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	1173.83	1020.725	USD	No	1381.83	1020.725
CBOT	YM	-	YM	11738.34	10207.25	USD	Yes	13818.34	10207.25

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	17371.17	14475.96	CAD	No	17371.16	14475.96
CDE	TSE60	-	SXM	12640.10	10533.41	CAD	No	12640.09	10533.41

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	10706.22	8906.51	USD	No	10706.22	8906.51
CFE	IBXXIBIG	-	IBIG	13589.14	11303.97	USD	No	13589.14	11303.97

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	30615.08	25512.56	USD	No	30615.08	25512.56
CME	EMD	-	EMD	26110.61	21758.84	USD	Yes¹	30440.61	21758.84
CME	NIY	-	ENY	313694.54	261412.11	JPY	No	483194.54	261412.11
CME	ES	-	ES	18789.56	15638.58	USD	Yes	28064.56	15638.58
CME	SPXESUP	-	ESG	22181.83	18483.58	USD	No	26051.83	18483.58
CME	IBAA	-	IBV	31296.03	26080.02	USD	No	31296.03	26080.02
CME	M2K	-	M2K	873.538	727.948	USD	No	1100.54	727.948
CME	MES	-	MES	1878.96	1563.86	USD	Yes	2806.46	1563.86
CME	MNQ	-	MNQ	3332.105	2828.97	USD	Yes	5391.105	2828.97
CME	NIY	-	NIY	1568472.68	1307060.57	JPY	No	2415972.68	1307060.57
CME	NKD	-	NKD	15916.35	13263.62	USD	No	24416.35	13263.62
CME	NQ	-	NQ	33321.05	28289.71	USD	Yes	53911.05	28289.71
CME	RS1	-	RS1	16963.46	14131.11	USD	No	19068.46	14131.11
CME	RSG	-	RSG	48240.27	40195.73	USD	No	52315.27	40195.73
CME	RSV	-	RSV	11126.25	9271.16	USD	No	12106.25	9271.16
CME	RTY	-	RTY	8735.38	7279.48	USD	Yes	11005.39	7279.48
CME	SGX	-	SG	299404.71	249503.92	USD	No	299404.72	249503.92
CME	SMC	-	SMC	36184.17	30153.48	USD	No	37394.18	30153.48
CME	SVX	-	SU	88527.38	73772.82	USD	No	88527.38	73772.82
CME	IXB	-	XAB	17518.24	14597.83	USD	No	18638.24	14597.83
CME	IXE	-	XAE	15124.27	12603.23	USD	No	16104.28	12603.23
CME	IXM	-	XAF	16689.88	13907.74	USD	No	18389.88	13907.74
CME	IXI	-	XAI	21424.79	17853.45	USD	No	22604.79	17853.45
CME	IXT	-	XAK	53939.24	44945.94	USD	No	59709.23	44945.94
CME	IXR	-	XAP	8327.32	6939.20	USD	No	8547.32	6939.20
CME	IXRE	-	XAR	9770.54	8141.06	USD	No	10058.04	8141.06
CME	IXU	-	XAU	10262.89	8552.09	USD	No	10582.89	8552.09
CME	IXV	-	XAV	16767.52	13972.24	USD	No	17477.51	13972.24
CME	IXY	-	XAY	41542.11	34618.10	USD	No	45472.11	34618.10

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	2596.80	2164.00	EUR	No	2596.80	2164.00
EUREX	DAX	-	FDAX	40775.10	33979.25	EUR	Yes	42377.01	35314.17
EUREX	DAX	-	FDXM	8155.02	6795.85	EUR	No	8475.40	7062.83
EUREX	DAX	-	FDXS	1631.00	1359.17	EUR	Yes	1695.08	1412.57
EUREX	DBEA	-	FEBD	398.339	331.9495	EUR	No	382.115	318.429
EUREX	SX7E	-	FESB	963.918	803.265	EUR	Yes	963.947	803.289
EUREX	SX4E	-	FESC	6225.49	5187.90	EUR	Yes¹	6927.24	5772.70
EUREX	SXNE	-	FESG	6068.22	5056.85	EUR	Yes¹	6878.34	5731.95
EUREX	SXDE	-	FESH	2657.51	2214.59	EUR	Yes¹	3189.01	2657.51
EUREX	SXOE	-	FESN	3064.75	2553.96	EUR	Yes¹	3260.23	2716.85
EUREX	SX3E	-	FESO	1511.59	1259.66	EUR	Yes¹	1737.87	1448.23
EUREX	SXRE	-	FESR	3830.37	3191.98	EUR	Yes¹	4596.45	3830.37
EUREX	SXPE	-	FESS	1202.44	1001.92	EUR	Yes¹	1283.18	1069.20
EUREX	SXKE	-	FEST	961.20	801.00	EUR	Yes¹	1010.41	842.005
EUREX	SXTE	-	FESV	995.088	829.24	EUR	Yes¹	1183.78	986.486
EUREX	ESTX50	-	FESX	4307.65	3589.71	EUR	Yes	5169.18	4307.65
EUREX	SX8E	-	FESY	15361.53	12801.27	EUR	Yes¹	18433.83	15361.53
EUREX	SXQE	-	FESZ	6885.57	5737.98	EUR	Yes¹	8262.68	6885.57
EUREX	OMXH25	-	FFOX	10774.24	8978.53	EUR	Yes¹	12929.09	10774.24
EUREX	DJ200	-	FMCP	2262.41	1885.20	EUR	Yes¹	2207.84	1839.73
EUREX	M1EF	-	FMEM	4819.36	4016.14	USD	No	5783.23	4819.36
EUREX	MXEU	-	FMEP	1671.74	1393.12	EUR	No	2006.09	1671.74
EUREX	M7EU	-	FMEU	2714.48	2262.02	EUR	No	2229.29	1857.70
EUREX	MXJPUS	-	FMJP	6449.61	5374.61	USD	No	7009.92	5841.53
EUREX	MBWO	-	FMWN	3628.16	3023.47	EUR	No	3186.79	2655.66
EUREX	M1WO	-	FMWO	8561.55	7134.62	USD	No	10273.86	8561.55
EUREX	MXWO	-	FMWP	5035.15	4195.96	USD	No	6042.18	5035.15
EUREX	SXXPESGX	-	FSEG	1430.71	1192.25	EUR	No	1140.22	950.171
EUREX	SLI	-	FSLI	4719.84	3933.20	CHF	Yes¹	5663.80	4719.84
EUREX	SMIDP	-	FSMD	8904	7420	CHF	No	8904	7420
EUREX	SMI	-	FSMI	8526.69	7105.57	CHF	Yes	9977.93	8314.94
EUREX	SMIM	-	FSMM	4540.54	3783.02	CHF	Yes¹	5448.65	4539.62
EUREX	SMI	-	FSMS	852.669	710.557	CHF	No	997.793	831.494
EUREX	MDAX	-	FSMX	2558.01	2131.43	EUR	No	2382.08	1984.84
EUREX	SXAP	-	FSTA	4286.20	3571.81	EUR	Yes¹	5143.44	4286.18
EUREX	SX7P	-	FSTB	1310.81	1092.33	EUR	Yes	1288.58	1073.81
EUREX	SX4P	-	FSTC	5402.54	4501.42	EUR	Yes¹	5215.61	4345.67
EUREX	SXEP	-	FSTE	1842.81	1535.67	EUR	Yes	2211.37	1842.80
EUREX	SXFP	-	FSTF	4409.45	3674.135	EUR	Yes¹	4217.16	3513.92
EUREX	SXNP	-	FSTG	4094.26	3411.80	EUR	Yes¹	4486.48	3738.63
EUREX	SXDP	-	FSTH	4387.82	3656.49	EUR	Yes¹	5265.38	4387.79
EUREX	SXIP	-	FSTI	2475.73	2063.07	EUR	Yes¹	2127.80	1773.14
EUREX	SX86P	-	FSTL	957.363	797.803	EUR	No	1148.84	957.363
EUREX	SXMP	-	FSTM	1715.94	1429.81	EUR	Yes¹	1854.38	1545.15
EUREX	SXOP	-	FSTN	3426.30	2855.09	EUR	Yes¹	3531.47	2942.73
EUREX	SX3P	-	FSTO	2094.04	1745	EUR	Yes¹	2294.25	1911.84
EUREX	SXRP	-	FSTR	1950.62	1625.14	EUR	Yes¹	2340.75	1950.17
EUREX	SXPP	-	FSTS	3685.87	3071.54	EUR	Yes	4257.99	3548.31
EUREX	SXKP	-	FSTT	684.32	570.25	EUR	Yes¹	753.265	627.703
EUREX	SX6P	-	FSTU	1507.59	1256.32	EUR	Yes	1658.87	1382.39
EUREX	SXTP	-	FSTV	1164.88	970.71	EUR	Yes¹	1374.89	1145.72
EUREX	STX	-	FSTX	3481.57	2901.07	EUR	Yes¹	3796.71	3163.66
EUREX	SX8P	-	FSTY	7232.37	6026.97	EUR	Yes¹	8678.84	7232.37
EUREX	SXQP	-	FSTZ	4185.61	3487.14	EUR	Yes¹	4867.63	4055.34
EUREX	ESTX50	-	FSXE	430.765	358.971	EUR	No	516.918	430.765
EUREX	TDX	-	FTDX	7984.79	6653.99	EUR	Yes¹	9581.75	7984.79
EUREX	DJ600	-	FXXP	2061.74	1718.12	EUR	Yes	2437.36	2031.13

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	11008.76	9173.97	EUR	No	11008.76	9173.97

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	64172.23	53476.85	HKD	No	64172.23	53476.85
HKFE	HSIDPI	-	DHS	9719.76	8099.80	HKD	No	9719.76	8099.80
HKFE	HSI	-	HSI	95764.63	79803.86	HKD	Yes	95764.63	79803.86
HKFE	HSTECH	-	HTI	26132.21	21776.84	HKD	Yes	26132.21	21776.84
HKFE	MCA	-	MCA	4006.69	3338.90	USD	No	4006.69	3338.90
HKFE	MHI	-	MHI	19152.93	15960.77	HKD	Yes	19152.93	15960.77
HKFE	MID.HK	-	MIA	1610.34	1341.95	USD	No	1610.34	1341.95
HKFE	MND	-	MND	3702.78	3085.60	USD	No	3702.78	3085.60
HKFE	MTW	-	MTW	10322.81	8602.18	USD	No	10322.81	8602.18

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	6276.74	5230.06	USD	No	6276.74	5230.06
ICEEU	F1DV	-	XZ	898.742	748.952	GBP	No	898.742	748.952
ICEEU	Y	-	Y2	4864.72	4053.91	GBP	No	4864.72	4053.91
ICEEU	Z	-	Z	6152.14	5126.78	GBP	Yes	6152.14	5126.78

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	2214	1845	EUR	No	2214	1845
IDEM	FTMIB	-	FIB	24798.165	20665.14	EUR	Yes	24798.165	20665.14
IDEM	FTMIB	-	MICR	991.927	826.6055	EUR	No	991.927	826.6055
IDEM	FTMIB	-	MIN	4959.63	4133.03	EUR	No	4959.63	4133.03

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	12000	10000	EUR	No	12000	10000
MEFFRV	IBEX	-	MIX	1200	1000	EUR	Yes	1200	1000

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	56377.19	46980.88	MXN	Yes¹	50016.05	41679.94
MEXDER	IPC	-	MIP	11275.44	9396.18	MXN	No	10003.21	8335.99

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	15898.74	13248.95	EUR	No	15898.74	13248.95
MONEP	FEO	-	FEO	12117.00	10097.50	EUR	No	12117.00	10097.50

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	24900.87	20750.11	SEK	No	24900.86	20750.11
OMS	OMXS30	-	OMXS30	25594.87	21329.06	SEK	Yes	25594.87	21329.06

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	5078539.20	4232116	JPY	Yes	4661185.20	3884321
OSE.JPN	N225M	-	225M	507853.92	423211.60	JPY	Yes	466118.52	388432.10
OSE.JPN	N225MC	-	225MC	50785.39	42321.16	JPY	No	46611.85	38843.21
OSE.JPN	JPNK400	-	400	252806.40	210672	JPY	No	303367.68	252806.40
OSE.JPN	TPXC30	-	C30	126980.36	105816.96	JPY	No	126980.36	105816.96
OSE.JPN	DJIA	-	DJIA	463510.95	386259.13	JPY	No	556213.14	463510.95
OSE.JPN	JGB	-	JBL	2404180.68	2003483.90	JPY	Yes	2087135.90	1739279.92
OSE.JPN	MJ	-	JBLM	240418.07	200348.39	JPY	No	208713.59	173927.99
OSE.JPN	TSEMOTHR	-	MOTH	87197.04	72664.20	JPY	No	104636.45	87197.04
OSE.JPN	NKVI	-	NVI	149940	124950	JPY	No	208152	173460
OSE.JPN	TSEREIT	-	REIT	231117.73	192598.11	JPY	No	277341.27	231117.73
OSE.JPN	TOPX	-	TPX	2824200	2353500	JPY	No	2866871.55	2389059.63
OSE.JPN	MNTPX	-	TPXM	282420	235350	JPY	No	286687.16	238905.96

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	1639.01	1365.84	USD	No	1639.01	1365.84
SGX	XIN0I	-	FCH	4241.64	3534.52	USD	No	4241.64	3534.52
SGX	WIIDN	-	FID	1349.17	1124.10	USD	No	1349.17	1124.10
SGX	NKYDIV	-	ND	1660080.03	1383400.02	JPY	No	1660080.15	1383400.02
SGX	SGXNK	-	NK	1680010.66	1400008.88	JPY	Yes	1680010.66	1400008.88
SGX	SGXNKM	-	NS	336002.13	280001.78	JPY	No	336002.13	280001.78
SGX	N225U	-	NU	53195.77	44329.81	USD	No	53195.77	44329.81
SGX	SSG	-	SGP	1922.10	1601.75	SGD	Yes¹	1922.10	1601.75
SGX	STI	-	ST	4955.32	4129.44	SGD	No	4955.32	4129.44
SGX	C52	-	YCDD	1361.52	1089.21	SGD	No	1417.97	1089.22
SGX	D05	-	YDBS	3785.50	3028.40	SGD	No	3891.57	3028.40
SGX	G13	-	YGEN	769.969	615.975	SGD	No	776.439	615.97
SGX	BN4	-	YKEP	3436.66	2749.33	SGD	No	3465.56	2749.33
SGX	O39	-	YOCB	5494.91	4395.93	SGD	No	5581.11	4395.93
SGX	Z74	-	YSTT	2948.39	2358.72	SGD	No	3018.19	2358.72
SGX	Y92	-	YTBE	995.325	796.26	SGD	No	1063.69	796.25
SGX	U11	-	YUOB	5958.77	4767.01	SGD	No	6273.86	4767.01
SGX	F34	-	YWIL	2920.23	2336.18	SGD	No	2949.78	2336.18
SGX	BS6	-	YYZJ	22238.20	5228.24	SGD	No	7476.51	5228.25

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	19424.40	16187	AUD	Yes	19424.40	16187

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%.