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	1593.09	1385.29	USD	No	1514.55	1317
CBOT	YM	-	YM	15930.87	13852.93	USD	Yes	15150.10	13174

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	23015.47	20013.45	CAD	No	23015.46	20013.45
CDE	TSE60	-	SXM	11761.91	10227.74	CAD	No	11761.91	10227.74

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	9760.34	8487.25	USD	No	9760.34	8487.25
CFE	IBXXIBIG	-	IBIG	9153.02	7959.15	USD	No	9153.02	7959.15
CFE	VIX	-	VX	11299.61	9825.75	USD	Yes	23999.47	20869.10
CFE	VIX	-	VX21	10637.50	9250	USD	No	24997.96	21737.36
CFE	VIX	-	VX22	10637.50	9250	USD	No	24997.96	21737.36
CFE	VIX	-	VX23	10637.50	9250	USD	No	24997.96	21737.36
CFE	VIX	-	VX25	10637.50	9250	USD	No	22828.39	19850.78
CFE	VIX	-	VX26	10637.50	9250	USD	No	22691.19	19731.47
CFE	VXM	-	VXM	1129.96	982.575	USD	No	2399.95	2086.91

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	29842.59	25950.08	USD	No	29842.59	25950.08
CME	EMD	-	EMD	25847.35	22475.96	USD	Yes¹	26185.50	22770
CME	NIY	-	ENY	346242.77	301080.67	JPY	No	320735	278900
CME	ES	-	ES	24453.08	22230.07	USD	Yes	22634.70	20577
CME	SPXESUP	-	ESG	41039.39	35683.83	USD	No	41959.39	35683.83
CME	IBAA	-	IBV	41923.25	36455	USD	No	31557.15	27441
CME	M2K	-	M2K	1073.13	928	USD	No	968.30	842
CME	MES	-	MES	2445.31	2223.01	USD	Yes	2263.80	2058
CME	MNQ	-	MNQ	3551.67	3228.79	USD	Yes	3371.50	3065
CME	NIY	-	NIY	1731213.86	1505403.36	JPY	No	1603905	1394700
CME	NKD	-	NKD	17484.61	15203.98	USD	No	16002.25	13915
CME	NQ	-	NQ	35516.71	32287.92	USD	Yes	33710.60	30646
CME	RS1	-	RS1	31405.54	27293.65	USD	No	31405.54	27293.65
CME	RSG	-	RSG	38854.97	33786.35	USD	No	39974.97	33786.35
CME	RSV	-	RSV	10142.74	8818.78	USD	No	10287.74	8818.78
CME	RTY	-	RTY	10731.31	9278	USD	Yes	9684.15	8421
CME	SGX	-	SG	268249.56	233260.46	USD	No	268249.53	233260.46
CME	SMC	-	SMC	31202.28	26923.72	USD	No	30962.28	26923.72
CME	SVX	-	SU	85130.45	74026.48	USD	No	85130.45	74026.48
CME	IXB	-	XAB	12224.06	10629.08	USD	No	12564.06	10629.08
CME	IXE	-	XAE	13879.70	12069.21	USD	No	14509.70	12069.21
CME	IXI	-	XAI	18182.61	15810.91	USD	No	18572.62	15810.91
CME	IXR	-	XAP	8436.47	7127.16	USD	No	8196.46	7127.16
CME	IXU	-	XAU	11303.41	9689.51	USD	No	11143.41	9689.51
CME	IXV	-	XAV	20291.25	17513.81	USD	No	20141.25	17513.81
CME	IXY	-	XAY	45935.72	39940.59	USD	No	46215.73	39940.59

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	2631.20	2288.00	EUR	No	2631.20	2288.00
EUREX	DAX	-	FDAX	52915.81	46013.75	EUR	Yes	47960.75	41705
EUREX	DAX	-	FDXM	10583.16	9202.75	EUR	No	9592.15	8341
EUREX	DAX	-	FDXS	2116.63	1840.55	EUR	Yes	1918.43	1668.20
EUREX	DBEA	-	FEBD	243.845	212.0395	EUR	No	232.968	202.581
EUREX	SX7E	-	FESB	1338.25	1163.70	EUR	Yes	1167.34	1015.075
EUREX	SX4E	-	FESC	6077.00	5284.35	EUR	Yes¹	5584.71	4856.27
EUREX	SXNE	-	FESG	8132.93	7072.12	EUR	Yes¹	6252.38	5436.85
EUREX	SXDE	-	FESH	3276.10	2848.78	EUR	Yes¹	2895.63	2517.93
EUREX	SXOE	-	FESN	4335.93	3770.37	EUR	Yes¹	3638.13	3163.59
EUREX	SX3E	-	FESO	1426.61	1240.53	EUR	Yes¹	1442.76	1254.58
EUREX	SXRE	-	FESR	4632.14	4027.95	EUR	Yes¹	4434.23	3855.85
EUREX	SXPE	-	FESS	1128.06	980.843	EUR	Yes¹	1053.65	916.14
EUREX	SXKE	-	FEST	1285.13	1117.22	EUR	Yes¹	1109.19	964.265
EUREX	SXTE	-	FESV	1206.19	1048.86	EUR	Yes¹	991.695	862.343
EUREX	ESTX50	-	FESX	4673.46	4063.88	EUR	Yes	4174.20	3629.74
EUREX	SX8E	-	FESY	16799.78	14608.51	EUR	Yes¹	16799.78	14608.51
EUREX	SXQE	-	FESZ	5431.68	4723.20	EUR	Yes¹	6249.10	5434.00
EUREX	OMXH25	-	FFOX	8710.60	7572.11	EUR	Yes¹	8710.60	7572.11
EUREX	DJ200	-	FMCP	2373.09	2063.41	EUR	Yes¹	1953.32	1698.42
EUREX	M1EF	-	FMEM	7892.35	6862.71	USD	No	7892.35	6862.71
EUREX	MXEU	-	FMEP	2575.12	2239.18	EUR	No	2575.12	2239.18
EUREX	M7EU	-	FMEU	3138.24	2728.89	EUR	No	2416.92	2101.66
EUREX	MXJPUS	-	FMJP	7323.77	6368.24	USD	No	7323.77	6368.24
EUREX	MBWO	-	FMWN	6008.43	5224.72	EUR	No	3800.15	3304.48
EUREX	M1WO	-	FMWO	9368.97	8146.93	USD	No	8091.62	7036.19
EUREX	MXWO	-	FMWP	6009.89	5225.46	USD	No	6009.89	5225.46
EUREX	SXXPESGX	-	FSEG	1742.20	1514.94	EUR	No	1251.82	1088.53
EUREX	SLI	-	FSLI	3571.17	3105.36	CHF	Yes¹	3571.17	3105.36
EUREX	SMIDP	-	FSMD	8834.30	7682.00	CHF	No	8834.30	7682.00
EUREX	SMI	-	FSMI	12570.765	10931.10	CHF	Yes	8732.18	7593.20
EUREX	SMIM	-	FSMM	3723.22	3237.19	CHF	Yes¹	3723.22	3237.19
EUREX	SMI	-	FSMS	1257.08	1093.11	CHF	No	873.218	759.32
EUREX	MDAX	-	FSMX	2899.14	2520.94	EUR	No	2658.30	2311.52
EUREX	SXAP	-	FSTA	3013.38	2620.32	EUR	Yes¹	2739.37	2382.045
EUREX	SX7P	-	FSTB	1801.34	1566.37	EUR	Yes	1478.73	1285.85
EUREX	SX4P	-	FSTC	5100.37	4434.05	EUR	Yes¹	4349.19	3781.00
EUREX	SXEP	-	FSTE	1987.45	1728.22	EUR	Yes	1698.66	1477.10
EUREX	SXFP	-	FSTF	4828.51	4198.445	EUR	Yes¹	3763.14	3272.095
EUREX	SXNP	-	FSTG	5214.97	4534.57	EUR	Yes¹	4209.57	3660.35
EUREX	SXDP	-	FSTH	4951.56	4305.67	EUR	Yes¹	3810.90	3313.80
EUREX	SXIP	-	FSTI	2897.09	2519.17	EUR	Yes¹	2489.93	2165.12
EUREX	SX86P	-	FSTL	709.395	616.857	EUR	No	709.395	616.857
EUREX	SXMP	-	FSTM	2238.25	1945.725	EUR	Yes¹	1616.23	1404.995
EUREX	SXOP	-	FSTN	3781.55	3288.13	EUR	Yes¹	3600.44	3130.65
EUREX	SX3P	-	FSTO	1983.00	1724.25	EUR	Yes¹	2280.06	1982.56
EUREX	SXRP	-	FSTR	1787.91	1554.31	EUR	Yes¹	1913.17	1663.20
EUREX	SXPP	-	FSTS	3419.47	2973.44	EUR	Yes	3336.92	2901.66
EUREX	SXKP	-	FSTT	809.276	703.705	EUR	Yes¹	756.395	657.723
EUREX	SX6P	-	FSTU	1656.08	1440.06	EUR	Yes	1493.37	1298.57
EUREX	SXTP	-	FSTV	1425.97	1239.94	EUR	Yes¹	1136.73	988.44
EUREX	STX	-	FSTX	4238.25	3685.24	EUR	Yes¹	2904.75	2525.74
EUREX	SX8P	-	FSTY	6341.73	5514.08	EUR	Yes¹	6341.73	5514.08
EUREX	SXQP	-	FSTZ	3605.92	3135.22	EUR	Yes¹	3780.18	3286.74
EUREX	ESTX50	-	FSXE	467.346	406.388	EUR	No	417.42	362.974
EUREX	TDX	-	FTDX	7818.92	6799.06	EUR	Yes¹	7818.92	6799.06
EUREX	DJ600	-	FXXP	2356.36	2049.01	EUR	Yes	1696.19	1474.95

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	8337.38	7249.89	EUR	No	8337.38	7249.89

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	77001.19	66957.55	HKD	No	77001.19	66957.55
HKFE	HSIDPI	-	DHS	9274.52	8064.80	HKD	No	9274.52	8064.80
HKFE	HSI	-	HSI	154663.41	134489.92	HKD	Yes	154663.41	134489.92
HKFE	HSTECH	-	HTI	53446.98	46475.63	HKD	Yes	53446.98	46475.63
HKFE	MCA	-	MCA	4251.97	3697.29	USD	No	4251.97	3697.29
HKFE	MHI	-	MHI	30932.68	26897.98	HKD	Yes	30932.68	26897.98
HKFE	MID.HK	-	MIA	3163.01	2750.44	USD	No	3163.01	2750.44
HKFE	MND	-	MND	5871.44	5105.60	USD	No	5871.44	5105.60
HKFE	MTW	-	MTW	14190.33	12339.37	USD	No	14190.33	12339.37

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	7609.96	6616.82	USD	No	7609.96	6616.82
ICEEU	F1DV	-	XZ	556.807	484.18	GBP	No	556.807	484.18
ICEEU	Y	-	Y2	4130.88	3591.89	GBP	No	4130.88	3591.89
ICEEU	Z	-	Z	6924.18	6021.03	GBP	Yes	6924.18	6021.03

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	28344.05	24647	EUR	Yes	28344.05	24647
IDEM	FTMIB	-	MICR	1133.76	985.88	EUR	No	1133.76	985.88
IDEM	FTMIB	-	MIN	5668.81	4929.40	EUR	No	5668.81	4929.40

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	13800.15	12000.05	EUR	No	13800.15	12000.05
MEFFRV	IBEX	-	MIX	1380.01	1200.01	EUR	Yes	1380.01	1200.01

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	56670.64	49276.99	MXN	Yes¹	56265.37	48924.59
MEXDER	IPC	-	MIP	11334.47	9855.40	MXN	No	11253.42	9784.92

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	15134.27	13160.23	EUR	No	15134.27	13160.23
MONEP	FEO	-	FEO	10029.33	8721.16	EUR	No	10029.33	8721.16

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	26885.96	23375	SEK	No	26885.96	23375
OMS	OMXS30	-	OMXS30	27846.23	24214.11	SEK	Yes	27846.23	24214.11

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	3871407.15	3366441	JPY	Yes	3306584.65	2875291
OSE.JPN	N225M	-	225M	387140.715	336644.10	JPY	Yes	330658.465	287529.10
OSE.JPN	N225MC	-	225MC	38714.07	33664.41	JPY	No	33065.85	28752.91
OSE.JPN	JPNK400	-	400	184091.31	160078.80	JPY	No	184091.31	160078.80
OSE.JPN	TPXC30	-	C30	119043.90	103516.43	JPY	No	119043.90	103516.43
OSE.JPN	DJIA	-	DJIA	507272.98	441106.94	JPY	No	507272.98	441106.94
OSE.JPN	JGB	-	JBL	2305979.90	2005199.91	JPY	Yes	2225911.15	1935574.92
OSE.JPN	MJ	-	JBLM	230597.99	200519.99	JPY	No	222591.12	193557.49
OSE.JPN	TSEMOTHR	-	MOTH	70086.85	60945	JPY	No	70086.85	60945
OSE.JPN	NKVI	-	NVI	147487.50	128250	JPY	No	202687.50	176250
OSE.JPN	TSEREIT	-	REIT	165265.37	143694.09	JPY	No	165265.37	143694.09
OSE.JPN	TOPX	-	TPX	2055113.25	1787055	JPY	No	2043990.02	1777382.63
OSE.JPN	MNTPX	-	TPXM	205511.325	178705.50	JPY	No	204399.00	177738.26

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	1882.04	1636.56	USD	No	1882.04	1636.56
SGX	XIN0I	-	FCH	4381.20	3809.74	USD	No	4381.20	3809.74
SGX	WIIDN	-	FID	2219.02	1929.58	USD	No	2219.02	1929.58
SGX	NKYDIV	-	ND	1849890.09	1608599.98	JPY	No	1849889.97	1608599.98
SGX	NIFTY	-	NIFTY	2875	2500	USD	No	2875	2500
SGX	SGXNK	-	NK	1495006.85	1300005.96	JPY	Yes	1495006.85	1300005.96
SGX	SGXNKM	-	NS	299001.37	260001.19	JPY	No	299001.37	260001.19
SGX	N225U	-	NU	46148.82	40129.41	USD	No	46148.82	40129.41
SGX	SSG	-	SGP	2875	2500	SGD	Yes¹	2875	2500
SGX	STI	-	ST	4869.52	4234.37	SGD	No	4869.52	4234.37
SGX	C52	-	YCDD	1294.37	1125.54	SGD	No	1352.91	1125.53
SGX	D05	-	YDBS	4240.17	3656.48	SGD	No	4204.95	3656.48
SGX	G13	-	YGEN	612.663	532.75	SGD	No	619.343	532.75
SGX	BN4	-	YKEP	3529.22	3011.93	SGD	No	3463.71	3011.93
SGX	O39	-	YOCB	5602.00	4871.30	SGD	No	5687.36	4871.31
SGX	Z74	-	YSTT	3351.45	2843.84	SGD	No	3270.42	2843.84
SGX	Y92	-	YTBE	807.752	696.48	SGD	No	800.952	696.48
SGX	U11	-	YUOB	6145.43	5297.50	SGD	No	6092.13	5297.51
SGX	F34	-	YWIL	2859.65	2288.58	SGD	No	2631.87	2288.58
SGX	BS6	-	YYZJ	19241.56	4322.04	SGD	No	4970.36	4322.05

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	19591.40	17036	AUD	Yes	19591.40	17036

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%.