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 1555.95 1353 USD No 1489.25 1295
CBOTYM- YM 15553.75 13525 USD Yes 14889.05 12947


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 21383.89 18594.69 CAD No 21383.90 18594.69
CDETSE60- SXM 12890.24 11208.90 CAD No 12890.24 11208.90


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 10008.86 8703.25 USD No 10008.86 8703.25
CFEIBXXIBIG- IBIG 8149.76 7086.75 USD No 8149.76 7086.75
CFEVIX- VX 10325.045 8978.30 USD Yes 25747.13 22388.81
CFEVIX- VX31 10325.045 8978.30 USD No 27210.08 23660.94
CFEVIX- VX32 10325.045 8978.30 USD No 26199.37 22782.06
CFEVIX- VX34 10325.045 8978.30 USD No 25624.19 22281.90
CFEVIX- VX35 9912.05 8619.17 USD No 25583.89 22246.86
CFEVIX- VX36 9189.29 7990.69 USD No 25630.66 22287.53
CFEVXM- VXM 1032.50 897.83 USD No 2517.31 2188.96


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 28035.11 24378.36 USD No 28035.11 24378.36
CMEEMD- EMD 24844.80 21604.02 USD Yes 1 25198.80 21912
CMENIY- ENY 343320.66 298538.40 JPY No 332465 289100
CMEES- ES 23460.80 21328 USD Yes 22022 20020
CMESPXESUP- ESG 17545.78 15254 USD No 17243.27 14990.97
CMEIBAA- IBV 32727.85 28459 USD No 32164.35 27969
CMEM2K- M2K 1063.98 925.202 USD No 971.75 845
CMEMES- MES 2346.30 2133 USD Yes 2202.20 2002
CMEMNQ- MNQ 3359.40 3054 USD Yes 3247.20 2952
CMENIY- NIY 1716605 1492700 JPY No 1662440 1445600
CMENKD- NKD 17893.24 15559.11 USD No 17893.24 15559.11
CMENQ- NQ 33589.80 30536.19 USD Yes 32470.90 29519
CMERS1- RS1 14313.13 12437 USD No 13158.95 11434.08
CMERSG- RSG 44622.36 38794.55 USD No 44622.37 38794.55
CMERSV- RSV 11150.64 9694.93 USD No 11150.64 9694.93
CMERTY- RTY 10639.82 9252.02 USD Yes 9712.90 8446
CMESGX- SG 285041.82 247862.45 USD No 285041.82 247862.45
CMESMC- SMC 30627.41 26632.53 USD No 30627.42 26632.53
CMESVX- SU 87279.01 75894.79 USD No 87279.01 75894.79
CMEIXB- XAB 15762.60 13704.41 USD No 15762.60 13704.41
CMEIXE- XAE 13217.02 11492.48 USD No 13217.02 11492.48
CMEIXI- XAI 22613.75 19661.35 USD No 22613.75 19661.35
CMEIXR- XAP 6424.11 5585.92 USD No 6424.11 5585.92
CMEIXU- XAU 11817.47 10275.17 USD No 11817.47 10275.17
CMEIXV- XAV 15971.02 13886.75 USD No 15971.02 13886.75
CMEIXY- XAY 47609.53 41386.59 USD No 47609.52 41386.59


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
EUREXSD3ED- FD3D 2635.80 2292.00 EUR No 2635.80 2292.00
EUREXDAX- FDAX 50475.20 43891.48 EUR Yes 49153.875 42742.50
EUREXDAX- FDXM 10095.04 8778.30 EUR No 9830.775 8548.50
EUREXDAX- FDXS 2019.01 1755.66 EUR Yes 1966.155 1709.70
EUREXDBEA- FEBD 297.936 259.0745 EUR No 286.825 249.413
EUREXSX7E- FESB 1439.24 1251.51 EUR Yes 1306.38 1135.98
EUREXSX4E- FESC 5669.81 4930.27 EUR Yes 1 5441.29 4731.56
EUREXSXNE- FESG 6963.34 6055.08 EUR Yes 1 6456.14 5614.04
EUREXSXDE- FESH 2648.17 2302.76 EUR Yes 1 2644.48 2299.54
EUREXSXOE- FESN 3727.08 3240.94 EUR Yes 1 3660.65 3183.17
EUREXSX3E- FESO 1324.33 1151.59 EUR Yes 1 1268.74 1103.25
EUREXSXRE- FESR 3503.43 3046.46 EUR Yes 1 3241.17 2818.40
EUREXSXPE- FESS 1130.69 983.004 EUR Yes 1 1054.25 916.545
EUREXSXKE- FEST 1147.80 998.085 EUR Yes 1 1025.80 892.00
EUREXSXTE- FESV 1151.41 1001.23 EUR Yes 1 1113.57 968.323
EUREXESTX50- FESX 4292.88 3732.94 EUR Yes 4241.09 3687.90
EUREXSX8E- FESY 17605.67 15309.27 EUR Yes 1 17605.67 15309.27
EUREXSXQE- FESZ 5211.19 4531.47 EUR Yes 1 5211.19 4531.47
EUREXOMXH25- FFOX 9766.91 8488.55 EUR Yes 1 9766.91 8488.55
EUREXDJ200- FMCP 2345.14 2039.06 EUR Yes 1 1873.04 1628.58
EUREXM1EF- FMEM 9014.78 7838.85 USD No 9014.78 7838.85
EUREXMXEU- FMEP 1427.88 1241.43 EUR No 1331.24 1157.41
EUREXM7EU- FMEU 2885.50 2509.07 EUR No 2400.18 2087.06
EUREXMXJPUS- FMJP 7045.10 6125.90 USD No 7045.10 6125.90
EUREXMBWO- FMWN 4708.27 4094.08 EUR No 3493.46 3037.75
EUREXM1WO- FMWO 9095.31 7908.87 USD No 8432.44 7332.47
EUREXMXWO- FMWP 6555.00 5698.82 USD No 6555.00 5698.82
EUREXSXXPESGX- FSEG 1525.46 1326.45 EUR No 1186.87 1032.03
EUREXSLI- FSLI 3838.28 3337.63 CHF Yes 1 3838.28 3337.63
EUREXSMIDP- FSMD 8836.60 7684.00 CHF No 8836.60 7684.00
EUREXSMI- FSMI 9213.11 8011.40 CHF Yes 7693.60 6690.08
EUREXSMIM- FSMM 4173.82 3627.39 CHF Yes 1 4173.82 3627.39
EUREXSMI- FSMS 921.311 801.14 CHF No 769.36 669.008
EUREXMDAX- FSMX 2943.11 2559.12 EUR No 2391.59 2079.56
EUREXSXAP- FSTA 2899.50 2521.27 EUR Yes 1 2693.62 2342.25
EUREXSX7P- FSTB 1868.79 1625.01 EUR Yes 1573.47 1368.22
EUREXSX4P- FSTC 4698.30 4082.66 EUR Yes 1 4242.58 3686.66
EUREXSXEP- FSTE 1809.32 1573.31 EUR Yes 1658.58 1442.24
EUREXSXFP- FSTF 4806.64 4178.23 EUR Yes 1 3850.29 3346.92
EUREXSXNP- FSTG 4847.58 4214.65 EUR Yes 1 4377.95 3806.34
EUREXSXDP- FSTH 4318.05 3754.77 EUR Yes 1 3440.72 2991.89
EUREXSXIP- FSTI 2994.17 2603.33 EUR Yes 1 2454.54 2134.13
EUREXSX86P- FSTL 626.298 544.59 EUR No 611.366 531.606
EUREXSXMP- FSTM 1792.57 1558.30 EUR Yes 1 1410.23 1225.93
EUREXSXOP- FSTN 3887.27 3379.50 EUR Yes 1 3747.31 3257.83
EUREXSX3P- FSTO 1747.64 1519.50 EUR Yes 1 1776.78 1544.84
EUREXSXRP- FSTR 1380.60 1199.70 EUR Yes 1 1420.41 1234.29
EUREXSXPP- FSTS 3185.31 2769.79 EUR Yes 3378.74 2937.99
EUREXSXKP- FSTT 725.994 631.25 EUR Yes 1 725.994 631.25
EUREXSX6P- FSTU 1635.09 1421.795 EUR Yes 1267.90 1102.50
EUREXSXTP- FSTV 1336.01 1161.47 EUR Yes 1 1240.33 1078.29
EUREXSTX- FSTX 3468.29 3015.54 EUR Yes 1 2717.03 2362.35
EUREXSX8P- FSTY 7532.97 6549.83 EUR Yes 1 7532.97 6549.83
EUREXSXQP- FSTZ 3411.17 2964.32 EUR Yes 1 3411.17 2964.32
EUREXESTX50- FSXE 429.288 373.294 EUR No 424.109 368.79
EUREXTDX- FTDX 8682.24 7549.78 EUR Yes 1 8682.24 7549.78
EUREXDJ600- FXXP 2151.36 1870.75 EUR Yes 1791.74 1558.03


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 6723.28 5846.33 EUR No 6723.28 5846.33


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 75958.37 66050.76 HKD No 75958.37 66050.76
HKFEHSIDPI- DHS 9204.14 8003.60 HKD No 9204.14 8003.60
HKFEHSI- HSI 136064.33 118316.81 HKD Yes 136064.33 118316.81
HKFEHSTECH- HTI 48124.21 41847.14 HKD Yes 48124.21 41847.14
HKFEMCA- MCA 4204.20 3655.81 USD No 4204.20 3655.81
HKFEMHI- MHI 27212.87 23663.36 HKD Yes 27212.87 23663.36
HKFEMID.HK- MIA 1874.91 1630.36 USD No 1874.91 1630.36
HKFEMND- MND 5156.42 4483.85 USD No 5156.42 4483.85
HKFEMTW- MTW 6533.54 5681.02 USD No 6533.53 5681.02


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 4416.14 3839.70 USD No 4416.14 3839.70
ICEEUF1DV- XZ 695.762 605 GBP No 695.762 605
ICEEUY- Y2 4897.99 4258.80 GBP No 4897.99 4258.80
ICEEUZ- Z 6924.17 6021.02 GBP Yes 6924.17 6021.02


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 2305.75 2005 EUR No 2305.75 2005
IDEMFTMIB- FIB 28868.81 25103.31 EUR Yes 28868.81 25103.31
IDEMFTMIB- MICR 1154.75 1004.13 EUR No 1154.75 1004.13
IDEMFTMIB- MIN 5773.76 5020.66 EUR No 5773.76 5020.66


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 12000 EUR No 13800 12000
MEFFRVIBEX- MIX 1380 1200 EUR Yes 1380 1200


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 58920.14 51230.78 MXN Yes 1 51980.51 45196.80
MEXDERIPC- MIP 11784.96 10246.16 MXN No 10396.92 9039.36


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 16471.30 14322.87 EUR No 16471.30 14322.87
MONEPFEO- FEO 5529.69 4808.42 EUR No 5529.69 4808.42


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 24007.87 20875.03 SEK No 24007.86 20875.03
OMSOMXS30- OMXS30 25219.55 21930.04 SEK Yes 25219.55 21930.04


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 4249986 3695640 JPY Yes 3643522 3168280
OSE.JPNN225M- 225M 424998.60 369564 JPY Yes 364352.20 316828
OSE.JPNN225MC- 225MC 42499.86 36956.40 JPY No 36435.22 31682.80
OSE.JPNJPNK400- 400 170502.21 148260.60 JPY No 170502.21 148260.60
OSE.JPNTPXC30- C30 135696.94 117997.34 JPY No 135696.94 117997.34
OSE.JPNDJIA- DJIA 592912.73 515539.42 JPY No 592912.73 515539.42
OSE.JPNJGB- JBL 2031801.59 1766783.99 JPY Yes 1958589.48 1703121.29
OSE.JPNMJ- JBLM 203180.16 176678.40 JPY No 195858.95 170312.13
OSE.JPNTSEMOTHR- MOTH 62836.89 54639.80 JPY No 62836.89 54639.80
OSE.JPNNKVI- NVI 129375 112500 JPY No 221214 192360
OSE.JPNTSEREIT- REIT 169258.18 147155.34 JPY No 169258.18 147155.34
OSE.JPNTOPX- TPX 2222722.53 1932802.20 JPY No 2222722.53 1932802.20
OSE.JPNMNTPX- TPXM 222272.25 193280.22 JPY No 222272.25 193280.22


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 1901.23 1653.24 USD No 1901.23 1653.24
SGXXIN0I- FCH 4457.24 3875.60 USD No 4457.24 3875.60
SGXWIIDN- FID 1271.35 1104.67 USD No 1271.35 1104.67
SGXNKYDIV- ND 1857480.18 1615199.95 JPY No 1857479.94 1615199.95
SGXNIFTY- NIFTY 2990 2600 USD No 2990 2600
SGXSGXNK- NK 1420537.50 1235250 JPY Yes 1420537.50 1235250
SGXSGXNKM- NS 284107.50 247050 JPY No 284107.50 247050
SGXN225U- NU 48527.36 42197.71 USD No 48527.36 42197.71
SGXSSG- SGP 2530 2200 SGD Yes 1 2530.00 2200
SGXSTI- ST 5642.29 4906.34 SGD No 5642.29 4906.34
SGXC52- YCDD 1373.04 1193.95 SGD No 1702.72 1193.95
SGXD05- YDBS 4632.66 3936.77 SGD No 4527.28 3936.77
SGXG13- YGEN 643.345 559.43 SGD No 707.881 559.43
SGXBN4- YKEP 5033.42 3685.48 SGD No 4238.30 3685.48
SGXO39- YOCB 5885.96 5118.22 SGD No 6357.46 5118.22
SGXZ74- YSTT 3454.20 3003.65 SGD No 4128.55 3003.65
SGXY92- YTBE 811.739 705.86 SGD No 877.461 705.86
SGXU11- YUOB 6307.37 5484.67 SGD No 6786.84 5484.67
SGXF34- YWIL 2607.92 2267.75 SGD No 3021.31 2267.76
SGXBS6- YYZJ 22577.93 5246.38 SGD No 6715.23 5246.38


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 19302.80 16785.04 AUD Yes 19302.80 16785.04



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%.