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 1552.62 1350.10 USD No 1492.70 1298
CBOTYM- YM 15526.17 13501.02 USD Yes 14924.70 12978


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 22060.71 19183.23 CAD No 22060.72 19183.23
CDETSE60- SXM 12323.26 10715.88 CAD No 12323.26 10715.88


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 10217.87 8883.25 USD No 10217.87 8883.25
CFEIBXXIBIG- IBIG 9410.06 8180.00 USD No 9410.07 8180.00
CFEVIX- VX 9412.67 8184.93 USD Yes 28125.03 24456.55
CFEVIX- VX36 9367.67 8145.80 USD No 30181.96 26245.18
CFEVIX- VX38 9275.55 8065.70 USD No 26369.79 22930.25
CFEVIX- VX39 9275.55 8065.70 USD No 26369.79 22930.25
CFEVIX- VX40 9275.55 8065.70 USD No 26369.79 22930.25
CFEVIX- VX41 8811.78 7662.42 USD No 25051.32 21783.76
CFEVXM- VXM 939.514 816.969 USD No 2678.13 2328.81


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 31097.23 27041.07 USD No 31097.23 27041.07
CMEEMD- EMD 25004.05 21742.65 USD Yes 1 25258.60 21964
CMENIY- ENY 349058.34 303528.98 JPY No 339825 295500
CMEES- ES 23448.70 21317 USD Yes 22039.60 20036
CMESPXESUP- ESG 17597.16 15293.07 USD No 16643.44 14464.23
CMEIBAA- IBV 34908.27 30355.02 USD No 35646.55 30997
CMEM2K- M2K 1059.61 921.396 USD No 984.40 856
CMEMES- MES 2345.20 2132 USD Yes 2204.40 2004
CMEMNQ- MNQ 3360.63 3055.12 USD Yes 3246.10 2951
CMENIY- NIY 1736169.65 1509700 JPY No 1692685 1471900
CMENKD- NKD 21132.05 18372.36 USD No 21132.05 18372.36
CMENQ- NQ 33606.29 30551.17 USD Yes 32458.80 29508
CMERS1- RS1 14293.35 12429 USD No 12249.08 10651.37
CMERSG- RSG 46215.57 40186.69 USD No 46215.56 40186.69
CMERSV- RSV 10879.88 9460.30 USD No 10879.88 9460.30
CMERTY- RTY 10596.10 9214 USD Yes 9842.85 8559
CMESGX- SG 294048.58 255694.42 USD No 294048.63 255694.42
CMESMC- SMC 32125.79 27935.47 USD No 32125.79 27935.47
CMESVX- SU 85074.83 73978.11 USD No 85074.83 73978.11
CMEIXB- XAB 14749.18 12825.37 USD No 14749.17 12825.37
CMEIXE- XAE 12857.28 11180.16 USD No 12857.27 11180.16
CMEIXI- XAI 21712.17 18880.15 USD No 21712.17 18880.15
CMEIXR- XAP 5775.05 5021.78 USD No 5775.05 5021.78
CMEIXU- XAU 11282.70 9810.93 USD No 11282.70 9810.93
CMEIXV- XAV 13077.86 11372.05 USD No 13077.86 11372.05
CMEIXY- XAY 50819.34 44190.73 USD No 50819.34 44190.73


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 49225.10 42804.43 EUR Yes 47936.31 41683.75
EUREXDAX- FDXM 9845.02 8560.89 EUR No 9587.26 8336.75
EUREXDAX- FDXS 1969.00 1712.18 EUR Yes 1917.45 1667.35
EUREXDBEA- FEBD 283.819 246.799 EUR No 273.235 237.5955
EUREXSX7E- FESB 1509.83 1312.89 EUR Yes 1370.45 1191.70
EUREXSX4E- FESC 5664.33 4925.51 EUR Yes 1 5351.42 4653.41
EUREXSXNE- FESG 6848.02 5954.80 EUR Yes 1 6304.11 5481.83
EUREXSXDE- FESH 2467.13 2145.33 EUR Yes 1 2435.70 2118.00
EUREXSXOE- FESN 3590.33 3122.03 EUR Yes 1 3526.33 3066.37
EUREXSX3E- FESO 1275.40 1109.04 EUR Yes 1 1262.99 1098.25
EUREXSXRE- FESR 3255.70 2831.04 EUR Yes 1 3039.31 2642.88
EUREXSXPE- FESS 1166.01 1013.92 EUR Yes 1 1087.20 945.395
EUREXSXKE- FEST 1045.82 909.407 EUR Yes 1 1045.82 909.407
EUREXSXTE- FESV 1165.00 1013.05 EUR Yes 1 1165.00 1013.05
EUREXESTX50- FESX 4263.57 3707.45 EUR Yes 4132.43 3593.42
EUREXSX8E- FESY 16870.32 14669.85 EUR Yes 1 16870.32 14669.85
EUREXSXQE- FESZ 4914.78 4273.72 EUR Yes 1 4922.32 4280.28
EUREXOMXH25- FFOX 9146.67 7953.59 EUR Yes 1 9146.67 7953.59
EUREXDJ200- FMCP 2333.12 2028.80 EUR Yes 1 1863.43 1620.37
EUREXM1EF- FMEM 9603.87 8351.19 USD No 9603.87 8351.19
EUREXMXEU- FMEP 1435.41 1248.18 EUR No 1305.01 1134.79
EUREXM7EU- FMEU 2902.09 2523.56 EUR No 2414.00 2099.13
EUREXMXJPUS- FMJP 7159.61 6225.74 USD No 7159.61 6225.74
EUREXMBWO- FMWN 4089.12 3555.75 EUR No 3503.54 3046.56
EUREXM1WO- FMWO 9703.98 8438.24 USD No 9703.98 8438.24
EUREXMXWO- FMWP 6703.85 5829.44 USD No 6703.85 5829.44
EUREXSXXPESGX- FSEG 1529.22 1329.75 EUR No 1189.79 1034.59
EUREXSLI- FSLI 3855.55 3352.65 CHF Yes 1 3855.55 3352.65
EUREXSMIDP- FSMD 8894.10 7734.00 CHF No 8894.10 7734.00
EUREXSMI- FSMI 8436.57 7336.15 CHF Yes 7811.54 6792.65
EUREXSMIM- FSMM 4093.39 3557.39 CHF Yes 1 4093.39 3557.39
EUREXSMI- FSMS 843.657 733.615 CHF No 781.154 679.265
EUREXMDAX- FSMX 2875.34 2500.22 EUR No 2336.51 2031.69
EUREXSXAP- FSTA 2865.03 2491.33 EUR Yes 1 2661.60 2314.435
EUREXSX7P- FSTB 1945.35 1691.61 EUR Yes 1637.93 1424.29
EUREXSX4P- FSTC 4689.00 4076.79 EUR Yes 1 4004.51 3481.67
EUREXSXEP- FSTE 1803.53 1568.29 EUR Yes 1653.28 1437.64
EUREXSXFP- FSTF 4704.30 4090.36 EUR Yes 1 3768.30 3276.51
EUREXSXNP- FSTG 4836.62 4205.72 EUR Yes 1 4368.06 3798.28
EUREXSXDP- FSTH 4210.31 3661.14 EUR Yes 1 3162.25 2749.79
EUREXSXIP- FSTI 2969.12 2581.82 EUR Yes 1 2434.01 2116.51
EUREXSX86P- FSTL 709.929 617.326 EUR No 709.929 617.326
EUREXSXMP- FSTM 1610.50 1400.42 EUR Yes 1 1376.36 1196.82
EUREXSXOP- FSTN 3790.92 3296.40 EUR Yes 1 3654.42 3177.705
EUREXSX3P- FSTO 1770.71 1539.75 EUR Yes 1 1805.62 1570.10
EUREXSXRP- FSTR 1585.93 1378.77 EUR Yes 1 1585.93 1378.77
EUREXSXPP- FSTS 3315.10 2882.70 EUR Yes 3516.40 3057.74
EUREXSXKP- FSTT 734.567 638.75 EUR Yes 1 734.567 638.75
EUREXSX6P- FSTU 1586.22 1379.32 EUR Yes 1235.10 1074.00
EUREXSXTP- FSTV 1233.56 1072.58 EUR Yes 1 1233.56 1072.58
EUREXSTX- FSTX 3500.99 3044.20 EUR Yes 1 2627.08 2284.31
EUREXSX8P- FSTY 7546.12 6561.83 EUR Yes 1 7546.12 6561.83
EUREXSXQP- FSTZ 3149.24 2738.14 EUR Yes 1 3149.24 2738.14
EUREXESTX50- FSXE 426.357 370.745 EUR No 413.243 359.342
EUREXTDX- FTDX 8120.22 7061.06 EUR Yes 1 8120.22 7061.06
EUREXDJ600- FXXP 2159.18 1877.545 EUR Yes 1750.54 1522.21


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 11432.56 9941.36 EUR No 11432.56 9941.36


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 84787.41 73728.18 HKD No 84787.41 73728.18
HKFEHSIDPI- DHS 9208.97 8007.80 HKD No 9208.97 8007.80
HKFEHSI- HSI 142020.88 123496.42 HKD Yes 142020.88 123496.42
HKFEHSTECH- HTI 45542.54 39602.21 HKD Yes 45542.54 39602.21
HKFEMCA- MCA 5382.55 4680.48 USD No 5382.55 4680.48
HKFEMHI- MHI 28404.18 24699.28 HKD Yes 28404.18 24699.28
HKFEMID.HK- MIA 1852.05 1610.48 USD No 1852.05 1610.48
HKFEMND- MND 4762.17 4141.02 USD No 4762.17 4141.02
HKFEMTW- MTW 6913.49 6011.60 USD No 6913.49 6011.60


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 6499.55 5651.78 USD No 6499.55 5651.78
ICEEUF1DV- XZ 694.83 604.20 GBP No 694.83 604.20
ICEEUY- Y2 4882.74 4245.81 GBP No 4882.74 4245.81
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 2281.60 1984 EUR No 2281.60 1984
IDEMFTMIB- FIB 29644.33 25777.675 EUR Yes 29644.33 25777.675
IDEMFTMIB- MICR 1185.77 1031.11 EUR No 1185.77 1031.11
IDEMFTMIB- MIN 5928.87 5155.535 EUR No 5928.87 5155.535


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 12000 EUR No 13800 12000
MEFFRVIBEX- MIX 1380 1200 EUR Yes 1380 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 58734.17 51073.19 MXN Yes 1 53781.53 46766.55
MEXDERIPC- MIP 11746.83 10214.64 MXN No 10756.31 9353.31


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 15805.76 13744.14 EUR No 15805.76 13744.14
MONEPFEO- FEO 14978.33 13024.64 EUR No 14978.33 13024.64


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 24560.04 21355 SEK No 24560.05 21355
OMSOMXS30- OMXS30 25700.22 22348.01 SEK Yes 25700.22 22348.01


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.JPNN225- 225 4501684.20 3914508 JPY Yes 3859303.40 3355916
OSE.JPNN225M- 225M 450168.42 391450.80 JPY Yes 385930.34 335591.60
OSE.JPNN225MC- 225MC 45016.84 39145.08 JPY No 38593.03 33559.16
OSE.JPNJPNK400- 400 164221.91 142774.50 JPY No 164221.91 142774.50
OSE.JPNTPXC30- C30 138541.60 120470.95 JPY No 138541.60 120470.95
OSE.JPNDJIA- DJIA 606972.30 527802.00 JPY No 606972.30 527802.00
OSE.JPNJGB- JBL 2027536.86 1763075.53 JPY Yes 2027536.86 1763075.53
OSE.JPNMJ- JBLM 202753.69 176307.55 JPY No 202753.69 176307.55
OSE.JPNTSEMOTHR- MOTH 58948.43 51249.90 JPY No 58948.43 51249.90
OSE.JPNNKVI- NVI 137724 119760 JPY No 198444 172560
OSE.JPNTSEREIT- REIT 193716.88 168191.23 JPY No 193716.88 168191.23
OSE.JPNTOPX- TPX 2127730.18 1850200.16 JPY No 2127730.18 1850200.16
OSE.JPNMNTPX- TPXM 212773.02 185020.02 JPY No 212773.02 185020.02


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 2046.82 1779.84 USD No 2046.82 1779.84
SGXXIN0I- FCH 4819.74 4191.03 USD No 4819.74 4191.03
SGXWIIDN- FID 1479.44 1286.33 USD No 1479.44 1286.33
SGXNKYDIV- ND 1846900 1606000 JPY No 1846900 1606000
SGXNIFTY- NIFTY 2990.02 2600.02 USD No 2990.02 2600.02
SGXSGXNK- NK 1505235 1308900 JPY Yes 1505235 1308900
SGXSGXNKM- NS 301047 261780 JPY No 301047 261780
SGXN225U- NU 49189.70 42773.65 USD No 49189.70 42773.65
SGXSSG- SGP 2792.06 2427.88 SGD Yes 1 2792.06 2427.88
SGXSTI- ST 5627.04 4893.08 SGD No 5627.04 4893.08
SGXC52- YCDD 1290.02 1095.77 SGD No 1260.13 1095.77
SGXD05- YDBS 5825.77 4200.54 SGD No 4830.62 4200.54
SGXG13- YGEN 688.998 566.645 SGD No 651.642 566.645
SGXBN4- YKEP 4453.62 3872.71 SGD No 4471.69 3872.71
SGXO39- YOCB 5882.77 5031.52 SGD No 5786.25 5031.52
SGXZ74- YSTT 3994.10 3212.25 SGD No 3694.09 3212.25
SGXY92- YTBE 811.313 705.49 SGD No 874.612 705.50
SGXU11- YUOB 6140.12 5339.24 SGD No 6335.04 5339.24
SGXF34- YWIL 2537.52 2206.54 SGD No 2572.82 2206.54
SGXBS6- YYZJ 28198.55 6304.42 SGD No 7250.07 6304.41


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 18214.98 15839.11 AUD Yes 18214.98 15839.11



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%.