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	1554.80	1352	USD	No	1490.40	1296
CBOT	YM	-	YM	15543.40	13516	USD	Yes	14900.55	12957

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	21987.885	19119.90	CAD	No	21987.885	19119.90
CDE	TSE60	-	SXM	12810.22	11139.32	CAD	No	12810.22	11139.32

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	9983.28	8680.50	USD	No	9983.28	8680.50
CFE	IBXXIBIG	-	IBIG	8144.90	7081.75	USD	No	8144.89	7081.75
CFE	VIX	-	VX	10840.07	9426.15	USD	Yes	26314.46	22882.14
CFE	VIX	-	VX26	10840.07	9426.15	USD	No	29787.86	25902.49
CFE	VIX	-	VX27	10840.07	9426.15	USD	No	27885.54	24248.30
CFE	VIX	-	VX29	10840.07	9426.15	USD	No	26015.47	22622.15
CFE	VIX	-	VX30	10514.87	9143.37	USD	No	25728.89	22372.95
CFE	VIX	-	VX31	9756.02	8483.50	USD	No	25488.91	22164.27
CFE	VXM	-	VXM	1084.01	942.615	USD	No	2455.09	2134.86

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	26338.07	22902.67	USD	No	26338.07	22902.67
CME	EMD	-	EMD	24902.51	21654.00	USD	Yes¹	25239.05	21947
CME	NIY	-	ENY	347300	302000	JPY	No	325910	283400
CME	ES	-	ES	23690.70	21537	USD	Yes	22165	20150
CME	SPXESUP	-	ESG	26341.96	22898.44	USD	No	26341.96	22898.44
CME	IBAA	-	IBV	33741	29340	USD	No	33264.90	28926
CME	M2K	-	M2K	1064.33	925.501	USD	No	970.60	844
CME	MES	-	MES	2369.40	2154	USD	Yes	2216.50	2015
CME	MNQ	-	MNQ	3443.02	3130.01	USD	Yes	3309.90	3009
CME	NIY	-	NIY	1736385	1509900	JPY	No	1629435	1416900
CME	NKD	-	NKD	17528.73	15242.09	USD	No	16243.75	14125
CME	NQ	-	NQ	34430.16	31300.15	USD	Yes	33102.30	30093
CME	RS1	-	RS1	20546.40	17847.81	USD	No	20546.41	17847.81
CME	RSG	-	RSG	41156.99	35778.54	USD	No	41156.99	35778.54
CME	RSV	-	RSV	10076.18	8760.43	USD	No	10076.18	8760.43
CME	RTY	-	RTY	10643.26	9255.01	USD	Yes	9709.45	8443
CME	SGX	-	SG	289623.06	251846.10	USD	No	289623.01	251846.10
CME	SMC	-	SMC	30302.07	26349.62	USD	No	30302.07	26349.62
CME	SVX	-	SU	80315.64	69839.69	USD	No	80315.64	69839.69
CME	IXB	-	XAB	13243.56	11514.82	USD	No	13243.56	11514.82
CME	IXE	-	XAE	12391.96	10775.04	USD	No	12391.96	10775.04
CME	IXI	-	XAI	18710.98	16269.93	USD	No	18710.98	16269.93
CME	IXR	-	XAP	6948.20	6041.40	USD	No	6948.20	6041.40
CME	IXU	-	XAU	11711.81	10182.88	USD	No	11711.81	10182.88
CME	IXV	-	XAV	12196.97	10604.85	USD	No	12196.98	10604.85
CME	IXY	-	XAY	47608.50	41385.88	USD	No	47608.50	41385.88

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	2628.90	2286.00	EUR	No	2628.90	2286.00
EUREX	DAX	-	FDAX	49223.16	42802.75	EUR	Yes	47934.875	41682.50
EUREX	DAX	-	FDXM	9844.63	8560.55	EUR	No	9586.975	8336.50
EUREX	DAX	-	FDXS	1968.93	1712.11	EUR	Yes	1917.395	1667.30
EUREX	DBEA	-	FEBD	297.939	259.077	EUR	No	286.825	249.413
EUREX	SX7E	-	FESB	1310.26	1139.36	EUR	Yes	1189.31	1034.18
EUREX	SX4E	-	FESC	5751.67	5001.45	EUR	Yes¹	5515.63	4796.20
EUREX	SXNE	-	FESG	6972.60	6063.13	EUR	Yes¹	6178.99	5373.03
EUREX	SXDE	-	FESH	2708.44	2355.165	EUR	Yes¹	2538.07	2207.015
EUREX	SXOE	-	FESN	3802.95	3306.92	EUR	Yes¹	3566.87	3101.62
EUREX	SX3E	-	FESO	1331.125	1157.50	EUR	Yes¹	1331.125	1157.50
EUREX	SXRE	-	FESR	3916.60	3405.74	EUR	Yes¹	3582.01	3114.795
EUREX	SXPE	-	FESS	1099.57	955.29	EUR	Yes¹	1025.23	890.71
EUREX	SXKE	-	FEST	1276.44	1109.95	EUR	Yes¹	1071.88	932.07
EUREX	SXTE	-	FESV	1211.50	1053.48	EUR	Yes¹	1082.11	940.961
EUREX	ESTX50	-	FESX	4186.72	3640.62	EUR	Yes	4186.72	3640.62
EUREX	SX8E	-	FESY	17244.95	14995.61	EUR	Yes¹	17244.95	14995.61
EUREX	SXQE	-	FESZ	5043.75	4385.87	EUR	Yes¹	5043.75	4385.87
EUREX	OMXH25	-	FFOX	9148.71	7944.90	EUR	Yes¹	9148.71	7944.90
EUREX	DJ200	-	FMCP	2304.29	2003.47	EUR	Yes¹	1840.41	1600.15
EUREX	M1EF	-	FMEM	9276.73	8064.14	USD	No	9276.73	8064.14
EUREX	MXEU	-	FMEP	1844.55	1603.96	EUR	No	1844.55	1603.96
EUREX	M7EU	-	FMEU	2826.91	2458.09	EUR	No	2351.46	2044.67
EUREX	MXJPUS	-	FMJP	6450.51	5608.78	USD	No	6450.51	5608.78
EUREX	MBWO	-	FMWN	5096.10	4431.39	EUR	No	3328.47	2894.32
EUREX	M1WO	-	FMWO	8721.72	7584.06	USD	No	7960.79	6922.39
EUREX	MXWO	-	FMWP	6296.98	5472.97	USD	No	6296.98	5472.97
EUREX	SXXPESGX	-	FSEG	1492.14	1297.48	EUR	No	1160.95	1009.49
EUREX	SLI	-	FSLI	3681.56	3201.36	CHF	Yes¹	3681.56	3201.36
EUREX	SMIDP	-	FSMD	8855	7700	CHF	No	8855	7700
EUREX	SMI	-	FSMI	10456.835	9092.90	CHF	Yes	7620.42	6626.45
EUREX	SMIM	-	FSMM	3463.62	3010.43	CHF	Yes¹	3463.62	3010.43
EUREX	SMI	-	FSMS	1045.68	909.29	CHF	No	762.042	662.645
EUREX	MDAX	-	FSMX	2866.95	2492.87	EUR	No	2409.98	2095.52
EUREX	SXAP	-	FSTA	2758.61	2398.68	EUR	Yes¹	2562.73	2228.35
EUREX	SX7P	-	FSTB	1731.60	1505.69	EUR	Yes	1457.96	1267.75
EUREX	SX4P	-	FSTC	4864.79	4225.18	EUR	Yes¹	4226.31	3670.64
EUREX	SXEP	-	FSTE	1831.55	1592.64	EUR	Yes	1585.08	1378.31
EUREX	SXFP	-	FSTF	4644.46	4035.87	EUR	Yes¹	3720.40	3232.895
EUREX	SXNP	-	FSTG	4672.75	4062.82	EUR	Yes¹	4220.06	3669.22
EUREX	SXDP	-	FSTH	4570.89	3974.33	EUR	Yes¹	3296.65	2866.39
EUREX	SXIP	-	FSTI	2914.56	2533.99	EUR	Yes¹	2389.28	2077.30
EUREX	SX86P	-	FSTL	677.829	589.352	EUR	No	677.829	589.352
EUREX	SXMP	-	FSTM	1884.13	1637.47	EUR	Yes¹	1515.50	1317.10
EUREX	SXOP	-	FSTN	3750.18	3260.20	EUR	Yes¹	3615.15	3142.815
EUREX	SX3P	-	FSTO	1844.69	1603.75	EUR	Yes¹	1948.97	1694.415
EUREX	SXRP	-	FSTR	1531.46	1330.39	EUR	Yes¹	1584.28	1376.27
EUREX	SXPP	-	FSTS	3041.55	2644.73	EUR	Yes	3226.24	2805.315
EUREX	SXKP	-	FSTT	753.86	655.423	EUR	Yes¹	735.258	639.25
EUREX	SX6P	-	FSTU	1657.38	1441.12	EUR	Yes	1352.28	1175.83
EUREX	SXTP	-	FSTV	1391.86	1209.99	EUR	Yes¹	1199.93	1043.14
EUREX	STX	-	FSTX	3406.52	2961.81	EUR	Yes¹	2692.08	2340.64
EUREX	SX8P	-	FSTY	7499.42	6520.11	EUR	Yes¹	7499.42	6520.11
EUREX	SXQP	-	FSTZ	3378.19	2935.72	EUR	Yes¹	3378.19	2935.72
EUREX	ESTX50	-	FSXE	418.672	364.062	EUR	No	418.672	364.062
EUREX	TDX	-	FTDX	8238.19	7163.64	EUR	Yes¹	8238.19	7163.64
EUREX	DJ600	-	FXXP	2102.96	1828.66	EUR	Yes	1811.25	1575.00

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	9120.87	7931.19	EUR	No	9120.87	7931.19

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	74973.94	65194.73	HKD	No	74973.94	65194.73
HKFE	HSIDPI	-	DHS	9305.23	8091.50	HKD	No	9305.23	8091.50
HKFE	HSI	-	HSI	149891	130340	HKD	Yes	149891	130340
HKFE	HSTECH	-	HTI	51892.99	45124.335	HKD	Yes	51892.99	45124.335
HKFE	MCA	-	MCA	4141.97	3601.65	USD	No	4141.97	3601.65
HKFE	MHI	-	MHI	29978.20	26068	HKD	Yes	29978.20	26068
HKFE	MID.HK	-	MIA	2952.90	2567.74	USD	No	2952.90	2567.74
HKFE	MND	-	MND	6919.40	5962.93	USD	No	6919.40	5962.93
HKFE	MTW	-	MTW	8833.77	7680.66	USD	No	8833.77	7680.66

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	5376.45	4674.31	USD	No	5376.45	4674.31
ICEEU	F1DV	-	XZ	990.522	861.286	GBP	No	990.522	861.286
ICEEU	Y	-	Y2	4681.56	4070.28	GBP	No	4681.56	4070.28
ICEEU	Z	-	Z	6924.15	6021	GBP	Yes	6924.15	6021

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	2285.48	1986	EUR	No	2285.48	1986
IDEM	FTMIB	-	FIB	28036.94	24379.95	EUR	Yes	28036.94	24379.95
IDEM	FTMIB	-	MICR	1121.48	975.198	EUR	No	1121.48	975.198
IDEM	FTMIB	-	MIN	5607.39	4875.99	EUR	No	5607.39	4875.99

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	13800.04	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	58366.40	50742.55	MXN	Yes¹	52944.75	46029.08
MEXDER	IPC	-	MIP	11675.40	10148.51	MXN	No	10590.87	9205.82

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	16077.41	13980.36	EUR	No	16077.41	13980.36
MONEP	FEO	-	FEO	10816.91	9406.00	EUR	No	10816.91	9406.00

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	23417.11	20361	SEK	No	23417.11	20361
OMS	OMXS30	-	OMXS30	24497.30	21302	SEK	Yes	24497.30	21302

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	4144767.90	3604146	JPY	Yes	3553318.30	3089842
OSE.JPN	N225M	-	225M	414476.79	360414.60	JPY	Yes	355331.83	308984.20
OSE.JPN	N225MC	-	225MC	41447.68	36041.46	JPY	No	35533.18	30898.42
OSE.JPN	JPNK400	-	400	154440.05	134290	JPY	No	154440.05	134290
OSE.JPN	TPXC30	-	C30	131246.94	114127.77	JPY	No	131246.94	114127.77
OSE.JPN	DJIA	-	DJIA	480797.94	418044.59	JPY	No	480797.94	418044.59
OSE.JPN	JGB	-	JBL	2095089.66	1821817.09	JPY	Yes	2015124.40	1752282.09
OSE.JPN	MJ	-	JBLM	209508.97	182181.71	JPY	No	201512.44	175228.21
OSE.JPN	TSEMOTHR	-	MOTH	60940.88	52990.30	JPY	No	60940.88	52990.30
OSE.JPN	NKVI	-	NVI	137425	119500	JPY	No	212750	185000
OSE.JPN	TSEREIT	-	REIT	153438.31	133382.68	JPY	No	153438.31	133382.68
OSE.JPN	TOPX	-	TPX	2098207.43	1824528.20	JPY	No	2098207.43	1824528.20
OSE.JPN	MNTPX	-	TPXM	209820.74	182452.82	JPY	No	209820.74	182452.82

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	1845.89	1605.12	USD	No	1845.89	1605.12
SGX	XIN0I	-	FCH	4228.88	3676.60	USD	No	4228.88	3676.60
SGX	WIIDN	-	FID	1700.45	1476.38	USD	No	1700.45	1476.38
SGX	NKYDIV	-	ND	1843910.03	1603400.02	JPY	No	1843910.15	1603400.02
SGX	NIFTY	-	NIFTY	2875	2500	USD	No	2875	2500
SGX	SGXNK	-	NK	1495000	1300000	JPY	Yes	1495000	1300000
SGX	SGXNKM	-	NS	299000	260000	JPY	No	299000	260000
SGX	N225U	-	NU	49102.21	42697.57	USD	No	49102.21	42697.57
SGX	SSG	-	SGP	2645.00	2300.00	SGD	Yes¹	2645.01	2300.00
SGX	STI	-	ST	5008.86	4355.53	SGD	No	5008.86	4355.53
SGX	C52	-	YCDD	1235.22	1074.10	SGD	No	1270.85	1074.10
SGX	D05	-	YDBS	4262.43	3706.46	SGD	No	4299.16	3706.46
SGX	G13	-	YGEN	617.602	537.045	SGD	No	637.927	537.05
SGX	BN4	-	YKEP	3855.93	3352.98	SGD	No	3949.16	3352.99
SGX	O39	-	YOCB	5649.14	4912.30	SGD	No	5797.83	4912.30
SGX	Z74	-	YSTT	3601.59	2817.54	SGD	No	3240.17	2817.54
SGX	Y92	-	YTBE	803.321	698.54	SGD	No	820.242	698.54
SGX	U11	-	YUOB	6219.24	5408.04	SGD	No	6392.84	5408.04
SGX	F34	-	YWIL	2513.61	2185.75	SGD	No	2585.27	2185.75
SGX	BS6	-	YYZJ	19621.00	4446.61	SGD	No	5206.65	4446.61

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	19302.79	16785.04	AUD	Yes	19302.79	16785.04

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%.