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	1570.89	1365.99	USD	No	1805.77	1263
CBOT	YM	-	YM	15708.94	13659.94	USD	Yes	18057.72	12629

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	22432.53	19506.55	CAD	No	22432.53	19506.55
CDE	TSE60	-	SXM	16824.40	14629.91	CAD	No	16824.40	14629.91

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	11334.47	9856.02	USD	No	11334.46	9856.02
CFE	IBXXIBIG	-	IBIG	9704.09	8438.33	USD	No	9704.08	8438.33
CFE	VIX	-	VX	15368.83	13364.20	USD	Yes	19648.67	17085.80
CFE	VIX	-	VX16	15368.83	13364.20	USD	No	19648.67	17085.80
CFE	VIX	-	VX17	15368.83	13364.20	USD	No	19648.67	17085.80
CFE	VIX	-	VX18	15368.83	13364.20	USD	No	19648.67	17085.80
CFE	VIX	-	VX19	15368.83	13364.20	USD	No	19648.67	17085.80
CFE	VIX	-	VX21	13678.22	11894.10	USD	No	17487.36	15206.40
CFE	VXM	-	VXM	1536.88	1336.42	USD	No	1964.87	1708.58

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	29339.00	25512.17	USD	No	29339.00	25512.17
CME	EMD	-	EMD	25107.91	21832.96	USD	Yes¹	31088.03	21331
CME	NIY	-	ENY	340930.19	296461.04	JPY	No	309120	268800
CME	ES	-	ES	23745.73	21587.03	USD	Yes	34401.25	19460
CME	SPXESUP	-	ESG	53060.27	46131.90	USD	No	59670.27	46131.90
CME	IBAA	-	IBV	40419.06	35147.01	USD	No	29443.45	25603
CME	M2K	-	M2K	1074.10	934.001	USD	No	1371.76	823
CME	MES	-	MES	2374.57	2158.70	USD	Yes	3440.125	1946
CME	MNQ	-	MNQ	3610.52	3282.29	USD	Yes	5561.49	3282.29
CME	NIY	-	NIY	1704650.96	1482305.185	JPY	No	1545715	1344100
CME	NKD	-	NKD	17229.41	14981.95	USD	No	19258.32	14637.52
CME	NQ	-	NQ	36105.22	32822.93	USD	Yes	55614.94	32822.93
CME	RS1	-	RS1	39845.36	34623.22	USD	No	43225.36	34623.22
CME	RSG	-	RSG	50182.13	43632.80	USD	No	55547.13	43632.80
CME	RSV	-	RSV	11877.09	10326.43	USD	No	13527.09	10326.43
CME	RTY	-	RTY	10741.01	9340.01	USD	Yes	13717.60	8234
CME	SGX	-	SG	333007.71	289571.91	USD	No	333007.70	289571.91
CME	SMC	-	SMC	30108.24	26181.07	USD	No	30108.23	26181.07
CME	SVX	-	SU	114083.31	99202.87	USD	No	114083.30	99202.87
CME	IXB	-	XAB	15205.05	13220.81	USD	No	16795.05	13220.81
CME	IXE	-	XAE	13582.93	11810.58	USD	No	16002.93	11810.58
CME	IXI	-	XAI	17248.95	14998.44	USD	No	20538.95	14998.44
CME	IXR	-	XAP	9357.66	8136.48	USD	No	10367.65	8136.48
CME	IXU	-	XAU	10625.81	9239.24	USD	No	12595.81	9239.24
CME	IXV	-	XAV	17001.47	14782.96	USD	No	20071.47	14782.96
CME	IXY	-	XAY	46973.25	40839.19	USD	No	53983.25	40839.19

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	2654.20	2308.00	EUR	No	2654.20	2308.00
EUREX	DAX	-	FDAX	49430.75	42983.26	EUR	Yes	48224.98	41934.76
EUREX	DAX	-	FDXM	9886.15	8596.65	EUR	No	9645.00	8386.95
EUREX	DAX	-	FDXS	1977.23	1719.33	EUR	Yes	1929.00	1677.39
EUREX	DBEA	-	FEBD	263.338	228.989	EUR	No	263.338	228.989
EUREX	SX7E	-	FESB	1247.01	1084.36	EUR	Yes	1033.82	898.971
EUREX	SX4E	-	FESC	5833.02	5072.19	EUR	Yes¹	5833.02	5072.19
EUREX	SXNE	-	FESG	7552.58	6567.46	EUR	Yes¹	7552.58	6567.46
EUREX	SXDE	-	FESH	2966.01	2579.14	EUR	Yes¹	2635.48	2291.72
EUREX	SXOE	-	FESN	4088.24	3554.99	EUR	Yes¹	3442.35	2993.35
EUREX	SX3E	-	FESO	1550.00	1347.82	EUR	Yes¹	1550.00	1347.82
EUREX	SXRE	-	FESR	4643.19	4037.56	EUR	Yes¹	5038.62	4381.40
EUREX	SXPE	-	FESS	1007.44	875.548	EUR	Yes¹	940.982	817.79
EUREX	SXKE	-	FEST	1293.12	1123.90	EUR	Yes¹	1204.93	1047.26
EUREX	SXTE	-	FESV	1098.57	955.28	EUR	Yes¹	1083.19	941.905
EUREX	ESTX50	-	FESX	4560.18	3965.37	EUR	Yes	4560.18	3965.37
EUREX	SX8E	-	FESY	17427.08	15153.98	EUR	Yes¹	17427.08	15153.98
EUREX	SXQE	-	FESZ	5473.92	4759.93	EUR	Yes¹	5640.38	4904.67
EUREX	OMXH25	-	FFOX	9531.56	8287.70	EUR	Yes¹	9531.56	8287.70
EUREX	DJ200	-	FMCP	2275.31	1978.29	EUR	Yes¹	2275.31	1978.29
EUREX	M1EF	-	FMEM	8517.85	7406.04	USD	No	8517.85	7406.04
EUREX	MXEU	-	FMEP	3529.03	3068.32	EUR	No	3529.03	3068.32
EUREX	M7EU	-	FMEU	3286.70	2857.94	EUR	No	3286.70	2857.94
EUREX	MXJPUS	-	FMJP	10432.64	9071.44	USD	No	10432.64	9071.44
EUREX	MBWO	-	FMWN	5227.96	4546.05	EUR	No	4448.49	3868.25
EUREX	M1WO	-	FMWO	10282.18	8941.03	USD	No	10282.18	8941.03
EUREX	MXWO	-	FMWP	7706.32	6700.58	USD	No	7706.32	6700.58
EUREX	SXXPESGX	-	FSEG	1687.64	1467.48	EUR	No	1569.80	1365.02
EUREX	SLI	-	FSLI	4596.97	3997.37	CHF	Yes¹	4596.97	3997.37
EUREX	SMIDP	-	FSMD	8852.70	7698.00	CHF	No	8852.70	7698.00
EUREX	SMI	-	FSMI	12681.165	11027.10	CHF	Yes	9018.10	7841.83
EUREX	SMIM	-	FSMM	4571.43	3973.84	CHF	Yes¹	4571.43	3973.84
EUREX	SMI	-	FSMS	1268.12	1102.71	CHF	No	901.81	784.183
EUREX	MDAX	-	FSMX	2791.89	2427.63	EUR	No	2592.11	2253.91
EUREX	SXAP	-	FSTA	2601.03	2261.72	EUR	Yes¹	2485.05	2160.87
EUREX	SX7P	-	FSTB	1687.75	1467.58	EUR	Yes	1395.46	1213.43
EUREX	SX4P	-	FSTC	4703.07	4087.52	EUR	Yes¹	4688.68	4075.01
EUREX	SXEP	-	FSTE	1911.34	1662.03	EUR	Yes	1622.41	1410.78
EUREX	SXFP	-	FSTF	4364.45	3794.39	EUR	Yes¹	3969.60	3451.11
EUREX	SXNP	-	FSTG	4778.22	4154.63	EUR	Yes¹	4584.81	3986.46
EUREX	SXDP	-	FSTH	4708.52	4094.23	EUR	Yes¹	3759.95	3269.42
EUREX	SXIP	-	FSTI	2723.18	2367.86	EUR	Yes¹	2340.46	2035.07
EUREX	SX86P	-	FSTL	778.103	676.59	EUR	No	778.103	676.59
EUREX	SXMP	-	FSTM	2077.38	1805.26	EUR	Yes¹	1638.23	1423.64
EUREX	SXOP	-	FSTN	3518.85	3059.36	EUR	Yes¹	3433.58	2985.23
EUREX	SX3P	-	FSTO	1921.23	1670.50	EUR	Yes¹	2307.27	2006.16
EUREX	SXRP	-	FSTR	1991.27	1730.85	EUR	Yes¹	1991.27	1730.85
EUREX	SXPP	-	FSTS	3117.93	2711.18	EUR	Yes	3042.67	2645.74
EUREX	SXKP	-	FSTT	819.115	712.245	EUR	Yes¹	755.793	657.185
EUREX	SX6P	-	FSTU	1665.74	1448.425	EUR	Yes	1601.02	1392.16
EUREX	SXTP	-	FSTV	1210.55	1052.54	EUR	Yes¹	1157.16	1006.12
EUREX	STX	-	FSTX	3957.48	3440.95	EUR	Yes¹	3004.41	2612.27
EUREX	SX8P	-	FSTY	6592.82	5732.19	EUR	Yes¹	6592.82	5732.19
EUREX	SXQP	-	FSTZ	3361.58	2922.25	EUR	Yes¹	3642.20	3166.19
EUREX	ESTX50	-	FSXE	456.018	396.537	EUR	No	456.018	396.537
EUREX	TDX	-	FTDX	9321.71	8105.84	EUR	Yes¹	9321.71	8105.84
EUREX	DJ600	-	FXXP	2302.20	2001.915	EUR	Yes	1930.44	1678.64

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	9429.88	8199.89	EUR	No	9429.88	8199.89

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	69067.88	60059.02	HKD	No	69067.88	60059.02
HKFE	HSIDPI	-	DHS	9179.76	7982.40	HKD	No	9179.76	7982.40
HKFE	HSI	-	HSI	150564.57	130925.72	HKD	Yes	150564.57	130925.72
HKFE	HSTECH	-	HTI	49152.01	42740.88	HKD	Yes	49152.01	42740.88
HKFE	MCA	-	MCA	4576.32	3979.38	USD	No	4576.32	3979.38
HKFE	MHI	-	MHI	30112.91	26185.14	HKD	Yes	30112.91	26185.14
HKFE	MID.HK	-	MIA	3003.23	2611.50	USD	No	3003.23	2611.50
HKFE	MND	-	MND	6035.60	4772.51	USD	No	6035.60	4772.51
HKFE	MTW	-	MTW	18738.88	16294.68	USD	No	18738.88	16294.68

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	7886.52	6856.99	USD	No	7886.52	6856.99
ICEEU	F1DV	-	XZ	556.809	484.18	GBP	No	556.809	484.18
ICEEU	Y	-	Y2	4665.89	4056.91	GBP	No	4665.89	4056.91
ICEEU	Z	-	Z	6924.18	6021.03	GBP	Yes	6924.18	6021.03

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	1357	1180	EUR	No	1357	1180
IDEM	FTMIB	-	FIB	24762.30	21532.44	EUR	Yes	24762.30	21532.44
IDEM	FTMIB	-	MICR	990.492	861.2975	EUR	No	990.492	861.2975
IDEM	FTMIB	-	MIN	4952.46	4306.49	EUR	No	4952.46	4306.49

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	-	IBX	13800.06	12000.03	EUR	No	13800.06	12000.03
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	45696.36	39732.20	MXN	Yes¹	56678.12	49280.66
MEXDER	IPC	-	MIP	9139.99	7946.44	MXN	No	11336.52	9856.13

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	17036.65	14814.48	EUR	No	17036.65	14814.48
MONEP	FEO	-	FEO	12141.23	10557.59	EUR	No	12141.23	10557.59

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	30612.18	26614.75	SEK	No	30612.17	26614.75
OMS	OMXS30	-	OMXS30	25734.70	22378	SEK	Yes	25734.70	22378

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	3867236.57	3362814.41	JPY	Yes	3867236.57	3362814.41
OSE.JPN	N225M	-	225M	386723.66	336281.44	JPY	Yes	386723.66	336281.44
OSE.JPN	N225MC	-	225MC	38672.37	33628.14	JPY	No	38672.37	33628.14
OSE.JPN	JPNK400	-	400	226908.74	197308.65	JPY	No	226908.74	197308.65
OSE.JPN	TPXC30	-	C30	145562.50	126576.09	JPY	No	145562.50	126576.09
OSE.JPN	DJIA	-	DJIA	558597.05	485715.46	JPY	No	558597.05	485715.46
OSE.JPN	JGB	-	JBL	2644544.73	2299604.11	JPY	Yes	2421067.06	2105275.70
OSE.JPN	MJ	-	JBLM	264454.47	229960.41	JPY	No	242106.71	210527.57
OSE.JPN	TSEMOTHR	-	MOTH	83754.92	72829	JPY	No	83754.92	72829
OSE.JPN	NKVI	-	NVI	175662.50	152750	JPY	No	184265.38	160230.77
OSE.JPN	TSEREIT	-	REIT	150898.53	131195.87	JPY	No	150898.53	131195.87
OSE.JPN	TOPX	-	TPX	2636433.31	2292550.70	JPY	No	2636433.31	2292550.70
OSE.JPN	MNTPX	-	TPXM	263643.33	229255.07	JPY	No	263643.33	229255.07

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	1805.87	1570.32	USD	No	1805.87	1570.32
SGX	XIN0I	-	FCH	4182.00	3636.52	USD	No	4182.00	3636.52
SGX	WIIDN	-	FID	2764.43	2403.85	USD	No	2764.43	2403.85
SGX	NKYDIV	-	ND	1789630.18	1556199.95	JPY	No	1789629.94	1556199.95
SGX	NIFTY	-	NIFTY	3105	2700	USD	No	3105	2700
SGX	SGXNK	-	NK	1840009.67	1600008.41	JPY	Yes	1840009.67	1600008.41
SGX	SGXNKM	-	NS	368001.93	320001.68	JPY	No	368001.93	320001.68
SGX	N225U	-	NU	53059.73	46138.89	USD	No	53059.73	46138.89
SGX	SSG	-	SGP	3450	3000	SGD	Yes¹	3450	3000
SGX	STI	-	ST	5591.59	4862.25	SGD	No	5591.59	4862.25
SGX	C52	-	YCDD	1277.08	1110.50	SGD	No	1335.41	1110.50
SGX	D05	-	YDBS	4192.61	3370.00	SGD	No	3875.49	3370.00
SGX	G13	-	YGEN	616.969	536.495	SGD	No	623.579	536.49
SGX	BN4	-	YKEP	3218.10	2701.25	SGD	No	3106.44	2701.25
SGX	O39	-	YOCB	6699.89	4673.13	SGD	No	5374.10	4673.13
SGX	Z74	-	YSTT	3235.84	2813.77	SGD	No	3259.30	2813.77
SGX	Y92	-	YTBE	862.891	750.34	SGD	No	865.144	750.33
SGX	U11	-	YUOB	7226.35	5084.35	SGD	No	5847.00	5084.35
SGX	F34	-	YWIL	3263.11	2243.55	SGD	No	2580.08	2243.55
SGX	BS6	-	YYZJ	20144.97	4121.86	SGD	No	4740.13	4121.85

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	19591.40	17036	AUD	Yes	19591.40	17036

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%.