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
CBOTMYMMicro E-Mini Dow Jones Industrial Average Index MYM 1138.01 989.575 USD No 1138.01 989.575
CBOTYME-mini Dow Jones Industrial Average YM 11380.11 9895.75 USD Yes 11380.11 9895.75


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
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXF 17064.77 14220.64 CAD No 17064.77 14220.64
CDETSE60S&P Canada 60 Index Futures (Old TSE60) SXM 12798.57 10665.48 CAD No 12798.57 10665.48


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
CFEIBXXIBHYiBoxx iShares $ High Yield Corporate Bond Index TR IBHY 9479.10 7899.25 USD No 9479.10 7899.25
CFEIBXXIBIGiBoxx iShares $ Investment Grade Corporate Bond Index TR IBIG 9516.28 7930.23 USD No 9516.28 7930.23


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
CMEBQXCME E-Mini NASDAQ Biotechnology BIO 27283.94 22736.61 USD No 27283.94 22736.61
CMEEMDE-mini S&P Midcap 400 Futures EMD 23943.13 19952.61 USD Yes 1 23943.13 19952.61
CMENIYYen Denominated Nikkei 225 Index ENY 277020 230850 JPY No 277020 230850
CMEESE-mini S&P 500 ES 13575.31 12341.19 USD Yes 13575.31 12341.19
CMESPXESUPE-mini S&P 500 ESG ESG 12365.99 10304.99 USD No 12365.99 10304.99
CMEIBAABovespa Index - USD IBV 27518.40 22932 USD No 27518.40 22932
CMEM2KMicro E-Mini Russell 2000 Index M2K 780 650 USD No 780 650
CMEMESMicro E-Mini S&P 500 Stock Price Index MES 1357.53 1234.12 USD Yes 1357.53 1234.12
CMEMNQMicro E-Mini Nasdaq-100 Index MNQ 2647.36 2406.69 USD Yes 2647.36 2406.69
CMENIYYen Denominated Nikkei 225 Index NIY 1385100 1154250 JPY No 1385100 1154250
CMENKDDollar Denominated Nikkei 225 Index NKD 15071.56 12559.63 USD No 15071.56 12559.63
CMENQE-mini NASDAQ 100 NQ 26473.64 24066.95 USD Yes 26473.64 24066.95
CMERS1E-mini Russell 1000 Index Futures RS1 9265.13 7720.95 USD No 9265.13 7720.95
CMERSGE-mini Russell 1000 Growth Index Futures RSG 39670.22 33058.52 USD No 39670.22 33058.52
CMERSVE-Mini Russell 1000 Value Index Futures RSV 9875.80 8229.83 USD No 9875.80 8229.83
CMERTYE-mini Russell 2000 Index RTY 7800 6500 USD Yes 7800 6500
CMESGXS&P 500 / Citigroup Growth Index SG 240350.15 200291.79 USD No 240350.15 200291.79
CMESMCE-Mini S&P SmallCap 600 Futures SMC 31872.23 26560.20 USD No 31872.23 26560.20
CMESVXS&P 500 / Citigroup Value Index SU 78393.97 65328.30 USD No 78393.97 65328.30
CMEIXBMaterials Select Sector Index XAB 14304.77 11920.64 USD No 14304.77 11920.64
CMEIXEEnergy Select Sector Index XAE 14586.34 12155.28 USD No 14586.34 12155.28
CMEIXMFinancial Select Sector Index XAF 14984.96 12487.47 USD No 14984.96 12487.47
CMEIXIIndustrial Select Sector Index XAI 18459.33 15382.77 USD No 18459.33 15382.77
CMEIXTTechnology Select Sector Index - XAK 46085.84 38404.87 USD No 46085.84 38404.87
CMEIXRConsumer Staples Select Sector Index XAP 7442.66 6202.21 USD No 7442.66 6202.21
CMEIXREReal Estate Select Sector Index XAR 7932.69 6610.58 USD No 7932.69 6610.58
CMEIXUUtilities Select Sector Index XAU 10350.39 8625.33 USD No 10350.39 8625.33
CMEIXVHealth Care Select Sector Index XAV 13075.93 10896.61 USD No 13075.93 10896.61
CMEIXYConsumer Discretionary Select Sector Index XAY 31238.14 26031.79 USD No 31238.14 26031.79


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
EUREXSD3EDEuro Stoxx Select Dividend 30 DVP FD3D 2582.40 2152.00 EUR No 2582.40 2152.00
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDAX 40726.75 33938.96 EUR Yes 44428.18 37023.48
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXM 8145.35 6787.79 EUR No 8885.64 7404.70
EUREXDAXDAX 40 Index (Deutsche Aktien Xchange 40) FDXS 1629.07 1357.56 EUR Yes 1777.13 1480.94
EUREXDBEAEURO STOXX Banks Index Dividend Futures FEBD 382.064 318.387 EUR No 366.505 305.4205
EUREXSX7EEuro STOXX Banks Index FESB 961.35 801.125 EUR Yes 1055.06 879.219
EUREXSX4EEuro STOXX Chemicals FESC 6730.48 5608.74 EUR Yes 1 8076.58 6730.48
EUREXSXNEEuro STOXX Industrial Goods&Services FESG 6527.76 5439.80 EUR Yes 1 7833.31 6527.76
EUREXSXDEEuro STOXX Healthcare FESH 2723.23 2269.35 EUR Yes 1 3267.87 2723.23
EUREXSXOEEuro STOXX Construction FESN 3069.04 2557.535 EUR Yes 1 3623.29 3019.41
EUREXSX3EEuro STOXX Food&Beverages FESO 1506.55 1255.46 EUR Yes 1 1807.86 1506.55
EUREXSXREEuro STOXX Retail FESR 3966.58 3305.48 EUR Yes 1 4759.89 3966.58
EUREXSXPEEuro STOXX Basic Resources FESS 1412.53 1177.11 EUR Yes 1 1533.38 1277.81
EUREXSXKEEuro STOXX Telecommunications FEST 870 725 EUR Yes 1 960.52 800.433
EUREXSXTEEuro STOXX Travel & Leisure FESV 1058.46 882.054 EUR Yes 1 1270.16 1058.46
EUREXESTX50Euro STOXX50 FESX 4591.79 3826.49 EUR Yes 5510.15 4591.79
EUREXSX8EEuro STOXX Technology FESY 20671.35 17226.12 EUR Yes 1 24805.61 20671.35
EUREXSXQEEuro STOXX Personal & Household Goods FESZ 7379.26 6149.38 EUR Yes 1 8855.11 7379.26
EUREXOMXH25OMX Helsinki 25 Index FFOX 9789.48 8157.90 EUR Yes 1 11747.37 9789.48
EUREXDJ200STOXX MID 200 Index FMCP 2277.49 1897.91 EUR Yes 1 2381.28 1984.40
EUREXM1EFMSCI Emerging Markets Net Total Return Index FMEM 4821.64 4018.03 USD No 5785.96 4821.64
EUREXMXEUMSCI Europe FMEP 3322.86 1367.00 EUR No 3987.43 1640.40
EUREXM7EUMSCI Europe Net Return EUR Index FMEU 2669.59 2224.66 EUR No 2148.50 1790.42
EUREXMXJPUSMSCI JAPAN INDEX - USD FMJP 5822.60 4852.17 USD No 5076.20 4230.17
EUREXMBWOMSCI World Net EUR Index 1 FMWN 3678.79 3065.66 EUR No 3205.49 2671.24
EUREXM1WOMSCI World NETR USD Index FMWO 8467.92 7056.60 USD No 9392.07 7826.73
EUREXMXWOMSCI World Index FMWP 4929.10 4107.58 USD No 5914.92 4929.10
EUREXSXXPESGXSTOXX Europe 600 ESG-X FSEG 1449.31 1207.76 EUR No 1111.30 926.085
EUREXSLISwiss Leader Index (PREIS_INDEX) FSLI 4450.25 3708.54 CHF Yes 1 5340.30 4450.25
EUREXSMIDPSMI Dividend Points Index FSMD 8870.40 7392.00 CHF No 8870.40 7392.00
EUREXSMISwiss Market Index FSMI 8569.62 7141.35 CHF Yes 9141.89 7618.24
EUREXSMIMSwiss Mid-cap Index FSMM 4038.16 3365.13 CHF Yes 1 4845.79 4038.16
EUREXSMISwiss Market Index FSMS 856.962 714.135 CHF No 914.189 761.824
EUREXMDAXMidcap DAX FSMX 2613.42 2177.85 EUR No 2860.71 2383.93
EUREXSXAPSTOXX 600 Automobiles & Parts FSTA 4854.07 4045.06 EUR Yes 1 5824.89 4854.07
EUREXSX7PSTOXX 600 Banks FSTB 1322.36 1101.97 EUR Yes 1363.10 1135.92
EUREXSX4PSTOXX 600 Chemicals FSTC 5383.52 4486.27 EUR Yes 1 6243.00 5202.50
EUREXSXEPSTOXX 600 Oil & Gas FSTE 1859.78 1549.82 EUR Yes 2231.74 1859.78
EUREXSXFPSTOXX 600 Financial Services Index FSTF 4609.38 3841.15 EUR Yes 1 4361.03 3634.19
EUREXSXNPSTOXX 600 Industrial Goods & Services Index FSTG 4250.97 3542.48 EUR Yes 1 4836.20 4030.17
EUREXSXDPSTOXX 600 Healthcare FSTH 3766.66 3138.89 EUR Yes 1 4520.00 3766.66
EUREXSXIPSTOXX 600 Insurance FSTI 2458.31 2048.59 EUR Yes 1 2138.64 1782.20
EUREXSX86PSTOXX 600 Real Estate FSTL 883.882 736.568 EUR No 1060.66 883.882
EUREXSXMPSTOXX 600 Media FSTM 1641.97 1368.31 EUR Yes 1 1880.55 1567.13
EUREXSXOPSTOXX 600 Construction & Materials FSTN 3414.05 2845.04 EUR Yes 1 3707.92 3089.94
EUREXSX3PSTOXX 600 Food & Beverage Index FSTO 2143.65 1786.37 EUR Yes 1 2572.38 2143.65
EUREXSXRPSTOXX 600 Retail FSTR 2012.27 1676.89 EUR Yes 1 2414.72 2012.27
EUREXSXPPSTOXX 600 Basic Resources Index FSTS 4323.02 3602.52 EUR Yes 4831.22 4026.02
EUREXSXKPSTOXX 600 Telecommunications FSTT 664.338 553.615 EUR Yes 1 735.947 613.289
EUREXSX6PSTOXX 600 Utilities FSTU 1454.67 1212.23 EUR Yes 1646.10 1371.75
EUREXSXTPSTOXX 600 Travel & Leisure FSTV 1275.82 1063.18 EUR Yes 1 1292.75 1077.29
EUREXSTXSTOXX50 FSTX 3656.51 3047.09 EUR Yes 1 3553.40 2961.17
EUREXSX8PSTOXX 600 Technology FSTY 8772.45 7310.38 EUR Yes 1 10526.94 8772.45
EUREXSXQPSTOXX 600 Personal & Household Goods FSTZ 4247.83 3539.86 EUR Yes 1 5097.40 4247.83
EUREXESTX50Euro STOXX50 FSXE 459.179 382.649 EUR No 551.015 459.179
EUREXTDXTECDAX FTDX 8481.65 7068.04 EUR Yes 1 10177.98 8481.65
EUREXDJ600STOXX 600 Index FXXP 2088.95 1740.79 EUR Yes 2479.08 2065.90


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
FTAAMXAMX INDEX FMX 12406.41 10338.68 EUR No 12406.41 10338.68


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
HKFECES120CES China 120 Index CHH 69876.94 58230.78 HKD No 69876.94 58230.78
HKFEHSIDPIHSI Dividend Point Index DHS 10283.83 8291.10 HKD No 10283.83 8291.10
HKFEHSIHang Seng Stock Index HSI 103440.84 86200.70 HKD Yes 103440.84 86200.70
HKFEHSTECHHang Seng TECH Index HTI 31220.05 26016.71 HKD Yes 31220.05 26016.71
HKFEMCAMSCI China A 50 Connect Index MCA 4036.37 3363.64 USD No 4036.37 3363.64
HKFEMHIMini Hang Seng Index MHI 20688.17 17240.14 HKD Yes 20688.17 17240.14
HKFEMID.HKMSCI Indonesia Index (USD) - HKFE MIA 2136.21 1780.17 USD No 2136.21 1780.17
HKFEMNDMSCI India Index (USD) - HKFE MND 6005.82 5004.85 USD No 6005.82 5004.85
HKFEMTWMSCI Taiwan (USD) Index - HKFE MTW 7329.57 6107.98 USD No 7329.57 6107.98


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
ICEEUNDUEBRAFThe MSCI Brazil Net Total Return MCG 6107.06 5089.22 USD No 6107.06 5089.22
ICEEUF1DVFTSE 100 Dividend Index XZ 878.942 732.452 GBP No 878.942 732.452
ICEEUYFTSE 250 Index Y2 5026.25 4188.54 GBP No 5026.25 4188.54
ICEEUZFTSE 100 Index Z 6160.32 5133.60 GBP Yes 6160.32 5133.60


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
IDEMMIBDIVFTSE MIB Dividend Index FDIV 2820.49 2350.41 EUR No 2820.49 2350.41
IDEMFTMIB- FIB 24596.775 20497.31 EUR Yes 24596.775 20497.31
IDEMFTMIB- MICR 983.871 819.8925 EUR No 983.871 819.8925
IDEMFTMIB- MIN 4919.355 4099.46 EUR No 4919.355 4099.46


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
MEFFRVIBEX35IBEX 35 Index IBX 12000.04 10000.03 EUR No 12000.04 10000.03
MEFFRVIBEXIBEX 35 Index Mini MIX 1200.00 1000.00 EUR Yes 1200.00 1000.00


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
MEXDERIPCMexico Bolsa (IPC) Index IPC 52408.74 43673.95 MXN Yes 1 58060.67 48383.89
MEXDERIPCMexico Bolsa (IPC) Index MIP 10481.75 8734.79 MXN No 11612.13 9676.78


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
MONEPFEFFTSEurofirst 80 NEW FEF 17351.03 14459.19 EUR No 17351.03 14459.19
MONEPFEOFTSEurofirst 100 NEW FEO 12491.71 10409.76 EUR No 12491.71 10409.76


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
OMSOMXESGOMXS30 ESG Responsible Index OMXESG 25438.80 21199 SEK No 25438.80 21199
OMSOMXS30OMX Index (Sweden) OMXS30 26252.50 21877.08 SEK Yes 26252.50 21877.08


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.JPNN225Nikkei 225 225 3753906 3128255 JPY Yes 3753906 3128255
OSE.JPNN225MNikkei 225 Mini 225M 375390.60 312825.50 JPY Yes 375390.60 312825.50
OSE.JPNN225MCNikkei 225 Micro 225MC 37539.06 31282.55 JPY No 37539.06 31282.55
OSE.JPNJPNK400JPX-Nikkei Index 400 400 138511.08 115425.90 JPY No 166213.30 138511.08
OSE.JPNTPXC30Topix Core30 C30 115456.47 96213.73 JPY No 115456.47 96213.73
OSE.JPNDJIAOSE Dow Jones Industrial Average DJIA 444030.56 370025.46 JPY No 532836.67 444030.56
OSE.JPNJGBStandardized 6% 10-Year Japanese Government Bond JBL 1895916.03 1579930.02 JPY Yes 1935651.05 1613042.54
OSE.JPNMJMini 10 Year JGB JBLM 189591.60 157993.00 JPY No 193565.11 161304.25
OSE.JPNTSEMOTHRTSE Growth Market 250 Index MOTH 49840.56 41533.80 JPY No 59808.67 49840.56
OSE.JPNNKVINikkei 225 Volatility Index NVI 110400 92000 JPY No 266968.50 222473.75
OSE.JPNTSEREITTSE REIT Index REIT 207231.26 172692.72 JPY No 248677.52 207231.26
OSE.JPNTOPXTOPIX Index TPX 1960255.16 1633545.97 JPY No 2352306.20 1960255.16
OSE.JPNMNTPXJapan Mini Topix TPXM 196025.52 163354.60 JPY No 235230.62 196025.52


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
SGXXINA50FTSE/Xinhua China A50 CN 1725.98 1438.32 USD No 1725.98 1438.32
SGXXIN0IFTSE China H50 FCH 4254.98 3545.81 USD No 4254.98 3545.81
SGXWIIDNFTSE Indonesia Index FID 1870.38 1558.65 USD No 1870.38 1558.65
SGXNKYDIVNikkei Stock Average Dividend Point Index ND 1991100 1378000 JPY No 1991100 1378000
SGXSGXNKSGX: Nikkei 225 NK 1395000 1162500 JPY Yes 1395000 1162500
SGXSGXNKMSGX: NIKKEI 225 Mini NS 279000 232500 JPY No 279000 232500
SGXN225USGX: USD Nikkei 225 Index NU 46127.56 38439.63 USD No 46127.56 38439.63
SGXSSGMSCI Singapore Free Index SGP 1883.10 1569.25 SGD Yes 1 1883.10 1569.25
SGXSTISGX Straits Times Index ST 4378.46 3648.72 SGD No 4378.46 3648.72
SGXC52COMFORTDELGRO CORP LTD YCDD 1275.27 1020.22 SGD No 1275.26 1020.21
SGXD05DBS GROUP HOLDINGS LTD YDBS 3664.80 2931.84 SGD No 3664.79 2931.84
SGXG13GENTING SINGAPORE LTD YGEN 815.794 652.635 SGD No 815.80 652.64
SGXBN4KEPPEL LTD YKEP 3679.52 2943.61 SGD No 3679.52 2943.61
SGXO39OVERSEA-CHINESE BANKING CORP YOCB 5365.49 4292.40 SGD No 5365.49 4292.39
SGXZ74SINGAPORE TELECOMMUNICATIONS YSTT 2484.90 1987.91 SGD No 2484.89 1987.91
SGXY92THAI BEVERAGE PCL YTBE 881.438 705.15 SGD No 881.438 705.15
SGXU11UNITED OVERSEAS BANK LTD YUOB 5734.01 4587.21 SGD No 5734.01 4587.21
SGXF34WILMAR INTERNATIONAL LTD YWIL 2953.74 2363.00 SGD No 2953.74 2363.00
SGXBS6YANGZIJIANG SHIPBUILDING YYZJ 21906.05 4941.03 SGD No 6176.29 4941.03


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
SNFESPIS&P/ASX 200 Index (Australia) AP 18988.90 15824.08 AUD Yes 18988.90 15824.08



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%.