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 1582.29 1375.91 USD No 1485.80 1292
CBOTYM- 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
CDETSE60- SXF 22756.20 19788 CAD No 22756.20 19788
CDETSE60- 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
CFEIBXXIBHY- IBHY 10994.88 9560.76 USD No 10994.87 9560.76
CFEIBXXIBIG- IBIG 11140.13 9687.07 USD No 11140.13 9687.07
CFEVIX- VX 13446.20 11692.35 USD Yes 21571.30 18757.65
CFEVIX- VX17 13446.20 11692.35 USD No 21571.30 18757.65
CFEVIX- VX18 13446.20 11692.35 USD No 21571.30 18757.65
CFEVIX- VX19 13446.20 11692.35 USD No 21571.30 18757.65
CFEVIX- VX21 13446.20 11692.35 USD No 21571.30 18757.65
CFEVIX- VX22 12773.80 11107.65 USD No 20492.82 17819.85
CFEVXM- 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
CMEBQX- BIO 30721.54 26714.38 USD No 30721.54 26714.38
CMEEMD- EMD 25394.19 22081.90 USD Yes 1 28284.19 22081.90
CMENIY- ENY 344701.06 299740.05 JPY No 316825 275500
CMEES- ES 24145.00 21950.00 USD Yes 22079.20 20072
CMESPXESUP- ESG 49970.61 43446.22 USD No 51940.61 43446.22
CMEIBAA- IBV 41792.15 36341 USD No 30623.35 26629
CMEM2K- M2K 1071.00 931.30 USD No 956.80 832
CMEMES- MES 2414.50 2195.00 USD Yes 2207.70 2007
CMEMNQ- MNQ 3455.44 3141.31 USD Yes 3697.77 2976.60
CMENIY- NIY 1723505.30 1498700.26 JPY No 1583895 1377300
CMENKD- NKD 17407.70 15137.01 USD No 15809.05 13747
CMENQ- NQ 34554.36 31413.06 USD Yes 36977.65 29766.05
CMERS1- RS1 37681.97 32745.21 USD No 39061.97 32745.21
CMERSG- RSG 42959.77 37353.58 USD No 45059.77 37353.58
CMERSV- RSV 11961.93 10400.26 USD No 12606.93 10400.26
CMERTY- RTY 10709.95 9313.00 USD Yes 9564.55 8317
CMESGX- SG 313686.98 272771.26 USD No 313686.95 272771.26
CMESMC- SMC 29517.08 25667.03 USD No 31327.09 25667.03
CMESVX- SU 97926.18 85153.19 USD No 97926.17 85153.19
CMEIXB- XAB 14048.55 12215.29 USD No 14098.55 12215.29
CMEIXE- XAE 14564.07 12663.74 USD No 17384.07 12663.74
CMEIXI- XAI 19423.97 16889.81 USD No 19653.96 16889.81
CMEIXR- XAP 10049.96 8590.70 USD No 9879.96 8590.70
CMEIXU- XAU 10792.12 9383.84 USD No 11812.12 9383.84
CMEIXV- XAV 16654.93 14333.99 USD No 16484.93 14333.99
CMEIXY- 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
EUREXSD3ED- FD3D 2626.60 2284.00 EUR No 2626.60 2284.00
EUREXDAX- FDAX 52008.46 45224.75 EUR Yes 45137.50 39250
EUREXDAX- FDXM 10401.69 9044.95 EUR No 9027.50 7850
EUREXDAX- FDXS 2080.34 1808.99 EUR Yes 1805.50 1570
EUREXDBEA- FEBD 246.814 214.621 EUR No 232.968 202.581
EUREXSX7E- FESB 1294.45 1125.61 EUR Yes 1075.00 934.78
EUREXSX4E- FESC 5848.84 5085.95 EUR Yes 1 5490.73 4774.55
EUREXSXNE- FESG 7556.80 6571.13 EUR Yes 1 6436.14 5596.65
EUREXSXDE- FESH 3062.44 2662.99 EUR Yes 1 2688.96 2338.22
EUREXSXOE- FESN 4288.51 3729.14 EUR Yes 1 3593.65 3124.91
EUREXSX3E- FESO 1375.43 1196.03 EUR Yes 1 1426.89 1240.775
EUREXSXRE- FESR 4727.68 4111.02 EUR Yes 1 5200.74 4522.39
EUREXSXPE- FESS 1068.25 928.74 EUR Yes 1 997.78 867.475
EUREXSXKE- FEST 1264.74 1099.46 EUR Yes 1 1221.87 1062.19
EUREXSXTE- FESV 1139.76 991.097 EUR Yes 1 1003.62 872.716
EUREXESTX50- FESX 4592.96 3993.88 EUR Yes 4048.88 3520.77
EUREXSX8E- FESY 16298.60 14172.70 EUR Yes 1 16298.60 14172.70
EUREXSXQE- FESZ 5194.03 4516.55 EUR Yes 1 6157.39 5354.25
EUREXOMXH25- FFOX 9135.04 7942.48 EUR Yes 1 9135.04 7942.48
EUREXDJ200- FMCP 2230.31 1939.21 EUR Yes 1 1948.03 1693.775
EUREXM1EF- FMEM 7748.44 6737.30 USD No 7748.44 6737.30
EUREXMXEU- FMEP 3203.65 2785.57 EUR No 3203.65 2785.57
EUREXM7EU- FMEU 3130.60 2722.23 EUR No 2994.04 2603.48
EUREXMXJPUS- FMJP 9697.56 8432.30 USD No 9697.56 8432.30
EUREXMBWO- FMWN 5460.36 4748.14 EUR No 4227.49 3676.08
EUREXM1WO- FMWO 8957.73 7789.33 USD No 8957.73 7789.33
EUREXMXWO- FMWP 6432.84 5593.64 USD No 6432.84 5593.64
EUREXSXXPESGX- FSEG 1739.97 1512.99 EUR No 1435.65 1248.37
EUREXSLI- FSLI 3997.18 3475.81 CHF Yes 1 3997.18 3475.81
EUREXSMIDP- FSMD 8829.70 7678.00 CHF No 8829.70 7678.00
EUREXSMI- FSMI 13065.61 11361.40 CHF Yes 9172.515 7976.10
EUREXSMIM- FSMM 4004.49 3481.15 CHF Yes 1 4004.49 3481.15
EUREXSMI- FSMS 1306.56 1136.14 CHF No 917.2515 797.61
EUREXMDAX- FSMX 2871.51 2496.86 EUR No 2634.21 2290.53
EUREXSXAP- FSTA 2795.48 2430.81 EUR Yes 1 2541.27 2209.77
EUREXSX7P- FSTB 1758.43 1529.06 EUR Yes 1365.91 1187.74
EUREXSX4P- FSTC 4880.80 4241.76 EUR Yes 1 4228.78 3675.11
EUREXSXEP- FSTE 1961.27 1705.45 EUR Yes 1707.25 1484.56
EUREXSXFP- FSTF 4557.64 3962.52 EUR Yes 1 3717.36 3231.96
EUREXSXNP- FSTG 4896.07 4257.12 EUR Yes 1 3979.09 3459.81
EUREXSXDP- FSTH 4853.98 4220.735 EUR Yes 1 3812.66 3315.265
EUREXSXIP- FSTI 2787.98 2424.22 EUR Yes 1 2396.15 2083.505
EUREXSX86P- FSTL 745.728 648.441 EUR No 745.728 648.441
EUREXSXMP- FSTM 2124.63 1846.61 EUR Yes 1 1552.88 1349.675
EUREXSXOP- FSTN 3667.42 3188.75 EUR Yes 1 3464.15 3012.01
EUREXSX3P- FSTO 1923.25 1672.25 EUR Yes 1 2300.75 2000.49
EUREXSXRP- FSTR 1771.14 1539.65 EUR Yes 1 1952.35 1697.17
EUREXSXPP- FSTS 3289.87 2860.71 EUR Yes 3210.45 2791.65
EUREXSXKP- FSTT 817.067 710.466 EUR Yes 1 758.522 659.56
EUREXSX6P- FSTU 1668.48 1450.82 EUR Yes 1510.30 1313.27
EUREXSXTP- FSTV 1264.61 1099.56 EUR Yes 1 1042.96 906.84
EUREXSTX- FSTX 4145.65 3604.68 EUR Yes 1 2968.04 2580.74
EUREXSX8P- FSTY 6091.21 5295.99 EUR Yes 1 6091.21 5295.99
EUREXSXQP- FSTZ 3361.31 2922.21 EUR Yes 1 3775.91 3282.64
EUREXESTX50- FSXE 459.296 399.388 EUR No 404.888 352.077
EUREXTDX- FTDX 9163.25 7968.04 EUR Yes 1 9163.25 7968.04
EUREXDJ600- 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
FTAAMX- 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
HKFECES120- CHH 63683.28 55376.77 HKD No 63683.28 55376.77
HKFEHSIDPI- DHS 9205.29 8004.60 HKD No 9205.29 8004.60
HKFEHSI- HSI 150563.98 130925.20 HKD Yes 150563.98 130925.20
HKFEHSTECH- HTI 49152.13 42740.98 HKD Yes 49152.13 42740.98
HKFEMCA- MCA 4576.26 3979.36 USD No 4576.26 3979.36
HKFEMHI- MHI 30112.80 26185.04 HKD Yes 30112.80 26185.04
HKFEMID.HK- MIA 2974.39 2586.43 USD No 2974.39 2586.43
HKFEMND- MND 5370.77 4669.41 USD No 5370.77 4669.41
HKFEMTW- 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
ICEEUNDUEBRAF- MCG 8156.42 7091.68 USD No 8156.42 7091.68
ICEEUF1DV- XZ 556.807 484.18 GBP No 556.807 484.18
ICEEUY- Y2 4150.10 3608.51 GBP No 4150.10 3608.51
ICEEUZ- 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
IDEMMIBDIV- FDIV 1357 1180 EUR No 1357 1180
IDEMFTMIB- FIB 26304.88 22873.81 EUR Yes 26304.88 22873.81
IDEMFTMIB- MICR 1052.20 914.9525 EUR No 1052.20 914.9525
IDEMFTMIB- 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
MEFFRVIBEX35- IBX 13800.04 12000.04 EUR No 13800.05 12000.04
MEFFRVIBEX- 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
MEXDERIPC- IPC 50657.85 44047.23 MXN Yes 1 59122.70 51407.46
MEXDERIPC- 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
MONEPFEF- FEF 15410.52 13400.45 EUR No 15410.52 13400.45
MONEPFEO- 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
OMSOMXESG- OMXESG 27669.86 24058.90 SEK No 27669.86 24058.90
OMSOMXS30- 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.JPNN225- 225 3716674.65 3231891 JPY Yes 3175700.85 2761479
OSE.JPNN225M- 225M 371667.465 323189.10 JPY Yes 317570.085 276147.90
OSE.JPNN225MC- 225MC 37166.75 32318.91 JPY No 31757.01 27614.79
OSE.JPNJPNK400- 400 208978.12 181717.85 JPY No 208978.12 181717.85
OSE.JPNTPXC30- C30 132154.01 114916.53 JPY No 132154.01 114916.53
OSE.JPNDJIA- DJIA 540778.29 470227.31 JPY No 540778.29 470227.31
OSE.JPNJGB- JBL 2425867.40 2109449.91 JPY Yes 2328832.70 2025071.91
OSE.JPNMJ- JBLM 242586.74 210944.99 JPY No 232883.27 202507.19
OSE.JPNTSEMOTHR- MOTH 75657.98 65788.80 JPY No 75657.98 65788.80
OSE.JPNNKVI- NVI 156112.50 135750 JPY No 194062.50 168750
OSE.JPNTSEREIT- REIT 151731.79 131924.44 JPY No 151731.79 131924.44
OSE.JPNTOPX- TPX 2352725.775 2045848.50 JPY No 2181775.54 1897196.12
OSE.JPNMNTPX- 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
SGXXINA50- CN 1800.62 1565.76 USD No 1800.62 1565.76
SGXXIN0I- FCH 3651.92 3175.22 USD No 3651.92 3175.22
SGXWIIDN- FID 2494.24 2168.52 USD No 2494.24 2168.52
SGXNKYDIV- ND 1822750 1585000 JPY No 1822750 1585000
SGXNIFTY- NIFTY 3105 2700 USD No 3105 2700
SGXSGXNK- NK 1725008.07 1500007.02 JPY Yes 1725008.07 1500007.02
SGXSGXNKM- NS 345001.61 300001.40 JPY No 345001.61 300001.40
SGXN225U- NU 43208.49 37572.60 USD No 43208.49 37572.60
SGXSSG- SGP 3220.01 2800.01 SGD Yes 1 3220.01 2800.01
SGXSTI- ST 4694.59 4082.25 SGD No 4694.59 4082.25
SGXC52- YCDD 1423.32 1125.08 SGD No 1293.84 1125.07
SGXD05- YDBS 4168.14 3477.62 SGD No 3999.26 3477.62
SGXG13- YGEN 639.36 555.965 SGD No 655.769 555.96
SGXBN4- YKEP 3455.78 2930.07 SGD No 3369.58 2930.07
SGXO39- YOCB 5707.26 4802.31 SGD No 5522.66 4802.31
SGXZ74- YSTT 3251.03 2824.88 SGD No 3248.62 2824.89
SGXY92- YTBE 872.631 758.81 SGD No 951.389 758.82
SGXU11- YUOB 6062.81 5162.93 SGD No 5937.37 5162.93
SGXF34- YWIL 2738.09 2268.92 SGD No 2609.26 2268.92
SGXBS6- 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
SNFESPI- AP 19591.40 17036 AUD Yes 19591.40 17036



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%.