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	1582.29	1375.91	USD	No	1485.80	1292
CBOT	YM	-	YM	15822.93	13759.07	USD	Yes	14863.75	12925

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	22756.20	19788	CAD	No	22756.20	19788
CDE	TSE60	-	SXM	12867.81	11189.40	CAD	No	12867.81	11189.40

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	10994.88	9560.76	USD	No	10994.87	9560.76
CFE	IBXXIBIG	-	IBIG	11140.13	9687.07	USD	No	11140.13	9687.07
CFE	VIX	-	VX	13446.20	11692.35	USD	Yes	21571.30	18757.65
CFE	VIX	-	VX17	13446.20	11692.35	USD	No	21571.30	18757.65
CFE	VIX	-	VX18	13446.20	11692.35	USD	No	21571.30	18757.65
CFE	VIX	-	VX19	13446.20	11692.35	USD	No	21571.30	18757.65
CFE	VIX	-	VX21	13446.20	11692.35	USD	No	21571.30	18757.65
CFE	VIX	-	VX22	12773.80	11107.65	USD	No	20492.82	17819.85
CFE	VXM	-	VXM	1344.62	1169.24	USD	No	2157.13	1875.76

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	30721.54	26714.38	USD	No	30721.54	26714.38
CME	EMD	-	EMD	25394.19	22081.90	USD	Yes¹	28284.19	22081.90
CME	NIY	-	ENY	344701.06	299740.05	JPY	No	316825	275500
CME	ES	-	ES	24145.00	21950.00	USD	Yes	22079.20	20072
CME	SPXESUP	-	ESG	49970.61	43446.22	USD	No	51940.61	43446.22
CME	IBAA	-	IBV	41792.15	36341	USD	No	30623.35	26629
CME	M2K	-	M2K	1071.00	931.30	USD	No	956.80	832
CME	MES	-	MES	2414.50	2195.00	USD	Yes	2207.70	2007
CME	MNQ	-	MNQ	3455.44	3141.31	USD	Yes	3697.77	2976.60
CME	NIY	-	NIY	1723505.30	1498700.26	JPY	No	1583895	1377300
CME	NKD	-	NKD	17407.70	15137.01	USD	No	15809.05	13747
CME	NQ	-	NQ	34554.36	31413.06	USD	Yes	36977.65	29766.05
CME	RS1	-	RS1	37681.97	32745.21	USD	No	39061.97	32745.21
CME	RSG	-	RSG	42959.77	37353.58	USD	No	45059.77	37353.58
CME	RSV	-	RSV	11961.93	10400.26	USD	No	12606.93	10400.26
CME	RTY	-	RTY	10709.95	9313.00	USD	Yes	9564.55	8317
CME	SGX	-	SG	313686.98	272771.26	USD	No	313686.95	272771.26
CME	SMC	-	SMC	29517.08	25667.03	USD	No	31327.09	25667.03
CME	SVX	-	SU	97926.18	85153.19	USD	No	97926.17	85153.19
CME	IXB	-	XAB	14048.55	12215.29	USD	No	14098.55	12215.29
CME	IXE	-	XAE	14564.07	12663.74	USD	No	17384.07	12663.74
CME	IXI	-	XAI	19423.97	16889.81	USD	No	19653.96	16889.81
CME	IXR	-	XAP	10049.96	8590.70	USD	No	9879.96	8590.70
CME	IXU	-	XAU	10792.12	9383.84	USD	No	11812.12	9383.84
CME	IXV	-	XAV	16654.93	14333.99	USD	No	16484.93	14333.99
CME	IXY	-	XAY	49724.82	43232.73	USD	No	54104.83	43232.73

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
EUREX	SD3ED	-	FD3D	2626.60	2284.00	EUR	No	2626.60	2284.00
EUREX	DAX	-	FDAX	52008.46	45224.75	EUR	Yes	45137.50	39250
EUREX	DAX	-	FDXM	10401.69	9044.95	EUR	No	9027.50	7850
EUREX	DAX	-	FDXS	2080.34	1808.99	EUR	Yes	1805.50	1570
EUREX	DBEA	-	FEBD	246.814	214.621	EUR	No	232.968	202.581
EUREX	SX7E	-	FESB	1294.45	1125.61	EUR	Yes	1075.00	934.78
EUREX	SX4E	-	FESC	5848.84	5085.95	EUR	Yes¹	5490.73	4774.55
EUREX	SXNE	-	FESG	7556.80	6571.13	EUR	Yes¹	6436.14	5596.65
EUREX	SXDE	-	FESH	3062.44	2662.99	EUR	Yes¹	2688.96	2338.22
EUREX	SXOE	-	FESN	4288.51	3729.14	EUR	Yes¹	3593.65	3124.91
EUREX	SX3E	-	FESO	1375.43	1196.03	EUR	Yes¹	1426.89	1240.775
EUREX	SXRE	-	FESR	4727.68	4111.02	EUR	Yes¹	5200.74	4522.39
EUREX	SXPE	-	FESS	1068.25	928.74	EUR	Yes¹	997.78	867.475
EUREX	SXKE	-	FEST	1264.74	1099.46	EUR	Yes¹	1221.87	1062.19
EUREX	SXTE	-	FESV	1139.76	991.097	EUR	Yes¹	1003.62	872.716
EUREX	ESTX50	-	FESX	4592.96	3993.88	EUR	Yes	4048.88	3520.77
EUREX	SX8E	-	FESY	16298.60	14172.70	EUR	Yes¹	16298.60	14172.70
EUREX	SXQE	-	FESZ	5194.03	4516.55	EUR	Yes¹	6157.39	5354.25
EUREX	OMXH25	-	FFOX	9135.04	7942.48	EUR	Yes¹	9135.04	7942.48
EUREX	DJ200	-	FMCP	2230.31	1939.21	EUR	Yes¹	1948.03	1693.775
EUREX	M1EF	-	FMEM	7748.44	6737.30	USD	No	7748.44	6737.30
EUREX	MXEU	-	FMEP	3203.65	2785.57	EUR	No	3203.65	2785.57
EUREX	M7EU	-	FMEU	3130.60	2722.23	EUR	No	2994.04	2603.48
EUREX	MXJPUS	-	FMJP	9697.56	8432.30	USD	No	9697.56	8432.30
EUREX	MBWO	-	FMWN	5460.36	4748.14	EUR	No	4227.49	3676.08
EUREX	M1WO	-	FMWO	8957.73	7789.33	USD	No	8957.73	7789.33
EUREX	MXWO	-	FMWP	6432.84	5593.64	USD	No	6432.84	5593.64
EUREX	SXXPESGX	-	FSEG	1739.97	1512.99	EUR	No	1435.65	1248.37
EUREX	SLI	-	FSLI	3997.18	3475.81	CHF	Yes¹	3997.18	3475.81
EUREX	SMIDP	-	FSMD	8829.70	7678.00	CHF	No	8829.70	7678.00
EUREX	SMI	-	FSMI	13065.61	11361.40	CHF	Yes	9172.515	7976.10
EUREX	SMIM	-	FSMM	4004.49	3481.15	CHF	Yes¹	4004.49	3481.15
EUREX	SMI	-	FSMS	1306.56	1136.14	CHF	No	917.2515	797.61
EUREX	MDAX	-	FSMX	2871.51	2496.86	EUR	No	2634.21	2290.53
EUREX	SXAP	-	FSTA	2795.48	2430.81	EUR	Yes¹	2541.27	2209.77
EUREX	SX7P	-	FSTB	1758.43	1529.06	EUR	Yes	1365.91	1187.74
EUREX	SX4P	-	FSTC	4880.80	4241.76	EUR	Yes¹	4228.78	3675.11
EUREX	SXEP	-	FSTE	1961.27	1705.45	EUR	Yes	1707.25	1484.56
EUREX	SXFP	-	FSTF	4557.64	3962.52	EUR	Yes¹	3717.36	3231.96
EUREX	SXNP	-	FSTG	4896.07	4257.12	EUR	Yes¹	3979.09	3459.81
EUREX	SXDP	-	FSTH	4853.98	4220.735	EUR	Yes¹	3812.66	3315.265
EUREX	SXIP	-	FSTI	2787.98	2424.22	EUR	Yes¹	2396.15	2083.505
EUREX	SX86P	-	FSTL	745.728	648.441	EUR	No	745.728	648.441
EUREX	SXMP	-	FSTM	2124.63	1846.61	EUR	Yes¹	1552.88	1349.675
EUREX	SXOP	-	FSTN	3667.42	3188.75	EUR	Yes¹	3464.15	3012.01
EUREX	SX3P	-	FSTO	1923.25	1672.25	EUR	Yes¹	2300.75	2000.49
EUREX	SXRP	-	FSTR	1771.14	1539.65	EUR	Yes¹	1952.35	1697.17
EUREX	SXPP	-	FSTS	3289.87	2860.71	EUR	Yes	3210.45	2791.65
EUREX	SXKP	-	FSTT	817.067	710.466	EUR	Yes¹	758.522	659.56
EUREX	SX6P	-	FSTU	1668.48	1450.82	EUR	Yes	1510.30	1313.27
EUREX	SXTP	-	FSTV	1264.61	1099.56	EUR	Yes¹	1042.96	906.84
EUREX	STX	-	FSTX	4145.65	3604.68	EUR	Yes¹	2968.04	2580.74
EUREX	SX8P	-	FSTY	6091.21	5295.99	EUR	Yes¹	6091.21	5295.99
EUREX	SXQP	-	FSTZ	3361.31	2922.21	EUR	Yes¹	3775.91	3282.64
EUREX	ESTX50	-	FSXE	459.296	399.388	EUR	No	404.888	352.077
EUREX	TDX	-	FTDX	9163.25	7968.04	EUR	Yes¹	9163.25	7968.04
EUREX	DJ600	-	FXXP	2355.67	2048.41	EUR	Yes	1671.57	1453.54

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	8306.00	7222.61	EUR	No	8306.00	7222.61

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	63683.28	55376.77	HKD	No	63683.28	55376.77
HKFE	HSIDPI	-	DHS	9205.29	8004.60	HKD	No	9205.29	8004.60
HKFE	HSI	-	HSI	150563.98	130925.20	HKD	Yes	150563.98	130925.20
HKFE	HSTECH	-	HTI	49152.13	42740.98	HKD	Yes	49152.13	42740.98
HKFE	MCA	-	MCA	4576.26	3979.36	USD	No	4576.26	3979.36
HKFE	MHI	-	MHI	30112.80	26185.04	HKD	Yes	30112.80	26185.04
HKFE	MID.HK	-	MIA	2974.39	2586.43	USD	No	2974.39	2586.43
HKFE	MND	-	MND	5370.77	4669.41	USD	No	5370.77	4669.41
HKFE	MTW	-	MTW	17262.72	15010.16	USD	No	17262.72	15010.16

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	8156.42	7091.68	USD	No	8156.42	7091.68
ICEEU	F1DV	-	XZ	556.807	484.18	GBP	No	556.807	484.18
ICEEU	Y	-	Y2	4150.10	3608.51	GBP	No	4150.10	3608.51
ICEEU	Z	-	Z	6924.15	6021.00	GBP	Yes	6924.15	6021.00

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	26304.88	22873.81	EUR	Yes	26304.88	22873.81
IDEM	FTMIB	-	MICR	1052.20	914.9525	EUR	No	1052.20	914.9525
IDEM	FTMIB	-	MIN	5260.98	4574.76	EUR	No	5260.98	4574.76

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	13800.04	12000.04	EUR	No	13800.05	12000.04
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	50657.85	44047.23	MXN	Yes¹	59122.70	51407.46
MEXDER	IPC	-	MIP	10132.16	8809.45	MXN	No	11825.23	10281.49

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	15410.52	13400.45	EUR	No	15410.52	13400.45
MONEP	FEO	-	FEO	11711.58	10183.98	EUR	No	11711.58	10183.98

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	27669.86	24058.90	SEK	No	27669.86	24058.90
OMS	OMXS30	-	OMXS30	26348.82	22912.01	SEK	Yes	26348.82	22912.01

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.JPN	N225	-	225	3716674.65	3231891	JPY	Yes	3175700.85	2761479
OSE.JPN	N225M	-	225M	371667.465	323189.10	JPY	Yes	317570.085	276147.90
OSE.JPN	N225MC	-	225MC	37166.75	32318.91	JPY	No	31757.01	27614.79
OSE.JPN	JPNK400	-	400	208978.12	181717.85	JPY	No	208978.12	181717.85
OSE.JPN	TPXC30	-	C30	132154.01	114916.53	JPY	No	132154.01	114916.53
OSE.JPN	DJIA	-	DJIA	540778.29	470227.31	JPY	No	540778.29	470227.31
OSE.JPN	JGB	-	JBL	2425867.40	2109449.91	JPY	Yes	2328832.70	2025071.91
OSE.JPN	MJ	-	JBLM	242586.74	210944.99	JPY	No	232883.27	202507.19
OSE.JPN	TSEMOTHR	-	MOTH	75657.98	65788.80	JPY	No	75657.98	65788.80
OSE.JPN	NKVI	-	NVI	156112.50	135750	JPY	No	194062.50	168750
OSE.JPN	TSEREIT	-	REIT	151731.79	131924.44	JPY	No	151731.79	131924.44
OSE.JPN	TOPX	-	TPX	2352725.775	2045848.50	JPY	No	2181775.54	1897196.12
OSE.JPN	MNTPX	-	TPXM	235272.58	204584.85	JPY	No	218177.55	189719.61

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	1800.62	1565.76	USD	No	1800.62	1565.76
SGX	XIN0I	-	FCH	3651.92	3175.22	USD	No	3651.92	3175.22
SGX	WIIDN	-	FID	2494.24	2168.52	USD	No	2494.24	2168.52
SGX	NKYDIV	-	ND	1822750	1585000	JPY	No	1822750	1585000
SGX	NIFTY	-	NIFTY	3105	2700	USD	No	3105	2700
SGX	SGXNK	-	NK	1725008.07	1500007.02	JPY	Yes	1725008.07	1500007.02
SGX	SGXNKM	-	NS	345001.61	300001.40	JPY	No	345001.61	300001.40
SGX	N225U	-	NU	43208.49	37572.60	USD	No	43208.49	37572.60
SGX	SSG	-	SGP	3220.01	2800.01	SGD	Yes¹	3220.01	2800.01
SGX	STI	-	ST	4694.59	4082.25	SGD	No	4694.59	4082.25
SGX	C52	-	YCDD	1423.32	1125.08	SGD	No	1293.84	1125.07
SGX	D05	-	YDBS	4168.14	3477.62	SGD	No	3999.26	3477.62
SGX	G13	-	YGEN	639.36	555.965	SGD	No	655.769	555.96
SGX	BN4	-	YKEP	3455.78	2930.07	SGD	No	3369.58	2930.07
SGX	O39	-	YOCB	5707.26	4802.31	SGD	No	5522.66	4802.31
SGX	Z74	-	YSTT	3251.03	2824.88	SGD	No	3248.62	2824.89
SGX	Y92	-	YTBE	872.631	758.81	SGD	No	951.389	758.82
SGX	U11	-	YUOB	6062.81	5162.93	SGD	No	5937.37	5162.93
SGX	F34	-	YWIL	2738.09	2268.92	SGD	No	2609.26	2268.92
SGX	BS6	-	YYZJ	19856.55	4207.32	SGD	No	4838.43	4207.33

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%.