Margin

Introduction to Margin: Margin Accounts

We offer a cash account which requires enough cash in the account to cover transaction plus commissions, and two types of margin accounts: Reg T Margin and Portfolio Margin. New customers must select an account type during the application process and can upgrade or downgrade their account type at any time.

A Portfolio Margin account can provide lower margin requirements than a Reg T Margin account. However, for a portfolio with concentrated risk, the requirements under Portfolio Margin may be greater than those under Reg T, as the true economic risk behind the portfolio may not be adequately accounted for under static Reg T calculations. Customers can compare their current Reg T margin requirements for their portfolio with those current projected under Portfolio Margin rules by clicking the Try PM button from the Account Window in Trader Workstation (demo or customer account).

We also offer an IRA Margin account, which allows you to immediately trade on your proceeds of sales rather than waiting for your sale to settle. You can trade assets in multiple currencies and trade limited option spread combinations. IRA margin accounts have certain restrictions compared to regular margin accounts and borrowing is never allowed in an IRA account.

Requirements and supported products for each of these accounts are detailed in the Account Types section on the Choosing and Configuring Your Account page on our website.

Margin has a different meaning for securities versus commodities. For securities, margin is the amount of cash a client borrows. For commodities, margin is the amount of cash a client must put up as collateral to support a futures contract.

Securities Margin Definition

For securities, the definition of margin includes three important concepts: the Margin Loan, the Margin Deposit and the Margin Requirement. The Margin Loan is the amount of money that an investor borrows from his broker to buy securities. The Margin Deposit is the amount of equity contributed by the investor toward the purchase of securities in a margin account. The Margin Requirement is the minimum amount that a customer must deposit and it is commonly expressed as a percent of the current market value. The Margin Deposit can be greater than or equal to the Margin Requirement. We can express this as an equation:

Margin Loan + Margin Deposit = Market Value of Security
Margin Deposit >= Margin Requirement

Borrowing money to purchase securities is known as "buying on margin". When an investor borrows money from his broker to buy a stock, he must open a margin account with his broker, sign a related agreement and abide by the broker's margin requirements. The loan in the account is collateralized by investor's securities and cash. If the value of the stock drops too much, the investor must deposit more cash in his account, or sell a portion of the stock.

Securities Initial and Maintenance Margin

The Federal Reserve Board and self-regulatory organizations (SROs), such as the New York Stock Exchange and FINRA, have clear rules regarding margin trading. In the United States, the Fed's Regulation T allows investors to borrow up to 50 percent of the price of the securities to be purchased on margin. The percentage of the purchase price of securities that an investor must pay for is called the initial margin. To buy securities on margin, the investor must first deposit enough cash or eligible securities with a broker to meet the initial margin requirement for that purchase.

Once an investor has started buying a stock on margin, the NYSE and FINRA require that a minimum amount of equity be maintained in the investor's margin account. These rules require investors to have at least 25 percent of the total market value of the securities they own in their margin account. This is called the maintenance margin. For market participants identified as pattern day traders, the maintenance margin requirement is a minimum of $25,000 (or 25% of the total market value of the securities, whichever is higher).

When the balance in the margin account falls below the maintenance requirement, the broker can issue a margin call requiring the investor to deposit more cash, or the broker can liquidate the position.

Brokers also set their own minimum margin requirements called "house requirements". Some brokers extend more lenient lending conditions than others and lending terms may also vary from one client to the other but brokers must always operate within the parameters of margin requirements set by regulators.

Not all securities can be bought on margin. Buying on margin is a double-edged sword that can translate into bigger gains or bigger losses. In volatile markets, investors who borrowed from their brokers may need to provide additional cash if the price of a stock drops too much for those who bought on margin or rallies too much for those who shorted a stock. In such cases, brokers are also allowed to liquidate a position, even without informing the investor. Real-time position monitoring is a crucial tool when buying on margin or shorting a stock.

Commodities Margin Definition

Commodities margin is the amount of equity contributed by an investor to support a futures contract. This can be expressed as a simple equation:

Collateral = Amount of Equity Required to Support Futures Contract
Collateral >= Margin Requirement


Margin requirements for futures and futures options are established by each exchange through a calculation algorithm known as SPAN margining. SPAN (Standard Portfolio Analysis of Risk) evaluates overall portfolio risk by calculating the worst possible loss that a portfolio of derivative and physical instruments might reasonably incur over a specified time period (typically one trading day.) This is done by computing the gains and losses that the portfolio would incur under different market conditions. The most important part of the SPAN methodology is the SPAN risk array, a set of numeric values that indicate how a particular contract will gain or lose value under various conditions. Each condition is called a risk scenario. The numeric value for each risk scenario represents the gain or loss that that particular contract will experience for a particular combination of price (or underlying price) change, volatility change, and decrease in time to expiration.

Commodities Initial and Maintenance Margin

Just like securities, commodities have require initial and maintenance margins. These are typically set by the individual exchanges as a percentage of the current value of a futures contract, based on the volatility and price of the contract. The initial margin requirement for a futures contract is the amount of money you must put up as collateral to open position on the contract. To be able to buy a futures contract, you must meet the initial margin requirement, which means that you must deposit or already have that amount of money in your account.

Maintenance margin for commodities is the amount that you must maintain in your account to support the futures contract and represents the lowest level to which your account can drop before you must deposit additional funds. Commodities positions are marked to market daily, with your account adjusted for any profit or loss that occurs. Because the price of underlying commodities fluctuates, it is possible that the value of the commodity may decline to the point at which your account balance falls below the required maintenance margin. If this happens, brokers typically make a margin call, which means you must deposit additional funds to meet the margin requirement.

Real-Time Margining

We uses real-time margining to allow you to see your trading risk at any moment of the day. Our real-time margin system applies margin requirements throughout the day to new trades and trades already on the books and enforces initial margin requirements at the end of the day, with real-time liquidation of positions instead of delayed margin calls. This system allows us to maintain our low commissions because we do not have to spread the cost of credit losses to customers in the form of higher costs.

The Account Window in Trader Workstation (demo or customer account) shows your margin requirements at any time.

Universal AccountSM

Your Universal Account provides you with the ability to trade both securities and commodities/futures and therefore consists of two underlying accounts, a securities account governed by rules of the U.S. Securities and Exchange Commission (SEC) and a futures account governed by rules of the U.S. Commodity Futures Trading Commission (CFTC).

Whether you have assets in a securities account or in a futures account, your assets are protected by U.S. federal regulations governing how brokers must protect your property and funds. In the securities account, your assets are protected by SEC and SIPC rules. In the IB futures account, your assets are protected by CFTC rules requiring segregation of customer funds. You are also protected by our strong financial position and our conservative risk management philosophy. See our Strength & Security page.

As part of the IB Universal Account service, IB is authorized to automatically transfer funds as necessary between your IB securities account and your IB futures account in order to satisfy margin requirements in either account. You can configure how you want IB to handle the transfer of excess funds between accounts on the Excess Funds Sweep page in Account Management: you can choose to sweep funds to the securities account, to the futures account, or you can choose to not sweep excess funds at all.

Margin Model

Margin requirements are calculated either on a rules basis and/or a risk basis.


Margin Calculation Basis Available Products
Rule-Based Margin System: Predefined and static calculations are applied to each position or predefined groups of positions ("strategies"). Reg T accounts: US stocks, index options, stock options, single stock futures, and mutual funds.
All accounts: Forex; bonds; Canadian, European, and Asian stocks; and Canadian stock options and index options.
Risk-Based Margin System: Exchanges consider the maximum one day risk on all the positions in a complete portfolio, or subportfolio together (for example, a future and all the options delivering that future). Portfolio Margin accounts: US stocks, index options, stock options, single stock futures, and mutual funds.
All accounts: All futures and future options in any account. Non-US/Non-Canadian stock options and index options in any account.

Margin requirements for each underlying are listed on the appropriate exchange site for the contract. A summary of the requirements for the major futures contracts as well as links to the exchange sites are available on the Futures & FOPs tab above.

Supplemental Margin Model

Systems that derive risk-based margin requirements deliver adequate assessments of the risk for complex derivative portfolios under small/moderate move scenarios. Such systems are less comprehensive when considering large moves in the price of the underlying stock or future. We have enhanced the basic exchange margin models with algorithms that consider the portfolio impact of larger moves up 30% (or even higher for extremely volatile stocks). This 'Extreme Margin Model' may increase the margin requirement for portfolios with net short options positions, and is particularly sensitive to short positions in far out-of-the-money options.

If you sell a security short, you must have sufficient equity in your account to cover any fees associated with borrowing the security. If you borrow the security through us, we will borrow the security on your behalf and your account must have sufficient collateral to cover the margin requirements of the short sale.To cover administrative fees and stock borrowing fees, we must post 102% of the value of the security borrowed as collateral with the lender. In instances in which the security shorted is hard to borrow, borrowing fees charged by the lender may be so high (greater than the interest earned) that the short seller must pay additional interest for the privilege of borrowing a security. Customers may view the indicative short stock interest rates for a specific stock through the Short Stock (SLB) Availability tool located in the Tools section of their Account Management page. For more information concerning shorting stocks and associated fees, visit our Stock Shorting page.

  • In the interest of ensuring the continued safety of its clients, IB may modify certain margin policies to adjust for unprecedented volatility in financial markets. The changes will promote reduction of leverage in client portfolios and help ensure that clients' accounts are appropriately capitalized.
  • IB is focused on prudent, realistic, and forward looking approaches to risk management. In order to provide the broadest notification to our clients, we will post announcements to the IB System Status page. We strongly encourage all clients to monitor this web page for advance alerts regarding margin policy changes.
  • Note that the credit check for order entry always considers the initial margin of existing positions. Therefore, although an account may be holding an existing position at 35%, for example, it is the initial margin requirement of that position that is used in the credit check calculation for order acceptance.
  • The market values/prices used to compute the equity or margin requirement in an Interactive account may differ from the price disseminated by exchanges or other market data sources, and may represent Interactive's valuation of the product. Among other things, Interactive may calculate its own index values, Exchange Traded Fund values or derivatives values, and Interactive may value securities or futures or other investment products based on bid price, offer price, last sale price, midpoint or using some other method. Interactive may use a valuation methodology that is more conservative than the marketplace as a whole.

http://www.interactivebrokers.com/en/p.php?f=margin&p=overview

Margin Calculations for Reg T Margin Accounts

IB applies margin calculations to Reg T Margin accounts as follows:

  1. At the time of a trade.
  2. In real-time throughout the trading day.
  3. At the end of the trading day.
  4. Overnight.

One important thing to remember about our margin calculations is that we apply the Regulation T initial margin requirement at the end of the trading day (3:50 PM) as part of our Special Memorandum Account (SMA) calculation. At the time of trade and in real time throughout the trading day, we apply our own margin calculations, which are described below.


You can also use the following liquidation calculations:

  1. How to Determine the Last Stock Price Before We Begin to Liquidate the Position?
  2. How Much Stock Do We Liquidate?

You can monitor most of the values used in the calculations described on this page in real time in the Account Window in Trader Workstation. For more information about real-time margin monitoring, click the Real-Time Monitoring link above.

1. Time of Trade Margin Calculations


When you open a new position, we apply the following:

  • Initial Minimum Equity Requirement
  • Time of Trade Initial Margin Calculation
  • Time of Trade Position Leverage Check

Initial Minimum Equity Requirement

You are required to have a minimum of $2,000 or USD equivalent of securities equity with loan value or commodities net liquidation value to open a new position. If you do not meet this initial requirement, you will be unable to open a new position in your Reg T Margin account.


Time of Trade Initial Margin Calculation

Upon submission of an order, a check is made against real-time available funds. If available funds, after the order request, would be greater than or equal to zero, the order is accepted; if available funds would be negative, the order is rejected.

Time of Trade Initial Margin calculations are pictured below. The initial margin used in these calculations is IB's initial margin, which is listed on the product-specific Margin pages.


Securities Time of Trade Initial Margin Calculation

Available Funds > 0
(Available Funds = Securities Equity with Loan Value - Initial Margin Requirement)
Securities Time of Trade Initial Margin Calculations

Commodities Time of Trade Initial Margin Calculation

Available Funds > 0
(Available Funds = Commodities Net Liquidation Value - Initial Margin Requirement as set by the exchange)
Securities Time of Trade Initial Margin Calculations

Time of Trade Position Leverage Check

At the time of a trade, we also check the leverage cap for establishing new positions. The leverage limitation is a house margin requirement that limits the risk associated with the close-out of large positions held on margin. We perform the following calculation to ensure that the Gross Position Value is not more than 30 times the Net Liquidation Value minus the futures options value:

Securities Gross Position Value <= 30 * (Net Liquidation Value - Futures Options Value)

If the result of this calculation is true, then you have not exceeded the leverage cap for establishing new positions. If the trade would put your account over the leverage cap (that is, the calculation is not true), then the order will not be accepted.


Securities Time of Trade Initial Margin Calculations

2. Real-Time Margin Calculations


Throughout the trading day, we apply the following calculations to your account in real-time:

  • Real-Time Maintenance Margin Calculation
  • Real-Time Position Leverage Check
  • Real-Time Cash Leverage Check
  • Decreased Marginability Calculations
  • Real-Time SMA Calculation
  • Soft Edge Margining

Real-Time Maintenance Margin Calculation

IB's Real-Time Maintenance Margin calculations is pictured below. The maintenance margin used in these calculations is IB's maintenance margin requirement, which is listed on the product-specific Margin pages. In the calculations below, "Excess Liquidity" refers to excess maintenance margin equity.

Securities Real-Time Maintenance Margin Calculation

Excess Liquidity >= 0
(Excess Liquidity= Securities Equity with Loan Value - Maintenance Margin Requirement
)
Securities Time of Trade Initial Margin Calculations

Commodities Real-Time Maintenance Margin Calculation

Excess Liquidity >= 0
(Excess Liquidity= Commodities Net Liquidation Value - Maintenance Margin Requirement
)
Securities Time of Trade Initial Margin Calculations

In addition, any account that has a negative cash balance on a trade date or settlement date basis will be liquidated. It should be noted whereas futures settle each night, futures options are generally treated on a premium style basis, which means that they will not settle until the options are sold or expire. Therefore, for certain combination futures and futures options positions, there may be a mismatch in cash flows which could cause cash to go negative even though Net Liquidation Value is positive. In addition, there are a handful of options where local custom is to cash settle the option each night at the clearing house (e.g. HKFE HSI Options), but we may choose to margin these options on a premium style basis.

Real-Time Gross Position Leverage Check

There is a real-time check on overall position leverage to ensure that the Gross Position Value is not more than 50 times the Net Liquidation Value minus the futures options value. The leverage limitation is a house margin requirement that limits the risk associated with the close-out of large positions held on margin. The calculation can be expressed as:

Securities Gross Position Value <= 50 * (Net Liquidation Value - Futures Options Value)

If the result of this calculation is not true, positions may be liquidated to reduce the Gross Position Leverage.

Securities Time of Trade Initial Margin Calculations

Real-Time Cash Leverage Check

An additional leverage check on cash is made to ensure that the total FX settlement value is no more than 250 times the Net Liquidation Value as follows:

Total Settlement Value of All Unsettled FX Trades <= 250 * (Net Liquidation Value)

If the result of this calculation is not true, account liquidation may occur.

Securities Time of Trade Initial Margin Calculations

Decreased Marginability Calculations

IB reduces the marginability of stocks for accounts holding concentrated positions relative to the shares outstanding (SHO) of a company. For Reg T accounts, this algorithm increases the margin requirement for stock positions exceeding 1% of the published SHO from its default to 100% (in other words, decreases the amount of money that can be borrowed against a stock position toward zero). At 5% concentration, positions have a 100% margin requirement.

Large bond positions relative to the issue size may trigger an increase in the margin requirement. The review of bond marginability is done periodically to consider redemptions and calls, as well as other factors, which may affect the remaining liquidity of the particular bond instrument. Less liquid bonds are given less favorable margin treatment.


Soft Edge Margining

IB will automatically liquidate when an account falls below the minimum margin requirement. However, to allow a customer the ability to manage risk prior to an IB-initated liquidation, we calculate Soft Edge Margin (SEM) during the trading day. From the start of the trading day until 15 minutes before the close of the trading day, Soft Edge Margin allows for an account's margin deficit to be within a specified percentage of the account's Net Liquidation Value, currently 10%. When SEM ends, the full maintenance requirement must be met. When SEM is not applicable, the account must meet 100% of maintenance margin.

Soft Edge Margin start time of a contract is the latest of:

  • the market open, the latest open time if listed on multiple exchanges;
  • or the start of liquidation hours

Soft Edge Margin end time of a contract is the earliest of:

  • 15 minutes before market close, the earliest close time if listed on multiple exchanges;
  • or 15 minutes before the end of liquidation hours;
  • or the start of Reg T enforcement time.

If an account falls below the miniumum maintenance margin, it will not be automatically liquidated until the it falls below the Soft Edge Margin. This allows a customer's account to be in margin violation for a short period of time. Soft Edge Margin is not displayed in Trader Workstation. Once the account falls below SEM however, it is then required to meet full maintenance margin.

Please note that IB reserves the right to restrict soft edge access on any given day, and may eliminate SEM completely in times of heightened volatility.

3. SMA and End of Day Calculations


Real-Time SMA

On a real-time basis, we check the balance of a special account associated with your Reg T Margin account called the Special Memorandum Account (SMA). We calculate a running balance of your SMA throughout the trading day, then enforce Regulation T initial margin requirements at the end of the trading day. No cash withdrawal will be allowed that causes SMA to go negative on a real-time basis.


End of Day SMA

As described above, we calculate SMA in real time throughout the trading day, but we enforce Regulation T initial margin requirements (typically 50% for stocks or 100% for nonmarginable securities) at the end of the trading day. Whenever you have a position change on a trading day, we check the balance of your SMA at the end of the US trading day (15:50-17:20 ET), to ensure that it is greater than or equal to zero.

We use the following calculation to check your SMA balance in real time and apply Regulation T initial margin requirements to securities that can be purchased on margin. Note that this is the same SMA calculation that is used throughout the trading day. In the first calculation, "today's trades initial margin requirements" are added for SELL orders and subtracted for BUY orders, and are based on US Regulation T Initial Margin requirements.

SMA = ((Prior Day SMA +/- Change in Day's Cash +/- Today's Trades Initial Margin Requirements)
or
(Equity with Loan Value - Reg T Margin))

whichever is greater
End of SMA

If the SMA balance at the end of the trading day is negative, your account is subject to liquidation.


SMA Rules

SMA is calculated based on the following rules:

  • Cash deposits are credited to SMA.
  • Cash withdrawals are debited from SMA.
  • Dividends are credited to SMA.
  • Trades are netted on a per contract per day basis.
    • Realized pnl, i.e. day trading pnl are posted to SMA.
    • Commission and tax are debited from SMA.
    • All trades (one per contract) are posted to the portfolio at the end of the trading day, if RegTMargin of the portfolio increases, the increased amount is debited from SMA, if RegTMargin of the portfolio decreases, the decreased amount is credited to SMA. The current price of the underlying, if needed, is used in this calculation.
    • Option sales proceeds are credited to SMA.
    • Premiums for options purchased are debited from SMA.

      The change to SMA resulting from trades is effectively the change in RegTEquity minus the change in RegTMargin.
  • Universal transfers are treated the same way cash deposits and withdrawals are treated.
  • Market appreciation: If RegTExcess of a margin account is greater than SMA at the close (normally 16:00 US/Eastern), SMA is set to equal to RegTExcess. Note that SMA balance will never decrease because of market movements. RegTExcess = 0 or (RegTEquity - RegTMargin), whichever is greater.
  • Currency trades do not affect SMA.
  • Fees, such as order cancellation fee, market data fee, etc. do not affect SMA.
  • Exercises and assignments (EA) are reported to the credit manager when we receive reports from clearing houses. They will be treated as trades on that day. For example, on expiration, we receive EA notices on the weekend; these trades have Friday as trade date in the clearing system, but they will be treated as Monday's trade for SMA purposes by the credit manager. Exercise requests do not change SMA. DVP transactions are treated as trades.

4. Overnight Margin Calculations


Stocks and futures have additional margin requirements when held overnight. For overnight margin requirements for stocks, click the Stocks tab above. Futures margin requirements are determined by each exchange and can change frequently. IB applies overnight initial and maintenance requirements to futures as required by each exchange. For more information, click the Futures tab above.

5. How to Determine the Last Stock Price Before We Begin to Liquidate the Position?


Use the following series of calculations to determine the last stock price of a position before we begin to liquidate that position. Note that this calculation applies only to single stock positions.

How to Determine the Last Stock Price Before We Begin to Liquidate the Position
To see an example click the Examples link at top of page.

6. How Much Stock Do We Liquidate?


As shown on the Margin Calculations page, we calculate the amount of Excess Liquidity (margin excess) in your Reg T Margin account in real time. If your Excess Liquidity balance is less than zero, we will liquidate positions in your account to bring the Excess Liquidity balance up to at least zero.

You can use the following calculation to determine how much stock equity we will liquidate in your Reg T Margin account to bring your Excess Liquidity balance back to zero. Note that this calculation applies only to stocks.

How much stock do we liquidate
To see an example click the Examples link at top of page.
  • Note that the credit check for order entry always considers the initial margin of existing positions. Therefore, although an account may be holding an existing position at 35%, for example, it is the initial margin requirement of that position that is used in the credit check calculation for order acceptance.
  • IB Japan margin accounts are not subject to US Regulation T margin requirements, which IB enforces at the end of the trading day.

  1. All liquidations are subject to the normal commission schedule. Advisor clients will not be subject to advisor fees for any liquidating transaction.
  2. Calculated at the end of the day under US margin rules.
  3. Initial margin requirements calculated under US Regulation T rules. You can find these requirements by using our Contract Search feature to find a specific symbol, then drilling down to the details.
  4. Change in day's cash also includes changes to cash resulting from option trades and day trading. Changes in cash resulting from other trades are not included.

http://www.interactivebrokers.com/en/p.php?f=margin&p=overview1

Margin Examples

Example: Securities Margin Example

The following table shows an example of a typical sequence of trading events involving securities and how they affect a Regulation T (Reg T) Margin Account.[1]


Day 1: Deposit $10,000.00 Cash in Margin Account.
After the deposit, account values look like this:
Cash = $10,000.00
Securities Market Value = $0.00 No positions held
Equity with Loan Value (ELV) = $10,000.00 Total cash value + stock value + bond value + fund value + European & Asian options value
IB Initial Margin = $0.00 IM = 25% * Stock Value
Maintenance Margin (MM) = $0.00 MM = 25% * Stock Value
Available Funds = $10,000.00 ELV - IM
Excess Liquidity $10,000.00 ELV - MM

Day 1: End of Day SMA Calculation
Reg T Margin = $0.00 Reg T Margin = 50% * Stock Value
SMA = $10,000.00 (Prior Day SMA +/- Change in Day's Cash
+/- Today's Trades Reg T Initial Margin)
or
(Equity with Loan Value - Reg T Margin)
whichever is greater
SMA >= 0 SMA Requirement Satisfied, NO liquidation

Day 2: Customer BUYS 500 shares of XYZ stock at $40.00/share. Total Amount = $20,000.00. After the trade, account values look like this:
Cash = ($10,000.00)
Securities Market Value = $20,000.00
Equity with Loan Value = $10,000.00
IB Initial Margin = $5,000.00 IM = 25% * Stock Value
Maintenance Margin = $5,000.00 MM = 25% * Stock Value
Available Funds = $5,000.00 ELV-IM
Available Funds were >=0 at the time of the trade, so the trade was submitted.
Excess Liquidity $5,000.00 ELV - MM

Day 2: End of Day SMA Calculation
Reg T Margin = $10,000.00 RegT Margin = 50% * Stock Value
SMA = $0.00 ($10,000.00 – $0.00 – $10,000.00)
or
($10,000.00 – $10,000.00)
Whichever is greater
SMA >= 0 SMA Requirement Satisfied, NO liquidation

Day 3: First, the price of XYZ rises to 45.00/share. Account values now look like this:
Cash = ($10,000.00)
Securities Market Value = $22,500.00
Equity with Loan Value = $12,500.00
IB Initial Margin = $5,625.00 IM = 25% * Stock Value
Maintenance Margin = $5,625.00 MM = 25% * Stock Value
Available Funds = $6,875.00 ELV-IM
Excess Liquidity $6,875.00 ELV - MM
Excess Liquidity >=0, so NO LIQUIDATION occurs.

Day 3: Then the price of XYZ falls to $35.00/share. Account values now look like this:
Cash = ($10,000.00)
Securities Market Value = $17,500.00
Equity with Loan Value = $7,500.00
IB Initial Margin = $4,375.00 IM = 25% * Stock Value
Maintenance Margin = $4,375.00 MM = 25% * Stock Value
Available Funds = $3,125.00 ELV-IM
Excess Liquidity $3,125.00 ELV - MM

Day 3: End of Day SMA Calculation
Reg T Margin = $8,750.00 RegT Margin = 50% * Stock Value
SMA = $0.00 ($0.00 +/– $0.00 + $0.00)
or
($7,500.00 – $8,750.00)
Whichever is greater
SMA >= 0 SMA Requirement Satisfied, NO liquidation

Day 4: Customer SELLS 500 shares of XYZ at $45.00/share. Total Amount = $22,500.00. After the trade, account values look like this:
Cash = $12,500.00
Securities Market Value = $0.00 Positions no longer held.
Equity with Loan Value = $12,500.00
IB Initial Margin = $0.00 IM = 25% * Stock Value
Maintenance Margin = $0.00 MM = 25% * Stock Value
Available Funds = $12,500.00 ELV-IM
Excess Liquidity $12,500.00 ELV - MM

Day 4: End of Day SMA Calculation
Reg T Margin = $0.00 RegT Margin = 50% * Stock Value
SMA = $12,500.00 ($0.00 +/– $0.00 + $11,250.00)
or
($12,500.00 – $0.00)
Whichever is greater
SMA >= 0 SMA Requirement Satisfied, NO liquidation

Day 5: Customer attempts to BUY 500 shares of ABC stock at $101.00/share. Total Amount = $50,500.00. Account values at the time of the attempted trade would look like this:
Cash = $12,500.00
Securities Market Value = $0.00
Equity with Loan Value = $12,500.00
IB Initial Margin = $12,625.00 IM = 25% * Stock Value
Maintenance Margin = $12,625.00 MM = 25% * Stock Value
Available Funds = ($125.00) ELV-IM
Excess Liquidity ($125.00) ELV - MM
Available Funds <=0, so the trade is Rejected.

Day 5: Later on Day 5, the customer buys some stock.
Customer BUYS 300 shares of ABC stock at $100.00/share. Total Amount = $30,000.00. After the trade, account values look like this:
Cash = ($17,500.00)
Securities Market Value = $30,000.00
Equity with Loan Value = $12,500.00
IB Initial Margin = $7,500.00 IM = 25% * Stock Value
Maintenance Margin = $7,500.00 MM = 25% * Stock Value
Available Funds = $5,000.00 ELV-IM
Excess Liquidity $5,000.00 ELV - MM

Day 5: End of Day SMA Calculation
Reg T Margin = $15,000.00 RegT Margin = 50% * Stock Value
SMA = -$2,500.00 ($12,500 +/– $0.00 – $15,000.00)
or
($12,500.00 – $15,000.00)
Whichever is greater
SMA = ($2,500.00) which is < 0 Shares are Liquidated.

Day 5: Consider an alternate Day 5 scenario in which the price of ABC stock drops.
Price of ABC stock drops to $75.00/share. Account values would now look like this:
Cash = ($17,500.00)
Securities Market Value = $22,500.00
Equity with Loan Value = $5,000.00
IB Initial Margin = $5,625.00 IM = 25% * Stock Value
Maintenance Margin = $5,625.00 MM = 25% * Stock Value
Available Funds = ($625.00) ELV-IM
Excess Liquidity ($625.00) ELV - MM
Excess Liquidity < 0, so shares will be Liquidated.

Example: Commodities Margin Example

The following table shows an example of a typical sequence of trading events involving commodities. Although our Universal Account automatically transfers funds between the securities and commodities segments of the account, to simplify the following example, we will assume that the cash in the account remains in the Commodities segment of the account.


Action Cash Margin Requirement Net Liquidation Value
1. Deposit $5,000.00 + $5,000.00 $5,000.00
2 Buy 1 ES Futures Contract $5,000.00 $2,813.00 $5,000.00
$850.00 * 50 (multiplier)
ES Initial Margin Requirement = $2,813.00
3. End of Day: ESprice goes to $860.00 $5,500.00 $2813.00 $5,500.00
Gained $10.00 * 50 = $500.00
Net Liquidation Value > $2,813.00 No Liquidation.
4. Next Day: ES price drops to $810.00 $3,000.00 $4,500.00 $3,000.00
Lost $50.00 * 50 = $2,500.00
Net Liquidation Value < $4,500.00 Overnight Maintenance Margin Liquidation occurs.

Example: How to Determine the Last Stock Price Before We Begin to Liquidate the Position

For example, suppose a customer buys 2,000 shares of ABC stock at $10.00/share on margin. The loan amount in this case is $10,000.00, so the calculations would be: (1)


1. Customer deposits $10,000 in Reg T Margin account.
Cash = $10,000.00
Securities Market Value = $0.00
Equity with Loan Value = $10,000.00
Maintenance Margin = $0.00 MM = 25% * Stock Value
Excess Liquidity $10,000.00 ELV - MM

2. Customer buys $20,000.00 of ABC stock (2,000 shares at $10.00/share)
Cash = ($10,000.00)
Securities Market Value = $20,000.00
Equity with Loan Value = $10,000.00
Maintenance Margin = $5,000.00 MM = 25% * Stock Value
Excess Liquidity $5,000.00 ELV - MM

3. The price of ABC begins to drop.
Determine the last stock price of ABC before we begin to liquidate the position:
Cash = ($10,000.00)
Securities Market Value = $13,333.33
Equity with Loan Value = $3,333.33
Maintenance Margin = $3,333.33 MM = 25% * Stock Value
Excess Liquidity = $0.00 ELV - MM
Price = ($10,000 / 2,000) / (.75) = $6.6667(2)

Example: How Much Stock Do We Liquidate?

In the following example, a customer buys stock, but then the price of the stock drops enough to bring the Excess Liquidity balance below zero, prompting liquidation.


1. Customer deposits $10,000 in Reg T Margin account.
Cash = $10,000.00
Securities Market Value = $0.00
Equity with Loan Value (ELV) = $10,000.00
Maintenance Margin (MM) = $0.00 MM = 25% * Stock Value
Excess Liquidity $10,000.00 ELV - MM

2. Customer buys $20,000.00 of ABC stock (2,000 shares at $10.00/share)
Cash = ($10,000.00)
Securities Market Value = $20,000.00
Equity with Loan Value = $10,000.00
Maintenance Margin = $5,000.00 MM = 25% * Stock Value
Excess Liquidity $5,000.00 ELV - MM

3. The price of ABC drops to $6.00/share
Cash = ($10,000.00)
Securities Market Value = $12,000.00
Equity with Loan Value = $2,000.00
Maintenance Margin = $3,000.00 MM = 25% * Stock Value
Excess Liquidity -$1,000.00 ELV - MM
Excess Liquidity is now < 0, so positions will be liquidated to bring Excess Liquidity back to at least zero.

4. Determine the liquidation amount using the calculation listed above:
Liquidation Amount = $1,000.00 * 4
= $4,000.00

5. After liquidation, the customer's account balances look like this:
Cash = ($6,000.00) Original $10,000.00 loan – Liquidation Amount
Securities Market Value = $8,000.00 $12,000.00 Market Value – Liquidation Amount
Equity with Loan Value = $2,000.00
Maintenance Margin = $2,000.00 MM = 25% * Stock Value
Excess Liquidity $0.00 ELV - MM
Note that this ONLY brings the Excess Liquidity balance back to zero. Depositing more than this amount will provide the ability to open additional positions and/or a cushion to prevent further liquidation.
  1. The example uses Initial and Maintenance Margins of 25%. These percentages are used for illustrative purposes only and do not necessarily reflect current Interactive Brokers margin rates.
  2. Using a margin requirement of 25%, the account would become subject to liquidation at a price of (Cash Borrowed / # of Shares) / (1 – margin rate). Using the values in the above example, the account would become subject to liquidation when the price falls to (10,000 / 2,000) / (1 - .25), or $6.6667.

http://www.interactivebrokers.com/en/p.php?f=margin&p=overview3

Real-time Monitoring

Unlike other brokers who calculate margin only at the end of the trading day, IB provides real-time data that gives you the edge you need to react quickly to the markets. The Margin Requirements section of the Account window allows you to understand your trading risk at any moment of the day by calculating requirements for initial margin (at the time of the trade) and maintenance margin (when holding positions) on a real time basis.

For more information regarding any of the real-time monitoring features mentioned here, see the TWS Users' Guide.


The TWS Account Window

The Account window in Trader Workstation lets you monitor every aspect of your account activity, including the values used in IB's margin calculations. We present key account values as the default when you first open the Account window, and you can expand each section of the Account window to display all values.

The Account window displays real-time values, including those listed below.

Balances

For more information on any of the real-time monitoring features mentioned here, as well as a table containing definitions of all values, see the TWS Users' Guide.

Margin Requirements

For more information on any of the real-time monitoring features mentioned here, as well as a table containing definitions of all values, see the TWS Users' Guide.

Available for Trading

For more information on any of the real-time monitoring features mentioned here, as well as a table containing definitions of all values, see the TWS Users' Guide.

Margin What-Ifs

Margin scenarios provide the margin implications of any transaction before transmitting an order. From the trading window, right click any order row and select Preview Order/Check Margin. Commission for the trade is also displayed.


Note:

This portfolio margin estimate is by way of example only based on current margin requirements. The margin estimate we are providing you does not represent a specific agreement to provide these margin terms and is not a guarantee or warranty that your account will be margined in the manner described in this margin estimate. Please note that margin terms are subject to change at any time, including between now and when you open your account or transfer positions to Interactive. Among other things, IB just like other brokers, can increase its "house" maintenance margin requirements at any time and is not required to provide you with advance written notice.


Margin Warnings

IB will automatically liquidate when the account falls below the minimum maintenance margin requirement. To help avoid this scenario, TWS provides pop-up warning messages and color-coded account information as a notification that you are approaching a margin deficiency. This allows you to take action such as entering margin-reducing trades instead of risking liquidations.

To help customers monitor margin deficiencies, TWS displays color-coded messages on the Account Screen and pop-up warning messages to notify customers that they are approaching their margin limits. This feature allows you to take action, such as entering margin-reducing trades, to avoid having IB liquidate your positions. The colors on the Account screen convey the following information at a glance:


Yellow - You have only a 5% cushion above the margin requirement.

Orange - Your margin cushion is depleted and you have a short time to enter into margin-reducing trades before IB begins to liquidate your positions. During this time you should be able to enter a trade that will decrease your margin requirement, but not increase.

Red - IB will shortly start to liquidate positions as necessary to bring your account back within the margin limits.

Margin Reports

Margin reports show margin requirements for single and combination positions, and display both available and excess liquidity. Each day at 16:15 ET we record your margin and equity information across all asset classes and exchanges.

You can access your margin reports under the Margin Report menu item (Report Management) within Account Management. Here is an example of a portion of a margin report.

Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

Interactive Brokers LLC is a member of NYSE, FINRA, SIPC


http://www.interactivebrokers.com/en/p.php?f=margin&p=overview2

US Stocks

The following table lists margin calculations for Reg T Margin, Cash and Reg T Margin - IRA Accounts. See our Portfolio Margin page for US Stock requirements in a Portfolio Margin account.

The NYSE and FINRA have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US securities.

The following table shows stock margin requirements for initial (at the time of trade), maintenance (when holding positions), and Overnight Reg T (Regulatory End of Day Requirement) time periods.

These formulas make use of the functions Maximum (x, y, ..), Minimum (x, y, ..) and If (x, y, z). The Maximum function returns the greatest value of all parameters separated by commas within the paranthesis. As an example, Maximum (500, 2000, 1500) would return the value 2000. The Minimum function returns the least value of all parameters separated by commas within the paranthesis. As an example, Minimum (500, 2000, 1500) would return the value of 500. The If function checks a condition and if true uses formula y and if false formula z. As an example If (20 < 0, 30, 60) would return the value 60.

Long Position

Reg T Margin
  IB Initial Margin 25% 1 * Stock Value
  Maintenance Margin Same as Initial.
  Reg T End of Day Initial Margin 50% 2 * Stock Value
Cash or IRA-Cash 100% * Stock Value
IRA-Reg T Margin Same as Cash

Short Positions

Reg T Margin
  IB Initial Margin 30% 3 * Stock Value
  Maintenance Margin 30% * Stock Value if Stock Value > $16.67
$5.00 if Stock Value < $16.67 and > $5.00
100% * Stock Value if Stock Value < $5.00
$2.50 if Stock Value <= $2.50
  Reg T End of Day Initial Margin Same as Reg T End of Day for Long Positions.
Cash or IRA - Cash N/A
IRA - Reg T Margin Same as Cash

Non-Marginable Long or Short Positions

Reg T Margin
  IB Initial Margin 100% * Stock Value
  Maintenance Margin Same as Initial.
  Reg T End of Day Initial Margin Same as Initial.
Cash, Individual or IRA Same as Initial, Only Long Positions
IRA - Reg T Margin N/A

Click here to learn more about our Reg T End of Day margin calculations.

  • All Margin accounts must have a minimum of USD 2,000 to trade.
  • Margin requirements quoted in US dollars may also be satisfied with a Non-US Dollar equivalent.
  • IB has additional algorithms which increase the nominal margin for positions that represent a >1% holding of an individual company's shares outstanding, with full margin required for concentrations of >= 9% of a company's shares outstanding (For ETFs, full margin is required for concentrations of >= 5%). Investors should be prepared to meet the increased margin, where holdings are above 1% threshold.

  1. For Leveraged ETFs, Minimum(25% * Leverage Factor, 100%)
  2. For Leveraged ETFs, Minimum(50% * Leverage Factor, 100%)
  3. For Leveraged ETFs, Minimum(30% * Leverage Factor, 100%)

http://www.interactivebrokers.com/en/p.php?f=margin&p=stk

Canadian Stocks and Canadian Residents Trading All Stocks

The following table shows stock margin requirements for initial (at the time of trade), maintenance (when holding positions), and Overnight Reg T (Regulatory End of Day Requirement) time periods. FINRA and the NYSE have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US Securities.

These formulas make use of the functions Maximum (x, y, ..), Minimum (x, y, ..) and If (x, y, z). The Maximum function returns the greatest value of all parameters separated by commas within the paranthesis. As an example, Maximum (500, 2000, 1500) would return the value 2000. The Minimum function returns the least value of all parameters separated by commas within the paranthesis. As an example, Minimum (500, 2000, 1500) would return the value of 500. The If function checks a condition and if true uses formula y and if false formula z. As an example If (20 < 0, 30, 60) would return the value 60.

Long Positions Traded on Approved Exchanges 1

Reg T Margin
  Initial Margin If Stock Price >= CAD 2, then 50% * Stock Value
  Maintenance Margin Same as Initial
  Reg T End of Day Margin Same as Initial
Cash or IRA-Cash 100% * Stock Value

Long Positions Eligible for Reduced Margin on Approved Exchanges 1

Reg T Margin
  Initial Margin If Stock Price >= CAD 2, then 30% 3 * Stock Value
  Maintenance Margin Same as Initial
  Reg T End of Day Margin If Stock Price >= CAD 2, then 50% 2 * Stock Value
Cash or IRA-Cash 100% * Stock Value

All Other Long Positions including Stocks < CAD 2 and TSX Venture Exchange

Reg T Margin
  Initial Margin 100% * Stock Value
  Maintenance Margin Same as Initial
  Reg T End of Day Margin Same as Initial
Cash or IRA-Cash Same as Initial

Short Positions Traded on Approved Exchanges 1

Reg T Margin
  Initial Margin If Stock Price >= CAD 2, then 50% * Stock Value

Minimum Margin >= USD 2.50 * Number of Shares
  Maintenance Margin Same as Initial
  Reg T End of Day Margin Same as Initial
Cash or IRA-Cash 100% * Stock Value

Short Positions Eligible for Reduced Margin on Approved Exchanges 1

Reg T Margin
  Initial Margin If Stock Price >= CAD 2, then 30% 3 * Stock Value

Minimum Margin >= USD 2.50 * Number of Shares
  Maintenance Margin Same as Initial
  Reg T End of Day Margin If Stock Price >= CAD 2, then 50% 2 * Stock Value

Minimum Margin >= USD 2.50 * Number of Shares
Cash or IRA-Cash 100% * Stock Value

All Other Short Positions including Stocks < CAD 2 and TSX Venture Exchange

Reg T Margin
  Initial Margin 100% * Stock Value

Minimum Margin >= USD 2.50 * Number of Shares
  Maintenance Margin Same as Initial
  Reg T End of Day Margin Same as Initial
Cash or IRA-Cash Same as Initial

Cross-Margined Stock on the Same Underlying 4

Reg T Margin
  Initial Margin 5% * Long Stock Value

(Long and short positions with the same underlying stocks, one leg cleared in the US and the other leg cleared in Canada.)
  Maintenance Margin Same as Initial
  Reg T End of Day Margin Same as Initial
Cash or IRA-Cash N/A
  • All margin accounts must have a minimum of USD 2,000 to trade.
  • Margin requirements quoted in US or CA dollars may be satisfied with the equivalent amount in another currency.
  • IB has additional algorithms which increase the nominal margin for positions that represent a >1% holding of an individual company's shares outstanding, with full margin required for concentrations of >= 5% of a company's shares outstanding. Investors should be prepared to meet the increased margin, where holdings are above 1% threshold.

  1. Approved exchanges for Canadian residents are: TSX, NYSE, NASDAQ, AMEX, ARCA, LSE, TSE.JPN. Only TSX applies to Non-Canadian residents. To see which securities the IDA has determined are eligible for reduced margin, view this List of Securities Eligible for Reduced Margin.
  2. For Leveraged ETFs, Minimum(50% * Leverage Factor, 100%)
  3. For Leveraged ETFs, Minimum(30% * Leverage Factor, 100%)
  4. Long CAD stock and short USD stock or long USD stock and short CAD stock.

http://www.interactivebrokers.com/en/p.php?f=margin&p=stk1

Other Stocks

The following table shows stock margin requirements for initial (at the time of trade), maintenance (when holding positions), and Overnight Reg T (Regulatory End of Day Requirement) time periods.

The NYSE and FINRA have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US securities.

Long Position

Reg T Margin
  Initial Margin Margin requirements are determined by risk-based portfolio analysis models specified by each exchange. For details, visit the specific exchange site in question.
  Maintenance Margin Same as Initial
  Reg T End of Day Margin 50% 1 * Stock Value
Cash or IRA-Cash 100% * Stock Value

Short Positions

Reg T Margin
  Initial Margin Same as Initial for long positions
  Maintenance Margin Same as Initial for long positions
  Reg T End of Day Margin Same as Reg T End of Day for long positions
Cash or IRA-Cash N/A
  • All Margin accounts must have a minimum of USD 2,000 to trade.
  • Margin requirements quoted in US dollars may also be satisfied with a Non-US Dollar equivalent.
  • IB has additional algorithms which increase the nominal margin for positions that represent a > 1% holding of an individual company's shares outstanding, with full margin required for concentrations of > = 5% of a company's shares outstanding. Investors should be prepared to meet the increased margin, where holdings are above 1% threshold.

  1. For Leveraged ETFs, Minimum(50% * Leverage Factor, 100%)

http://www.interactivebrokers.com/en/p.php?f=margin&p=stk3

Special Margin Stocks

We may reduce the collateral value of securities (reduces marginability) for a variety of reasons, including:

  • small market capitalization or small issue size
  • low liquidity in the collective primary/secondary exchanges
  • involvement in tenders and other corporate action

Changes in marginability are generally considered for a specific security. However, in cases of concerns about the viability or liquidity of a company, marginability reductions will apply to all securities issued by, or related to, the affected company, including bonds, derivatives, depository receipts, etc.

See the section on Decreased Marginability Calculations on the Margin Calculations page for information about large position and position concentration algorithms that may affect the margin rate applied to a given security within an account and may vary between accounts.


Americas
Country Special Margin Stocks

United States

Listed: 10461

Canada

Listed: 2880

Mexico

Listed: 123

Europe
Country Special Margin Stocks

Germany

Listed: 949

United Kingdom

Listed: 1591

France

Listed: 691

Netherlands

Listed: 75

Switzerland

Listed: 133

Belgium

Listed: 118

Sweden

Listed: 185

Spain

Listed: 88

Austria

None available at this time

Italy

Listed: 180

Asia
Country Special Margin Stocks

Australia

Listed: 1653

Japan

None available at this time

Hong Kong

Listed: 974

India

None available at this time


http://www.interactivebrokers.com/en/p.php?f=margin&p=stk2

US Options

The following calculations apply only to Reg T, IRA-Reg T Margin and Cash or IRA-Cash. See our Portfolio Margin page for US Options requirements in a Portfolio Margin account.

FINRA and the NYSE have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to Day Trading Restrictions for US Securities.

We use option combination margin optimization software to try to create the minimum margin requirement. However, due to the system requirements required to determine the optimal solution, we cannot always guarantee the optimal combination in all cases.

Please note that we do not support option exercises, assignments or deliveries which may result in an account being non-compliant with margin requirements. For additional information about the handling of options on expiration Friday, click here (Knowledgebase Article http://ibkb.interactivebrokers.com/node/1767).

These formulas make use of the functions Maximum (x, y, ..), Minimum (x, y, ..) and If (x, y, z). The Maximum function returns the greatest value of all parameters separated by commas within the paranthesis. As an example, Maximum (500, 2000, 1500) would return the value 2000. The Minimum function returns the least value of all parameters separated by commas within the paranthesis. As an example, Minimum (500, 2000, 1500) would return the value of 500. The If function checks a condition and if true uses formula y and if false formula z. As an example If (20 < 0, 30, 60) would return the value 60.

The following table shows option margin requirements for each type of margin combination.

Long Call Long Put

Long Call or Put


Reg T Margin
  Initial/RegT End of Day Margin None
  Maintenance Margin Same as Initial
Cash or IRA-Cash Same as Initial
IRA-Reg T Margin Same as Margin Account

Short Naked Call


Reg T Margin
  Initial/RegT End of Day Margin Stock Options 1
Call Price + Maximum ((20% 2 * Underlying Price - Out of the Money Amount),
(10% * Underlying Price))

Index Options 1
Call Price + Maximum ((15% 3 * Underlying Price - Out of the Money Amount),
(10% * Underlying Price))

World Currency Options 1
Call Price + Maximum ((4% 2 * Underlying Price - Out of the Money Amount),
(0.75% * Underlying Price))

Cash Basket Option 1
In the Money Amount
  Maintenance Margin Same as Initial
Cash or IRA-Cash N/A
IRA-Reg T Margin Same as Cash Account
Short Naked Put

Short Naked Put


Reg T Margin
  Initial/RegT End of Day Margin Stock Options 1
Put Price + Maximum ((20% 2 * Underlying Price - Out of the Money Amount),
(10% * Strike Price))

Index Options 1
Put Price + Maximum ((15% 3 * Underlying Price - Out of the Money Amount),
(10% * Strike Price))

World Currency Options 1
Put Price + Maximum ((4% 2 * Underlying Price - Out of the Money Amount),
(0.75% * Underlying Price))

Cash Basket Option 1
In the Money Amount
  Maintenance Margin Same as Initial
Cash or IRA-Cash Put Strike Price
IRA-Reg T Margin Same as Cash Account
Covered Calls and PutsCovered Calls and Puts

Covered Calls and Puts

Short an option with an equity position held to cover full exercise upon assignment of the option contract.


Reg T Margin
  Initial/RegT End of Day Margin Initial Stock Margin Requirement + In the Money Amount 4
  Maintenance Margin Initial Stock Margin Requirement + In the Money Amount 4
Cash or IRA-Cash Covered Calls
Stock paid in full

Covered Puts
N/A
IRA-Reg T Margin Covered Calls
None

Covered Puts
N/A
Call Spread

Call Spread

A long and short position of equal number of calls on the same underlying (and same multiplier) if the long position expires on or after the short position.


Reg T Margin
  Initial/RegT End of Day Margin Maximum (Strike Long Call - Strike Short Call, 0)
  Maintenance Margin Same as Initial
Cash or IRA-Cash Same as Initial if both options are European-style cash-settled

Otherwise, N/A.
IRA-Reg T Margin Same as Margin Account
Put Spread

Put Spread

A long and short position of equal number of puts on the same underlying (and same multiplier) if the long position expires on or after the short position.


Reg T Margin
  Initial/RegT End of Day Margin Maximum (Short Put Strike - Long Put Strike, 0)
  Maintenance Margin Same as Initial
Cash or IRA-Cash Same as Margin Account

Both options must be European style cash settled.
IRA-Reg T Margin Same as Margin Account
Collar

Collar

Long put and long underlying with short call. Put and call must have same expiration date, same underlying (and same multiplier), and put exercise price must be lower than call exercise price.


Reg T Margin
  Initial/RegT End of Day Margin Initial Stock Margin Requirement + In the Money Call Amount

Equity with Loan Value of Long Stock
Minimum (Current Market Value, Call Aggregate Exercise Price)
  Maintenance Margin Minimum (((10% * Put Exercise Price) + Out of the-Money Put Amount),
(25% * Call Exercise Price))
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Long Call and PutLong Call and Put

Long Call and Put

Buy a call and a put.


Reg T Margin
  Initial/RegT End of Day Margin Margined as two long options.
  Maintenance Margin Same as Initial
Cash or IRA-Cash Same as Margin Account
IRA-Reg T Margin Same as Margin Account
Short Call and Put Short Call and Put

Short Call and Put

Sell a call and a put.


Reg T Margin
  Initial/RegT End of Day Margin If Initial Margin Short Put > Initial Short Call,
then Initial Margin Short Put + Price Short Call

else

If Initial Margin Short Call >= Initial Short Put,
then Initial Margin Short Call + Price Short Put
  Maintenance Margin Same as Initial
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Long Butterfly

Long Butterfly

Two short options of the same series (class, multiplier, strike price, expiration) offset by one long option of the same type (put or call) with a higher strike price and one long option of the same type with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.


Reg T Margin
  Initial/RegT End of Day Margin None
  Maintenance Margin Same as Initial
Cash or IRA-Cash None

Both options must be European-style cash-settled.
IRA-Reg T Margin Same as Margin Account
Short Butterfly Put

Short Butterfly Put

Two long put options of the same series offset by one short put option with a higher strike price and one short put option with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.


Reg T Margin
  Initial/RegT End of Day Margin ((Highest Put Options Strike - Middle Put Options Strike) +
(Middle Put Options Strike - Lowest Put Option Strike))
  Maintenance Margin Same as Initial
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Short Butterfly Call

Short Butterfly Call

Two long call options of the same series offset by one short call option with a higher strike price and one short call option with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.


Reg T Margin
  Initial/RegT End of Day Margin ((Highest Call Options Strike - Middle Call Options Strike) +
(Middle Call Options Strike - Lowest Call Option Strike))
  Maintenance Margin Must maintain initial margin.
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Long Box Spread

Long Box Spread

Long call and short put with the same exercise price ("buy side") coupled with a long put and short call with the same exercise price ("sell side"). Buy side exercise price is lower than the sell side exercise price. All component options must have the same expiration, and underlying (multiplier).


Reg T Margin
  Initial/RegT End of Day Margin None
  Maintenance Margin Same as Initial
Cash or IRA-Cash N/A
IRA-Reg T Margin Same as Margin Account
Short Box Spread

Short Box Spread

Long call and short put with the same exercise price ("buy side") coupled with a long put and short call with the same exercise price ("sell side"). Buy side exercise price is higher than the sell side exercise price. All component options must have the same expiration, and underlying (multiplier).


Reg T Margin
  Initial/RegT End of Day Margin American Style
Maximum (((Long Call Price + Long Put Price - Short Call Price - Short Put Price) * -102%), (Long Call Strike - Short Call Strike))

European Style
Long Call Strike - Short Call Strike
  Maintenance Margin Same as Initial
Cash or IRA-Cash N/A
IRA-Reg T Margin Same as Margin Account
Conversion

Conversion

Long put and long underlying with short call. Put and call must have the same expiration date, underlying (multiplier), and exercise price.


Reg T Margin
  Initial/RegT End of Day Margin Initial Stock Margin Requirement

Equity with Loan Value of Long Stock
Minimum (Current Market Value, Call Aggregate Exercise Price)
  Maintenance Margin 10% * Strike Price
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Reverse Conversion

Reverse Conversion

Long call and short underlying with short put. Put and call must have same expiration date, underlying (multiplier), and exercise price.


Reg T Margin
  Initial/RegT End of Day Margin In the Money Put Amount + Initial Stock Margin Requirement
  Maintenance Margin In the Money Put Amount + (10% * Strike Price)
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Protective Put

Protective Put

Long Put and Long Underlying.


Reg T Margin
  Initial/RegT End of Day Margin Initial Stock Margin Requirement
  Maintenance Margin Minimum (((10% * Put Strike Price) + Put Out of the Money Amount),
Long Stock Maintenance Requirement)
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Protective Call

Protective Call

Long Call and Short Underlying.


Reg T Margin
  Initial/RegT End of Day Margin Initial Standard Stock Margin Requirement
  Maintenance Margin Minimum (((10% * Call Strike Price) + Call Out of the Money Amount),
Short Stock Maintenance Requirement)
Cash or IRA-Cash N/A
IRA-Reg T Margin N/A
Iron Condor

Iron Condor

Sell a put, buy put, sell a call, buy a call.


Reg T Margin
  Initial/RegT End of Day Margin Short Put Strike - Long Put Strike
  Maintenance Margin Same as Initial
Cash or IRA-Cash If all options are European and cash-settled, same as margin account.
IRA-Reg T Margin Same as Margin Account
  • Specific options with commodity-like behavior, such as VIX Index Options, have special spread rules and, consequently, may be required to meet higher margin requirements than a straightforward US equity option. Clients are urged to use the paper trading account to simulate an options spread in order to check the current margin on such spread.
  • If a combination of options is put on in such a way that a specific strategy is optimal at that point in time, the strategy may remain in place until the account is revalued even if it does not remain the optimal strategy. A revaluation will occur when there is a position change within that symbol. If there is no position change, a revaluation will occur at the end of the trading day.

  1. Minimum charge of USD 2.50 per share of underlying. This minimum does not apply for End of Day Reg T calculation purposes.
  2. For Leverage Options, Minimum (20% * Leverage Factor, 100%).
  3. For Leverage Options, Minimum (15% * Leverage Factor, 100%)
  4. For Covered Basket Calls, (short basket call, long component stocks), the margin requirement is for all the component stocks.

http://www.interactivebrokers.com/en/p.php?f=margin&p=opt

Canadian Stock and Index Options Requirements

FINRA and the NYSE have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to Day Trading Restrictions for US Securities.

Note that we use option margin optimization software to try to create the minimum margin requirement. However, due to the system requirements required to determine the optimal solution, we cannot always guarantee the optimal combination in all cases.

These formulas make use of the functions Maximum (x, y, ..), Minimum (x, y, ..) and If (x, y, z). The Maximum function returns the greatest value of all parameters separated by commas within the paranthesis. As an example, Maximum (500, 2000, 1500) would return the value 2000. The Minimum function returns the least value of all parameters separated by commas within the paranthesis. As an example, Minimum (500, 2000, 1500) would return the value of 500. The If function checks a condition and if true uses formula y and if false formula z. As an example If (20 < 0, 30, 60) would return the value 60.

The following table shows option margin requirements for each type of margin combination.

Long Call or Put

Long Call or Put

 

Reg T Margin
  Initial Margin None. Long option cost is subtracted from cash.
  Maintenance Margin None.
Cash or IRA-Cash None. Long option cost is subtracted from cash.
Short Naked Call

Short Naked Call

 

Reg T Margin
  Initial Margin Stock Options 1
Call Price + Maximum (((30% * Underlying Price) - Out of the Money Amount),
10% * Underlying Price)

Index Options 1
Call Price + Maximum (((15% * Underlying Price) - Out of the Money Amount),
10% * Underlying Price)
  Maintenance Margin Same as Initial.
Cash or IRA-Cash N/A
Short Naked Put

Short Naked Put

 

Reg T Margin
  Initial Margin Stock Options 1
Put Price + Maximum (((30% * (Underlying Price) - Out of the Money Amount),
10% * Strike Price)

Index Options 1
Put Price + Maximum (((15% * (Underlying Price) - Out of the Money Amount),
10% * Strike Price)
  Maintenance Margin Same as Initial.
Cash or IRA-Cash Aggregate Put Strike Price.
Covered CallCovered Put

Covered Calls and Puts

Short an option with an equity position held to cover full exercise upon assignment of the option contract.

 

Reg T Margin
  Initial Margin Stock Initial Margin Requirement + In the Money Amount
  Maintenance Margin Same as Initial.
Cash or IRA-Cash Covered Calls
Stock paid in full

Covered Puts
N/A
Call Spread

Call Spread

A long and short position of equal number of calls on the same underlying (and same multiplier) if the long position expires on or after the short position.

 

Reg T Margin
  Initial Margin Maximum ((Strike Long Call - Strike Short Call), 0)
  Maintenance Margin Same as Initial.
Cash or IRA-Cash Same as Initial if both options are European-style cash-settled

Otherwise, N/A.
Put Spread

Put Spread

A long and short position of equal number of puts on the same underlying (and same multiplier) if the long position expires on or after the short position.

 

Reg T Margin
  Initial Margin Maximum (Short Put Strike - Long Put Strike, 0))
  Maintenance Margin Same as Initial.
Cash or IRA-Cash Same as Margin Account

Both options must be European style cash settled.
Protective Put

Protective Put

Long Put and Long Underlying.

 

Reg T Margin
  Initial Margin Initial Stock Margin Requirement
  Maintenance Margin Minimum (((10% * Put Strike Price) + Put Out of the Money Amount),
Long Stock Maintenance Requirement)
Cash or IRA-Cash N/A
Protective Call

Protective Call

Long Call and Short Underlying.

 

Reg T Margin
  Initial Margin If Trading Currency is CAD
Minimum(Strike Long Call, Initial Stock Margin Requirement)

If Trading Currency is not CAD
Call Price + (30% * Underlying Price) + Minimum (Out of the Money Amount,
(30% * Underlying Price))
  Maintenance Margin If Trading Currency is CAD
Minimum(Strike Long Call, Maintenance Stock Margin Requirement)

If Trading Currency is not CAD
Call Price + (30% * Underlying Price) + Minimum (Out of the Money Amount,
(30% * Underlying Price))
Cash or IRA-Cash N/A
Collar

Collar

Long put and long underlying with short call. Put and call must have same expiration date, same underlying (and same multiplier), and put exercise price must be lower than call exercise price.

 

Reg T Margin
  Initial Margin Initial Stock Margin Requirement + In the Money Call Amount
  Maintenance Margin In the Money Call Amount + Minimum (((10% * Put Strike Price) + Out of the Money Put Amount), (30% * Strike Call))
Cash or IRA-Cash N/A
Conversion

Conversion

Long put and long underlying with short call. Put and call must have the same expiration date, underlying (multiplier), and exercise price.

 

Reg T Margin
  Initial Margin Initial Stock Margin Requirement + In the Money Call Amount
  Maintenance Margin In the Money Call Amount + (10% * Strike Price)
Cash or IRA-Cash N/A
Reverse Conversion

Reverse Conversion

Long call and short underlying with short put. Put and call must have same expiration date, underlying (multiplier), and exercise price.

 

Reg T Margin
  Initial Margin In the Money Put Amount + Initial Stock Margin Requirement
  Maintenance Margin In the Money Put Amount + (10% * Strike Price)
Cash or IRA-Cash N/A
Long Butterfly

Long Butterfly

Two short options of the same series (class, multiplier, strike price, expiration) offset by one long option of the same type (put or call) with a higher strike price and one long option of the same type with a lower strike price. All component options must have the same expiration, same underlying, and intervals between exercise prices must be equal.

 

Reg T Margin
  Initial Margin None.
  Maintenance Margin Same as Initial.
Cash or IRA-Cash None

Both options must be European-style cash-settled.
  1. Minimum charge of USD 2.50 per share of underlying. This minimum does not apply for End of Day Reg T calculation purposes.

http://www.interactivebrokers.com/en/p.php?f=margin&p=opt1

Non-US/Non-Canadian Options Margin Requirements

Margin requirements are determined by risk based portfolio analysis models specified by each exchange. For specific details, visit the specific exchange site in question. US Reg T Margin requirements are also applied at the end of each trading day. For more information, see the US Stock and Index Options tab above.

For Australian single stock options, we apply US rule-based and Reg T margin requirements.


http://www.interactivebrokers.com/en/p.php?f=margin&p=opt2

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.

In addition to the exchange scanning ranges, we will consider additional scenarios which incorporate extreme moves in the underlying. Accordingly, we may require margin over and above the exchange-mandated margin on short options in order to account for the risk inherent in an extreme market move. You can view the current projected margin requirements on a specific option or futures order that you are considering before you submit the order by creating the order in TWS and using the right-click menu to "Check Margin" before you transmit.

Note that for commodities including futures, single-stock futures and futures options, margin is the amount of cash a client must put up as collateral to support a futures contract. For securities, margin is the amount of cash a client borrows.

Please see the following special articles and links, which describe important information on futures/options risk management and financial controls:

The table below depicts the exchange margin requirements.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
ASX XPJ - XPJ 625 N/A 625 500 AUD


Euronext Brussels (Belfox)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
BELFOX BFX BEL 20 Index BXF 1775 N/A 1775 1420 EUR


Chicago Board Of Trade (CBOT)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
CBOT AC Ethanol -CME AC 6095.25 N/A 6095.25 4515 USD
CBOT ZL Soybean Oil Futures BO 1822.50 N/A 1822.50 1350 USD
CBOT ZC Corn Futures C 2362.50 N/A 2362.50 1750 USD
CBOT INDU Dow Jones Industrial Average DJ 4062.50 3250 8125 6500 USD
CBOT ZQ 30 Day Fed Funds FF 38.125 30.50 76.25 61 USD
CBOT ZF 5 Year US Treasury Note FV 562.50 450 1125 900 USD
CBOT ZO Oat Futures O 2573.10 N/A 2573.10 1906 USD
CBOT ZR Rough Rice Futures RR 1485 N/A 1485 1100 USD
CBOT ZS Soybean Futures S 3381.75 N/A 3381.75 2505 USD
CBOT ZM Soybean Meal Futures SM 2700 N/A 2700 2000 USD
CBOT ZT 2 Year US Treasury Note TU 193.75 155 387.50 310 USD
CBOT ZB 30 Year US Treasury Bond US 1403.75 1123 2807.50 2246 USD
CBOT ZW Wheat Futures W 2515.05 N/A 2515.05 1863 USD
CBOT YC Mini Sized Corn Futures YC 472.50 N/A 472.50 350 USD
CBOT YK Mini Sized Soybean Futures YK 676.35 N/A 676.35 501 USD
CBOT YW Mini Sized Wheat Futures YW 503.01 N/A 503.01 372.60 USD


Montreal Exchange (CDE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
CDE BAX 3 Month Canadian Bankers' Acceptance Futures BAX 343.75 275 687.50 550 CAD
CDE CGB 10 Year Government of Canada Bonds CGB 1156.25 925 2312.50 1850 CAD
CDE CGF 5 Year Government of Canada Bonds CGF 500 400 1000 800 CAD
CDE TSX S&P TSX COMPOSITE INDEX SCF 2625 2100 5250 4200 CAD
CDE TSE60 S&P Canada 60 Index Futures (Old TSE60) SXF 3343.75 2675 6687.50 5350 CAD
CDE TSE60 S&P Canada 60 Index Futures (Old TSE60) SXM 836.25 669 1672.50 1338 CAD


CBOE Futures Exchange (CFE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
CFE GVZ CBOE Gold Volatility Index GV 867.50 N/A 867.50 694 USD
CFE OVX CBOE Crude Oil Volatility Index OV 990 N/A 990 792 USD
CFE VXN CBOE NDX Volatility Index VN 12325 N/A 12325 9860 USD
CFE VXST CBOE S&P 500 Short Term Volatility Index VSW1 8475 N/A 8475 6780 USD
CFE VXST CBOE S&P 500 Short Term Volatility Index VSW2 8475 N/A 8475 6780 USD
CFE VXST CBOE S&P 500 Short Term Volatility Index VSW4 8475 N/A 8475 6780 USD
CFE VXST CBOE S&P 500 Short Term Volatility Index VSW5 8475 N/A 8475 6780 USD
CFE RVX Russell 2000 Volatility Index VU 14400 N/A 14400 11520 USD
CFE VIX CBOE Volatility Index VX 5700 N/A 5700 4560 USD
CFE VXEEM CBOE Emerging Markets ETF Volatility Index VXEM 1480 N/A 1480 1184 USD


Chicago Mercantile Exchange (CME)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
CME ACD Australian dollar ACD 9375 N/A 9375 7500 CAD
CME AUD Australian dollar AD 2312.50 N/A 2312.50 1850 USD
CME AJY Australian dollar AJY 1462500 N/A 1462500 1170000 JPY
CME GBP British pound BP 1875 N/A 1875 1500 USD
CME BRE Brazilian Real in US Dollars BR 3875 N/A 3875 3100 USD
CME CAD Canadian dollar CD 1605 N/A 1605 1284 USD
CME CZK Czech koruna CKO 16250 N/A 16250 13000 USD
CME EUR European Monetary Union Euro EC 2812.50 N/A 2812.50 2250 USD
CME ECK Czech koruna ECZ 6250 N/A 6250 5000 EUR
CME GE GLOBEX Euro-Dollar ED 278.125 222.50 556.25 445 USD
CME EHF Hungarian forint EHU 4500 N/A 4500 3600 EUR
CME EM 1 Month LIBOR (Int. Rate) EM 375 N/A 375 300 USD
CME EPZ Polish zloty EPL 2531.25 N/A 2531.25 2025 EUR
CME SEY Euroyen (TIBOR) Index EY 42500 N/A 42500 34000 JPY
CME GF Feeder Cattle FC 2227.50 N/A 2227.50 1650 USD
CME GSCI CME GSCI Index GI 8750 N/A 8750 7000 USD
CME HUF Hungarian forint HFO 9000 N/A 9000 7200 USD
CME JPY Japanese yen JY 3937.50 N/A 3937.50 3150 USD
CME LE Live Cattle LC 1432.35 N/A 1432.35 1061 USD
CME HE Lean Hogs LH 2155.95 N/A 2155.95 1597 USD
CME MID S&P Midcap 400 Stock Index MD 43750 N/A 43750 35000 USD
CME MXP Mexican Peso MP 2250 N/A 2250 1800 USD
CME NDX NASDAQ 100 Stock Index ND 9218.75 7375 18437.50 14750 USD
CME NZD New Zealand dollar NE 1937.50 N/A 1937.50 1550 USD
CME NKD Dollar Denominated Nikkei 225 Index NK 2187.50 1750 4375 3500 USD
CME PLN Polish zloty PLZ 11250 N/A 11250 9000 USD
CME ZAR South African Rand RA 2500 N/A 2500 2000 USD
CME RF European Monetary Union Euro RF 1875 N/A 1875 1500 CHF
CME RP European Monetary Union Euro RP 1875 N/A 1875 1500 GBP
CME RUR Russian Ruble in US Dollars RU 5650 N/A 5650 4520 USD
CME RY European Monetary Union Euro RY 593750 N/A 593750 475000 JPY
CME CHF Swiss franc SF 2875 N/A 2875 2300 USD
CME SPX S&P 500 Stock Index SP 13515.625 10812.50 27031.25 21625 USD
CME GTB 13 Week T-Bills TB 750 N/A 750 600 USD


Eurex (DTB)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
DTB 5AB Asian Bamboo AG 5ABF 45.24125 N/A 45.24125 36.193 EUR
DTB ADS Adidas AG ADSG 944.625 N/A 944.625 755.70 EUR
DTB AGN Aegon NV AENF 79.475 N/A 79.475 63.58 EUR
DTB AI Air Liquide SA AIRJ 1234.25 N/A 1234.25 987.40 EUR
DTB ALBK Allied Irish Banks PLC ALBF 45.24125 N/A 45.24125 36.193 EUR
DTB ALV Allianz SE ALVG 1488.125 N/A 1488.125 1190.50 EUR
DTB ALO Alstom SA AOMG 282.313 N/A 282.313 225.85 EUR
DTB G Assicurazioni Generali SpA ASGG 2045 N/A 2045 1636 EUR
DTB CS AXA SA AXAG 230.9375 N/A 230.9375 184.75 EUR
DTB BAS BASF SE BASG 992.00 N/A 992.00 793.60 EUR
DTB BAYN Bayer AG BAYF 1169.88 N/A 1169.88 935.90 EUR
DTB BMW3 Bayerische Motoren Werke AG BM3F 859.375 N/A 859.375 687.50 EUR
DTB BMW Bayerische Motoren Werke AG BMWF 1151.50 N/A 1151.50 921.20 EUR
DTB BNP BNP Paribas SA BNPH 681.125 N/A 681.125 544.90 EUR
DTB BN Danone BSNH 658.875 N/A 658.875 527.10 EUR
DTB EN Bouygues SA BYGG 368.25 N/A 368.25 294.60 EUR
DTB CA Carrefour SA CARG 360.187 N/A 360.187 288.15 EUR
DTB CBK Commerzbank AG CBKG 45.24125 N/A 45.24125 36.193 EUR
DTB CBK Commerzbank AG CBKH 162.938 N/A 162.938 130.35 EUR
DTB ALU Alcatel-Lucent/France CGEF 45.24125 N/A 45.24125 36.193 EUR
DTB LG Lafarge SA CILF 823.25 N/A 823.25 658.60 EUR
DTB UCG UniCredit SpA CR5I 811.875 N/A 811.875 649.50 EUR
DTB DCX Daimler AG DAIF 841.125 N/A 841.125 672.90 EUR
DTB DBK Deutsche Bank AG DBKG 398.625 N/A 398.625 318.90 EUR
DTB DEC JCDecaux SA DCSG 374.938 N/A 374.938 299.95 EUR
DTB DELB Delhaize Group SA DHZF 642.25 N/A 642.25 513.80 EUR
DTB DPW Deutsche Post AG DPWF 332.50 N/A 332.50 266 EUR
DTB DSM Koninklijke DSM NV DSMF 620.25 N/A 620.25 496.20 EUR
DTB DTE Deutsche Telekom AG DTEF 142.375 N/A 142.375 113.90 EUR
DTB ELE1 Euler Hermes SA ELEF 1087.25 N/A 1087.25 869.80 EUR
DTB ENEL Enel SpA ENLG 510.50 N/A 510.50 408.40 EUR
DTB ENI Eni SpA ENTG 2351.25 N/A 2351.25 1881 EUR
DTB EOA E.ON AG EOAH 171.625 N/A 171.625 137.30 EUR
DTB EUN2 iShares EURO STOXX 50 EUNF 755 N/A 755 604 EUR
DTB EXS1 ISHARES DAX DE EXSF 2003.75 N/A 2003.75 1603 EUR
DTB MDAX Midcap DAX F2MX 7573.125 N/A 7573.125 6058.50 EUR
DTB BTM Mid-Term Euro-BTP Italian Government Bond FBTM 9650 N/A 9650 7720 EUR
DTB BTP Euro-BTP Italian Government Bond FBTP 6087.50 N/A 6087.50 4870 EUR
DTB BTS Short-Term Euro-BTP Italian Government Bond FBTS 2487.50 N/A 2487.50 1990 EUR
DTB FBUT Eurex Butter Index FBUT 3800 N/A 3800 3040 EUR
DTB DJUBS Dow Jones-UBS Commodity Index FCCO 821.875 N/A 821.875 657.50 USD
DTB CEF European Monetary Union Euro FCEF 16900 N/A 16900 13520 CHF
DTB CEP European Monetary Union Euro FCEP 7375 N/A 7375 5900 GBP
DTB EUR European Monetary Union Euro FCEU 11875 N/A 11875 9500 USD
DTB CPF British pound FCPF 20250 N/A 20250 16200 CHF
DTB GBP British pound FCPU 14250 N/A 14250 11400 USD
DTB CUF United States dollar FCUF 12525 N/A 12525 10020 CHF
DTB SD3ED Euro Stoxx Select Dividend 30 DVP FD3D 254.762 N/A 254.762 120 EUR
DTB DAX DAX 30 Index (Deutsche Aktien Xchange 30) FDAX 11050 8840 22100 17680 EUR
DTB DDAX DivDAX Price Index FDIV 2712.50 N/A 2712.50 2170 EUR
DTB DDXDIVPT DivDAX Dividend Points Index FDVD 424.603 N/A 424.603 200 EUR
DTB DXDIVPT DAX Dividend Points Index FDXD 1401.19 N/A 1401.19 660 EUR
DTB DJSD Dow Jones Euro STOXX Select Dividend 30 Index FEDV 781.25 N/A 781.25 625 EUR
DTB EO1 One Month EONIA Index FEO1 4000 N/A 4000 3200 EUR
DTB FEPP Eurex European Processing Potato Index FEPP 718.75 N/A 718.75 575 EUR
DTB ESA Dow Jones Euro STOXX 600 Automobile & Parts FESA 2312.50 N/A 2312.50 1850 EUR
DTB SX7E Dow Jones Euro STOXX Banks Index FESB 712.50 N/A 712.50 570 EUR
DTB SX4E Dow Jones Euro STOXX Chemicals FESC 8112.50 N/A 8112.50 6490 EUR
DTB ESE Dow Jones Euro STOXX Oil & Gas FESE 1618.75 N/A 1618.75 1295 EUR
DTB ESF Dow Jones Euro STOXX Financial Services Index FESF 2700 N/A 2700 2160 EUR
DTB SXNE Dow Jones Euro STOXX Industrial Goods&Services FESG 5587.50 N/A 5587.50 4470 EUR
DTB SXDE Dow Jones Euro STOXX Healthcare FESH 5800 N/A 5800 4640 EUR
DTB ESI Dow Jones Euro STOXX Insurance FESI 950 N/A 950 760 EUR
DTB ESM Dow Jones Euro STOXX Media Index FESM 1887.50 N/A 1887.50 1510 EUR
DTB SXOE Dow Jones Euro STOXX Construction FESN 3125 N/A 3125 2500 EUR
DTB SX3E Dow Jones Euro STOXX Food&Beverages FESO 2106.25 N/A 2106.25 1685 EUR
DTB SXRE Dow Jones Euro STOXX Retail FESR 3537.50 N/A 3537.50 2830 EUR
DTB SXPE Dow Jones Euro STOXX Basic Resources FESS 1787.50 N/A 1787.50 1430 EUR
DTB SXKE Dow Jones Euro STOXX Telecommunications FEST 1350 N/A 1350 1080 EUR
DTB ESU Dow Jones Euro STOXX Utilities Index FESU 1281.25 N/A 1281.25 1025 EUR
DTB SXTE Dow Jones Euro STOXX Travel & Leisure FESV 1537.50 N/A 1537.50 1230 EUR
DTB ESTX50 Dow Jones Euro STOXX50 FESX 1451.875 1161.50 2903.75 2323 EUR
DTB SX8E Dow Jones Euro STOXX Technology FESY 1387.50 N/A 1387.50 1110 EUR
DTB SXQE Dow Jones Euro STOXX Personal & Household Goods FESZ 4750 N/A 4750 3800 EUR
DTB EU3 Three Month EURIBOR FEU3 593.75 N/A 593.75 475 EUR
DTB DESX5 Dow Jones EURO STOXX 50 Index-Dividenden FEXD 775 N/A 775 620 EUR
DTB FOX OMX Helsinki 25 Index FFOX 2591.25 N/A 2591.25 2073 EUR
DTB GBL Euro Bund (10 Year Bond) FGBL 1350 1080 2700 2160 EUR
DTB GBM Euro Bobl (5 Year Bond) FGBM 659.375 527.50 1318.75 1055 EUR
DTB GBS Euro Schatz (2 Year Bond) FGBS 243.75 195 487.50 390 EUR
DTB GBX Euro Buxl (15 - 30 Year Bond) FGBX 5850 N/A 5850 4680 EUR
DTB XAUUSD Gold Spot USD/oz. loco London FGFX 12182.50 N/A 12182.50 9746 USD
DTB GTI Dow Jones Global Titans Index 50 FGTI 4250 N/A 4250 3400 EUR
DTB FHOG Eurex Hog Index FHOG 2480 N/A 2480 1984 EUR
DTB F Fiat SpA FIAG 1095 N/A 1095 876 EUR
DTB DJESL Euro Stoxx Large FLCE 3075 N/A 3075 2460 EUR
DTB DJ200L Dow Jones STOXX Large 200 Index FLCP 1600 N/A 1600 1280 EUR
DTB DJESM Euro Stoxx Mid FMCE 3087.50 N/A 3087.50 2470 EUR
DTB DJ200 Dow Jones STOXX MID 200 Index FMCP 1650 N/A 1650 1320 EUR
DTB FME Fresenius Medical Care AG & Co KGaA FMEH 613.50 N/A 613.50 490.80 EUR
DTB MXJPUS MSCI JAPAN INDEX - USD FMJP 8475 N/A 8475 6780 USD
DTB MXRU MSCI Russia Index FMRU 727.50 N/A 727.50 582 USD
DTB AGS Ageas FO4G 396.958 N/A 396.958 317.566 EUR
DTB OAT Euro-OAT French Government Bond FOAT 2362.50 N/A 2362.50 1890 EUR
DTB FPIG Eurex Piglet Index FPIG 1000 N/A 1000 800 EUR
DTB FRA Fraport AG Frankfurt Airport Services Worldwide FRAG 651.25 N/A 651.25 521 EUR
DTB RDXUSD Russian Depositary (USD) FRDX 2580.77 N/A 2580.77 1220 USD
DTB DJESS Euro Stoxx Small FSCE 993.75 N/A 993.75 795 EUR
DTB DJ200S Dow Jones STOXX Small 200 Index FSCP 1075 N/A 1075 860 EUR
DTB XAGUSD Silver Spot USD/oz. loco London FSFX 18450 N/A 18450 14760 USD
DTB EPL Skimmed Milk Powder FSMP 3075 N/A 3075 2460 EUR
DTB SXAP Dow Jones STOXX 600 Automobiles & Parts FSTA 2425 N/A 2425 1940 EUR
DTB SX7P Dow Jones STOXX 600 Banks FSTB 931.25 N/A 931.25 745 EUR
DTB SX4P Dow Jones STOXX 600 Chemicals FSTC 3381.25 N/A 3381.25 2705 EUR
DTB SXEP Dow Jones STOXX 600 Oil & Gas FSTE 1593.75 N/A 1593.75 1275 EUR
DTB SXFP Dow Jones STOXX 600 Financial Services Index FSTF 3137.50 N/A 3137.50 2510 EUR
DTB SXNP Dow Jones STOXX 600 Industrial Goods & Services Index FSTG 1906.25 N/A 1906.25 1525 EUR
DTB SXDP Dow Jones STOXX 600 Healthcare FSTH 2818.75 N/A 2818.75 2255 EUR
DTB SXIP Dow Jones STOXX 600 Insurance FSTI 1031.25 N/A 1031.25 825 EUR
DTB SX86P Dow Jones STOXX 600 Real Estate FSTL 1337.50 N/A 1337.50 1070 EUR
DTB SXMP Dow Jones STOXX 600 Media FSTM 1137.50 N/A 1137.50 910 EUR
DTB SXOP Dow Jones STOXX 600 Construction & Materials FSTN 1637.50 N/A 1637.50 1310 EUR
DTB SX3P Dow Jones STOXX 600 Food & Beverage Index FSTO 2350 N/A 2350 1880 EUR
DTB SXRP Dow Jones STOXX 600 Retail FSTR 1431.25 N/A 1431.25 1145 EUR
DTB SXPP Dow Jones STOXX 600 Basic Resources Index FSTS 1906.25 N/A 1906.25 1525 EUR
DTB SXKP Dow Jones STOXX 600 Telecommunications FSTT 1325 N/A 1325 1060 EUR
DTB SX6P Dow Jones STOXX 600 Utilities FSTU 1400 N/A 1400 1120 EUR
DTB SXTP Dow Jones STOXX 600 Travel & Leisure FSTV 906.25 N/A 906.25 725 EUR
DTB STX Dow Jones STOXX50 FSTX 2707.50 N/A 2707.50 2166 EUR
DTB SX8P Dow Jones STOXX 600 Technology FSTY 1300 N/A 1300 1040 EUR
DTB SXQP Dow Jones STOXX 600 Personal & Household Goods FSTZ 1125 N/A 1125 900 EUR
DTB TDX TECDAX FTDX 1123.75 N/A 1123.75 899 EUR
DTB FTE France Telecom SA FTEF 136.687 N/A 136.687 109.35 EUR
DTB V2TX VSTOXX Volatility Index FVS 313.75 N/A 313.75 251 EUR
DTB 4GLD Xetra-Gold FXGL 3775 N/A 3775 3020 EUR
DTB DJES Dow Jones Euro STOXX Price Index FXXE 1481.25 N/A 1481.25 1185 EUR
DTB DJ600 Dow Jones STOXX 600 Index FXXP 1543.75 N/A 1543.75 1235 EUR
DTB SGO Cie de St-Gobain GOBG 551.25 N/A 551.25 441 EUR
DTB GSZ GDF Suez GZFG 249.25 N/A 249.25 199.40 EUR
DTB HEID HeidelbergCement AG HEFG 771.875 N/A 771.875 617.50 EUR
DTB HEN3 Henkel AG & Co KGaA HENG 964.75 N/A 964.75 771.80 EUR
DTB HEN Henkel AG & Co KGaA HESF 892.75 N/A 892.75 714.20 EUR
DTB ISP Intesa Sanpaolo SpA IESI 303.50 N/A 303.50 242.80 EUR
DTB IFX Infineon Technologies AG IFXG 105.112 N/A 105.112 84.09 EUR
DTB ING ING Groep NV INNG 125.562 N/A 125.562 100.45 EUR
DTB ABI Anheuser-Busch InBev NV ITKG 981.50 N/A 981.50 785.20 EUR
DTB KCO Kloeckner & Co SE KCOH 131.75 N/A 131.75 105.40 EUR
DTB LHA Deutsche Lufthansa AG LHAF 233.813 N/A 233.813 187.05 EUR
DTB LIN Linde AG LING 1785.625 N/A 1785.625 1428.50 EUR
DTB OR L'Oreal SA LORF 1516.875 N/A 1516.875 1213.50 EUR
DTB LANX Lanxess AG LXSF 676.50 N/A 676.50 541.20 EUR
DTB MAN3 MAN SE MA3F 1157.00 N/A 1157.00 925.60 EUR
DTB MAN MAN SE MANG 1162.13 N/A 1162.13 929.70 EUR
DTB MEO3 Metro AG ME3F 291.25 N/A 291.25 233 EUR
DTB MEO Metro AG MEOF 352.00 N/A 352.00 281.60 EUR
DTB MC LVMH Moet Hennessy Louis Vuitton SA MOHF 1783.75 N/A 1783.75 1427 EUR
DTB MUV2 Muenchener Rueckversicherungs AG MU2G 2067.50 N/A 2067.50 1654 EUR
DTB NOA3 Nokia OYJ NO3F 66.4375 N/A 66.4375 53.15 EUR
DTB RI Pernod-Ricard SA PERH 1070.625 N/A 1070.625 856.50 EUR
DTB PHI Koninklijke Philips Electronics NV PH1F 311.688 N/A 311.688 249.35 EUR
DTB POR3 Porsche Automobil Holding SE PORK 1003.25 N/A 1003.25 802.60 EUR
DTB RDSA Royal Dutch Shell PLC R6CF 340.50 N/A 340.50 272.40 EUR
DTB RHM Rheinmetall AG RHMG 626.875 N/A 626.875 501.50 EUR
DTB RNO Renault SA RNLF 917.125 N/A 917.125 733.70 EUR
DTB RWE RWE AG RWEG 339.437 N/A 339.437 271.55 EUR
DTB SAP SAP AG SAPI 721.625 N/A 721.625 577.30 EUR
DTB SCR SCOR SE SCOI 319.312 N/A 319.312 255.45 EUR
DTB SDF K+S AG SDXH 291.25 N/A 291.25 233 EUR
DTB GLE Societe Generale SA SGEI 539.938 N/A 539.938 431.95 EUR
DTB SIEB SIE: SIEMENS AG-REG: ADJ SIEF 1272.80 N/A 1272.80 1018.24 EUR
DTB SIE Siemens AG SIEG 1272.80 N/A 1272.80 1018.24 EUR
DTB SU Schneider Electric SA SNDH 822.25 N/A 822.25 657.80 EUR
DTB SRG Snam SpA SNFF 530.75 N/A 530.75 424.60 EUR
DTB SAN Sanofi SNWF 943.50 N/A 943.50 754.80 EUR
DTB SOLB Solvay SA SOLF 1409.375 N/A 1409.375 1127.50 EUR
DTB DG Vinci SA SQUG 676.25 N/A 676.25 541 EUR
DTB SZG Salzgitter AG SZGG 381.50 N/A 381.50 305.20 EUR
DTB TEC Technip SA THPG 955.50 N/A 955.50 764.40 EUR
DTB TKA ThyssenKrupp AG TKAG 248.4375 N/A 248.4375 198.75 EUR
DTB FP Total SA TOTG 616.00 N/A 616.00 492.80 EUR
DTB TIT Telecom Italia SpA TQIF 107.00 N/A 107.00 85.60 EUR
DTB TUI TUI AG TUIF 156.50 N/A 156.50 125.20 EUR
DTB UN Unilever NV UNIH 381.75 N/A 381.75 305.40 EUR
DTB VOW Volkswagen AG VOWG 2390.625 N/A 2390.625 1912.50 EUR
DTB VIV Vivendi SA VVUG 251.812 N/A 251.812 201.45 EUR
DTB ACA Credit Agricole SA XCAH 142.1875 N/A 142.1875 113.75 EUR


CBOT (ECBOT)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
ECBOT AIGCI Dow Jones-UBS Excess Return Commodity Index AW 437.50 N/A 437.50 350 USD
ECBOT B1U 30-Year Deliverable Interest Rate Swap Futures B1U 4000 N/A 4000 3200 USD
ECBOT DD Big Sized Dow Jones Industrial Average $25 DD 10156.25 8125 20312.50 16250 USD
ECBOT AC Ethanol -CME EH 6095.25 N/A 6095.25 4515 USD
ECBOT F1U 5-Year Deliverable Interest Rate Swap Futures F1U 1437.50 N/A 1437.50 1150 USD
ECBOT KE Hard Red Winter Wheat -KCBOT- KE 2325 N/A 2325 1860 USD
ECBOT N1U 10-Year Deliverable Interest Rate Swap Futures N1U 2187.50 N/A 2187.50 1750 USD
ECBOT DJUSRE Dow Jones US Real Estate Index RX 1562.50 N/A 1562.50 1250 USD
ECBOT UB Ultra Treasury Bond UB 2151.25 1721 4302.50 3442 USD
ECBOT YC Mini Sized Corn Futures XC 472.50 N/A 472.50 350 USD
ECBOT YK Mini Sized Soybean Futures XK 676.35 N/A 676.35 501 USD
ECBOT YW Mini Sized Wheat Futures XW 503.01 N/A 503.01 372.60 USD
ECBOT YM Mini Sized Dow Jones Industrial Average $5 YM 2031.25 1625 4062.50 3250 USD
ECBOT Z3N 3 YEAR US TREASURY NOTE Z3N 625 500 1250 1000 USD
ECBOT ZB 30 Year US Treasury Bond ZB 1403.75 1123 2807.50 2246 USD
ECBOT ZC Corn Futures ZC 2362.50 N/A 2362.50 1750 USD
ECBOT INDU Dow Jones Industrial Average ZD 4062.50 3250 8125 6500 USD
ECBOT ZF 5 Year US Treasury Note ZF 562.50 450 1125 900 USD
ECBOT ZL Soybean Oil Futures ZL 1822.50 N/A 1822.50 1350 USD
ECBOT ZM Soybean Meal Futures ZM 2700 N/A 2700 2000 USD
ECBOT ZN 10 Year US Treasury Note ZN 919.375 735.50 1838.75 1471 USD
ECBOT ZO Oat Futures ZO 2573.10 N/A 2573.10 1906 USD
ECBOT ZQ 30 Day Fed Funds ZQ 38.125 30.50 76.25 61 USD
ECBOT ZR Rough Rice Futures ZR 1485 N/A 1485 1100 USD
ECBOT ZS Soybean Futures ZS 3381.75 N/A 3381.75 2505 USD
ECBOT ZT 2 Year US Treasury Note ZT 193.75 155 387.50 310 USD
ECBOT ZW Wheat Futures ZW 2515.05 N/A 2515.05 1863 USD


ELX

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
ELX GE GLOBEX Euro-Dollar GEE 200 N/A 200 160 USD



Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
EUREXCBL ACX - ACEP 154.312 N/A 154.312 123.45 EUR
EUREXCBL BBVA - BBVG 110.363 N/A 110.363 88.29 EUR
EUREXCBL BBVA - BBVP 110.363 N/A 110.363 88.29 EUR
EUREXCBL IBE - IBEG 60.5875 N/A 60.5875 48.47 EUR
EUREXCBL IBE - IBEP 60.5875 N/A 60.5875 48.47 EUR
EUREXCBL ITX - IXDP 1330.24 N/A 1330.24 1064.19 EUR
EUREXCBL ACS - OCIP 374.125 N/A 374.125 299.30 EUR
EUREXCBL POP - POPP 67.925 N/A 67.925 54.34 EUR
EUREXCBL REP - REPF 234.875 N/A 234.875 187.90 EUR
EUREXCBL SANT - SANP 88.30 N/A 88.30 70.64 EUR
EUREXCBL TEF - TEFF 147.50 N/A 147.50 118 EUR
EUREXCBL TEF - TEFP 147.50 N/A 147.50 118 EUR


Euronext NL (FTA)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
FTA FED Euro in US Dollars Index FED 1600 N/A 1600 1280 USD
FTA EOE AMS EOE Index FTI 2500 2000 5000 4000 EUR
FTA EOE AMS EOE Index MFA 250 200 500 400 EUR


CME (GLOBEX)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
GLOBEX AUD Australian dollar 6A 2312.50 N/A 2312.50 1850 USD
GLOBEX GBP British pound 6B 1875 N/A 1875 1500 USD
GLOBEX CAD Canadian dollar 6C 1605 N/A 1605 1284 USD
GLOBEX EUR European Monetary Union Euro 6E 2812.50 N/A 2812.50 2250 USD
GLOBEX JPY Japanese yen 6J 3937.50 N/A 3937.50 3150 USD
GLOBEX BRE Brazilian Real in US Dollars 6L 3875 N/A 3875 3100 USD
GLOBEX MXP Mexican Peso 6M 2250 N/A 2250 1800 USD
GLOBEX NZD New Zealand dollar 6N 1937.50 N/A 1937.50 1550 USD
GLOBEX RUR Russian Ruble in US Dollars 6R 5650 N/A 5650 4520 USD
GLOBEX CHF Swiss franc 6S 2875 N/A 2875 2300 USD
GLOBEX ZAR South African Rand 6Z 2500 N/A 2500 2000 USD
GLOBEX ACD Australian dollar ACD 9375 N/A 9375 7500 CAD
GLOBEX AJY Australian dollar AJY 1462500 N/A 1462500 1170000 JPY
GLOBEX BQX CME E-Mini NASDAQ Biotechnology BIO 16500 N/A 16500 13200 USD
GLOBEX BOS Boston Housing Index BOS 3125 N/A 3125 2500 USD
GLOBEX CB CME Cash-Settled Butter Futures CB 1620 N/A 1620 1200 USD
GLOBEX CHI Chicago Housing Index CHI 1875 N/A 1875 1500 USD
GLOBEX CJY Canadian dollar CJY 1187500 N/A 1187500 950000 JPY
GLOBEX CNH United States dollar CNH 55000 N/A 55000 44000 CNH
GLOBEX CSC Cheese CSC 2227.50 N/A 2227.50 1650 USD
GLOBEX CUS Housing Index Composite CUS 2500 N/A 2500 2000 USD
GLOBEX CZK Czech koruna CZK 16250 N/A 16250 13000 USD
GLOBEX DA MILK CLASS III INDEX DC 1053 N/A 1053 780 USD
GLOBEX DEN Denver Housing Index DEN 1875 N/A 1875 1500 USD
GLOBEX DY CME DRY WHEY INDEX DY 2025 N/A 2025 1500 USD
GLOBEX E7 European Monetary Union Euro E7 1406.25 N/A 1406.25 1125 USD
GLOBEX EAD European Monetary Union Euro EAD 10250 N/A 10250 8200 AUD
GLOBEX ECD European Monetary Union Euro ECD 7000 N/A 7000 5600 CAD
GLOBEX ECK Czech koruna ECK 6250 N/A 6250 5000 EUR
GLOBEX EHF Hungarian forint EHF 4500 N/A 4500 3600 EUR
GLOBEX SEY Euroyen (TIBOR) Index EJ 42500 N/A 42500 34000 JPY
GLOBEX EMD E-mini S&P Midcap 400 Futures EMD 8750 N/A 8750 7000 USD
GLOBEX MNEA E-mini S&P CNX Nifty Index EMF 5000 N/A 5000 4000 USD
GLOBEX NIY Yen Denominated Nikkei 225 Index ENY 87500 N/A 87500 70000 JPY
GLOBEX EPZ Polish zloty EPZ 2531.25 N/A 2531.25 2025 EUR
GLOBEX ES E-mini S&P 500 ES 2703.125 2162.50 5406.25 4325 USD
GLOBEX GSCI CME GSCI Index GD 8750 N/A 8750 7000 USD
GLOBEX GDK Class IV Milk - 200k lbs GDK 1012.50 N/A 1012.50 750 USD
GLOBEX GE GLOBEX Euro-Dollar GE 278.125 222.50 556.25 445 USD
GLOBEX GF Feeder Cattle GF 2227.50 N/A 2227.50 1650 USD
GLOBEX EM 1 Month LIBOR (Int. Rate) GLB 375 N/A 375 300 USD
GLOBEX NF NON FAT DRY MILK INDEX GNF 5805 N/A 5805 4300 USD
GLOBEX GTB 13 Week T-Bills GTB 750 N/A 750 600 USD
GLOBEX HE Lean Hogs HE 2155.95 N/A 2155.95 1597 USD
GLOBEX HUF Hungarian forint HUF 9000 N/A 9000 7200 USD
GLOBEX IBAA Bovespa Index - USD IBV 20437.50 N/A 20437.50 16350 USD
GLOBEX ILS Israeli Shekel in US Dollar ILS 11250 N/A 11250 9000 USD
GLOBEX J7 Japanese yen J7 1968.75 N/A 1968.75 1575 USD
GLOBEX KRW Korean Won KRW 5500 N/A 5500 4400 USD
GLOBEX LAV Las Vegas Housing Index LAV 3750 N/A 3750 3000 USD
GLOBEX LAX Los Angeles Housing Index LAX 3750 N/A 3750 3000 USD
GLOBEX LB Random Length Lumber LBS 2400 N/A 2400 1600 USD
GLOBEX LE Live Cattle LE 1432.35 N/A 1432.35 1061 USD
GLOBEX M6A Australian dollar M6A 231.25 N/A 231.25 185 USD
GLOBEX M6B British pound M6B 187.50 N/A 187.50 150 USD
GLOBEX M6C United States dollar M6C 425 N/A 425 340 CAD
GLOBEX M6E European Monetary Union Euro M6E 281.25 N/A 281.25 225 USD
GLOBEX M6J United States dollar M6J 19458.75 N/A 19458.75 15567 JPY
GLOBEX M6S United States dollar M6S 825 N/A 825 660 CHF
GLOBEX MCD Canadian dollar MCD 160.50 N/A 160.50 128.40 USD
GLOBEX MID S&P Midcap 400 Stock Index MD 43750 N/A 43750 35000 USD
GLOBEX MIA Miami Housing Index MIA 3750 N/A 3750 3000 USD
GLOBEX MIR Indian Rupee MIR 750 N/A 750 600 USD
GLOBEX MJY Japanese yen MJY 393.75 N/A 393.75 315 USD
GLOBEX MNH United States dollar MNH 5500 N/A 5500 4400 CNH
GLOBEX MSF Swiss franc MSF 287.50 N/A 287.50 230 USD
GLOBEX NDX NASDAQ 100 Stock Index ND 9218.75 7375 18437.50 14750 USD
GLOBEX NIY Yen Denominated Nikkei 225 Index NIY 437500 N/A 437500 350000 JPY
GLOBEX NKD Dollar Denominated Nikkei 225 Index NKD 2187.50 1750 4375 3500 USD
GLOBEX NOK Norwegian krone NOK 17500 N/A 17500 14000 USD
GLOBEX NQ E-mini NASDAQ 100 Futures NQ 1843.75 1475 3687.50 2950 USD
GLOBEX NYM New York Housing Index NYM 3125 N/A 3125 2500 USD
GLOBEX PJY British pound PJY 1075000 N/A 1075000 860000 JPY
GLOBEX PLN Polish zloty PLN 11250 N/A 11250 9000 USD
GLOBEX PSF British pound PSF 6250 N/A 6250 5000 CHF
GLOBEX RF European Monetary Union Euro RF 1875 N/A 1875 1500 CHF
GLOBEX RMB CME Chinese Renminbi in US Dollar Cross Rate RMB 22423.08 N/A 22423.08 11000 USD
GLOBEX RME CME Chinese Renminbi in Euro Cross Rate RME 7500 N/A 7500 6000 EUR
GLOBEX RMY CME Chinese Renminbi in Japanese Yen Cross Rate RMY 1437500 N/A 1437500 1150000 JPY
GLOBEX RP European Monetary Union Euro RP 1875 N/A 1875 1500 GBP
GLOBEX RY European Monetary Union Euro RY 593750 N/A 593750 475000 JPY
GLOBEX SDG San Diego Housing Index SDG 3750 N/A 3750 3000 USD
GLOBEX SEK Swedish krona SEK 15750 N/A 15750 12600 USD
GLOBEX SFR San Francisco Housing Index SFR 3750 N/A 3750 3000 USD
GLOBEX SGX S&P 500 / Citigroup Growth Index SG 30312.50 N/A 30312.50 24250 USD
GLOBEX SIR Indian Rupee SIR 3750 N/A 3750 3000 USD
GLOBEX SJY Swiss franc SJY 1625000 N/A 1625000 1300000 JPY
GLOBEX SMC E-Mini S&P SmallCap 600 Futures SMC 6750 N/A 6750 5400 USD
GLOBEX SML S&P Smallcap 600 Futures SMP 33750 N/A 33750 27000 USD
GLOBEX SPX S&P 500 Stock Index SP 13515.625 10812.50 27031.25 21625 USD
GLOBEX SVX S&P 500 / Citigroup Value Index SU 23750 N/A 23750 19000 USD
GLOBEX WDC Washington DC Housing Index WDC 3750 N/A 3750 3000 USD
GLOBEX IXB Materials Select Sector Index XAB 5500 N/A 5500 4400 USD
GLOBEX IXE Energy Select Sector Index XAE 4375 N/A 4375 3500 USD
GLOBEX IXM Financial Select Sector Index XAF 3125 N/A 3125 2500 USD
GLOBEX IXI Industrial Select Sector Index XAI 6500 N/A 6500 5200 USD
GLOBEX IXT Technology Select Sector Index - XAK 1750 N/A 1750 1400 USD
GLOBEX IXR Consumer Staples Select Sector Index XAP 1750 N/A 1750 1400 USD
GLOBEX IXU Utilities Select Sector Index XAU 2000 N/A 2000 1600 USD
GLOBEX IXV Health Care Select Sector Index XAV 3125 N/A 3125 2500 USD
GLOBEX IXY Consumer Discretionary Select Sector Index XAY 3250 N/A 3250 2600 USD


Hong Kong Futures Exchange (HKFE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
HKFE IBOV Brazil Bovespa Stock Index BOV 44520 N/A 44520 35616 HKD
HKFE SENSEX Sensitive Index 30 BSE 40950 N/A 40950 32760 HKD
HKFE CES120 CES China 120 Index CHH 11390 N/A 11390 9112 HKD
HKFE HHIDPI HSCEI Dividend Point Index DHH 3863.28 N/A 3863.28 1720 HKD
HKFE HSIDPI HSI Dividend Point Index DHS 7349.22 N/A 7349.22 3272 HKD
HKFE GLD Gold Futures GLD 10420 N/A 10420 8336 USD
HKFE HHI.HK Hang Seng China Enterprise Index HHI 15150 12120 30300 24240 HKD
HKFE HSI Hang Seng Stock Index HSI 34100 27280 68200 54560 HKD
HKFE MCH.HK Mini-Hang Seng China Enterprises Index MCH 3030 2424 6060 4848 HKD
HKFE INDEXCF MICEX Index MCX 47910 N/A 47910 38328 HKD
HKFE MHI Mini Hang Seng Index MHI 6820 5456 13640 10912 HKD
HKFE TOP40 FTSE/JSE Africa Top40 Index SAF 78750 N/A 78750 63000 HKD
HKFE VHSI Hang Seng Volatility Index VHS 50900 N/A 50900 40720 HKD


ICE Futures US (ICEUS)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
ICEUS IAU Million Australian Dollar in US Dollar IAU 35000 N/A 35000 28000 USD
ICEUS IEJ Million Euro in Japanese Yen IEJ 3125418.75 N/A 3125418.75 2500335 JPY
ICEUS IEO Million Euro in US Dollar IEO 41000 N/A 41000 32800 USD
ICEUS IGB Million Euro in British Pound IGB 13500 N/A 13500 10800 GBP
ICEUS IMP Million British Pound in US Dollar IMP 44000 N/A 44000 35200 USD
ICEUS ISN Million US Dollar in Japanese Yen ISN 4155000 N/A 4155000 3324000 JPY
ICEUS AUD Australian dollar KAU 3500 N/A 3500 2800 USD
ICEUS EJ NYBOT Euro in Japanese Yen KEJ 390677.34 N/A 390677.34 312541.875 JPY
ICEUS EO European Monetary Union Euro KEO 5125 N/A 5125 4100 USD
ICEUS GB Euro in British Pound KGB 1687.50 N/A 1687.50 1350 GBP
ICEUS ZY Swiss Franc in Japanese Yen KZY 593750 N/A 593750 475000 JPY
ICEUS MP British pound MP 2750 N/A 2750 2200 USD
ICEUS SY British Pound in Japanese Yen SY 1156250 N/A 1156250 925000 JPY


Borsa Italiana (IDEM)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
IDEM MIBDIV FTSE MIB Dividend Index FDIV 840.516 N/A 840.516 590 EUR
IDEM FTMIB FTSE MIB Index FTMIB 6820.41 5456.33 13640.83 10912.66 EUR
IDEM MINI Mini FTSE MIB Index MINI 1364.08 1091.27 2728.17 2182.53 EUR


Intercontinental Exchange (IPE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
IPE CER ICE ECX CER Futures CER 200 N/A 200 160 EUR
IPE COIL ICE Brent Crude COIL 3750 N/A 3750 3000 USD
IPE ECF ICE ECX EUA Futures ECF 1900 N/A 1900 1520 EUR
IPE ERU ICE ECX ERU Futures ERU 250 N/A 250 200 EUR
IPE GOIL ICE Gasoil GOIL 3025 N/A 3025 2420 USD
IPE HOIL ICE Heating Oil HOIL 3921.75 N/A 3921.75 3137.40 USD
IPE NGF ICE UK Natural Gas NGF 1600.375 N/A 1600.375 1280.30 GBP
IPE RBOB ICE NYH RBOB Gasoline RBOB 4110.75 N/A 4110.75 3288.60 USD
IPE WTI West Texas Intermediate Light Sweet Crude Oil WTI 2160.75 1728.60 4321.50 3457.20 USD


Korea Stock Exchange (KSE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
KSE K200 KOSPI200 Index 01 6864900 4576600 13729800 9153200 KRW
KSE 005930 Samsung Electronics Co Ltd 111 2480400 N/A 2480400 1653600 KRW
KSE 017670 SK Telecom Co Ltd 112 375300 N/A 375300 250200 KRW
KSE 005490 POSCO 113 557100 N/A 557100 371400 KRW
KSE 030200 KT Corp 114 56700 N/A 56700 37800 KRW
KSE 015760 Korea Electric Power Corp 115 70200 N/A 70200 46800 KRW
KSE 005380 Hyundai Motor Co 116 441000 N/A 441000 294000 KRW
KSE 055550 Shinhan Financial Group Co Ltd 118 83880 N/A 83880 55920 KRW
KSE 000270 Kia Motors Corp 119 106020 N/A 106020 70680 KRW
KSE 000830 Samsung C&T Corp 121 117540 N/A 117540 78360 KRW
KSE 066570 LG Electronics Inc 124 127620 N/A 127620 85080 KRW
KSE 004020 Hyundai Steel Co 132 126720 N/A 126720 84480 KRW
KSE 033780 KT&G Corp 136 147060 N/A 147060 98040 KRW
KSE 009540 Hyundai Heavy Industries 139 378900 N/A 378900 252600 KRW
KSE 086790 Hana Financial Group Inc 140 69300 N/A 69300 46200 KRW
KSE 096770 SK Innovation Co Ltd 141 229500 N/A 229500 153000 KRW
KSE 034220 LG Display Co Ltd 145 51750 N/A 51750 34500 KRW
KSE 105560 KB Financial Group Inc 146 66600 N/A 66600 44400 KRW
KSE 006800 Daewoo Securities Co Ltd 148 15786 N/A 15786 10524 KRW
KSE 042670 Doosan Infracore Co Ltd 149 24210 N/A 24210 16140 KRW
KSE 000660 SK Hynix Inc 150 70560 N/A 70560 47040 KRW
KSE 006360 GS Engineering & Construction Corp 151 68490 N/A 68490 45660 KRW
KSE 139480 E-Mart Co Ltd 154 454500 N/A 454500 303000 KRW
KSE 3KTB 3-Year Korea Treasury Bond 165 1655175 N/A 1655175 1324140 KRW
KSE FLKTB 10-Year Korea Treasury Bond 167 7972000 N/A 7972000 6377600 KRW
KSE KWY US Dollar 175 466830 N/A 466830 311220 KRW
KSE KODA Fine Gold Bar 187 473440 N/A 473440 321960 KRW


London International Futures & Options Exchange (LIFFE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
LIFFE G Short Gilt G 737.50 N/A 737.50 590 GBP
LIFFE H Medium Gilt H 1175 N/A 1175 940 GBP
LIFFE I 3 Month EURIBOR Interest Rate I 145.3125 116.25 290.625 232.50 EUR
LIFFE L 3 Month Sterling Interest Rate FUT L 71.09375 56.875 142.1875 113.75 GBP
LIFFE O 5 Year Euro Swapnote O 1400 N/A 1400 1120 EUR
LIFFE P 10 Year Euro Swapnote P 2325 N/A 2325 1860 EUR
LIFFE Q FTSE Eurotop 100 Index Q 6655 N/A 6655 5324 EUR
LIFFE R Long Gilt R 1418.75 1135 2837.50 2270 GBP
LIFFE S Three Month Euro Swiss Franc Interest Rate S 296.875 N/A 296.875 237.50 CHF
LIFFE TWS 2 Year Euro Swapnote TWS 418.75 N/A 418.75 335 EUR
LIFFE USO Five Year $ Swapnote USO 6175 N/A 6175 4940 USD
LIFFE USP Ten Year $ Swapnote USP 7925 N/A 7925 6340 USD
LIFFE USW Two Year Dollar Swapnote USW 1305 N/A 1305 1044 USD
LIFFE F1DV FTSE 100 Dividend Index XZ 170.138 N/A 170.138 80.14 GBP
LIFFE Z FTSE 100 Index Z 1875 1500 3750 3000 GBP


London International Futures & Options Exchange (LIFFE Commodities)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
LIFFE_NF C Cocoa C 1212.50 N/A 1212.50 970 GBP
LIFFE_NF D Robusta Coffee RC 2187.50 N/A 2187.50 1750 USD
LIFFE_NF T Wheat T 837.50 N/A 837.50 670 GBP
LIFFE_NF W White Sugar W 1687.91 N/A 1687.91 1350.33 USD


London International Futures & Options Exchange (LIFFE) Universal Stock Futures

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
LSSF AH Koninklijke Ahold NV AHL 97.8875 N/A 97.8875 78.31 EUR
LSSF AKZ Akzo Nobel NV AKZ 583.662 N/A 583.662 466.93 EUR
LSSF ASML ASML Holding NV ASL 523.713 N/A 523.713 418.97 EUR
LSSF ENI Eni SpA ENI 1208.87 N/A 1208.87 967.10 EUR
LSSF ENEL Enel SpA ENL 380.625 N/A 380.625 304.50 EUR
LSSF G Assicurazioni Generali SpA GEN 1742.50 N/A 1742.50 1394 EUR
LSSF HEI Heineken NV HEI 280.413 N/A 280.413 224.33 EUR
LSSF ING ING Groep NV ING 114.388 N/A 114.388 91.51 EUR
LSSF KPN Koninklijke KPN NV KPN 52.6375 N/A 52.6375 42.11 EUR
LSSF MB Mediobanca SpA MB 939.625 N/A 939.625 751.70 EUR
LSSF MS Mediaset SpA MSI 824.75 N/A 824.75 659.80 EUR
LSSF PHI Koninklijke Philips Electronics NV PHI 195.25 N/A 195.25 156.20 EUR
LSSF RDSA Royal Dutch Shell PLC RD 126.088 N/A 126.088 100.87 EUR
LSSF REN Reed Elsevier NV REN 107.825 N/A 107.825 86.26 EUR
LSSF STM STMicroelectronics NV STM 876.00 N/A 876.00 700.80 EUR
LSSF TIT Telecom Italia SpA TI 143.875 N/A 143.875 115.10 EUR
LSSF UCG UniCredit SpA UC 878.625 N/A 878.625 702.90 EUR
LSSF UN Unilever NV UNA 139.475 N/A 139.475 111.58 EUR


MATIF

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
MATIF EBM Milling Wheat Futures EBM 937.50 N/A 937.50 750 EUR
MATIF ECO European Rapeseed Future ECO 2062.50 N/A 2062.50 1650 EUR
MATIF EMA Corn EMA 812.50 N/A 812.50 650 EUR
MATIF EOB Malting Barley Index EOB 3125 N/A 3125 2500 EUR


Mercado Espanol de Futuros Finacial Futures & Options Exchange (Meffrv)

Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
MEFFRV ATN Antena 3 de Television SA A3T 238.00 N/A 238.00 190.40 EUR
MEFFRV BBVA Banco Bilbao Vizcaya Argentaria SA BBV 137.748 N/A 137.748 110.198 EUR
MEFFRV BKIA Bankia SA BKI 84.375 N/A 84.375 67.50 EUR
MEFFRV ENG Enagas SA ENA 278.625 N/A 278.625 222.90 EUR
MEFFRV IBEX IBEX 35 Index Mini MIX 562.50 450 1125 900 EUR
MEFFRV SYV Sacyr Vallehermoso SA SVO 106.076 N/A 106.076 84.861 EUR


Mexican Derivatives Exchange (MEXDER)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
MEXDER AMXL America Movil SAB de CV AXL 815.4375 N/A 815.4375 652.35 MXN
MEXDER CEMEXCPO Cemex SAB de CV CXC 815.4375 N/A 815.4375 652.35 MXN
MEXDER DEUA United States dollar DA 11250.00 N/A 11250.00 9000.00 MXN
MEXDER EURO European Monetary Union Euro EU 15000.00 N/A 15000.00 12000.00 MXN
MEXDER FEMSAUBD Fomento Economico Mexicano SAB de CV FEM 1750 N/A 1750 1400 MXN
MEXDER IPC Mexico Bolsa (IPC) Index IPC 33750 N/A 33750 27000 MXN
MEXDER BONO10 10 Year Bond M10 6250 N/A 6250 5000 MXN
MEXDER BONO3 3 Year Bond M3 6250 N/A 6250 5000 MXN


Euronext France (Monep/Matif)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
MONEP EPEU FTSE EPRA/NAREIT Euro Zone EPE 2400 N/A 2400 1920 EUR
MONEP EPRA FTSE EPRA/NAREIT Europe EPR 1075 N/A 1075 860 EUR
MONEP CAC40 CAC 40 FCE 1437.50 1150 2875 2300 EUR
MONEP FEF FTSEurofirst 80 NEW FEF 5575 N/A 5575 4460 EUR
MONEP FEO FTSEurofirst 100 NEW FEO 5062.50 N/A 5062.50 4050 EUR
MONEP CAC40 CAC 40 MFC 143.75 115 287.50 230 EUR


National Stock Exchange of India (NSE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
NSE BANKNIFTY BANK Nifty BANKNIFTY 40490.75 N/A 40490.75 32392.75 INR
NSE CNXIT CNX IT CNXIT 118723 N/A 118723 94978.5 INR
NSE INDUA NSE Dow Jones Industrial Averages Index DJIA 52002.5 N/A 52002.5 41602 INR
NSE EURINR Euro in Indian Rupee EURINR 2417.98 N/A 2417.98 1934.38 INR
NSE NSEFTSE NSE FTSE 100 Index FTSE100 83542.5 N/A 83542.5 66834 INR
NSE GBPINR British Pounds in Indian Rupee GBPINR 3181.25 N/A 3181.25 2545 INR
NSE JPYINR Japanese Yen in Indian Rupee JPYINR 2239.25 N/A 2239.25 1791.40 INR
NSE NFTYMCAP50 Nifty Midcap 50 NFTYMCAP50 97550.55 N/A 97550.55 78040.5 INR
NSE NIFTY50 S&P CNX NSE Nifty Index NIFTY 21464 17171.2 42928.05 34342.45 INR
NSE SPXA NSE S&P 500 Index S&P500 471.90 N/A 471.90 377.52 INR
NSE USDINR US Dollars in Indian Rupee USDINR 2568.69 N/A 2568.69 2054.95 INR


New York Board of Trade (NYBOT)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
NYBOT CC Cocoa NYBOT CC 1250 N/A 1250 1000 USD
NYBOT CT Cotton No. 2 CT 2406.25 N/A 2406.25 1925 USD
NYBOT DX NYBOT US Dollar FX DX 1187.50 N/A 1187.50 950 USD
NYBOT ZL Soybean Oil Futures IBO 2625 N/A 2625 2100 USD
NYBOT ZC Corn Futures ICN 1217.50 N/A 1217.50 974 USD
NYBOT ZS Soybean Futures IS 5000 N/A 5000 4000 USD
NYBOT ZM Soybean Meal Futures ISM 5000 N/A 5000 4000 USD
NYBOT ZW Wheat Futures IW 4375 N/A 4375 3500 USD
NYBOT KC Coffee "C" KC 9268.75 N/A 9268.75 7415 USD
NYBOT OJ FC Orange Juice "A" OJ 1562.50 N/A 1562.50 1250 USD
NYBOT RYO Russell 1000 Index RF 3500 N/A 3500 2800 USD
NYBOT RLG Russell 1000 Growth Index RG 3290 N/A 3290 2632 USD
NYBOT RLV Russell 1000 Value Index RV 3512.50 N/A 3512.50 2810 USD
NYBOT SB Sugar No. 11 SB 1228.75 N/A 1228.75 983 USD
NYBOT SF Sugar #16 112000 lbs SF 1750 N/A 1750 1400 USD
NYBOT TF Russell 2000 Mini Futures TF 3187.50 2550 6375 5100 USD


New York Mercantile Exchange (NYMEX)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
NYMEX BB NYMEX Brent Financial Futures Index BB 3437.50 N/A 3437.50 2750 USD
NYMEX BZ Brent Crude Oil - Last Day BZ 3437.50 N/A 3437.50 2750 USD
NYMEX CC Cocoa NYBOT CJ 3125 N/A 3125 2500 USD
NYMEX CL Light Sweet Crude Oil CL 1781.25 1425 3562.50 2850 USD
NYMEX GC Gold GC 6160 4928 8800 7040 USD
NYMEX GVXX Gold Volatility Index GVF 9375 N/A 9375 7500 USD
NYMEX HG NYMEX Copper Index HG 2625 2100 3750 3000 USD
NYMEX HH Natural Gas Last Day Financial Futures Index HH 3110.625 2488.50 4443.75 3555 USD
NYMEX HO Heating Oil HO 3225.69 2580.55 4608.125 3686.50 USD
NYMEX HRC Hot-Rolled Coil Steel Index HRC 332.50 N/A 332.50 266 USD
NYMEX KC Coffee "C" KT 10587.50 N/A 10587.50 8470 USD
NYMEX MGC E-Micro Gold MGC 616 492.80 880 704 USD
NYMEX NG Henry Hub Natural Gas NG 4147.50 3318 5925 4740 USD
NYMEX PA NYMEX Palladium Index PA 4687.50 N/A 4687.50 3750 USD
NYMEX PL NYMEX Platinum Index PL 3273.75 N/A 3273.75 2619 USD
NYMEX QC COMEX MINY Copper QC 1312.50 1050 1875 1500 USD
NYMEX QG NYMEX MINY Natural Gas Index QG 1036.875 829.50 1481.25 1185 USD
NYMEX QH NYMEX MINY Heating Oil Index QH 1612.84 1290.275 2304.06 1843.25 USD
NYMEX QI COMEX MINY Silver QI 4252.50 3150 6075 4500 USD
NYMEX QLD Central Appalachian Coal QLD 3750 N/A 3750 3000 USD
NYMEX QM NYMEX MINY Light Sweet Crude Oil QM 890.625 712.50 1781.25 1425 USD
NYMEX QO COMEX MINY Gold QO 3080 2464 4400 3520 USD
NYMEX QU NYMEX MINY Gasoline RBOB Index QU 1745.625 1396.50 2493.75 1995 USD
NYMEX RB NYMEX RBOB Gasoline Index RB 3491.25 2793 4987.50 3990 USD
NYMEX SI NYMEX Silver Index SI 8505 6300 12150 9000 USD
NYMEX SI NYMEX Silver Index SIL 1701 1260 2430 1800 USD
NYMEX CT Cotton No. 2 TT 5625 N/A 5625 4500 USD
NYMEX UX NYMEX Uranium Index UX 1062.50 N/A 1062.50 425 USD
NYMEX 6Q NYMEX EMini Silver Index XSN 1701 1260 2430 1800 USD
NYMEX SB Sugar No. 11 YO 2500 N/A 2500 2000 USD


New York Stock Exchange/Liffe (NYSE LIFFE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
NYSELIFFE MXEA MSCI EAFE Index MFS 7287.50 N/A 7287.50 5830 USD
NYSELIFFE MXEF MSCI EMERGING MARKETS INDEX MME 3612.50 N/A 3612.50 2890 USD
NYSELIFFE MXUS MSCI USA Index MUN 12300 N/A 12300 9840 USD
NYSELIFFE YG Mini Sized NY Gold Futures YG 2933.33 N/A 2933.33 2346.67 USD
NYSELIFFE YI Mini Sized NY Silver Futures YI 2430 N/A 2430 1800 USD
NYSELIFFE ZG Gold 100 Troy Oz ZG 8800 N/A 8800 7040 USD
NYSELIFFE ZI CBOT 5000 Oz Silver Futures ZI 12150 N/A 12150 9000 USD


Stockholm Derivatives Exchange (OMS)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
OMS ABB ABB Ltd ABB.FWD 2296.25 N/A 2296.25 1837 SEK
OMS ALFA Alfa Laval AB ALFA.FWD 2207.50 N/A 2207.50 1766 SEK
OMS ALIV.SDB Autoliv Inc ALIV.FWD 7537.50 N/A 7537.50 6030 SEK
OMS ASSA.B Assa Abloy AB ASSAB.FWD 3726.25 N/A 3726.25 2981 SEK
OMS ATCO.A Atlas Copco AB ATCOA.FWD 2125 N/A 2125 1700 SEK
OMS AZN AstraZeneca PLC AZN.FWD 3641.25 N/A 3641.25 2913 SEK
OMS BOL Boliden AB BOLI.FWD 1447.50 N/A 1447.50 1158 SEK
OMS ELUX.B Electrolux AB ELUXB.FWD 2422.50 N/A 2422.50 1938 SEK
OMS ERIC.B Telefonaktiebolaget LM Ericsson ERICB.FWD 1167.50 N/A 1167.50 934 SEK
OMS HM.B Hennes & Mauritz AB HMB.FWD 3367.50 N/A 3367.50 2694 SEK
OMS HOLM.B Holmen AB HOLMB.FWD 2545 N/A 2545 2036 SEK
OMS HUS Husqvarna AB HUSQB.FWD 706.25 N/A 706.25 565 SEK
OMS INVE.B Investor AB INVEB.FWD 2613.75 N/A 2613.75 2091 SEK
OMS LUPE Lundin Petroleum AB LUPE.FWD 1870 N/A 1870 1496 SEK
OMS MEDA.A Meda AB MEDA.FWD 2352.50 N/A 2352.50 1882 SEK
OMS NOKIA Nokia OYJ NOKIA.FWD 1255 N/A 1255 1004 SEK
OMS OMXS30 OMX Index (Sweden) OMXS30 12586.25 N/A 12586.25 10069 SEK
OMS OMXSB OMXSB Share Index OMXSB 4713.75 N/A 4713.75 3771 SEK
OMS SAND Sandvik AB SAND.FWD 1150 N/A 1150 920 SEK
OMS SCA.B Svenska Cellulosa AB SCAB.FWD 2482.50 N/A 2482.50 1986 SEK
OMS SCV.B Scania AB SCVB.FWD 3453.75 N/A 3453.75 2763 SEK
OMS SEB.A Skandinaviska Enskilda Banken AB SEBA.FWD 976.25 N/A 976.25 781 SEK
OMS SECU.B Securitas AB SECUB.FWD 1141.25 N/A 1141.25 913 SEK
OMS SHB.A Svenska Handelsbanken AB SHBA.FWD 3726.82 N/A 3726.82 2981.46 SEK
OMS SKA.B Skanska AB SKAB.FWD 1793.75 N/A 1793.75 1435 SEK
OMS SKF.B SKF AB SKFB.FWD 2441.25 N/A 2441.25 1953 SEK
OMS SSAB.A SSAB AB SSABA.FWD 756.25 N/A 756.25 605 SEK
OMS STE.R Stora Enso OYJ STER.FWD 1536.25 N/A 1536.25 1229 SEK
OMS SWEDA Swedbank AB SWEDA.FWD 2728.75 N/A 2728.75 2183 SEK
OMS SWMA Swedish Match AB SWMA.FWD 3770 N/A 3770 3016 SEK
OMS TEL2.B Tele2 AB TEL2B.FWD 2358.75 N/A 2358.75 1887 SEK
OMS TLSN TeliaSonera AB TLSN.FWD 725 N/A 725 580 SEK
OMS TREL.B Trelleborg AB TRELB.FWD 1940 N/A 1940 1552 SEK
OMS VOLV.B Volvo AB VOLVB.FWD 1410 N/A 1410 1128 SEK


Osaka Securities Exchange (OSE.JPN)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
OSE.JPN N225 Nikkei 225 NK225 413851.25 331081 827702.50 662162 JPY
OSE.JPN N225M Nikkei 225 Mini NK225M 41385.125 33108.10 82770.25 66216.20 JPY
OSE.JPN NKVI Nikkei 225 Volatility Index NKVI 150000 N/A 150000 120000 JPY


Singapore Exchange (SGX)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
SGX AJ SGX Australian Dollar in Japanese Yen Futures AJ 200000 N/A 200000 160000 JPY
SGX APEX50 SGX MSCI Asia APEX 50 Index AP 3750 N/A 3750 3000 USD
SGX AU SGX Australian Dollar in US Dollar Futures AU 1875 N/A 1875 1500 USD
SGX XINA50 FTSE/Xinhua China A50 CN 375 N/A 375 300 USD
SGX SEY Euroyen (TIBOR) Index EY 22500 N/A 22500 18000 JPY
SGX SCI SGX TSI Iron Ore Futures FEF 1300 N/A 1300 1040 USD
SGX MXID MSCI Indonesia Index ID 692.50 N/A 692.50 554 USD
SGX NIFTY CNX Nifty Index IN 500 N/A 500 400 USD
SGX IU SGX Indian Rupee in US Dollar Futures IU 2500 N/A 2500 2000 USD
SGX SGB SGX Mini JGB Index JB 96726.25 N/A 96726.25 77381 JPY
SGX KJ SGX Korean Won in Japanese Yen Futures KJ 200000 N/A 200000 160000 JPY
SGX KU SGX Korean Won in US Dollar Futures KU 2000 N/A 2000 1600 USD
SGX MXIN MSCI India Index MD 3000 N/A 3000 2400 USD
SGX NKYDIV Nikkei Stock Average Dividend Point Index ND 250000 N/A 250000 100000 JPY
SGX SGXNK SGX: Nikkei 225 NK 201678.75 161343 403357.50 322686 JPY
SGX SGXNKM SGX: NIKKEI 225 Mini NS 40335.75 32268.60 80671.50 64537.20 JPY
SGX N225U SGX: USD Nikkei 225 Index NU 4171.25 N/A 4171.25 3337 USD
SGX SSG MSCI Singapore Free Index SG 2577.50 N/A 2577.50 2062 SGD
SGX STI SGX Straits Times Index ST 2000 N/A 2000 1600 SGD
SGX TSR20 SICOM Rubber TF 687.50 N/A 687.50 550 USD
SGX MXTH MSCI Thailand index TH 1125 N/A 1125 900 USD
SGX STW MSCI Taiwan Index TW 565.625 452.50 1131.25 905 USD
SGX US SGX US Dollar in Singapore Dollar Futures US 1250 N/A 1250 1000 SGD


Sydney Futures Exchange (SNFE)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
SNFE SPI S&P/ASX 200 Index (Australia) AP 3437.50 2750 6875 5500 AUD
SNFE IB 30 Day Interbank Cash Rate IB 281.25 N/A 281.25 225 AUD
SNFE IR 90 Day Bills IR 750 N/A 750 600 AUD
SNFE BA BARLEY FUTURES UB 775 N/A 775 620 AUD
SNFE VW NSW Wheat VW 437.50 N/A 437.50 350 AUD
SNFE WH WHEAT FUTURES WK 825 N/A 825 660 AUD
SNFE XT 10 Year Treasury Bond 6% XT 3000 N/A 3000 2400 AUD
SNFE YT 3 Year Treasury Bond 6% YT 937.50 N/A 937.50 750 AUD


Eurex (SOFFEX)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
SOFFEX ABBN ABB Ltd ABBF 284.125 N/A 284.125 227.30 CHF
SOFFEX ADEN Adecco SA ADEF 900 N/A 900 720 CHF
SOFFEX ATLN Actelion Ltd ATLH 1073.125 N/A 1073.125 858.50 CHF
SOFFEX BAER Julius Baer Group Ltd BAEI 507.25 N/A 507.25 405.80 CHF
SOFFEX BALN Baloise Holding AG BALF 1347.50 N/A 1347.50 1078 CHF
SOFFEX CFR Cie Financiere Richemont SA CFRI 1100.625 N/A 1100.625 880.50 CHF
SOFFEX CLN Clariant AG CLNF 210 N/A 210 168 CHF
SOFFEX CONF Swiss Federal Long-Term Bonds CONF 1987.50 N/A 1987.50 1590 CHF
SOFFEX CSGN Credit Suisse Group AG CSGH 343.625 N/A 343.625 274.90 CHF
SOFFEX SLI Swiss Leader Index (PREIS_INDEX) FSLI 2382.50 N/A 2382.50 1906 CHF
SOFFEX SMIDP SMI Dividend Points Index FSMD 2027.48 N/A 2027.48 955 CHF
SOFFEX SMI Swiss Market Index FSMI 3900.625 3120.50 7801.25 6241 CHF
SOFFEX SMIM Swiss Mid-cap Index FSMM 1531.25 N/A 1531.25 1225 CHF
SOFFEX GAM GAM Holding AG GAMF 192.50 N/A 192.50 154 CHF
SOFFEX GEBN Geberit AG GBRI 3503.75 N/A 3503.75 2803 CHF
SOFFEX GIVN Givaudan SA GIVG 1723.75 N/A 1723.75 1379 CHF
SOFFEX HOLN Holcim Ltd HOLH 987.50 N/A 987.50 790 CHF
SOFFEX KNIN Kuehne + Nagel International AG KNIH 1488.75 N/A 1488.75 1191 CHF
SOFFEX KUD Kudelski SA KUDG 192.862 N/A 192.862 154.29 CHF
SOFFEX LONN Lonza Group AG LONF 1066.25 N/A 1066.25 853 CHF
SOFFEX NESN Nestle SA NESG 840.625 N/A 840.625 672.50 CHF
SOFFEX NOBE Nobel Biocare Holding AG NOBH 150.625 N/A 150.625 120.50 CHF
SOFFEX NOVN Novartis AG NOVF 933.75 N/A 933.75 747 CHF
SOFFEX UNAX OC Oerlikon Corp AG OERG 178.75 N/A 178.75 143 CHF
SOFFEX RIGN Transocean Ltd/Switzerland RIGF 441.625 N/A 441.625 353.30 CHF
SOFFEX ROG Roche Holding AG ROGF 3186.25 N/A 3186.25 2549 CHF
SOFFEX SCMN Swisscom AG SCMH 655 N/A 655 524 CHF
SOFFEX SGSN SGS SA SGSL 2692.50 N/A 2692.50 2154 CHF
SOFFEX SLHN Swiss Life Holding AG SLHG 2730 N/A 2730 2184 CHF
SOFFEX SREN Swiss Re AG SREG 970.793 N/A 970.793 776.635 CHF
SOFFEX SREN Swiss Re AG SREH 971.629 N/A 971.629 777.304 CHF
SOFFEX STMN Straumann Holding AG STMF 231.25 N/A 231.25 185 CHF
SOFFEX SYNN Syngenta AG SYNG 435.625 N/A 435.625 348.50 CHF
SOFFEX UBSN UBS AG UBSH 223.375 N/A 223.375 178.70 CHF
SOFFEX UHR Swatch Group AG/The UHFF 705.625 N/A 705.625 564.50 CHF
SOFFEX UHRN Swatch Group AG/The UHRF 1332.50 N/A 1332.50 1066 CHF
SOFFEX XMSZ CS ETF CH on SMIR XMTF 2057.50 N/A 2057.50 1646 CHF
SOFFEX ZURN Zurich Insurance Group AG ZURF 311.875 N/A 311.875 249.50 CHF


Tokyo Stock Exchange (TSEJ)

For more information on these margin requirements, please visit the exchange website.


Exchange Underlying Product description Trading Class Intraday Initial1 Intraday Maintenance1 Overnight Initial Overnight Maintenance Currency
TSEJ JGB Japanese Government Bonds JGBL 562500 N/A 562500 450000 JPY
TSEJ MJ Mini 10 Year JGB JGBLM 56250 N/A 56250 45000 JPY
TSEJ TOPX TOPIX Index TOPIX 352020 281616 704040 563232 JPY
TSEJ MNTPX Japan Mini Topix TOPIXM 35202 28161.60 70404 56323.20 JPY
TSEJ TPXC30 Topix Core30 TPX30 57500 N/A 57500 46000 JPY


  1. Cash accounts and IRA accounts (both cash and margin type) are not afforded intraday margin rates.

http://www.interactivebrokers.com/en/p.php?f=margin&p=fut

Futures - Intraday Margin Requirements

Due to market conditions and until further notice, Intra-day margin benefit rules for currency futures have temporarily been suspended.

Intraday Futures Margin and Futures Options Hours

The following Futures products will be margined at 50% of the normal margin requirements during normal liquid trading hours for each product type. Each day at 15 minutes before the close of the normal trading session for a product, margin requirements will revert back to the 100% requirement until the opening of normal trading hours the next day. Margin requirements will always be applied at 100% for all spread transactions.

Exchange Symbol
ECBOT ZD
ECBOT ZB
ECBOT ZN
ECBOT ZF
ECBOT ZT
ECBOT ZQ
ECBOT DD
ECBOT YE
ECBOT YM
GLOBEX 6A
GLOBEX 6B
GLOBEX 6C
GLOBEX 6S
GLOBEX E7
GLOBEX 6E
GLOBEX GE
GLOBEX EED
GLOBEX ES
GLOBEX 6J
GLOBEX ND
GLOBEX NQ
GLOBEX QCN
GLOBEX SP
IDEM MINI
IDEM SPMIB
CDE BAX
CDE CGB
CDE SXF
DTB FDAX
DTB FESX
DTB FGBL
DTB FGBM
DTB FGBS
SOFFEX FSMI
LIFFE I
LIFFE L
LIFFE R
LIFFE Z
IPE WTI
MEFFRV IX
FTA FTI
MONEP FCE
HKFE ALC
HKFE BCL
HKFE BCM
HKFE BEA
HKFE BOC
HKFE CCB
HKFE CCC
HKFE CHT
HKFE CHU
Exchange Symbol
HKFE CIT
HKFE CKH
HKFE CKI
HKFE CLI
HKFE CLP
HKFE CNC
HKFE CNM
HKFE CPA
HKFE CPC
HKFE CTC
HKFE DWM
HKFE ESP
HKFE FIH
HKFE HEH
HKFE HEX
HKFE HHI
HKFE HKB
HKFE HKG
HKFE HLD
HKFE HNP
HKFE HSB
HKFE HSI
HKFE HWL
HKFE ICB
HKFE JSE
HKFE LEH
HKFE LIF
HKFE MCH
HKFE MHI
HKFE MTR
HKFE NWD
HKFE PAI
HKFE PCC
HKFE PEC
HKFE PIC
HKFE SHK
HKFE SWA
HKFE WHL
OSE.JPN 18
OSE.JPN MN
SNFE AP
SGX TW
SGX NK
SGX NS
TSE.JPN 10Y
TSE.JPN TOPX
TSE.JPN MT
NYMEX CL
NYMEX QM
50% Margin Cut-Off Time
Exchange Normal Trading Margin Commences
ECBOT & Globex The earlier of 15 minutes before open outcry hours for a product ends or 15:45 pm EST
OneChicago 15:45 EST
European Exchanges
(with the exception of DTB)
15 minutes before product trading ends
DTB We do not offer intraday margin for futures if you have the option based on the future/index in the same portfolio for European exchanges. If you have a DAX future, you have intraday margin until 21:45. If you have an option on DAX, you will not have any intraday margin for the futures.
HKFE 16:00 HK Time


Maintenance Margin Minimums

Futures:
50 USD /contract


Short Options:
50 USD/contract for 100 delta units
25 USD/contract for 0 delta units

Minimums for deltas between 100 and 0 will be interpolated based on the above schedule. Eurex contracts always assume a delta of 100.


Initial Margin Minimums

125% of Maintenance Margin


http://www.interactivebrokers.com/en/p.php?f=margin&p=fut1

Futures Options

Note that for commodities including futures, single-stock futures and futures options, margin is the amount of cash a client must put up as collateral to support a futures contract. For securities, margin is the amount of cash a client borrows from IB.

In addition to the exchange-mandated SPAN margin models, IB’s margin system considers risk scenarios for options on futures which incorporate extreme market moves in the underlying products. In order to account for the risk inherent in extreme market moves, IB’s required margin for your options positions may be higher than the exchange-mandated margin requirements. IB’s margin requirements for a specific option contract can be determined by creating a TWS order line for that option contract and then using the TWS "margin check" feature for that order line.

Exchange-mandated margin requirements are determined by risk based portfolio analysis models specified by each exchange. For specific details, visit the specific exchange site in question. IB futures minimums and 50% Day trading rates will apply.

Please see the following special articles and links, which describe important information on futures/options risk management and financial controls at IB:


http://www.interactivebrokers.com/en/p.php?f=margin&p=fut2

US SSFs

The following calculations apply only to Reg T Accounts. See our Portfolio Margin page for US SSFs requirements in a Portfolio Margin account.

Note that for commodities including futures, single-stock futures and futures options, margin is the amount of cash a client must put up as collateral to support a futures contract. For securities, margin is the amount of cash a client borrows from IB.

These formulas make use of the functions Maximum (x, y, ..), Minimum (x, y, ..) and If (x, y, z). The Maximum function returns the greatest value of all parameters separated by commas within the paranthesis. As an example, Maximum (500, 2000, 1500) would return the value 2000. The Minimum function returns the least value of all parameters separated by commas within the paranthesis. As an example, Minimum (500, 2000, 1500) would return the value of 500. The If function checks a condition and if true uses formula y and if false formula z. As an example If (20 < 0, 30, 60) would return the value 60.

Long or Short SSF

Reg T Margin
  Initial Margin 20% * SSF Market Value
  Maintenance Margin Same as initial margin.

SSF Spread

Long and Short SSF with the same underlying.


Reg T Margin
  Initial Margin Maximum ((5% * long SSF market value), (5% * short SSF value))
  Maintenance Margin Same as initial margin.

Protective SSF 1

Long SSF, short stock.


Reg T Margin
  Initial Margin Short stock margin requirement
  Maintenance Margin 5% * Stock Market Value

Covered SSF 1

Short SSF, long stock


Reg T Margin
  Initial Margin Long stock margin requirement
  Maintenance Margin 5%*Stock Market Value

Protective Call or Put SSF 1

Short SSF, long call or long SSF, long put


Reg T Margin
  Initial Margin 20% * SSF market value
  Maintenance Margin Minimum ((10% * option strike price) + out of the money value, (20% * SSF market value))

Covered Call or Put SSF 1

Long SSF and short call or short SSF and short put


Reg T Margin
  Initial Margin In the money amount + 20% * SSF market value.
Proceeds from the short option are applied.
  Maintenance Margin Same as initial margin.

Collar SSF 1

Short call, long SSF, long put Strike (call) > Strike (put)


Reg T Margin
  Initial Margin In the money amount of call + 20% * SSF market value.
Proceeds from the short option are applied.
  Maintenance Margin Minimum (In the money amount of call + ((10%*Put Strike price) + out of the money amount of put), (20% * call option strike price))

Conversion SSF 1

Short call, long put, long SSF Strike (call) = Strike (put)


Reg T Margin
  Initial Margin In the money amount of call + 20% * SSF market value.
Proceeds from the short option are applied.
  Maintenance Margin In the money amount of call + (10%*call and put strike price)

Reverse Conversion SSF 1

Long call, short put, short SSF Strike (call) = Strike (put)


Reg T Margin
  Initial Margin In the money amount of put + 20% * SSF market value.
Proceeds from the short option are applied.
  Maintenance Margin In the money amount of put + (10% * call and put strike price)
  1. Not allowed in an IRA account. Each combination component will be margined separately.

http://www.interactivebrokers.com/en/p.php?f=margin&p=ssf

Non-US SSFs

Margin Requirements are determined by risk based portfolio analysis models specified by each exchange. For specific details, visit the specific exchange site in question.


http://www.interactivebrokers.com/en/p.php?f=margin&p=ssf1

Forex

All assets in each currency are combined to determine a single net asset value in that currency. Separate margin requirement calculations are used when determining the amount of funds available for withdrawal and the amount of funds available for trading. When determining the amount of funds available for withdrawal, the margin for non-base currency assets is determined by taking the margin rate from the following table times the net asset value in the currency. There is no margin for base currency assets.

The following are the margin requirements for each currency.


  Leverage Rate Margin Requirement % 1
USD, EUR, JPY, CHF, GBP, AUD, CAD 40:1 2.5% 2
SEK, NOK, NZD, DKK 30:1 3.33%
CNH, CZK, HKD, HUF, ILS, MXN, SGD 20:1 5%
RUB 15:1 6.67%
KRW 10:1 10%

When determining the amount of funds available for trading purposes, margin is required only on negative net liquidation values. The margin requirement is calculated as follows:

  1. Determine the base currency equivalent of the net liquidation values in the account.
  2. Determine the haircut (margin requirement) rate for each currency pair.
  3. Sort the haircut rates from lowest to highest.
  4. Determine the largest negative net liquidation value.
  5. Starting with the positive new liquidation value base currency equivalent with the lowest haircut rate, calculate the margin requirement on that portion which may be used to offset the negative net liquidation value.
  6. Repeat steps 4 and 5 until all negative net liquidation values have been offset.
  • US IRA margin accounts are never allowed to borrow non-base currencies.

  1. Margin Requirement % = 1/Leverage Rate.
  2. The rate has historically been 2% but the 2.5% is in place due to exceptional market volatility.

http://www.interactivebrokers.com/en/p.php?f=margin&p=forex

US Bonds

The following rules apply for Reg T Margin and Portfolio Margin accounts. Bonds must be paid-in-full in a Cash account.

FINRA and the NYSE have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US securities.


Government Bonds 1

US Treasury Securities Initial Margin Requirements Maintenance Margin Requirements
Less than six months to maturity 1% * Market Value Same as Initial Margin
Less than one year to maturity 2% * Market Value Same as Initial Margin
One year but less than three years to maturity 3% * Market Value Same as Initial Margin
Three years but less than five years to maturity 4% * Market Value Same as Initial Margin
Five years but less than ten years to maturity 5% * Market Value Same as Initial Margin
Ten years but less than twenty years to maturity 7% * Market Value Same as Initial Margin
Twenty years or more to maturity 9% * Market Value Same as Initial Margin
Zero coupon bonds with five years or more to maturity 3% * Principal Amount of the Obligation Same as Initial Margin

Municipal Bonds 1

  Initial Margin Requirements Maintenance Margin Requirements
Investment Grade 2 25% * Bond Market Value 3 Same as Initial Margin
Speculative Grade 2 50% * Bond Market Value 3 Same as Initial Margin
Junk Grade 2 75% * Bond Market Value 3 Same as Initial Margin
Defaulted 2 100% * Bond Market Value 3 Same as Initial Margin

Corporate Bonds 1

The margin for the following types of corporate bonds is determined using a proprietary Value At Risk (VAR) methodology 4:

  • Investment Grade
  • NYSE-listed Speculative Grade
  • NYSE-listed Junk Grade

The theoretical price of each bond is calculated over a range of interest rate offsets to the prevailing Treasury yield curve. The result of such a calculation is illustrated in the following figure. As the interest rate offset increases, the bond price decreases. The upward curvature of the line is indicative of the "convexity" of the bond.



The VAR is the worst case loss in the bond price over a specified range of underlying interest rate changes. The scanning ranges are listed in the table below.


Bond Type Basis Points
Investment Grade (Moody's Aaa to Baa3) 200 basis points
NYSE-Listed Speculative Grade (Moody's Ba1 to B3) 300 basis points
NYSE-Listed Junk Grade (Moody's Caa1 to C) 400 basis points

Within the Value At Risk calculation, bonds that contain embedded options (calls or puts) are subjected to stress tests that separately increase and decrease the interest rate period volatilities used to calculate the theoretical price of the bond by 15% of their values. Under each volatility change scenario, another theoretical price curve is calculated over the same range of interest rate offsets to the prevailing Treasury yield curve. The VAR for bonds with embedded options is taken as the worst case loss on the appropriate interest rate scanning range across each of the unchanged, up and down volatility scenarios.

The regulatory minimum margin of 10% of market value applies to investment grade bonds. The regulatory minimum of the larger of 20% of market value and 7% of face value applies to non-investment grade, NYSE-listed bonds.

Non-NYSE-Listed Speculative and Junk Bonds are margined as follows:


Bond Type Initial Margin Maintenance Margin
Non-NYSE-Listed Speculative Grade 50% * Bond Market Value 50% * Bond Market Value
Non-NYSE-Listed Junk Grade 70% * Bond Market Value 70% * Bond Market Value


Bonds that have defaulted or that are not rated are not eligible for margin treatment.

Special Margin Bonds

IB may reduce the collateral value of securities (reduces marginability) for a variety of reasons, including:

  • small market capitalization or small issue size
  • low liquidity in the collective primary/secondary exchanges
  • involvement in tenders and other corporate action

Changes in marginability are generally considered for a specific security. However, in cases of concerns about the viability or liquidity of a company, marginability reductions will apply to all securities issued by, or related to, the affected company, including bonds, derivatives, depository receipts, etc.

In addition, please see discussions on special risk management algorithms, for example, large position and position concentration algorithms which may affect the margin rate applied to a given security within an account and may vary between accounts.

  1. End of Day Initial Margin is applied to Reg T accounts at the standard rate of 50% * Market Value. No End of Day Initial Margin is applied for Portfolio Margin Accounts.
  2. Grades are based on Moody’s ratings.
        Investment Grade – AAA to BAA3
        Speculative Grade – BA1 to B3
        Junk Grade – Below B3
  3. In order to apply other than 100% margin requirement, the bond must satisfy the following:
    • not private placement
    • not RegS
    • not Rule 144A
    • original issue size at least $25 million
  4. At this time, Interactive Brokers is unable to provide additional details about the proprietary VAR methodology used to calculate margin for requirements of corporate bonds.

http://www.interactivebrokers.com/en/p.php?f=margin&p=bonds

Corporate Bonds

The margin for the following types of corporate bonds is determined using a proprietary Value At Risk (VAR) methodology 1:

  • Investment Grade
  • NYSE-listed Speculative Grade
  • NYSE-listed Junk Grade

The theoretical price of each bond is calculated over a range of interest rate offsets to the prevailing Treasury yield curve. The result of such a calculation is illustrated in the following figure. As the interest rate offset increases, the bond price decreases. The upward curvature of the line is indicative of the "convexity" of the bond.



The VAR is the worst case loss in the bond price over a specified range of underlying interest rate changes. The scanning ranges are listed in the table below.


Bond Type Basis Points
Investment Grade (Moody's Aaa to Baa3) 200 basis points
NYSE-Listed Speculative Grade (Moody's Ba1 to B3) 300 basis points
NYSE-Listed Junk Grade (Moody's Caa1 to C) 400 basis points

Within the Value At Risk calculation, bonds that contain embedded options (calls or puts) are subjected to stress tests that separately increase and decrease the interest rate period volatilities used to calculate the theoretical price of the bond by 15% of their values. Under each volatility change scenario, another theoretical price curve is calculated over the same range of interest rate offsets to the prevailing Treasury yield curve. The VAR for bonds with embedded options is taken as the worst case loss on the appropriate interest rate scanning range across each of the unchanged, up and down volatility scenarios.

The regulatory minimum margin of 10% of market value applies to investment grade bonds. The regulatory minimum of the larger of 20% of market value and 7% of face value applies to non-investment grade, NYSE-listed bonds.

Non-NYSE-Listed Speculative and Junk Bonds are margined as follows:


Bond Type Initial Margin Maintenance Margin Currency
Non-NYSE-Listed Speculative Grade 50% * Bond Market Value 50% * Bond Market Value USD
Non-NYSE-Listed Junk Grade 70% * Bond Market Value 70% * Bond Market Value USD


Bonds that have defaulted or that are not rated are not eligible for margin treatment.

  1. At this time, Interactive Brokers is unable to provide additional details about the proprietary VAR methodology used to calculate margin for requirements of corporate bonds.

http://www.interactivebrokers.com/en/p.php?f=margin&p=bonds1

Special Margin Bonds

IB may reduce the collateral value of securities (reduces marginability) for a variety of reasons, including:

  • small market capitalization or small issue size
  • low liquidity in the collective primary/secondary exchanges
  • involvement in tenders and other corporate action

Changes in marginability are generally considered for a specific security. However, in cases of concerns about the viability or liquidity of a company, marginability reductions will apply to all securities issued by, or related to, the affected company, including bonds, derivatives, depository receipts, etc.

In addition, please see discussions on special risk management algorithms, for example, large position and position concentration algorithms which may affect the margin rate applied to a given security within an account and may vary between accounts.

Americas
Country Special Margin Bonds

United States

None available at this time

Canada

None available at this time

Mexico

None available at this time




http://www.interactivebrokers.com/en/p.php?f=margin&p=bonds2

US Mutual Funds Margin Requirements

The following calculations apply only to Reg T Margin and Cash Accounts. See our Portfolio Margin page for US Mutual Funds requirements in a Portfolio Margin account.

FINRA and the NYSE have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US securities.

The following table shows stock margin requirements for initial (at the time of trade) and maintenance (when holding positions).


Reg T Margin Accounts Cash Accounts
Initial Margin/Reg T End of Day Maintenance Margin
 
Mutual Fund Long Position
First 30 days: 100% * Net Asset Value
After 30 days: 25% * Net Asset Value
First 30 days: 100% * Net Asset Value
After 30 days: 25% * Net Asset Value
100% * Net Asset Value
 
Money Market Fund Long Position
1% * Net Asset Value
Cannot borrow against for 30 days (no debit balance)
1% * Net Asset Value
Cannot borrow against for 30 days (no debit balance)
100% * Net Asset Value
 
Short Positions
N/A N/A N/A
  • Margin requirements quoted in US Dollars may also be satisfied with a Non-USDollar equivalent.
  • Mutual Funds market value is always included in Equity with Loan Value.
  • 30-day initial margin requirement does not apply to funds that are transferred from another broker (e.g. ACATs).
  • Net Asset Value is computed once per day at closing by the funds at which time your margin requirement and equity will be updated.

http://www.interactivebrokers.com/en/p.php?f=margin&p=funds

Metals

The following margin requirements apply to Spot Gold and Spot Silver. For additional information about trading these products, see our IB UK Spot Gold and Spot Silver Highlights page.


  Initial Margin Maintenance Margin
Gold Spot USD/oz. London 6.25% 5%
Silver Spot USD/oz. London 14.85% 9%

http://www.interactivebrokers.com/en/p.php?f=margin&p=metal

IB Share CFDs

  Initial Margin Maintenance Margin
IB Share CFDs 1.25 x Maintenance Margin Risk-based calculation described below (minimum 10%)

IB Maintenance and Initial Margin Requirements for IB Share CFDs

IB establishes a risk-based margin for each CFD individually, based on the observed historical volatility of the underlying share. Specifically, IB calculates five historical standard deviations to determine the standard maintenance margin, subject to a minimum margin of 10% (without correlation-based off-sets). The resultant margin rates apply position by position. In the vast majority of cases the minimum margin of 10% is applied.

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.

IB Index CFDs

  Initial Margin Maintenance Margin
IB Index CFDs 1.25 x Maintenance Margin As for the related future (minimum 5% or 5 standard deviations)

Maintenance Margin Requirements for IB Index CFDs

The maintenance margin requirement for IB Index CFDs is:

  • The overnight maintenance margin for the related future, adjusted for size.

Subject to an overall minimum of 5% or 5 historical standard deviations, whichever is greater.


http://www.interactivebrokers.com/en/p.php?f=margin&p=cfd

Australian CFDs

Australian CFDs are available on the Australian Stock Exchange (ASX). Margin calculations depend on the particular CFDs. For detailed information visit the ASX website.


  Initial Margin Maintenance Margin
Australian CFDs 1.25 x ASX Margin ASX Margin



http://www.interactivebrokers.com/en/p.php?f=margin&p=cfd2

Portfolio Margin

Under SEC approved Portfolio Margin rules and using our real-time margin system, Interactive Brokers customers are able in certain cases to increase their leverage beyond Reg T margin requirements. For decades margin requirements for securities (stocks, options, and single stock futures) accounts have been calculated under a Reg T rules-based policy. This calculation methodology applies fixed percents to pre-defined combination strategies. With Portfolio Margin, margin requirements are determined using a "risk-based" pricing model that calculates the largest potential loss of all positions in a product class or group across a range of underlying prices and volatilities. This model, known as the Theoretical Intermarket Margining System ("TIMS"), is applied each night to U.S. stocks, OCC stock and index options, and U.S. single stock futures positions by the federally-chartered Options Clearing Corporation ("OCC") and is disseminated by the OCC to participating brokerage firms each night. The minimum margin requirement in a Portfolio Margin account is static during the day because the OCC only disseminates the TIMS parameter requirements once per day.

However, Portfolio Margin compliance is updated by IB throughout the day based on the real-time price of the equity positions in the Portfolio Margin account. Please note, at this time, Portfolio Margin is not available for US commodities futures and futures options, US bonds, Mutual Funds, or Forex positions, but US regulatory bodies may consider inclusion of these products at a future date.

Portfolio Margin

Portfolio or risk based margin has been utilized for many years in both commodities and many non-US securities markets, with great success. Dependent upon the composition of the trading account, Portfolio Margin may require a lower margin than that required under Reg T rules, which translates to greater leverage. Trading with greater leverage involves greater risk of loss. There is also the possibility that, given a specific portfolio composed of positions considered as having higher risk, the requirement under Portfolio Margin may be higher than the requirement under Reg T. Part of the reasoning behind the creation of Portfolio Margin is that the margin requirements would more accurately reflect the actual risk of the positions in an account. Thus, it is possible that, in a highly concentrated account, a Portfolio Margin approach may result in higher margin requirements than under Reg T. One of the main goals of Portfolio Margin is to reflect the lower risk inherent in a balanced portfolio of hedged positions. Conversely, Portfolio Margin must assess proportionately larger margin for accounts with positions which represent a concentration in a relatively small number of stocks.

Portfolio Margin Eligibility

Customers must meet the following eligibility requirements to open a Portfolio Margin account:

  • An account must have at least USD 110,000 (or USD equivalent) in Net Liquidation Value to be eligible for a Portfolio Margin account. Existing customers may apply for a Portfolio Margin account on the Account Type page in Account Management at any time and your account will be upgraded upon approval. New Interactive Brokers customers can apply for a Portfolio Margin account during the registration system process. It should be noted that if your account drops below USD 100,000 you will be restricted from doing any margin-increasing trades. Therefore if you do not intend to maintain at least USD 100,000 in your account, you should not apply for a Portfolio Margin account.
  • New IB customer accounts requesting Portfolio Margin will have Reg T rules in effect until their accounts are approved for Portfolio Margin. This may take up to 2 business days (under normal business circumstances) after initial account approval. Existing IB customer accounts will also need to be approved and this may take up to two business days after the request. Both new and existing IB customers will receive an email confirming approval.
  • Those institutions who wish to execute some trades away from Interactive Brokers and use us as a prime broker will be required to maintain at least USD 1,000,000 (or USD equivalent).
  • IB Canada customers are not eligible for Portfolio Margin accounts due to IDA restrictions. In addition, all Canadian stock, stock options, index options, European stock, and Asian stock positions will be calculated under standard rules-based margin rules so Portfolio Margin will not be available for these products.
  • Non-US Omnibus Broker (Long Position/Short Position) accounts are not eligible for Portfolio Margin accounts.

Portfolio Margin Mechanics

Under Portfolio Margin, trading accounts are broken into three component groups; Class groups, which are all positions with the same underlying; Product groups, which are closely related classes; and Portfolio groups, which are closely related products. Examples of classes would include IBM, SPX, and OEX. A product example would be a Broad Based Index composed of SPX, OEX, etc. A portfolio could include such products as Broad Based Indices, Growth Indices, Small Cap Indices, and FINRA Indices.

The portfolio margin calculation begins at the lowest level, the class. All positions with the same class are grouped and stressed (underlying price and implied volatility are changed) together with the following parameters:

  • A standardized stress of the underlying.
    • For stock, equity options, narrow based indices and single stock futures, the stress parameter is plus or minus 15%, with eight other points within that range.
    • For US market small caps and FINRA market indices the stress parameter is plus 10%, minus 10% as well as eight other points in-between.
    • For Broad Based Indices and Growth indices the stress parameter is plus 6%, minus 8% as well as eight other points in-between.
  • A market-based stress of the underlying. A five standard deviation historical move is computed for each class. This five standard deviation move is based on 30 days of high, low, open, and close data from Bloomberg excluding holidays and weekends. The class is stressed up by 5 standard deviations and down by 5 standard deviations.
  • An implied volatility stress for options. Implied volatility for each options class is increased by 15% and decreased by 15%.

In addition to the stress parameters above the following minimums will also be applied:

  • Classes with large single concentrations will have a margin requirement of 30% applied to the concentrated position.
  • A $0.375 multiplied by the index per contract minimum is computed.
  • The same special margin requirements for OTCBB, Pink Sheet, and low cap stocks that apply under Reg T, will still apply under Portfolio Margin.

All of the above stresses are applied and the worst case loss is the margin requirement for the class. Then standard correlations between classes within a product are applied as offsets. As an example, within the Broad Based Index product 90% offset is allowed between SPX and OEX. Lastly standard correlations between products are applied as offsets. An example would be a 50% offset between Broad Based Indices and Small Cap Indices. For stocks and Single Stock Futures offsets are only allowed within a class and not between products and portfolios. After all the offsets are taken into account all the worst case losses are combined and this number is the margin requirement for the account. For a complete list of products and offsets, see the Appendix-Product Groups and Stress Parameters section at the end of this document.

Interactive Brokers’ real-time, intra-day margining system enables us to apply the Day Trading Margin Rules to Portfolio Margin accounts based on real-time equity, so Pattern Day Trading Accounts will always be able to trade based on their full, real-time buying power.

Because of the complexity of Portfolio Margin calculations it would be extremely difficult to calculate margin requirements manually. We encourage those interested in Portfolio Margin to use our TWS Portfolio Margin Demo to understand the impact of Portfolio Margin requirement under different scenarios.

Click here for the OCC's published list of Product Groups and Offset Parameters.


http://www.interactivebrokers.com/en/p.php?f=margin&p=pmar

Overview of Pattern Day Trading ("PDT") Rules


Pattern of Day Trader

FINRA and the NYSE have instituted regulations intended to limit the amount of trading that can be done in accounts with small amounts of capital, specifically accounts with less than 25,000 USD Net Liquidation Value. Pattern Day Trading rules will not apply to Portfolio Margin accounts.

  • Day Trade: any trade pair wherein a position in a security (stock, single-stock future (SSF), bond or stock option) is increased ("opened") and thereafter decreased ("closed") within the same trading session.
  • Pattern Day Trader: someone who effects 4 or more Day Trades within a 5 business day period. A trader who executes 4 or more day trades in this time is deemed to be exhibiting a ‘pattern’ of day trading and is thereafter subject to the PDT restrictions.
  • In order to day trade, the account must have at least 25,000 USD in Net Liquidation Value, where Net Liquidation Value includes cash, stocks, options, and futures P+L.
  • The NYSE regulations state that if an account with less than 25,000 USD is flagged as a day trading account, the account must be frozen to prevent additional trades for a period of 90 days. IB has created algorithms to prevent small accounts from being flagged as day trading accounts, to avoid triggering the 90 day freeze. IB implements this by prohibiting the 4th opening transaction within 5 days if the account has less than 25,000 USD in equity.

Adjustments to Previous Day's Equity and First Day Trading

The previous day's equity is recorded at the close of the previous day (4:15 PM ET). Previous day's equity must be at least 25,000 USD. However, net deposits and withdrawals that brought the previous day's equity up to or greater than the required 25,000 USD after 4:15 PM ET on the previous trading day are handled as adjustments to the previous day's equity, so that on the next trading day, the customer is able to trade.

For example, suppose a new customer's deposit of 50,000 USD is received after the close of the trading day. Even though his previous day's equity was 0 at the close of the previous day, we handle the previous day's late deposit as an adjustment, and this customer's previous day equity is adjusted to 50,000 USD and he is able to trade on the first trading day. Without this adjustment, the customer's trades would be rejected on the first trading day based on the previous day's equity recorded at the close.

Special Cases

  • Accounts that at one time had more than 25,000 USD, were identified as accounts with day trading activity, and thereafter the Net Liquidation Value in the account dropped below 25,000 USD, may find themselves subject to the 90 day trading restriction. The restrictions can be lifted by increasing the equity in the account or following the release procedure located in the Day Trading FAQ section.

 

  • The proceeds of an option exercise or assignment will count towards day trading activity as if the underlying had been traded directly. Deliveries from single stock futures or lapse of options are not considered part of a day trading activity.

Additional details relating to PDT regulations and IB’s implementation of these rules can be found in the FAQ section.

  • Pattern Day Trading rules do not apply to IB Japan accounts.

http://www.interactivebrokers.com/en/p.php?f=margin&p=daytrade

FINRA and the NYSE define a Pattern Day Trader (PDT) as one who effects four or more day trades (same day opening and closing of a given equity security ("stock") or equity option) within a five business day period.

Note that Futures contracts and Futures Options are not included in the SEC Day Trade rule.

A potential pattern day trader error message means that an account has less than the SEC required $25,000 minimum Net Liquidation Value AND the number of available day trades (3) has already been used within the last five days.

The IB system is programmed to prohibit any further trades to be initiated in the account, regardless of the intent to day trade that position or not. The IB system is programmed to protect the accounts with less than $25,000 so the account would not “potentially” be flagged as a day trading account.

If an account receives the error message “potential pattern day trader”, there is no PDT flag to remove. The account holder will need to wait for the five-day period to end before any new positions can be initiated in the account.

The customer has the following options:

A. Deposit funds to bring the account’s equity up to the SEC required minimum of $25,000
B. Wait the required 90 day period before any new positions can be initiated
C. Request a PDT account reset

If the intraday situation occurs, the customer will immediately be prohibited from initiating any new positions. Customers should be able to close any existing positions in his account, but will not be allowed to initiate any new positions.

The customer will have the same options listed above, however, if at any time the Net Liquidation Value figure goes back above the threshold amount ($25,000), then the account will once again have unlimited day trades available.

FINRA has provided brokerage firms the ability to remove the PDT flag from a customer’s account once every 180 days. If an account was erroneously flagged, and the customer’s intent is not to day trade in his/her account, IB has the ability to remove this flag. Once the PDT flag is removed, the customer will then be allowed three day trades every five business days. If an account gets re-flagged as a PDT account within 180 days after the reset, the customer then has the following options:

A. Deposit funds to bring the account’s equity up to the SEC required minimum of $25,000
B. Wait the required 90 day period before any new positions can be initiated

FINRA and the NYSE define a Pattern Day Trader (PDT) as one who effects 4 or more day trades (same day purchase and sale of a given equity security ("stock") or equity option) within a five-day period, and NYSE and FINRA rules place certain restrictions on those who are deemed to be pattern day traders. If an Interactive Brokers ("IB") account effects three (3) day trades involving stocks or equity options within any five (5) day period, IB will require that such account satisfy the minimum Net Liquidation Value requirement of $25,000 before IB will accept the next order to purchase or sell a stock or equity option. Once the account has effected a fourth day trade (in such 5 day period), IB will deem the account to be a PDT account.

Pattern Day Trading regulations allow a broker to remove the PDT designation if the client acknowledges that she/he does not intend to engage in day trading strategies, and requests that the PDT designation be removed. If you wish to have the PDT designation for your account removed, provide IB with the following information in a letter using the Customer Service Message Center in Account Management:

  1. Provide the following acknowledgements:
    • I do not intend to engage in a day trading strategy in my IB account.
    • I hereby request that IB no longer designate my account as a "Pattern Day Trading" account under NYSE and FINRA rules.
    • I understand that if, following this acknowledgement I engage in Pattern Day Trading, my account will be designated as a Pattern Day Trading" account, and IB will apply all applicable PDT rules to my account.
  2. Log into Account Management, then click the Message Center icon in the upper left corner of the Account Management menu pane. Create a ticket in the Message Center, then paste the aforementioned acknowledgements, your account number, your name, and the statement “I agree” into the ticket form. Submit the ticket to Customer Service.

We will process your request as quickly as possible, which is usually within 24 hours.

For example, if the window reads (0,0,1,2,3), here is how to interpret this information:

If today was Wednesday, the first number within the parenthesis, 0, means that 0-day trades are available on Wednesday. The 2nd number in the parenthesis, 0, means that no day trades are available on Thursday. The 3rd number within the parenthesis, 1, means that on Friday 1-day trade is available. The 4th number within the parenthesis, 2, means that on Monday, if 1-day trade was not used on Friday, and then on Monday, the account would have 2-day trades available. The 5th number within the parenthesis, 3, means that if no day trades were used on either Friday or Monday, then on Tuesday, the account would have 3-day trades available.


http://www.interactivebrokers.com/en/p.php?f=margin&p=daytrade1

Examples of Day Trades

  • On Monday, 1000 shares of XYZ stock are purchased. Later on that same day, 1000 shares of XYZ stock are sold. This is considered to be a day trade.
  • On Wednesday, 1000 shares of XYZ stock are purchased. Later on that same day, 500 shares of XYZ stock are sold. This is considered to be a day trade.
  • On Monday, 500 shares of XYZ stock are purchased. Later on that same day, another 500 shares of XYZ are purchased. In after hours trading on Monday, 1000 shares of XYZ are sold. This is considered to be 1-day trade.
  • On Monday, 500 shares of XYZ stock are purchased. On Tuesday, another 500 shares of XYZ stock are purchased. Later on Tuesday, 500 shares of XYZ stock are sold. This is considered to be 1-day trade.
  • On Thursday, 500 shares of XYZ stock are purchased in pre-market. In after hours trading on Thursday, 200 shares of XYZ stock are sold. This is considered to be a day trade.
  • On Monday, customer sells short 10 YXX September 2005 90 calls and simultaneously buys 10 YXX December 2005 95 calls (combination order type). Later on Monday, customer buys back 5 YXX September 2005 90 calls and sells 5 YXX December 2005 95 calls for a profit. This is considered to be 2 day trades (one day trade for each leg of the spread).
  • On Thursday, customer buys 500 shares of YXZ stock. Later on Thursday, customer sells 1500 shares of YXZ stock (reversal creates new short position). On Friday, customer purchases 1000 shares of YXZ stock. This would be considered to be 1-day trade.

Non-Day Trade Examples:

  • On Monday, 500 shares of XYZ stock are purchased. On Tuesday, another 500 shares of XYZ stock are purchased. On Wednesday, 1000 shares of XYZ stock are sold. None of these are considered to be day trades.
  • On Thursday, customer buys 500 shares of YZZ stock. On Friday, customer sells 500 shares of YZZ stock. Later on Friday, customer buys 500 shares of YZZ stock. This is not considered to be a day trade.
  • On Friday, 1000 shares of XYZ stock are purchased. On the following Monday, 1000 shares of XYZ stock is sold. This is not considered to be a day trade.

http://www.interactivebrokers.com/en/p.php?f=margin&p=daytrade2