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	1558.25	1355	USD	No	1485.80	1292
CBOT	YM	-	YM	15577.90	13546.00	USD	Yes	14861.45	12923

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	22477.03	19545.24	CAD	No	22477.03	19545.24
CDE	TSE60	-	SXM	12793.93	11125.16	CAD	No	12793.93	11125.16

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
CFE	IBXXIBHY	-	IBHY	9882.10	8591.00	USD	No	9882.11	8591.00
CFE	IBXXIBIG	-	IBIG	10988.69	9552.32	USD	No	10988.68	9552.32
CFE	VIX	-	VX	10810.05	9400.05	USD	Yes	25532.46	22202.14
CFE	VIX	-	VX23	10637.50	9250	USD	No	27126.71	23588.45
CFE	VIX	-	VX25	10637.50	9250	USD	No	24928.69	21677.12
CFE	VIX	-	VX26	10637.50	9250	USD	No	24928.69	21677.12
CFE	VIX	-	VX27	10637.50	9250	USD	No	24928.69	21677.12
CFE	VIX	-	VX29	10637.50	9250	USD	No	25040.94	21774.73
CFE	VXM	-	VXM	1079.05	938.301	USD	No	2520.97	2192.15

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	28588.88	24859.90	USD	No	28588.88	24859.90
CME	EMD	-	EMD	25244.80	21952	USD	Yes¹	25531.15	22201
CME	NIY	-	ENY	344997.06	299997.45	JPY	No	320275	278500
CME	ES	-	ES	23903.06	21730.06	USD	Yes	22244.20	20222
CME	SPXESUP	-	ESG	31995.44	27821.63	USD	No	31995.43	27821.63
CME	IBAA	-	IBV	40688.15	35381	USD	No	30569.30	26582
CME	M2K	-	M2K	1065.01	926.098	USD	No	969.45	843
CME	MES	-	MES	2390.31	2173.01	USD	Yes	2224.20	2022
CME	MNQ	-	MNQ	3465.12	3150.11	USD	Yes	3314.30	3013
CME	NIY	-	NIY	1724310	1499400	JPY	No	1600685	1391900
CME	NKD	-	NKD	17157.21	14918.01	USD	No	15761.90	13706
CME	NQ	-	NQ	34651.19	31501.08	USD	Yes	33141.90	30129
CME	RS1	-	RS1	24203.22	21036.49	USD	No	24203.22	21036.49
CME	RSG	-	RSG	37982.44	33028.20	USD	No	37982.43	33028.20
CME	RSV	-	RSV	9707.95	8440.97	USD	No	9707.95	8440.97
CME	RTY	-	RTY	10650.15	9261	USD	Yes	9699.10	8434
CME	SGX	-	SG	269674.24	234499.34	USD	No	269674.24	234499.34
CME	SMC	-	SMC	29278.83	25459.85	USD	No	29278.84	25459.85
CME	SVX	-	SU	77492.29	67384.60	USD	No	77492.29	67384.60
CME	IXB	-	XAB	11163.46	9707.14	USD	No	11163.46	9707.14
CME	IXE	-	XAE	13695.79	11909.38	USD	No	13695.79	11909.38
CME	IXI	-	XAI	16943.35	14733.35	USD	No	16943.35	14733.35
CME	IXR	-	XAP	7425.74	6457.15	USD	No	7425.74	6457.15
CME	IXU	-	XAU	11722.48	10193.23	USD	No	11722.48	10193.23
CME	IXV	-	XAV	13314.28	11577.63	USD	No	13314.27	11577.63
CME	IXY	-	XAY	45316.12	39405.14	USD	No	45316.11	39405.14

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	2624.30	2282.00	EUR	No	2624.30	2282.00
EUREX	DAX	-	FDAX	51008.825	44355.50	EUR	Yes	48959.525	42573.50
EUREX	DAX	-	FDXM	10201.765	8871.10	EUR	No	9791.905	8514.70
EUREX	DAX	-	FDXS	2040.35	1774.22	EUR	Yes	1958.38	1702.94
EUREX	DBEA	-	FEBD	244.345	212.474	EUR	No	234.392	203.8195
EUREX	SX7E	-	FESB	1344.64	1169.25	EUR	Yes	1196.94	1040.82
EUREX	SX4E	-	FESC	6009.14	5225.34	EUR	Yes¹	5522.36	4802.05
EUREX	SXNE	-	FESG	7444.47	6473.45	EUR	Yes¹	6094.02	5299.15
EUREX	SXDE	-	FESH	2937.47	2554.33	EUR	Yes¹	2759.15	2399.27
EUREX	SXOE	-	FESN	3952.66	3437.10	EUR	Yes¹	3620.37	3148.15
EUREX	SX3E	-	FESO	1433.94	1246.91	EUR	Yes¹	1404.73	1221.50
EUREX	SXRE	-	FESR	4329.10	3764.43	EUR	Yes¹	3978.07	3459.19
EUREX	SXPE	-	FESS	1099.85	956.393	EUR	Yes¹	1027.30	893.305
EUREX	SXKE	-	FEST	1324.14	1151.43	EUR	Yes¹	1104.79	960.685
EUREX	SXTE	-	FESV	1194.62	1038.80	EUR	Yes¹	996.648	866.65
EUREX	ESTX50	-	FESX	4364.52	3795.23	EUR	Yes	4183.46	3637.79
EUREX	SX8E	-	FESY	16500.00	14347.83	EUR	Yes¹	16500.00	14347.83
EUREX	SXQE	-	FESZ	4826.62	4197.06	EUR	Yes¹	5532.28	4810.675
EUREX	OMXH25	-	FFOX	9001.27	7827.19	EUR	Yes¹	9001.27	7827.19
EUREX	DJ200	-	FMCP	2396.52	2083.88	EUR	Yes¹	1868.93	1625.12
EUREX	M1EF	-	FMEM	7792.55	6776.04	USD	No	7792.55	6776.04
EUREX	MXEU	-	FMEP	1980.09	1721.82	EUR	No	1980.09	1721.82
EUREX	M7EU	-	FMEU	2853.12	2480.97	EUR	No	2343.16	2037.53
EUREX	MXJPUS	-	FMJP	6111.01	5313.92	USD	No	6273.07	5454.84
EUREX	MBWO	-	FMWN	5526.70	4805.83	EUR	No	3407.88	2963.37
EUREX	M1WO	-	FMWO	8718.53	7581.33	USD	No	8536.92	7423.41
EUREX	MXWO	-	FMWP	6354.22	5525.41	USD	No	6354.22	5525.41
EUREX	SXXPESGX	-	FSEG	1459.09	1268.77	EUR	No	1156.97	1006.06
EUREX	SLI	-	FSLI	3626.29	3153.30	CHF	Yes¹	3626.29	3153.30
EUREX	SMIDP	-	FSMD	8845.80	7692.00	CHF	No	8845.80	7692.00
EUREX	SMI	-	FSMI	11565.435	10056.90	CHF	Yes	8196.95	7127.78
EUREX	SMIM	-	FSMM	3412.28	2967.04	CHF	Yes¹	3412.28	2967.04
EUREX	SMI	-	FSMS	1156.54	1005.69	CHF	No	819.695	712.778
EUREX	MDAX	-	FSMX	2992.41	2602.07	EUR	No	2556.01	2222.60
EUREX	SXAP	-	FSTA	2889.90	2512.96	EUR	Yes¹	2627.12	2284.45
EUREX	SX7P	-	FSTB	1769.33	1538.55	EUR	Yes	1504.10	1307.91
EUREX	SX4P	-	FSTC	5090.22	4426.11	EUR	Yes¹	4340.62	3774.31
EUREX	SXEP	-	FSTE	1889.55	1643.09	EUR	Yes	1588.42	1381.24
EUREX	SXFP	-	FSTF	4802.87	4176.41	EUR	Yes¹	3743.15	3254.92
EUREX	SXNP	-	FSTG	4749.25	4129.78	EUR	Yes¹	4302.31	3741.14
EUREX	SXDP	-	FSTH	4970.76	4322.40	EUR	Yes¹	3623.36	3150.75
EUREX	SXIP	-	FSTI	2929.43	2547.33	EUR	Yes¹	2517.72	2189.33
EUREX	SX86P	-	FSTL	688.304	598.525	EUR	No	688.304	598.525
EUREX	SXMP	-	FSTM	2043.55	1776.89	EUR	Yes¹	1509.71	1312.72
EUREX	SXOP	-	FSTN	3765.02	3273.89	EUR	Yes¹	3584.68	3117.08
EUREX	SX3P	-	FSTO	1970.28	1713.25	EUR	Yes¹	2097.03	1823.46
EUREX	SXRP	-	FSTR	1616.71	1405.74	EUR	Yes¹	1706.48	1483.80
EUREX	SXPP	-	FSTS	3398.56	2955.27	EUR	Yes	3316.57	2883.97
EUREX	SXKP	-	FSTT	805.80	700.695	EUR	Yes¹	761.738	662.38
EUREX	SX6P	-	FSTU	1596.46	1388.23	EUR	Yes	1417.08	1232.25
EUREX	SXTP	-	FSTV	1381.17	1201.02	EUR	Yes¹	1140.68	991.895
EUREX	STX	-	FSTX	3744.78	3256.24	EUR	Yes¹	2693.39	2342.02
EUREX	SX8P	-	FSTY	6882.18	5984.50	EUR	Yes¹	6882.18	5984.50
EUREX	SXQP	-	FSTZ	3380.67	2939.72	EUR	Yes¹	3449.31	2999.40
EUREX	ESTX50	-	FSXE	436.452	379.523	EUR	No	418.346	363.779
EUREX	TDX	-	FTDX	8170.50	7104.78	EUR	Yes¹	8170.50	7104.78
EUREX	DJ600	-	FXXP	2121.53	1844.81	EUR	Yes	1712.91	1489.49

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	8143.96	7081.71	EUR	No	8143.96	7081.71

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	71506.14	62179.26	HKD	No	71506.14	62179.26
HKFE	HSIDPI	-	DHS	9289.82	8078.10	HKD	No	9289.81	8078.10
HKFE	HSI	-	HSI	149891.28	130340.24	HKD	Yes	149891.28	130340.24
HKFE	HSTECH	-	HTI	51892.96	45124.31	HKD	Yes	51892.96	45124.31
HKFE	MCA	-	MCA	4050.12	3521.84	USD	No	4050.12	3521.84
HKFE	MHI	-	MHI	29978.26	26068.05	HKD	Yes	29978.26	26068.05
HKFE	MID.HK	-	MIA	3097.72	2693.67	USD	No	3097.72	2693.67
HKFE	MND	-	MND	5218.97	4537.04	USD	No	5218.97	4537.04
HKFE	MTW	-	MTW	10637.27	9249.64	USD	No	10637.27	9249.64

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	5604.77	4873.71	USD	No	5604.77	4873.71
ICEEU	F1DV	-	XZ	728.612	633.576	GBP	No	728.612	633.576
ICEEU	Y	-	Y2	4317.26	3754.09	GBP	No	4317.26	3754.09
ICEEU	Z	-	Z	6924.20	6021.04	GBP	Yes	6924.20	6021.04

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	28518.735	24798.90	EUR	Yes	28518.735	24798.90
IDEM	FTMIB	-	MICR	1140.75	991.956	EUR	No	1140.75	991.956
IDEM	FTMIB	-	MIN	5703.75	4959.78	EUR	No	5703.75	4959.78

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	13800.01	12000.01	EUR	No	13800.01	12000.01
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	56420.87	49061.63	MXN	Yes¹	54755.56	47613.53
MEXDER	IPC	-	MIP	11284.17	9812.33	MXN	No	10951.11	9522.71

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	15136.07	13161.80	EUR	No	15136.07	13161.80
MONEP	FEO	-	FEO	10027.24	8719.34	EUR	No	10027.24	8719.34

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	23651.54	20566.03	SEK	No	23651.53	20566.03
OMS	OMXS30	-	OMXS30	24562.85	21359	SEK	Yes	24562.85	21359

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	3930205.68	3417570.03	JPY	Yes	3339313.49	2903750.74
OSE.JPN	N225M	-	225M	393020.57	341757.00	JPY	Yes	333931.35	290375.07
OSE.JPN	N225MC	-	225MC	39302.06	34175.70	JPY	No	33393.13	29037.51
OSE.JPN	JPNK400	-	400	161526.81	140445.61	JPY	No	160760.22	139779.07
OSE.JPN	TPXC30	-	C30	131739.09	114555.73	JPY	No	131739.09	114555.73
OSE.JPN	DJIA	-	DJIA	444726.08	386718.33	JPY	No	444726.08	386718.33
OSE.JPN	JGB	-	JBL	2176618.77	1892711.97	JPY	Yes	2080591.47	1809209.97
OSE.JPN	MJ	-	JBLM	217661.88	189271.20	JPY	No	208059.15	180921.00
OSE.JPN	TSEMOTHR	-	MOTH	66420.00	57747.90	JPY	No	66411.38	57740.40
OSE.JPN	NKVI	-	NVI	144037.50	125250	JPY	No	206137.50	179250
OSE.JPN	TSEREIT	-	REIT	159198.16	138376.38	JPY	No	159198.16	138376.38
OSE.JPN	TOPX	-	TPX	2109459.31	1834312.44	JPY	No	2109459.31	1834312.44
OSE.JPN	MNTPX	-	TPXM	210945.93	183431.24	JPY	No	210945.93	183431.24

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	1838.85	1599	USD	No	1838.85	1599
SGX	XIN0I	-	FCH	4649.83	4043.23	USD	No	4649.83	4043.23
SGX	WIIDN	-	FID	1720.88	1496.20	USD	No	1720.88	1496.20
SGX	NKYDIV	-	ND	1857020.06	1614800.05	JPY	No	1857020.30	1614800.05
SGX	NIFTY	-	NIFTY	2875.02	2500.02	USD	No	2875.02	2500.02
SGX	SGXNK	-	NK	1495000	1300000	JPY	Yes	1495000	1300000
SGX	SGXNKM	-	NS	299000	260000	JPY	No	299000	260000
SGX	N225U	-	NU	44978.10	39111.39	USD	No	44978.10	39111.39
SGX	SSG	-	SGP	2645	2300	SGD	Yes¹	2645	2300
SGX	STI	-	ST	4658.48	4050.85	SGD	No	4658.48	4050.85
SGX	C52	-	YCDD	1245.85	1058.46	SGD	No	1217.22	1058.46
SGX	D05	-	YDBS	4468.46	3725.76	SGD	No	4284.63	3725.76
SGX	G13	-	YGEN	608.615	529.23	SGD	No	616.794	529.225
SGX	BN4	-	YKEP	3703.46	3220.40	SGD	No	3902.84	3220.41
SGX	O39	-	YOCB	5702.26	4888.41	SGD	No	5621.67	4888.41
SGX	Z74	-	YSTT	3366.79	2927.65	SGD	No	3564.40	2927.64
SGX	Y92	-	YTBE	811.486	705.64	SGD	No	825.725	705.63
SGX	U11	-	YUOB	6086.12	5292.28	SGD	No	6112.96	5292.28
SGX	F34	-	YWIL	2624.37	2282.06	SGD	No	2668.10	2282.06
SGX	BS6	-	YYZJ	20173.08	4584.13	SGD	No	5422.44	4584.14

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	19302.75	16785	AUD	Yes	19302.75	16785

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%.