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	1551.93	1349.51	USD	No	1488.10	1294
CBOT	YM	-	YM	15519.34	13495.08	USD	Yes	14879.85	12939

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	21907.09	19049.64	CAD	No	21907.09	19049.64
CDE	TSE60	-	SXM	12417.47	10797.80	CAD	No	12417.47	10797.80

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	10001.06	8695.50	USD	No	10001.06	8695.50
CFE	IBXXIBIG	-	IBIG	8142.30	7079.50	USD	No	8142.30	7079.50
CFE	VIX	-	VX	9890.51	8600.45	USD	Yes	28241.43	24557.76
CFE	VIX	-	VX29	9700.94	8435.60	USD	No	25953.20	22568
CFE	VIX	-	VX30	9700.94	8435.60	USD	No	25953.20	22568
CFE	VIX	-	VX31	9700.94	8435.60	USD	No	25953.20	22568
CFE	VIX	-	VX32	9700.94	8435.60	USD	No	28229.78	24547.64
CFE	VIX	-	VX34	8510	7400	USD	No	27651.30	24044.61
CFE	VXM	-	VXM	986.525	857.847	USD	No	2624.85	2282.48

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	28662.85	24924.22	USD	No	28662.85	24924.22
CME	EMD	-	EMD	24827.54	21588.86	USD	Yes¹	25396.48	21907
CME	NIY	-	ENY	340473.90	296060.33	JPY	No	317400	276000
CME	ES	-	ES	23453.04	21320.94	USD	Yes	22001.10	20001
CME	SPXESUP	-	ESG	23240.36	20202.66	USD	No	24330.36	20202.66
CME	IBAA	-	IBV	33652.48	29263.02	USD	No	33161.40	28836
CME	M2K	-	M2K	1061.33	922.898	USD	No	969.45	843
CME	MES	-	MES	2345.30	2132.09	USD	Yes	2200	2000
CME	MNQ	-	MNQ	3395.59	3086.90	USD	Yes	3360.56	3023.33
CME	NIY	-	NIY	1702346.91	1480301.66	JPY	No	1586885	1379900
CME	NKD	-	NKD	19318.32	16797.90	USD	No	20243.32	16797.90
CME	NQ	-	NQ	33955.88	30868.98	USD	Yes	33605.62	30233.31
CME	RS1	-	RS1	17881.53	15536.22	USD	No	17881.53	15536.22
CME	RSG	-	RSG	44703.55	38861.63	USD	No	44828.56	38861.63
CME	RSV	-	RSV	10511.74	9139.35	USD	No	11071.74	9139.35
CME	RTY	-	RTY	10613.33	9228.98	USD	Yes	9691.05	8427
CME	SGX	-	SG	295674.34	257108.08	USD	No	295674.29	257108.08
CME	SMC	-	SMC	32244.86	28039.01	USD	No	33514.86	28039.01
CME	SVX	-	SU	81263.22	70663.67	USD	No	81263.23	70663.67
CME	IXB	-	XAB	14422.31	12538.12	USD	No	15542.31	12538.12
CME	IXE	-	XAE	13340.16	11129.92	USD	No	12800.16	11129.92
CME	IXI	-	XAI	20464.93	17791.68	USD	No	20944.93	17791.68
CME	IXR	-	XAP	6722.03	5844.91	USD	No	7272.03	5844.91
CME	IXU	-	XAU	11589.44	10076.46	USD	No	11999.44	10076.46
CME	IXV	-	XAV	13292.34	11556.81	USD	No	15012.34	11556.81
CME	IXY	-	XAY	47195.29	41015.88	USD	No	48575.30	41015.88

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	2633.50	2290	EUR	No	2633.50	2290
EUREX	DAX	-	FDAX	51055.40	44396	EUR	Yes	49719.10	43234
EUREX	DAX	-	FDXM	10211.08	8879.20	EUR	No	9943.82	8646.80
EUREX	DAX	-	FDXS	2042.22	1775.84	EUR	Yes	1988.76	1729.36
EUREX	DBEA	-	FEBD	297.936	259.075	EUR	No	286.825	249.413
EUREX	SX7E	-	FESB	1396.35	1214.22	EUR	Yes	1267.46	1102.14
EUREX	SX4E	-	FESC	5841.77	5079.80	EUR	Yes¹	5281.12	4592.28
EUREX	SXNE	-	FESG	7013.08	6098.33	EUR	Yes¹	6224.43	5412.55
EUREX	SXDE	-	FESH	2645.88	2300.77	EUR	Yes¹	2466.61	2144.88
EUREX	SXOE	-	FESN	3751.54	3262.21	EUR	Yes¹	3659.79	3182.43
EUREX	SX3E	-	FESO	1330.26	1156.75	EUR	Yes¹	1330.26	1156.75
EUREX	SXRE	-	FESR	3843.71	3342.36	EUR	Yes¹	3494.44	3038.65
EUREX	SXPE	-	FESS	1140.25	991.00	EUR	Yes¹	1063.17	924.005
EUREX	SXKE	-	FEST	1230.38	1069.90	EUR	Yes¹	1029.54	895.25
EUREX	SXTE	-	FESV	1193.16	1037.53	EUR	Yes¹	1017.45	884.742
EUREX	ESTX50	-	FESX	4331.75	3766.74	EUR	Yes	4198.535	3650.90
EUREX	SX8E	-	FESY	17089.70	14860.61	EUR	Yes¹	17089.70	14860.61
EUREX	SXQE	-	FESZ	5467.46	4754.32	EUR	Yes¹	5560.06	4834.83
EUREX	OMXH25	-	FFOX	9019.58	7834.62	EUR	Yes¹	9019.58	7834.62
EUREX	DJ200	-	FMCP	2325.22	2021.61	EUR	Yes¹	1857.12	1614.635
EUREX	M1EF	-	FMEM	8970.78	7798.57	USD	No	8970.78	7798.57
EUREX	MXEU	-	FMEP	1514.70	1316.90	EUR	No	1514.70	1316.90
EUREX	M7EU	-	FMEU	2890.18	2513.10	EUR	No	2404.09	2090.43
EUREX	MXJPUS	-	FMJP	5877.55	5110.59	USD	No	5422.59	4715
EUREX	MBWO	-	FMWN	4915.92	4274.67	EUR	No	3381.58	2940.48
EUREX	M1WO	-	FMWO	8858.39	7702.81	USD	No	8018.59	6972.56
EUREX	MXWO	-	FMWP	6511.94	5659.46	USD	No	6511.94	5659.46
EUREX	SXXPESGX	-	FSEG	1527.75	1328.43	EUR	No	1188.65	1033.57
EUREX	SLI	-	FSLI	3547.77	3085.01	CHF	Yes¹	3547.77	3085.01
EUREX	SMIDP	-	FSMD	8884.90	7726.00	CHF	No	8884.90	7726.00
EUREX	SMI	-	FSMI	9991.775	8688.50	CHF	Yes	7098.79	6172.86
EUREX	SMIM	-	FSMM	3554.45	3088.56	CHF	Yes¹	3554.45	3088.56
EUREX	SMI	-	FSMS	999.1775	868.85	CHF	No	709.879	617.286
EUREX	MDAX	-	FSMX	2997.68	2606.49	EUR	No	2438.73	2120.48
EUREX	SXAP	-	FSTA	2920.89	2539.82	EUR	Yes¹	2713.49	2359.48
EUREX	SX7P	-	FSTB	1814.88	1578.11	EUR	Yes	1528.08	1328.73
EUREX	SX4P	-	FSTC	4927.01	4280.40	EUR	Yes¹	4207.79	3655.57
EUREX	SXEP	-	FSTE	1764.67	1534.48	EUR	Yes	1612.81	1402.425
EUREX	SXFP	-	FSTF	4770.33	4144.10	EUR	Yes¹	3821.20	3319.57
EUREX	SXNP	-	FSTG	4799.32	4172.17	EUR	Yes¹	4334.34	3767.95
EUREX	SXDP	-	FSTH	4399.62	3825.51	EUR	Yes¹	3213.42	2794.10
EUREX	SXIP	-	FSTI	2976.06	2587.21	EUR	Yes¹	2439.70	2120.93
EUREX	SX86P	-	FSTL	705.721	613.614	EUR	No	705.721	613.614
EUREX	SXMP	-	FSTM	1773.00	1541.04	EUR	Yes¹	1588.58	1380.75
EUREX	SXOP	-	FSTN	3836.50	3335.14	EUR	Yes¹	3698.36	3215.055
EUREX	SX3P	-	FSTO	1843.77	1603.00	EUR	Yes¹	1874.71	1629.90
EUREX	SXRP	-	FSTR	1485.59	1290.86	EUR	Yes¹	1543.52	1341.20
EUREX	SXPP	-	FSTS	3079.73	2677.91	EUR	Yes	3266.75	2840.53
EUREX	SXKP	-	FSTT	729.209	634.00	EUR	Yes¹	729.209	634.00
EUREX	SX6P	-	FSTU	1641.44	1427.27	EUR	Yes	1407.00	1223.42
EUREX	SXTP	-	FSTV	1391.45	1209.55	EUR	Yes¹	1197.82	1041.23
EUREX	STX	-	FSTX	3492.15	3036.22	EUR	Yes¹	2633.88	2290
EUREX	SX8P	-	FSTY	7337.67	6379.32	EUR	Yes¹	7337.67	6379.32
EUREX	SXQP	-	FSTZ	3401.60	2954.81	EUR	Yes¹	3401.60	2954.81
EUREX	ESTX50	-	FSXE	433.175	376.674	EUR	No	419.8535	365.09
EUREX	TDX	-	FTDX	7719.65	6712.74	EUR	Yes¹	7719.65	6712.74
EUREX	DJ600	-	FXXP	2151.37	1870.755	EUR	Yes	1744.21	1516.705

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	8718.60	7581.39	EUR	No	8718.60	7581.39

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	66341.14	57687.94	HKD	No	66341.14	57687.94
HKFE	HSIDPI	-	DHS	9202.07	8001.80	HKD	No	9202.07	8001.80
HKFE	HSI	-	HSI	136064.32	118316.80	HKD	Yes	136064.32	118316.80
HKFE	HSTECH	-	HTI	48124.19	41847.12	HKD	Yes	48124.19	41847.12
HKFE	MCA	-	MCA	3939.99	3426.08	USD	No	3939.99	3426.08
HKFE	MHI	-	MHI	27212.86	23663.36	HKD	Yes	27212.86	23663.36
HKFE	MID.HK	-	MIA	2438.05	2120.04	USD	No	2438.05	2120.04
HKFE	MND	-	MND	5838.76	5077.18	USD	No	5838.76	5077.18
HKFE	MTW	-	MTW	7716.08	6709.49	USD	No	7716.08	6709.49

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	5528.70	4806.88	USD	No	5528.70	4806.88
ICEEU	F1DV	-	XZ	695.52	604.80	GBP	No	695.52	604.80
ICEEU	Y	-	Y2	4811.59	4183.40	GBP	No	4811.59	4183.40
ICEEU	Z	-	Z	6924.17	6021.02	GBP	Yes	6924.18	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
IDEM	MIBDIV	-	FDIV	2290.80	1992	EUR	No	2290.80	1992
IDEM	FTMIB	-	FIB	28577.90	24850.35	EUR	Yes	28577.90	24850.35
IDEM	FTMIB	-	MICR	1143.12	994.014	EUR	No	1143.12	994.014
IDEM	FTMIB	-	MIN	5715.58	4970.07	EUR	No	5715.58	4970.07

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	12000	EUR	No	13800	12000
MEFFRV	IBEX	-	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
MEXDER	IPC	-	IPC	57673.53	50144.25	MXN	Yes¹	53979.77	46932.70
MEXDER	IPC	-	MIP	11536.22	10028.85	MXN	No	10797.36	9386.54

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	15859.27	13790.67	EUR	No	15859.27	13790.67
MONEP	FEO	-	FEO	10143.19	8820.16	EUR	No	10143.19	8820.16

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	24147.21	20997	SEK	No	24147.21	20997
OMS	OMXS30	-	OMXS30	25221.83	21932.02	SEK	Yes	25221.83	21932.02

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	4089064.20	3555708	JPY	Yes	3505563.40	3048316
OSE.JPN	N225M	-	225M	408906.42	355570.80	JPY	Yes	350556.34	304831.60
OSE.JPN	N225MC	-	225MC	40890.64	35557.08	JPY	No	35055.63	30483.16
OSE.JPN	JPNK400	-	400	144531.07	125673.60	JPY	No	144531.07	125673.60
OSE.JPN	TPXC30	-	C30	116848.99	101607.82	JPY	No	116848.99	101607.82
OSE.JPN	DJIA	-	DJIA	532970.24	463360.54	JPY	No	532970.24	463360.54
OSE.JPN	JGB	-	JBL	1994243.85	1734125.09	JPY	Yes	1914474.10	1664760.08
OSE.JPN	MJ	-	JBLM	199424.39	173412.51	JPY	No	191447.41	166476.01
OSE.JPN	TSEMOTHR	-	MOTH	65986.84	57377.60	JPY	No	65986.84	57377.60
OSE.JPN	NKVI	-	NVI	130234.625	113247.50	JPY	No	209435.125	182117.50
OSE.JPN	TSEREIT	-	REIT	164794.47	143263.45	JPY	No	164794.47	143263.45
OSE.JPN	TOPX	-	TPX	1957054.52	1701786.54	JPY	No	1957054.52	1701786.54
OSE.JPN	MNTPX	-	TPXM	195705.45	170178.65	JPY	No	195705.45	170178.65

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	1901.78	1653.72	USD	No	1901.78	1653.72
SGX	XIN0I	-	FCH	3893.59	3385.67	USD	No	3893.59	3385.67
SGX	WIIDN	-	FID	1410.75	1226.45	USD	No	1410.75	1226.45
SGX	NKYDIV	-	ND	1854490.09	1612599.98	JPY	No	1854489.97	1612599.98
SGX	NIFTY	-	NIFTY	2990.02	2600.01	USD	No	2990.02	2600.01
SGX	SGXNK	-	NK	1609990.64	1399991.86	JPY	Yes	1609990.64	1399991.86
SGX	SGXNKM	-	NS	321998.13	279998.37	JPY	No	321998.13	279998.37
SGX	N225U	-	NU	44208.78	38442.42	USD	No	44208.78	38442.42
SGX	SSG	-	SGP	2645	2300	SGD	Yes¹	2645	2300
SGX	STI	-	ST	4787.35	4162.91	SGD	No	4787.35	4162.91
SGX	C52	-	YCDD	1225.69	1065.82	SGD	No	1246.18	1065.83
SGX	D05	-	YDBS	4424.55	3783.07	SGD	No	4350.53	3783.07
SGX	G13	-	YGEN	638.745	555.43	SGD	No	696.603	555.43
SGX	BN4	-	YKEP	4049.98	3521.72	SGD	No	4338.11	3521.72
SGX	O39	-	YOCB	5993.89	5025.88	SGD	No	5779.76	5025.88
SGX	Z74	-	YSTT	4134.04	2943.08	SGD	No	3384.54	2943.08
SGX	Y92	-	YTBE	811.371	705.54	SGD	No	825.011	705.55
SGX	U11	-	YUOB	6349.45	5521.26	SGD	No	6367.88	5521.26
SGX	F34	-	YWIL	2563.61	2229.23	SGD	No	2705.08	2229.22
SGX	BS6	-	YYZJ	20584.77	4563.52	SGD	No	5248.06	4563.53

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	19302.75	16785	AUD	Yes	19302.75	16785

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%.