMENQ- NQ 35660.10 32418.27 USD Yes 35660.10 32418.27
CMERS1- RS1 14316.32 12442 USD No 13196.26 11468.50
CMERSG- RSG 52135.85 45325.95 USD No 52135.85 45325.95
CMERSV- RSV 10384.32 9028.87 USD No 10384.32 9028.87
CMERTY- RTY 10624.85 9239 USD Yes 9730.15 8461
CMESGX- SG 329035.89 286118.16 USD No 329035.91 286118.16
CMESMC- SMC 31915.85 27752.91 USD No 31915.85 27752.91
CMESVX- SU 82626.84 71849.41 USD No 82626.83 71849.41
CMEIXB- XAB 14497.84 12605.82 USD No 14497.84 12605.82
CMEIXE- XAE 12560.55 10921.91 USD No 12560.54 10921.91
CMEIXI- XAI 21092.72 18340.25 USD No 21092.72 18340.25
CMEIXR- XAP 6202.47 5393.42 USD No 6202.47 5393.42
CMEIXU- XAU 11856.40 10309.37 USD No 11856.40 10309.37
CMEIXV- XAV 13433.21 11680.67 USD No 13433.21 11680.67
CMEIXY- XAY 47198.79 41035.95 USD No 47198.79 41035.95


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 2647.30 2302.00 EUR No 2647.30 2302.00
EUREXDAX- FDAX 50748.58 44129.20 EUR Yes 49420.10 42974
EUREXDAX- FDXM 10149.72 8825.84 EUR No 9884.02 8594.80
EUREXDAX- FDXS 2029.94 1765.17 EUR Yes 1976.80 1718.96
EUREXDBEA- FEBD 283.819 246.799 EUR No 273.235 237.5955
EUREXSX7E- FESB 1559.31 1355.92 EUR Yes 1415.37 1230.75
EUREXSX4E- FESC 5928.05 5154.83 EUR Yes 1 5359.12 4660.10
EUREXSXNE- FESG 6918.34 6015.95 EUR Yes 1 6306.19 5483.64
EUREXSXDE- FESH 2696.92 2345.15 EUR Yes 1 2532.81 2202.44
EUREXSXOE- FESN 3820.81 3322.44 EUR Yes 1 3752.70 3263.22
EUREXSX3E- FESO 1321.06 1148.75 EUR Yes 1 1321.06 1148.75
EUREXSXRE- FESR 3489.00 3033.91 EUR Yes 1 3183.72 2768.45
EUREXSXPE- FESS 1210.26 1052.32 EUR Yes 1 1128.46 981.195
EUREXSXKE- FEST 1141.81 992.875 EUR Yes 1 1049.375 912.50
EUREXSXTE- FESV 1167.08 1014.86 EUR Yes 1 1136.80 988.523
EUREXESTX50- FESX 4360.32 3791.58 EUR Yes 4226.22 3674.97
EUREXSX8E- FESY 16543.26 14385.44 EUR Yes 1 16543.26 14385.44
EUREXSXQE- FESZ 5078.84 4416.38 EUR Yes 1 5172.42 4497.75
EUREXOMXH25- FFOX 9043.80 7859.66 EUR Yes 1 9043.80 7859.66
EUREXDJ200- FMCP 2371.81 2062.33 EUR Yes 1 1894.34 1647.16
EUREXM1EF- FMEM 9964.10 8664.23 USD No 9964.10 8664.23
EUREXMXEU- FMEP 1449.01 1260.01 EUR No 1444.13 1255.76
EUREXM7EU- FMEU 2930.47 2548.20 EUR No 2437.60 2119.63
EUREXMXJPUS- FMJP 6798.74 5911.82 USD No 6798.74 5911.82
EUREXMBWO- FMWN 4431.35 3853.31 EUR No 3489.86 3034.63
EUREXM1WO- FMWO 9326.62 8110.04 USD No 9326.62 8110.04
EUREXMXWO- FMWP 6770.78 5886.47 USD No 6770.78 5886.47
EUREXSXXPESGX- FSEG 1552.72 1350.16 EUR No 1208.08 1050.48
EUREXSLI- FSLI 3455.26 3004.57 CHF Yes 1 3455.26 3004.57
EUREXSMIDP- FSMD 8907.90 7746.00 CHF No 8907.90 7746.00
EUREXSMI- FSMI 8768.63 7624.90 CHF Yes 7145.95 6213.87
EUREXSMIM- FSMM 4280.25 3719.12 CHF Yes 1 4280.25 3719.12
EUREXSMI- FSMS 876.863 762.49 CHF No 714.595 621.387
EUREXMDAX- FSMX 2941.20 2557.46 EUR No 2390.03 2078.20
EUREXSXAP- FSTA 2971.10 2583.56 EUR Yes 1 2760.14 2400.11
EUREXSX7P- FSTB 1988.12 1728.79 EUR Yes 1673.95 1455.60
EUREXSX4P- FSTC 4820.10 4189.84 EUR Yes 1 4116.49 3578.23
EUREXSXEP- FSTE 1814.59 1577.90 EUR Yes 1663.41 1446.45
EUREXSXFP- FSTF 4839.96 4207.65 EUR Yes 1 3876.98 3370.48
EUREXSXNP- FSTG 4847.37 4214.65 EUR Yes 1 4377.76 3806.34
EUREXSXDP- FSTH 4463.43 3881.23 EUR Yes 1 3261.97 2836.48
EUREXSXIP- FSTI 3101.66 2696.86 EUR Yes 1 2542.65 2210.81
EUREXSX86P- FSTL 656.237 570.629 EUR No 656.237 570.629
EUREXSXMP- FSTM 1662.89 1445.75 EUR Yes 1 1287.37 1119.27
EUREXSXOP- FSTN 3942.49 3427.97 EUR Yes 1 3800.54 3304.55
EUREXSX3P- FSTO 1842.95 1602.50 EUR Yes 1 1842.95 1602.50
EUREXSXRP- FSTR 1431.18 1244.16 EUR Yes 1 1431.18 1244.16
EUREXSXPP- FSTS 3212.65 2793.59 EUR Yes 3407.74 2963.23
EUREXSXKP- FSTT 750.397 652.50 EUR Yes 1 750.397 652.50
EUREXSX6P- FSTU 1637.29 1423.72 EUR Yes 1283.98 1116.50
EUREXSXTP- FSTV 1285.47 1117.635 EUR Yes 1 1249.97 1086.775
EUREXSTX- FSTX 3531.89 3070.86 EUR Yes 1 2659.68 2312.50
EUREXSX8P- FSTY 7251.41 6305.29 EUR Yes 1 7251.41 6305.29
EUREXSXQP- FSTZ 3381.67 2939.58 EUR Yes 1 3381.67 2939.58
EUREXESTX50- FSXE 436.032 379.158 EUR No 422.622 367.497
EUREXTDX- FTDX 8051.28 7001.11 EUR Yes 1 8051.28 7001.11
EUREXDJ600- FXXP 2183.00 1898.26 EUR Yes 1769.85 1539.00


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 9083.62 7898.80 EUR No 9083.62 7898.80


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 72735.95 63248.65 HKD No 72735.95 63248.65
HKFEHSIDPI- DHS 9203.91 8003.40 HKD No 9203.91 8003.40
HKFEHSI- HSI 132027.10 114806.175 HKD Yes 132027.10 114806.175
HKFEHSTECH- HTI 49886.17 43379.28 HKD Yes 49886.17 43379.28
HKFEMCA- MCA 4504.16 3916.53 USD No 4504.16 3916.53
HKFEMHI- MHI 26405.42 22961.235 HKD Yes 26405.42 22961.235
HKFEMID.HK- MIA 1956.24 1701.08 USD No 1956.24 1701.08
HKFEMND- MND 5749.00 4999.13 USD No 5749.00 4999.13
HKFEMTW- MTW 7203.51 6263.91 USD No 7203.51 6263.91


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 4847.47 4214.74 USD No 4847.48 4214.74
ICEEUF1DV- XZ 698.97 607.80 GBP No 698.97 607.80
ICEEUY- Y2 4673.25 4063.50 GBP No 4673.25 4063.50
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 2311.50 2010 EUR No 2311.50 2010
IDEMFTMIB- FIB 30250.09 26304.425 EUR Yes 30250.09 26304.425
IDEMFTMIB- MICR 1210.00 1052.18 EUR No 1210.00 1052.18
IDEMFTMIB- MIN 6050.02 5260.885 EUR No 6050.02 5260.885


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
MEFFRVIBEX35- IBX 13800.11 12000 EUR No 13800.11 12000
MEFFRVIBEX- MIX 1380.00 1200 EUR Yes 1380.00 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 58044.17 50471.82 MXN Yes 1 54138.65 47075.81
MEXDERIPC- MIP 11609.09 10094.36 MXN No 10827.97 9415.16


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 15966.53 13883.94 EUR No 15966.53 13883.94
MONEPFEO- FEO 15087.51 13119.57 EUR No 15087.51 13119.57


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 24815.07 21574.03 SEK No 24815.07 21574.03
OMSOMXS30- OMXS30 25955.65 22570.13 SEK Yes 25955.65 22570.13


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 4427412.60 3849924 JPY Yes 4000579.25 3478764.57
OSE.JPNN225M- 225M 442741.26 384992.40 JPY Yes 400057.93 347876.46
OSE.JPNN225MC- 225MC 44274.13 38499.24 JPY No 40005.79 34787.65
OSE.JPNJPNK400- 400 175889.06 152946.80 JPY No 175889.06 152946.80
OSE.JPNTPXC30- C30 143311.26 124618.49 JPY No 143311.26 124618.49
OSE.JPNDJIA- DJIA 545122.11 474019.23 JPY No 545122.11 474019.23
OSE.JPNJGB- JBL 1961035.26 1705248.05 JPY Yes 1850331.65 1608984.05
OSE.JPNMJ- JBLM 196103.53 170524.80 JPY No 185033.17 160898.40
OSE.JPNTSEMOTHR- MOTH 61905.44 53830.80 JPY No 61905.44 53830.80
OSE.JPNNKVI- NVI 148637.50 129250 JPY No 201537.50 175250
OSE.JPNTSEREIT- REIT 180589.28 157021.69 JPY No 180589.28 157021.69
OSE.JPNTOPX- TPX 2302444.37 2002125.54 JPY No 2302444.37 2002125.54
OSE.JPNMNTPX- TPXM 230244.44 200212.55 JPY No 230244.44 200212.55


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 1987.20 1728 USD No 1987.20 1728
SGXXIN0I- FCH 4275.97 3718.24 USD No 4275.97 3718.24
SGXWIIDN- FID 1513.59 1316.16 USD No 1513.59 1316.16
SGXNKYDIV- ND 1846210.03 1605400.02 JPY No 1846210.15 1605400.02
SGXNIFTY- NIFTY 2990 2600 USD No 2990 2600
SGXSGXNK- NK 1487855.08 1293787.03 JPY Yes 1487855.08 1293787.03
SGXSGXNKM- NS 297571.02 258757.41 JPY No 297571.02 258757.41
SGXN225U- NU 53084.73 46160.64 USD No 53084.73 46160.64
SGXSSG- SGP 2530 2200 SGD Yes 1 2530 2200
SGXSTI- ST 5440.59 4730.95 SGD No 5440.59 4730.95
SGXC52- YCDD 1268.29 1102.86 SGD No 1275.69 1102.86
SGXD05- YDBS 4745.30 4126.35 SGD No 4754.31 4126.35
SGXG13- YGEN 719.307 543.93 SGD No 625.52 543.93
SGXBN4- YKEP 4296.65 3736.22 SGD No 4319.81 3736.22
SGXO39- YOCB 5828.96 5068.66 SGD No 5870.01 5068.66
SGXZ74- YSTT 3589.18 3121.02 SGD No 3610.98 3121.02
SGXY92- YTBE 811.014 705.23 SGD No 812.556 705.23
SGXU11- YUOB 6039.48 5251.72 SGD No 6080.93 5251.72
SGXF34- YWIL 2493.44 2168.21 SGD No 2508.17 2168.21
SGXBS6- YYZJ 25082.56 5661.85 SGD No 6530.40 5661.86


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 17404.14 15134.03 AUD Yes 17404.14 15134.03



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%.