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	Micro E-Mini Dow Jones Industrial Average Index	MYM	1103.48	959.55	USD	No	1103.48	959.55
CBOT	YM	E-mini Dow Jones Industrial Average	YM	11034.825	9595.50	USD	Yes	11034.825	9595.50

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	S&P Canada 60 Index Futures (Old TSE60)	SXF	16668.16	13334.53	CAD	No	16668.16	13334.53
CDE	TSE60	S&P Canada 60 Index Futures (Old TSE60)	SXM	12501.12	10000.89	CAD	No	12501.12	10000.89

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	iBoxx iShares $ High Yield Corporate Bond Index TR	IBHY	11785.66	9428.53	USD	No	11785.66	9428.53
CFE	IBXXIBIG	iBoxx iShares $ Investment Grade Corporate Bond Index TR	IBIG	14450.86	11560.69	USD	No	14450.86	11560.69

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	CME E-Mini NASDAQ Biotechnology	BIO	27791.44	22233.15	USD	No	27791.44	22233.15
CME	EMD	E-mini S&P Midcap 400 Futures	EMD	26284.41	21027.53	USD	Yes¹	26284.41	21027.53
CME	NIY	Yen Denominated Nikkei 225 Index	ENY	289801.98	231841.58	JPY	No	289801.98	231841.58
CME	ES	E-mini S&P 500	ES	15128.82	13753.47	USD	Yes	15128.82	13753.47
CME	SPXESUP	E-mini S&P 500 ESG	ESG	15121.50	12097.20	USD	No	15121.50	12097.20
CME	IBAA	Bovespa Index - USD	IBV	29763.83	23811.06	USD	No	29763.83	23811.06
CME	M2K	Micro E-Mini Russell 2000 Index	M2K	820.132	656.106	USD	No	820.132	656.106
CME	MES	Micro E-Mini S&P 500 Stock Price Index	MES	1512.88	1375.35	USD	Yes	1512.88	1375.35
CME	MNQ	Micro E-Mini Nasdaq-100 Index	MNQ	2643.17	2402.88	USD	Yes	2643.17	2402.88
CME	NIY	Yen Denominated Nikkei 225 Index	NIY	1449009.89	1159207.92	JPY	No	1449009.89	1159207.92
CME	NKD	Dollar Denominated Nikkei 225 Index	NKD	15219.12	12175.30	USD	No	15219.12	12175.30
CME	NQ	E-mini NASDAQ 100	NQ	26431.73	24028.85	USD	Yes	26431.73	24028.85
CME	RS1	E-mini Russell 1000 Index Futures	RS1	12391.57	9913.26	USD	No	12391.57	9913.26
CME	RSG	E-mini Russell 1000 Growth Index Futures	RSG	42412.95	33930.36	USD	No	42412.95	33930.36
CME	RSV	E-Mini Russell 1000 Value Index Futures	RSV	11722.52	9378.02	USD	No	11722.52	9378.02
CME	RTY	E-mini Russell 2000 Index	RTY	8201.32	6561.06	USD	Yes	8201.32	6561.06
CME	SGX	S&P 500 / Citigroup Growth Index	SG	256209.28	204967.42	USD	No	256209.28	204967.42
CME	SMC	E-Mini S&P SmallCap 600 Futures	SMC	36674.84	29339.87	USD	No	36674.84	29339.87
CME	SVX	S&P 500 / Citigroup Value Index	SU	92411.57	73929.25	USD	No	92411.57	73929.25
CME	IXB	Materials Select Sector Index	XAB	17132.32	13705.86	USD	No	17132.32	13705.86
CME	IXE	Energy Select Sector Index	XAE	19307.64	15446.11	USD	No	19307.64	15446.11
CME	IXM	Financial Select Sector Index	XAF	16882.45	13505.96	USD	No	16882.45	13505.96
CME	IXI	Industrial Select Sector Index	XAI	22350.86	17880.69	USD	No	22350.86	17880.69
CME	IXT	Technology Select Sector Index -	XAK	47880.27	38304.21	USD	No	47880.27	38304.21
CME	IXR	Consumer Staples Select Sector Index	XAP	8079.53	6463.62	USD	No	8079.53	6463.62
CME	IXRE	Real Estate Select Sector Index	XAR	8806.46	7045.17	USD	No	8806.46	7045.17
CME	IXU	Utilities Select Sector Index	XAU	9582.34	7665.88	USD	No	9582.34	7665.88
CME	IXV	Health Care Select Sector Index	XAV	14801.77	11841.42	USD	No	14801.77	11841.42
CME	IXY	Consumer Discretionary Select Sector Index	XAY	39271.62	31417.30	USD	No	39271.62	31417.30

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	Euro Stoxx Select Dividend 30 DVP	FD3D	4168.69	2166.00	EUR	No	4168.69	2166.00
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDAX	41265.31	33012.25	EUR	Yes	39607.50	31686
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDXM	8253.06	6602.45	EUR	No	7921.50	6337.20
EUREX	DAX	DAX 40 Index (Deutsche Aktien Xchange 40)	FDXS	1650.61	1320.49	EUR	Yes	1584.30	1267.44
EUREX	DBEA	EURO STOXX Banks Index Dividend Futures	FEBD	406.732	210.35	EUR	No	406.732	210.35
EUREX	SX7E	Euro STOXX Banks Index	FESB	999.788	799.83	EUR	Yes	889.975	711.98
EUREX	SX4E	Euro STOXX Chemicals	FESC	6585.41	5268.33	EUR	Yes¹	6426.38	5141.10
EUREX	SXNE	Euro STOXX Industrial Goods&Services	FESG	6531.17	5224.94	EUR	Yes¹	6531.17	5224.94
EUREX	SXDE	Euro STOXX Healthcare	FESH	2757.74	2206.19	EUR	Yes¹	2757.74	2206.19
EUREX	SXOE	Euro STOXX Construction	FESN	3172.64	2538.12	EUR	Yes¹	3160.51	2528.41
EUREX	SX3E	Euro STOXX Food&Beverages	FESO	1547.09	1237.67	EUR	Yes¹	1507.50	1206.00
EUREX	SXRE	Euro STOXX Retail	FESR	4574.88	3659.90	EUR	Yes¹	4574.88	3659.90
EUREX	SXPE	Euro STOXX Basic Resources	FESS	1426.08	1140.86	EUR	Yes¹	1331.98	1065.58
EUREX	SXKE	Euro STOXX Telecommunications	FEST	882.761	706.208	EUR	Yes¹	882.761	706.208
EUREX	SXTE	Euro STOXX Travel & Leisure	FESV	1242.77	994.216	EUR	Yes¹	1167.75	934.197
EUREX	ESTX50	Euro STOXX50	FESX	4671.62	3737.30	EUR	Yes	4671.62	3737.30
EUREX	SX8E	Euro STOXX Technology	FESY	18354.29	14683.43	EUR	Yes¹	18354.29	14683.43
EUREX	SXQE	Euro STOXX Personal & Household Goods	FESZ	8498.72	6798.98	EUR	Yes¹	8498.72	6798.98
EUREX	OMXH25	OMX Helsinki 25 Index	FFOX	8549.81	6839.85	EUR	Yes¹	8549.81	6839.85
EUREX	DJ200	STOXX MID 200 Index	FMCP	2308.45	1846.76	EUR	Yes¹	2010.77	1608.62
EUREX	M1EF	MSCI Emerging Markets Net Total Return Index	FMEM	4899.81	3919.84	USD	No	4899.81	3919.84
EUREX	MXEU	MSCI Europe	FMEP	1401.56	1121.24	EUR	No	1163.73	930.981
EUREX	M7EU	MSCI Europe Net Return EUR Index	FMEU	2753.58	2202.87	EUR	No	2261.41	1809.13
EUREX	MXJPUS	MSCI JAPAN INDEX - USD	FMJP	6196.97	4957.57	USD	No	5539.45	4431.56
EUREX	MBWO	MSCI World Net EUR Index 1	FMWN	3628.70	2902.96	EUR	No	3187.26	2549.81
EUREX	M1WO	MSCI World NETR USD Index	FMWO	8486.04	6788.83	USD	No	8335.67	6668.54
EUREX	MXWO	MSCI World Index	FMWP	5467.38	4373.90	USD	No	5467.38	4373.90
EUREX	SXXPESGX	STOXX Europe 600 ESG-X	FSEG	1452.29	1161.83	EUR	No	1157.42	925.934
EUREX	SLI	Swiss Leader Index (PREIS_INDEX)	FSLI	4741.58	3793.26	CHF	Yes¹	4741.58	3793.26
EUREX	SMIDP	SMI Dividend Points Index	FSMD	14284.40	7422.00	CHF	No	14284.40	7422.00
EUREX	SMI	Swiss Market Index	FSMI	7925.48	6340.39	CHF	Yes	7925.48	6340.39
EUREX	SMIM	Swiss Mid-cap Index	FSMM	4457.50	3566.00	CHF	Yes¹	4457.50	3566.00
EUREX	SMI	Swiss Market Index	FSMS	792.548	634.039	CHF	No	792.548	634.039
EUREX	MDAX	Midcap DAX	FSMX	2789.29	2231.44	EUR	No	2227.81	1782.24
EUREX	SXAP	STOXX 600 Automobiles & Parts	FSTA	5545.15	4436.12	EUR	Yes¹	5545.15	4436.12
EUREX	SX7P	STOXX 600 Banks	FSTB	1338.84	1071.07	EUR	Yes	1138.14	910.51
EUREX	SX4P	STOXX 600 Chemicals	FSTC	5607.95	4486.36	EUR	Yes¹	5059.57	4047.66
EUREX	SXEP	STOXX 600 Oil & Gas	FSTE	2127.92	1702.34	EUR	Yes	2127.92	1702.34
EUREX	SXFP	STOXX 600 Financial Services Index	FSTF	4218.88	3375.10	EUR	Yes¹	3488.17	2790.53
EUREX	SXNP	STOXX 600 Industrial Goods & Services Index	FSTG	4182.34	3345.88	EUR	Yes¹	4043.13	3234.50
EUREX	SXDP	STOXX 600 Healthcare	FSTH	3951.02	3160.81	EUR	Yes¹	3951.02	3160.81
EUREX	SXIP	STOXX 600 Insurance	FSTI	2347.31	1877.845	EUR	Yes¹	2017.43	1613.945
EUREX	SX86P	STOXX 600 Real Estate	FSTL	841.683	673.346	EUR	No	841.683	673.346
EUREX	SXMP	STOXX 600 Media	FSTM	1674.08	1339.27	EUR	Yes¹	1560.15	1248.12
EUREX	SXOP	STOXX 600 Construction & Materials	FSTN	3423.64	2738.91	EUR	Yes¹	3259.66	2607.73
EUREX	SX3P	STOXX 600 Food & Beverage Index	FSTO	2185.31	1748.25	EUR	Yes¹	2185.31	1748.25
EUREX	SXRP	STOXX 600 Retail	FSTR	2182.85	1746.28	EUR	Yes¹	2182.85	1746.28
EUREX	SXPP	STOXX 600 Basic Resources Index	FSTS	4553.07	3642.45	EUR	Yes	4443.16	3554.53
EUREX	SXKP	STOXX 600 Telecommunications	FSTT	659.697	527.757	EUR	Yes¹	659.697	527.757
EUREX	SX6P	STOXX 600 Utilities	FSTU	1442.84	1154.27	EUR	Yes	1333.83	1067.06
EUREX	SXTP	STOXX 600 Travel & Leisure	FSTV	1366.44	1093.15	EUR	Yes¹	1293.66	1034.93
EUREX	STX	STOXX50	FSTX	3563.75	2851	EUR	Yes¹	2963.11	2370.49
EUREX	SX8P	STOXX 600 Technology	FSTY	7859.39	6287.51	EUR	Yes¹	7859.39	6287.51
EUREX	SXQP	STOXX 600 Personal & Household Goods	FSTZ	4369.16	3495.33	EUR	Yes¹	4369.16	3495.33
EUREX	ESTX50	Euro STOXX50	FSXE	467.162	373.73	EUR	No	467.162	373.73
EUREX	TDX	TECDAX	FTDX	9371.33	7497.07	EUR	Yes¹	9371.33	7497.07
EUREX	DJ600	STOXX 600 Index	FXXP	2096.79	1677.43	EUR	Yes	2027.12	1621.70

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	AMX INDEX	FMX	11913.22	9530.58	EUR	No	11913.22	9530.58

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	CES China 120 Index	CHH	73504.32	58803.46	HKD	No	73504.32	58803.46
HKFE	HSIDPI	HSI Dividend Point Index	DHS	12692.20	8070.90	HKD	No	12692.20	8070.90
HKFE	HSI	Hang Seng Stock Index	HSI	105578.89	84463.11	HKD	Yes	105578.89	84463.11
HKFE	HSTECH	Hang Seng TECH Index	HTI	36987.33	29589.86	HKD	Yes	36987.33	29589.86
HKFE	MCA	MSCI China A 50 Connect Index	MCA	4168.10	3334.48	USD	No	4168.10	3334.48
HKFE	MHI	Mini Hang Seng Index	MHI	21115.78	16892.62	HKD	Yes	21115.78	16892.62
HKFE	MID.HK	MSCI Indonesia Index (USD) - HKFE	MIA	2614.86	2091.89	USD	No	2614.86	2091.89
HKFE	MND	MSCI India Index (USD) - HKFE	MND	3418.10	2734.48	USD	No	3418.10	2734.48
HKFE	MTW	MSCI Taiwan (USD) Index - HKFE	MTW	7123.81	5699.05	USD	No	7123.81	5699.05

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	The MSCI Brazil Net Total Return	MCG	6961.14	5568.91	USD	No	6961.14	5568.91
ICEEU	F1DV	FTSE 100 Dividend Index	XZ	875.623	607	GBP	No	875.623	607
ICEEU	Y	FTSE 250 Index	Y2	5311.21	4248.97	GBP	No	5311.21	4248.97
ICEEU	Z	FTSE 100 Index	Z	6345.31	5076.25	GBP	Yes	6345.31	5076.25

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	FTSE MIB Dividend Index	FDIV	5028.93	4023.15	EUR	No	5028.93	4023.15
IDEM	FTMIB	-	FIB	25690.55	20552.44	EUR	Yes	25690.55	20552.44
IDEM	FTMIB	-	MICR	1027.62	822.0975	EUR	No	1027.62	822.0975
IDEM	FTMIB	-	MIN	5138.11	4110.49	EUR	No	5138.11	4110.49

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	IBEX 35 Index	IBX	11875	9500	EUR	No	11875	9500
MEFFRV	IBEX	IBEX 35 Index Mini	MIX	1187.50	950	EUR	Yes	1187.50	950

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	Mexico Bolsa (IPC) Index	IPC	61301.21	49040.97	MXN	Yes¹	61229.68	48983.74
MEXDER	IPC	Mexico Bolsa (IPC) Index	MIP	12260.24	9808.19	MXN	No	12245.94	9796.75

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	FTSEurofirst 80 NEW	FEF	16723.84	13379.07	EUR	No	16723.84	13379.07
MONEP	FEO	FTSEurofirst 100 NEW	FEO	11488.26	9190.61	EUR	No	11488.26	9190.61

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	OMXS30 ESG Responsible Index	OMXESG	25853.75	20683	SEK	No	25853.75	20683
OMS	OMXS30	OMX Index (Sweden)	OMXS30	26830	21464	SEK	Yes	26830	21464

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	Nikkei 225	225	3854793.70	3083834.96	JPY	Yes	3854793.70	3083834.96
OSE.JPN	N225M	Nikkei 225 Mini	225M	385479.37	308383.50	JPY	Yes	385479.37	308383.50
OSE.JPN	N225MC	Nikkei 225 Micro	225MC	38547.94	30838.35	JPY	No	38547.94	30838.35
OSE.JPN	JPNK400	JPX-Nikkei Index 400	400	169806.25	135845	JPY	No	169806.25	135845
OSE.JPN	TPXC30	Topix Core30	C30	125068.69	100054.95	JPY	No	125068.69	100054.95
OSE.JPN	DJIA	OSE Dow Jones Industrial Average	DJIA	465314.36	372251.49	JPY	No	465314.36	372251.49
OSE.JPN	JGB	Standardized 6% 10-Year Japanese Government Bond	JBL	2359216.67	1887373.34	JPY	Yes	2359216.67	1887373.34
OSE.JPN	MJ	Mini 10 Year JGB	JBLM	235921.67	188737.33	JPY	No	235921.67	188737.33
OSE.JPN	TSEMOTHR	TSE Growth Market 250 Index	MOTH	78291.14	62632.91	JPY	No	78291.14	62632.91
OSE.JPN	NKVI	Nikkei 225 Volatility Index	NVI	129375	103500	JPY	No	253050	202440
OSE.JPN	TSEREIT	TSE REIT Index	REIT	225622.11	180497.68	JPY	No	225622.11	180497.68
OSE.JPN	TOPX	TOPIX Index	TPX	2293641.61	1834913.28	JPY	No	2293641.61	1834913.28
OSE.JPN	MNTPX	Japan Mini Topix	TPXM	229364.16	183491.33	JPY	No	229364.16	183491.33

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	FTSE/Xinhua China A50	CN	1914.45	1531.56	USD	No	1914.45	1531.56
SGX	XIN0I	FTSE China H50	FCH	4511.46	3609.17	USD	No	4511.46	3609.17
SGX	WIIDN	FTSE Indonesia Index	FID	1786.81	1429.45	USD	No	1786.81	1429.45
SGX	NKYDIV	Nikkei Stock Average Dividend Point Index	ND	2079750.06	1393800.05	JPY	No	2079750.06	1393800.05
SGX	SGXNK	SGX: Nikkei 225	NK	1490924.67	1192739.73	JPY	Yes	1490924.67	1192739.73
SGX	SGXNKM	SGX: NIKKEI 225 Mini	NS	298184.93	238547.95	JPY	No	298184.93	238547.95
SGX	N225U	SGX: USD Nikkei 225 Index	NU	50484.60	40387.68	USD	No	50484.60	40387.68
SGX	SSG	MSCI Singapore Free Index	SGP	2040.14	1632.11	SGD	Yes¹	2040.14	1632.11
SGX	STI	SGX Straits Times Index	ST	4755.30	3804.24	SGD	No	4755.30	3804.24
SGX	C52	COMFORTDELGRO CORP LTD	YCDD	1355.61	1084.48	SGD	No	1355.61	1084.49
SGX	D05	DBS GROUP HOLDINGS LTD	YDBS	3684.50	2947.60	SGD	No	3684.50	2947.60
SGX	G13	GENTING SINGAPORE LTD	YGEN	836.446	669.155	SGD	No	836.451	669.16
SGX	BN4	KEPPEL LTD	YKEP	3840.14	3072.11	SGD	No	3840.14	3072.11
SGX	O39	OVERSEA-CHINESE BANKING CORP	YOCB	5210.44	4168.35	SGD	No	5210.44	4168.35
SGX	Z74	SINGAPORE TELECOMMUNICATIONS	YSTT	2236.79	1789.43	SGD	No	2236.80	1789.44
SGX	Y92	THAI BEVERAGE PCL	YTBE	921.038	736.83	SGD	No	921.038	736.83
SGX	U11	UNITED OVERSEAS BANK LTD	YUOB	5761.15	4608.92	SGD	No	5761.15	4608.92
SGX	F34	WILMAR INTERNATIONAL LTD	YWIL	3035.64	2428.52	SGD	No	3035.65	2428.52
SGX	BS6	YANGZIJIANG SHIPBUILDING	YYZJ	15200.23	3428.49	SGD	No	4285.62	3428.50

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	S&P/ASX 200 Index (Australia)	AP	19077.51	15262.01	AUD	Yes	19077.51	15262.01

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%.