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	1282.31	1115.05	USD	No	1282.31	1115.05
CBOT	YM	-	YM	12823.075	11150.50	USD	Yes	12823.075	11150.50

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	-	SXF	17596.15	15301.00	CAD	No	17596.15	15301.00
CDE	TSE60	-	SXM	12247.31	10649.83	CAD	No	12247.31	10649.83

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	9640.49	8382.00	USD	No	9640.49	8382.00
CFE	IBXXIBIG	-	IBIG	7829.55	6807.50	USD	Yes	7829.54	6807.50

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	27086.13	23553.15	USD	No	31149.05	27086.13
CME	EMD	-	EMD	21639.70	18817	USD	Yes¹	24617.00	21405.90
CME	NIY	-	ENY	303511.00	263921.50	JPY	No	279313.17	242880
CME	ES	-	ES	16815.84	15287.13	USD	Yes	17603.09	16002.81
CME	SPXESUP	-	ESG	19374.54	16844.02	USD	No	22280.72	19370.62
CME	IBAA	-	IBV	31474.35	27369	USD	No	31705.50	27570
CME	M2K	-	M2K	929.317	808.102	USD	No	884.35	769
CME	MES	-	MES	1681.90	1529	USD	Yes	1760.31	1600.28
CME	MNQ	-	MNQ	2981.28	2710.16	USD	Yes	3279.30	2981.18
CME	NIY	-	NIY	1517548.65	1319607.52	JPY	No	1396560	1214400
CME	NKD	-	NKD	15961.54	13879.46	USD	No	18355.78	15961.38
CME	NQ	-	NQ	29812.81	27101.63	USD	Yes	32792.97	29811.79
CME	RS1	-	RS1	15016.67	13050.06	USD	No	17269.17	15007.57
CME	RSG	-	RSG	47781.44	41540.33	USD	No	54948.64	47771.38
CME	RSV	-	RSV	10040.56	8729.52	USD	No	11546.64	10038.95
CME	RTY	-	RTY	9293.17	8081.02	USD	Yes	8841.20	7688
CME	SGX	-	SG	270236.39	234988.14	USD	No	310771.82	270236.36
CME	SMC	-	SMC	30638.45	26642.13	USD	No	35234.22	30638.45
CME	SVX	-	SU	76210.56	66270.05	USD	No	87642.14	76210.56
CME	IXB	-	XAB	11977.68	10413.92	USD	No	13774.33	11976.01
CME	IXE	-	XAE	13918.36	12102.01	USD	No	16006.11	13917.31
CME	IXI	-	XAI	20826.36	18106.34	USD	No	23950.32	20822.29
CME	IXR	-	XAP	6883.35	5984.93	USD	No	7915.86	6882.67
CME	IXU	-	XAU	12347.86	10736.56	USD	No	14200.04	12347.05
CME	IXV	-	XAV	15777.33	13716.39	USD	No	18143.94	15773.84
CME	IXY	-	XAY	43648.93	37946.16	USD	No	50196.26	43638.09

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	2431.10	2114.00	EUR	No	2431.10	2114.00
EUREX	DAX	-	FDAX	45192.60	39297.92	EUR	Yes	43376.85	37719
EUREX	DAX	-	FDXM	9038.52	7859.58	EUR	No	8675.37	7543.80
EUREX	DAX	-	FDXS	1807.70	1571.92	EUR	Yes	1735.07	1508.76
EUREX	DBEA	-	FEBD	379.584	330.073	EUR	No	436.522	379.584
EUREX	SX7E	-	FESB	1051.87	914.667	EUR	Yes	936.33	814.20
EUREX	SX4E	-	FESC	5798.76	5042.40	EUR	Yes¹	5616.27	4883.72
EUREX	SXNE	-	FESG	6740.67	5861.45	EUR	Yes¹	5750.73	5000.64
EUREX	SXDE	-	FESH	2528.56	2198.75	EUR	Yes¹	2883.39	2507.30
EUREX	SXOE	-	FESN	3105.76	2700.66	EUR	Yes¹	3093.88	2690.33
EUREX	SX3E	-	FESO	1269.19	1103.65	EUR	Yes¹	1448.80	1259.83
EUREX	SXRE	-	FESR	3842.28	3341.11	EUR	Yes¹	4145.81	3605.05
EUREX	SXPE	-	FESS	1122.62	974.80	EUR	Yes¹	1048.55	910.485
EUREX	SXKE	-	FEST	951.06	826.50	EUR	Yes¹	1011.31	878.861
EUREX	SXTE	-	FESV	979.346	851.605	EUR	Yes¹	1070.91	931.224
EUREX	ESTX50	-	FESX	4210.89	3661.64	EUR	Yes	4036.22	3509.76
EUREX	SX8E	-	FESY	16868.13	14667.93	EUR	Yes¹	19398.34	16868.13
EUREX	SXQE	-	FESZ	6636.65	5771.00	EUR	Yes¹	7632.15	6636.65
EUREX	OMXH25	-	FFOX	9080.14	7895.78	EUR	Yes¹	10442.17	9080.14
EUREX	DJ200	-	FMCP	2233.02	1941.31	EUR	Yes¹	1741.43	1513.95
EUREX	M1EF	-	FMEM	7071.56	6148.40	USD	No	8132.29	7070.66
EUREX	MXEU	-	FMEP	1375.19	1195.81	EUR	No	1581.46	1375.19
EUREX	M7EU	-	FMEU	2699.22	2347.06	EUR	No	2216.78	1927.56
EUREX	MXJPUS	-	FMJP	6018.14	5232.97	USD	No	5590.30	4860.95
EUREX	MBWO	-	FMWN	4003.21	3480.96	EUR	No	3516.21	3057.49
EUREX	M1WO	-	FMWO	9386.44	8162.10	USD	No	8491.80	7384.15
EUREX	MXWO	-	FMWP	5564.86	4838.33	USD	No	6399.59	5564.08
EUREX	SXXPESGX	-	FSEG	1404.68	1221.42	EUR	No	1119.47	973.418
EUREX	SLI	-	FSLI	3257.53	2832.64	CHF	Yes¹	3746.16	3257.53
EUREX	SMIDP	-	FSMD	8891.80	7732.00	CHF	No	8891.80	7732.00
EUREX	SMI	-	FSMI	8173.75	7107.60	CHF	Yes	7128.66	6198.84
EUREX	SMIM	-	FSMM	3464.21	3010.68	CHF	Yes¹	3983.84	3462.28
EUREX	SMI	-	FSMS	817.375	710.76	CHF	No	712.866	619.884
EUREX	MDAX	-	FSMX	2526.80	2196.90	EUR	No	2012.21	1749.50
EUREX	SXAP	-	FSTA	3144.83	2734.56	EUR	Yes¹	3616.55	3144.74
EUREX	SX7P	-	FSTB	1455.31	1265.46	EUR	Yes	1237.15	1075.76
EUREX	SX4P	-	FSTC	4929.85	4285.35	EUR	Yes¹	4249.61	3694.04
EUREX	SXEP	-	FSTE	1613.07	1402.64	EUR	Yes	1587.61	1380.51
EUREX	SXFP	-	FSTF	4922.54	4278.44	EUR	Yes¹	3836.46	3334.46
EUREX	SXNP	-	FSTG	4378.38	3806.53	EUR	Yes¹	4018.77	3493.89
EUREX	SXDP	-	FSTH	3241.73	2818.75	EUR	Yes¹	3551.38	3088.00
EUREX	SXIP	-	FSTI	2568.32	2233.18	EUR	Yes¹	2207.38	1919.34
EUREX	SX86P	-	FSTL	712.566	619.605	EUR	No	819.45	712.546
EUREX	SXMP	-	FSTM	1666.59	1448.05	EUR	Yes¹	1654.38	1437.44
EUREX	SXOP	-	FSTN	3400.42	2956.19	EUR	Yes¹	3237.56	2814.61
EUREX	SX3P	-	FSTO	1800.94	1565.75	EUR	Yes¹	1909.19	1659.87
EUREX	SXRP	-	FSTR	1536.32	1334.78	EUR	Yes¹	1766.76	1535.00
EUREX	SXPP	-	FSTS	3708.55	3224.73	EUR	Yes	3619.03	3146.89
EUREX	SXKP	-	FSTT	679.395	590.741	EUR	Yes¹	781.304	679.353
EUREX	SX6P	-	FSTU	1366.09	1187.88	EUR	Yes	1565.57	1361.34
EUREX	SXTP	-	FSTV	1237.60	1075.93	EUR	Yes¹	1202.02	1044.99
EUREX	STX	-	FSTX	3384.61	2942.68	EUR	Yes¹	2604.58	2264.50
EUREX	SX8P	-	FSTY	7879.23	6850.48	EUR	Yes¹	9061.11	7878.05
EUREX	SXQP	-	FSTZ	3718.59	3230.52	EUR	Yes¹	4197.16	3646.27
EUREX	ESTX50	-	FSXE	421.089	366.164	EUR	No	403.622	350.976
EUREX	TDX	-	FTDX	6730.86	5852.92	EUR	Yes¹	7740.49	6730.86
EUREX	DJ600	-	FXXP	2037.94	1772.13	EUR	Yes	1970.11	1713.14

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	8841.11	7687.93	EUR	No	8841.11	7687.93

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	58494.25	50864.56	HKD	No	58494.25	50864.56
HKFE	HSIDPI	-	DHS	9683.58	8420.50	HKD	No	9683.57	8420.50
HKFE	HSI	-	HSI	107221.53	93236.11	HKD	Yes	107221.53	93236.11
HKFE	HSTECH	-	HTI	33060.15	28747.96	HKD	Yes	33060.15	28747.96
HKFE	MCA	-	MCA	4662.00	4053.84	USD	No	4662.00	4053.84
HKFE	MHI	-	MHI	21444.31	18647.22	HKD	Yes	21444.31	18647.22
HKFE	MID.HK	-	MIA	1997.67	1737.11	USD	No	1997.67	1737.11
HKFE	MND	-	MND	3340.43	2904.72	USD	No	3340.43	2904.72
HKFE	MTW	-	MTW	7237.05	6292.58	USD	No	7237.05	6292.58

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	5853.91	5089.21	USD	No	5853.91	5089.21
ICEEU	F1DV	-	XZ	700.58	609.20	GBP	No	700.58	609.20
ICEEU	Y	-	Y2	4170.32	3626.25	GBP	No	4170.32	3626.25
ICEEU	Z	-	Z	6052.66	5263.18	GBP	Yes	6052.66	5263.18

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	2134.58	1856	EUR	No	2134.58	1856
IDEM	FTMIB	-	FIB	25618.12	22276.625	EUR	Yes	25618.12	22276.625
IDEM	FTMIB	-	MICR	1024.72	891.065	EUR	No	1024.72	891.065
IDEM	FTMIB	-	MIN	5123.62	4455.325	EUR	No	5123.62	4455.325

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	11500	10000	EUR	No	11500	10000
MEFFRV	IBEX	-	MIX	1150	1000	EUR	Yes	1150	1000

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	53831.09	46806.435	MXN	Yes¹	48322.23	42016.455
MEXDER	IPC	-	MIP	10766.90	9361.29	MXN	No	9665.06	8403.29

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	11743.50	10211.74	EUR	No	11743.50	10211.74
MONEP	FEO	-	FEO	9379.18	8155.81	EUR	No	9379.18	8155.81

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	25613.12	22270	SEK	No	25613.12	22270
OMS	OMXS30	-	OMXS30	26096.95	22693	SEK	Yes	26096.95	22693

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	5309623.60	4617064	JPY	Yes	4873279.10	4237634
OSE.JPN	N225M	-	225M	530962.36	461706.40	JPY	Yes	487327.91	423763.40
OSE.JPN	N225MC	-	225MC	53096.24	46170.64	JPY	No	48732.79	42376.34
OSE.JPN	JPNK400	-	400	147324.33	128106.25	JPY	No	169422.98	147322.19
OSE.JPN	TPXC30	-	C30	112231.21	97592.35	JPY	No	112231.21	97592.35
OSE.JPN	DJIA	-	DJIA	488740.65	424975.96	JPY	No	562051.75	488722.35
OSE.JPN	JGB	-	JBL	1679031.56	1460027.45	JPY	Yes	1930886.30	1679031.56
OSE.JPN	MJ	-	JBLM	167903.16	146002.74	JPY	No	193088.63	167903.16
OSE.JPN	TSEMOTHR	-	MOTH	48800.13	42434.20	JPY	No	56120.15	48799.33
OSE.JPN	NKVI	-	NVI	116949.25	101695	JPY	No	184201.25	160175
OSE.JPN	TSEREIT	-	REIT	153008.20	133031.50	JPY	No	175959.43	152986.22
OSE.JPN	TOPX	-	TPX	1814656.44	1577962.12	JPY	No	2086854.91	1814656.44
OSE.JPN	MNTPX	-	TPXM	181465.64	157796.21	JPY	No	208685.49	181465.64

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	1782.68	1550.16	USD	No	1782.68	1550.16
SGX	XIN0I	-	FCH	3989.77	3468.77	USD	No	3989.77	3468.77
SGX	WIIDN	-	FID	1500.30	1304.61	USD	No	1500.30	1304.61
SGX	NKYDIV	-	ND	1598270.06	1389800.05	JPY	No	1598270.30	1389800.05
SGX	SGXNK	-	NK	1381207.50	1201050	JPY	Yes	1381207.50	1201050
SGX	SGXNKM	-	NS	276241.50	240210	JPY	No	276241.50	240210
SGX	N225U	-	NU	44505.76	38700.66	USD	No	44505.76	38700.66
SGX	SSG	-	SGP	2181.84	1897.25	SGD	Yes¹	2181.84	1897.25
SGX	STI	-	ST	4385.90	3813.83	SGD	No	4385.90	3813.83
SGX	C52	-	YCDD	1207.60	1050.09	SGD	No	1258.16	1050.09
SGX	D05	-	YDBS	4156.81	3614.62	SGD	No	4323.75	3614.62
SGX	G13	-	YGEN	683.694	551.295	SGD	No	633.989	551.295
SGX	BN4	-	YKEP	3795.91	3015.24	SGD	No	3467.53	3015.24
SGX	O39	-	YOCB	5896.53	5127.41	SGD	No	5949.28	5127.41
SGX	Z74	-	YSTT	3121.34	2332.69	SGD	No	2682.59	2332.69
SGX	Y92	-	YTBE	940.206	817.57	SGD	No	990.644	817.57
SGX	U11	-	YUOB	6443.40	5602.95	SGD	No	6556.41	5602.95
SGX	F34	-	YWIL	2648.09	2302.68	SGD	No	2654.33	2302.68
SGX	BS6	-	YYZJ	26500.73	6000.48	SGD	No	7002.98	6000.49

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	19323.53	16803.07	AUD	Yes	19323.53	16803.07

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%.