Low Capitalization Stocks

SYMBOL DESCRIPTION
9 CHEUNG WO INTERNATIONAL HOLD
15 VANTAGE INTERNATIONAL
50 KYUNGBANG LTD
57 CHEN HSONG HOLDINGS
59 SKYFAME REALTY HOLDINGS LTD
64 GET NICE HOLDINGS LTD 
75 YT REALTY GROUP LTD
91 NEW SMART ENERGY GROUP LTD
97 HENDERSON INVESTMENT LIMITED
129 ASIA STANDARD INTL.GROUP 
149 CHINA AGRI-PRODUCTS EXCHANGE
157 NATURAL BEAUTY BIO-TECH
172 GOLDBOND GROUP HOLDINGS LTD
187 BEIREN PRINTING MACHINERY-H
193 CAPITAL ESTATE LTD
195 GOODTOP TIN INTERNATIONAL HO
198 SMI CORP LTD
199 ITC PROPERTIES GROUP LTD  
217 CHINA CHENGTONG DEVELOPMENT
218 SHENYIN WANGUO HK LTD
226 LIPPO LIMITED
227 FIRST SHANGHAI INVESTMENTS
231 MADEX INTERNATIONAL HOLDINGS
232 AVIC INTERNATIONAL HLDGS HK
238 EVERGREEN INTERNATIONAL HOLD
241 CITIC 21CN CO LTD
255 LUNG KEE (BERMUDA) HOLDINGS
279 FREEMAN FINANCIAL CORP LTD
295 KONG SUN HOLDINGS LTD
317 GUANGZHOU SHIPYARD INTL CO-H 
319 CHINA METAL INTERNATIONAL HO
326 CHINA STAR ENTERTAINMENT LTD
327 PAX GLOBAL TECHNOLOGY LTD
355 CENTURY CITY INTL  
357 HAINAN MEILAN INTL AIRPORT-H 
366 LUKS GROUP VIETNAM HOLDINGS
374 FOUR SEAS MERCANTILE HLDG
376 REORIENT GROUP LTD
378 CIAM GROUP LTD 
389 CHINA TONTINE WINES GROUP
395 SINO DRAGON NEW ENERGY HOLDI
402 MONGOLIA INVESTMENT GROUP LT
412 HERITAGE INTERNATIONAL HOLDI
417 TSE SUI LUEN JEWELLERY INTL 
432 PACIFIC CENTURY PREMIUM DEVE
439 CLIMAX INTERNATIONAL CO LTD
450 HUNG HING PRINT GROUP
487 SUCCESS UNIVERSE GROUP LTD 
496 KASEN INTERNATIONAL HOLDINGS
508 FUJI OFFSET PLATES MFG LTD
519 TOP GLOBAL LTD
528 SECOND CHANCE PROPERTIES LTD
533 ABR HOLDINGS LTD
547 SUN INNOVATION HOLDINGS LTD 
550 CINDERELLA MEDIA GROUP LTD
573 CHALLENGER TECHNOLOGIES LTD
578 ROSAN RESOURCES HOLDINGS LTD
582 GREENFIELD CHEMICAL HOLDINGS
585 IMAGI INTERNATIONAL HOLDINGS
596 INSPUR INTERNATIONAL LTD 
616 EASYKNIT ENTERPRISES HOLDING
660 WAI CHUN MINING INDUSTRY GRP
663 KING STONE ENERGY GROUP LTD
674 CULTURE LANDMARK INVESTMENT
700 HANJIN SHIPPING HOLDINGS CO
721 CHINA FINANCIAL INTERNATIONA
723 SUSTAINABLE FOREST HOLDINGS
756 CHINA TIANYI HOLDINGS LTD
757 SOLARGIGA ENERGY HOLDINGS LT
764 ETERNITY INVESTMENT LTD
801 GOLDEN MEDITECH HOLDINGS LTD
811 XINHUA WINSHARE PUBLISHING-H
815 CHINA SILVER GROUP LTD
837 CARPENTER TAN HOLDINGS LTD
852 STRONG PETROCHEMICAL HOLDING  
871 XIANGYU DREDGING HOLDINGS LT
877 O-NET COMMUNICATIONS GROUP
904 CHINA GREEN (HOLDINGS) LTD
926 BESUNYEN HOLDINGS CO LTD
947 MOBI DEVELOPMENT CO LTD
948 Z-OBEE HOLDINGS LTD
997 CHINLINK INTERNATIONAL HOLDI
1003 21 HOLDINGS LTD
1009 INTERNATIONAL ENTERTAINMENT
1011 CHINA NT PHARMA GROUP CO LTD
1041 CHINA NEW ENERGY POWER GROUP
1043 COSLIGHT TECHNOLOGY INTL GP
1049 CELESTIAL ASIA SECURITIES
1053 CHONGQING IRON & STEEL CO-H 
1090 DA MING INTERNATIONAL HOLD
1104 APAC RESOURCES LIMITED
1121 BAOFENG MODERN INTERNATIONAL
1130 DAEHAN FLOUR MILLS CO LTD
1139 VICTORY GROUP LTD
1141 POLY CAPITAL HOLDINGS LTD
1163 DEJIN RESOURCES GROUP CO LTD
1182 C Y FOUNDATION GROUP LTD
1188 HYBRID KINETIC GROUP LTD
1200 EUGENE INVESTMENT & SECURITI
1210 CHRISTINE INTERNATIONAL HOLD
1220 ZHIDAO INTERNATIONAL HOLDING
1228 SUPERB SUMMIT INTERNATIONAL
1260 WONDERFUL SKY FINANCIAL GROU
1300 TRIGIANT GROUP LTD
1328 INTERNATIONAL ELITE LTD
1332 QUALIPAK INTERNATIONAL HOLDI
1339 YCC PARTS MANUFACTURING CO L
1383 SUN CENTURY GROUP LTD
1455 ZIG SHENG INDUSTRIAL CO LTD
1520 TONGYANG INC
1560 KINIK COMPANY
1589 YEONG GUAN ENERGY GROUP CO
1611 CHINA ELECTRIC MANUFACTURING
1709 FORMOSAN UNION CHEMICAL
1729 PIHSIANG MACHINERY MFG CO
1803 ASR HOLDINGS LTD
1805 KPT INDUSTRIES
1806 CHAMPION BUILDING MATERIALS
1812 SHANDONG CHENMING PAPER - H
1863 SIJIA GROUP CO
1868 NEO-NEON HOLDINGS LTD
1998 FLYKE INTERNATIONAL HOLDINGS
2000 HANKUK GLASS IND INC
2020 KOLON CORP
2031 HSIN KUANG STEEL CO LTD
2034 YC INOX CO LTD
2068 CHINA ALUMINUM INTERNATION-H
2088 XIWANG SUGAR HOLDINGS CO LTD
2108 NANTEX INDUSTRY CO LTD
2117 NISSIN SUGAR HOLDINGS CO LTD
2121 CHINA FIRST CHEMICAL HOLDING
2208 XINJIANG GOLDWIND SCI&TEC-H
2223 CASABLANCA GROUP LTD
2288 RYKADAN CAPITAL LIMITED
2290 YONEKYU CORP
2302 CNNC INTERNATIONAL LTD
2305 STUDIO ALICE CO LTD
2312 CHINA FINANCIAL LEASING GRP
2320 HANJIN TRANSPORTATION CO
2340 OPTO TECH CORP
2349 CHINA WATER PROPERTY GROUP
2363 SILICON INTEGRATED SYSTEMS
2367 UNITECH PRINTED CIRCUIT
2369 LINGSEN PRECISION INDUSTRIES
2387 SUNREX TECHNOLOGY CORP
2401 SUNPLUS TECHNOLOGY CO LTD
2404 UNITED INTEGRATED SERVICES
2406 GIGASTORAGE CORP
2417 AVERMEDIA TECHNOLOGIES INC
2418 BEST BRIDAL INC
2457 PHIHONG TECHNOLOGY CO LTD
2475 CHUNGHWA PICTURE TUBES LTD
2481 PAN JIT INTERNATIONAL INC
2492 WALSIN TECHNOLOGY CORP
2495 INFORTREND TECHNOLOGY INC
2614 EASTERN MEDIA INTERNATIONAL
2665 MITSUI KNOWLEDGE INDUSTRY CO
2698 WEIQIAO TEXTILE CO LTD-H
2706 FIRST HOTEL
2722 CHATEAU INTERNATIONAL DEV
2760 TOKYO ELECTRON DEVICE LTD
2882 HONG KONG RESOURCES HOLDINGS
2889 CHINA NICKEL RESOURCES HLDGS
2911 LES ENPHANTS CO LTD
2931 EUGLENA CO LTD
3006 ELITE SEMICONDUCTOR MEMORY
3013 CHENMING MOLD INDUSTRY CORP
3014 ITE TECHNOLOGY INC
3017 ASIA VITAL COMPONENTS
3043 POWERCOM CO LTD
3059 ALTEK CORP
3083 CHINESE GAMER INTERNATIONAL
3175 AP COMPANY CO LTD
3178 CHIMNEY CO LTD
3179 SYUPPIN CO LTD
3190 RNL BIO CO LTD
3383 GENESIS PHOTONICS INC
3396 FELISSIMO CORP
3398 CHINA TING GROUP HLDGS LTD 
3454 VIVOTEK INC
3480 HANJIN HEAVY IND & CONS HLDS
3561 SOLARTECH ENERGY CORP
3573 ENTIRE TECHNOLOGY CO LTD
3579 SAN CHIH SEMICONDUCTOR CO
3584 J TOUCH CORP
3591 EDISON OPTO CORP
3599 DELSOLAR CO LTD
3605 ACES ELECTRONIC CO LTD
3617 CYBERPOWER SYSTEMS INC
3645 TAIMIDE TECH INC
3653 JENTECH PRECISION INDUSTRIAL
3664 MOBCAST INC
3665 ENIGMO INC
3665 BIZLINK HOLDING INC
3667 ENISH INC
3669 MOBILE CREATE CO LTD
3669 AVERMEDIA INFORMATION INC
3679 NISHOKU TECHNOLOGY INC
3686 DANEN TECHNOLOGY CORP
3694 AZUREWAVE TECHNOLOGIES INC
3770 ZAPPALLAS INC
3833 XINJIANG XINXIN MINING IND-H 
3838 CHINA STARCH HOLDINGS LTD
3877 CHUETSU PULP & PAPER CO LTD
3999 DACHAN FOOD ASIA LTD
4033 NITTO FC CO LTD
4104 EXCELSIOR MEDICAL CO LTD
4142 ADIMMUNE CORP
4144 COLAND HOLDINGS LTD
4283 PANASONIC INFORMATION SYSTEM
4326 INTAGE INC
4343 AEON FANTASY CO LTD
4426 LI CHENG ENTERPRISE CO LTD
4464 SOFT99 CORP
4526 TONG-TAI MACHINE & TOOL CO
4560 HYUNDAI BNG STEEL CO LTD
4584 GENE TECHNO SCIENCE CO LTD
4585 UMN PHARMA INC
4710 HANSOL TECHNICS CO LTD
4722 FUTURE ARCHITECT INC
4722 QUALIPOLY CHEMICAL CORP
4746 FORMOSA LABORATORIES INC
4835 INDEX CORP
4919 NUVOTON TECHNOLOGY CORP
4929 ADJUVANT COSME JAPAN LTD
4930 STAR COMGISTIC CAPITAL CO LT
4934 TAINERGY TECH CO LTD
4935 GLOBAL LIGHTING TECHNOLOGIES
4942 CHIA CHANG CO LTD
4952 GENERALPLUS TECHNOLOGY INC
4956 EPILEDS TECHNOLOGIES INC
4984 COADNA HOLDINGS INC
5215 KO JA CAYMAN CO LTD
5234 DAXIN MATERIALS CORP
5290 DONGJIN SEMICHEM CO LTD
5305 LITE-ON SEMICONDUCTOR CORP
5471 SONIX TECHNOLOGY CO LTD
5690 PHARMICELL CO LTD
5706 PHOENIX TOURS INTERNATIONAL
5906 TAINAN ENTERPRISE CAYMAN CO
6072 JIBANNET CO LTD
6165 PUNCH INDUSTRY CO LTD
6166 ADLINK TECHNOLOGY INC
6183 TRADE-VAN INFO SERVICES CO
6191 GLOBAL BRANDS MANUFACTURE
6197 JESS-LINK PRODUCTS CO LTD
6202 HOLTEK SEMICONDUCTOR INC
6209 KINKO OPTICAL CO LTD
6317 KITAGAWA IRON WORKS CO LTD
6630 YA-MAN LTD
6778 ARTIZA NETWORKS INC
6789 ROLAND DG CORP
6798 SMK CORP
6840 AK HOLDINGS INC
6947 ZUKEN INC
7122 KINKI SHARYO CO LTD
7414 ONOKEN CO LTD
7427 ECHO TRADING CO LTD
7433 HAKUTO CO LTD
7445 RIGHT ON CO LTD
7537 MARUBUN CORP
7558 TOMEN ELECTRONICS CORP
7690 KUKDO CHEMICAL CO LTD
7702 JMS CO LTD
7717 V TECHNOLOGY CO LTD
7734 RIKEN KEIKI CO LTD
7745 A&D CO LTD
7839 SHOEI CO LTD/TAITO-KU
7893 PRONEXUS INC
7898 WOOD ONE CO LTD
7906 YONEX CO LTD
7944 ROLAND CORP
7949 KOMATSU WALL INDUSTRY CO LTD
7962 KING JIM CO LTD
8009 CHINESE ENERGY HOLDINGS LTD
8011 TAI TUNG COMM CO LTD
8040 DONGAONE CO LTD
8043 STARZEN CO LTD
8046 HENG XIN CHINA HOLDINGS LTD
8048 HONG KONG JEWELLERY HOLDINGS
8053 PIZU GROUP HOLDINGS LTD
8061 ACROSSASIA LTD 
8066 PHOENITRON HOLDINGS LTD
8070 CHANG WAH ELECTROMATERIALS
8075 MEDIA ASIA GROUP HOLDINGS LT
8078 CHINA 3D DIGITAL ENTERTAINME
8080 NORTH ASIA STRATEGIC HOLDING
8083 CHINA INNOVATIONPAY GROUP
8096 RUIFENG PETROLEUM CHEMICAL
8101 ARIMA COMMUNICATIONS CORP
8116 CHINA FORTUNE INVESTMENTS HO
8128 CHINA GROUND SOURCE ENERGY
8141 SHINKO SHOJI CO LTD
8142 TOHO CO LTD
8150 SANSHIN ELECTRONICS CO LTD
8155 SOUTH CHINA LAND LTD
8158 CHINA BIO-MED REGENERATION
8163 DARFON ELECTRONICS CORP.
8167 MARUKYU CO LTD
8167 NEO TELEMEDIA LTD
8175 CHINA DIGITAL LICENSING GROU
8178 CHINA INFO TECH DEV LTD
8192 GLOBAL ENERGY RESOURCES INT
8202 LAOX CO LTD
8205 SHANGHAI JIAODA WITHUB INF-H 
8207 CREDIT CHINA HOLDINGS LTD
8210 CHENBRO MICOM CO LTD
8212 CELEBRATE INTERNATIONAL HOLD
8291 SOUTH WEST ECO DEVELOPMENT L
8351 LARRY JEWELRY INTERNATIONAL
8404 PAIHO SHIH HOLDINGS CORP
8411 KINGCAN HOLDINGS LTD
8427 KEYSHEEN CAYMAN HOLDINGS CO
8614 TOYO SECURITIES CO LTD
8869 MEIWA ESTATE CO LTD
9033 HIROSHIMA ELECTRIC RAILWAY
9039 SAKAI MOVING SERVICE CO LTD
9180 HANSOL CSN
9304 SHIBUSAWA WAREHOUSE CO LTD
9419 WIRELESSGATE INC
9580 MOORIM P&P CO LTD
9701 TOKYO KAIKAN CO LTD
9883 FUJI ELECTRONICS CO LTD
9906 CORNER CORP
9927 THYE MING INDUSTRIAL CO LTD
9932 SUGIMOTO & CO LTD
9934 GLOBE UNION INDUSTRIAL CORP
9938 TAIWAN PAIHO LTD
9990 TOKYO DERICA CO LTD
14830 UNID CO LTD
16380 DONGBU STEEL CO LTD
16880 WOONGJIN HOLDINGS CO LTD
24720 KOREA KOLMAR HOLDINGS CO LTD
25000 KPX CHEMICAL CO LTD
33530 SEJONG INDUSTRIAL CO LTD
36930 JUSUNG ENGINEERING CO LTD
53660 HYUNJIN MATERIALS CO LTD
57500 SKC SOLMICS CO LTD
64760 TOKAI CARBON KOREA CO LTD
68790 DMS CO LTD
77970 STX ENGINE CO LTD
89470 HYUNDAI ENGINEERING PLASTICS
103130 WOONGJIN ENERGY CO LTD
103590 ILJIN ELECTRIC CO LTD
02P PEARL GOLD AG
02P PEARL GOLD AG
1PL POWERLAND AG
3CH CHELSEA THERAPEUTICS INTERNA
3TA TRANS ATLANTIC METALS AG
3TK TEEKAY TANKERS LTD-CLASS A
5AB ASIAN BAMBOO AG-BR
5BK KODA LTD
5DA BREADTALK GROUP LTD
5GF NICO STEEL HOLDINGS LTD
5HJ CITYNEON HOLDINGS LTD
5KT FUJIAN ZHENYUN PLASTICS IND
5MC MOTRICITY INC
5TW CHASWOOD RESOURCES HOLDINGS
7GB GOLDEN MINERALS CO
A04 ASL MARINE HOLDINGS LTD
A2O ALTONA MINING LTD
AAA ALLANA POTASH CORP
AACC ASSET ACCEPTANCE CAPITAL
AAH AASTRA TECHNOLOGIES LTD
AB1 AIR BERLIN PLC
ABL ABLON GROUP
ABM ALBEMARLE & BOND HOLDINGS
ABO ABO INVEST AG
ABT ABSOLUTE SOFTWARE CORPORATIO
ABU ABM RESOURCES NL
ABY ADITYA BIRLA MINERALS LTD
ACLS AXCELIS TECHNOLOGIES INC
ACST ACASTI PHARMA INC
ACUR ACURA PHARMACEUTICALS INC
ACW ACCURIDE CORP
ADA ACADIAN MINING CORP
ADD ADLER MODEMARKTE AG
ADI AUDIKA GROUPE
ADNC AUDIENCE INC
ADUS ADDUS HOMECARE CORP
AERL ASIA ENTERTAINMENT & RESOURC
AFAB.B ACANDO AB
AFAM ALMOST FAMILY INC
AFFX AFFYMETRIX INC
AGEN AGENUS INC
AGT ALLIANCE GRAIN TRADERS INC
AGX AGENNIX AG
AGYS AGILYSYS INC
AHC AH BELO CORP-A
AHEB3 SAO PAULO TURISMO SA
AI ATRIUM MORTGAGE INVESTMENT C
AIF ALTUS GROUP LTD
AIQ ALLIANCE HEALTHCARE SERVICE
AJAX AFC AJAX
AJQ ARMOUR ENERGY LTD
AKM ASPIRE MINING LTD
AKT.A AKITA DRILLING LTD-CL A
ALC A123 SYSTEMS INC
ALC ASSISTED LIVING CONCEPTS I-A
ALCS ALCO STORES INC
ALGAU GAUSSIN
ALGLD GOLD BY GOLD
ALNC ALLIANCE FINANCIAL CORP
ALOKTEXT ALOK INDUSTRIES LTD
ALPA ALPCOT AGRO AB
ALS ALESCO CORPORATION LIMITED
ALS30 SOLUTIONS 30
ALTI ALTAIR NANOTECHNOLOGIES INC
ALXA ALEXZA PHARMACEUTICALS INC
AMC AMUR MINERALS CORP
AMNB AMER NATL BNKSHS/DANVILLE VA
AMS ADVANCED MEDICAL SOLUTIONS
AMSC AMERICAN SUPERCONDUCTOR CORP
AMSWA AMERICAN SOFTWARE INC-CL A
AMZ AMARA MINING PLC
ANAC ANACOR PHARMACEUTICALS INC
ANAD ANADIGICS INC
AND ANDOR TECHNOLOGY LTD
ANX ADVENTRX PHARMACEUTICALS INC
AOH ALTONA MINING LTD
AOSL ALPHA & OMEGA SEMICONDUCTOR
AP AMPCO-PITTSBURGH CORP
AP4 RIVERSTONE HOLDINGS LTD
APAGF APCO OIL AND GAS INTL INC
APHN ALPHA PETROVISION HOLDING AG
APN APN NEWS & MEDIA LIMITED
APPY VENAXIS INC
AQ ACQUITY GROUP LTD -SP ADR
AQU GIGASET AG
ARC ARC DOCUMENT SOLUTIONS INC
ARCM ARCAM AB
ARN ALERION CLEANPOWER
ARP ARCTIC PAPER SA
ARQL ARQULE INC
ART ARTIO GLOBAL INVESTORS INC
ARTNA ARTESIAN RESOURCES CORP-CL A
ASB AUSTAL LIMITED
ASFI ASTA FUNDING INC
ASI AMERICAN SAFETY INS HOLDINGS
ASTM AASTROM BIOSCIENCES INC
ASZ ASG GROUP LTD
ATEB ATENOR GROUP
ATEC ALPHATEC HOLDINGS INC
ATLO AMES NATIONAL CORP
ATNY API TECHNOLOGIES CORP
ATOS ATOSSA GENETICS INC
ATTU ATTUNITY LTD
AUE AUREUS MINING INC
AUL AURELIAN OIL & GAS PLC
AUM GOLDEN MINERALS CO
AUMN GOLDEN MINERALS CO
AUTN AUTONEUM HOLDING AG
AVF AVENEX ENERGY CORP
AVHI AV HOMES INC
AVL AVALON RARE METALS INC
AVM AVOCET MINING PLC
AVM AVOCET MINING PLC
AVNW AVIAT NETWORKS INC
AXAS ABRAXAS PETROLEUM CORP
AXO ABRAXAS PETROLEUM CORP
AXR ALEXCO RESOURCE CORP
AXU ALEXCO RESOURCE CORP
AXY ALTERRA POWER CORP
AZH AZIMUTH RESOURCES LTD
AZZ ANTARES ENERGY LTD
BAGL EINSTEIN NOAH RESTAURANT GRO
BALRAMCHI BALRAMPUR CHINI MILLS LTD
BANI BANIMMO SA/NV - A
BAP GROUPE BAUMGARTNER HOLDI-REG
BBN BELLEVUE GROUP AG
BBX BBX CAPITAL CORP-A
BCOM B COMMUNICATIONS LTD
BCRA BACCARAT  
BCRX BIOCRYST PHARMACEUTICALS INC
BDE BLACK DIAMOND INC
BDGE BRIDGE BANCORP INC
BELFB BEL FUSE INC-CL B
BETKAPA BETA-KAPPA INVESTMENTS LTD
BEV BENEV CAPITAL INC
BEZ BESRA GOLD INC
BFIN BANKFINANCIAL CORP
BGL BULLABULLING GOLD LTD
BHR BEACON HILL RESOURCES PLC
BIOD BIODEL INC
BIOF BIOFUEL ENERGY CORP
BIOM3 BIOMM SA
BKR MICHAEL BAKER CORP
BLMT BSB BANCORP INC/MA
BLRX BIOLINE RX LTD-SPONS ADR
BLU BELLUS HEALTH INC
BMP BMP PHARMA TRADING AG
BMS BRAEMAR SHIPPING SERVICES PL
BND BANDANNA ENERGY LTD
BODY BODY CENTRAL CORP
BOLT BOLT TECHNOLOGY CORP
BOOM DYNAMIC MATERIALS CORP
BOR BORDERS & SOUTHERN PETROLEUM
BOSC BOS BETTER ON-LINE SOLUTIONS
BPAX BIOSANTE PHARMACEUTICALS INC
BPC BAHAMAS PETROLEUM CO PLC
BRD BRIGUS GOLD CORP
BRD BRIGUS GOLD CORP
BRE BROOKFIELD REAL ESTATE SERVI
BSE BASE RESOURCES LTD
BSI ALON HOLDINGS BLUE SQ-ADR
BSRR SIERRA BANCORP
BSTC BIOSPECIFICS TECHNOLOGIES
BTR BLACKTHORN RESOURCES LTD
BU BURCON NUTRASCIENCE CORP.
BUI BUHLER INDUSTRIES INC
BUR BURCON NUTRASCIENCE CORP.
BVL BRAEVAL MINING CORP
BWB BAADER BANK AG
BXC BLUELINX HOLDINGS INC
BZM BELLZONE MINING PLC
C33 CHUAN HUP HOLDINGS LTD
C3I CHINA INFORMATION TECHNOLOGY
C62 CHARIOT OIL & GAS LTD
CAK CAMAC ENERGY INC
CALD CALLIDUS SOFTWARE INC
CAML CENTRAL ASIA METALS PLC
CARB CARBONITE INC
CARDG LIFEWATCH AG-REG
CBAV CLINICA BAVIERA SA
CBNJ CAPE BANCORP INC
CBR CIBER INC
CCBG CAPITAL CITY BANK GROUP INC
CCF CHASE CORP
CCHI3 CERAMICA CHIARELLI S.A.
CCIX COLEMAN CABLE INC
CCNE CNB FINANCIAL CORP/PA
CCRN CROSS COUNTRY HEALTHCARE INC
CDV COM DEV INTERNATIONAL LTD
CDXS CODEXIS INC
CDZI CADIZ INC
CECO CAREER EDUCATION CORP
CEDC CENTRAL EURO DISTRIBUTION CP
CEMI CHEMBIO DIAGNOSTICS INC
CEMP CEMPRA INC
CEN GROUPE CRIT
CENT CENTRAL GARDEN & PET CO
CERE CERES INC
CET CATHEDRAL ENERGY SERVICES LT
CGD CEGID GROUP
CGEI CHINA GROWTH EQUITY INVESTME
CGOA MODUSLINK GLOBAL SOLUTIONS I
CHAR CHARIOT OIL & GAS LTD
CHAU PARISIENNE CHAUFFAGE URBAIN
CHDX CHINDEX INTERNATIONAL INC
CHH CENTRIC HEALTH CORP
CHM CHAMPION IRON MINES LTD
CHR.A CHORUS AVIATION INC
CHTP CHELSEA THERAPEUTICS INTERNA
CIB TECNOCOM TELECOM Y ENERGIA
CIC CONYGAR INVESTMENT CO PLC
CIRC CIRCLE HOLDINGS LTD
CLIG CITY OF LONDON INVESTMENT GR
CLK CLUBLINK ENTERPRISES LTD
CLL CONNACHER OIL & GAS LTD
CLMS CALAMOS ASSET MANAGEMENT-A
CLR CLEARWATER SEAFOODS INC
CLUB TOWN SPORTS INTERNATIONAL
CMBT ATEVIA AG
CMGE CHINA MOBILE GAMES-ADR
CMGR3 CENTRAIS ELET MATOGROSSENSES
CMR COSMOSTEEL HOLDINGS LTD
CMT COTT OIL AND GAS LTD
CN9 CIRCLE OIL PLC
CNBC CENTER BANCORP INC
CNDO CORONADO BIOSCIENCES INC
CNJ CANGENE CORP
CO CHINA CORD BLOOD CORP
COCO CORINTHIAN COLLEGES INC
COE CASSONA SE
COE CASSONA SE
COK COCKATOO COAL LTD
CPE CALLON PETROLEUM CO
CPI CONDOR PETROLEUM INC
CPIX CUMBERLAND PHARMACEUTICALS
CPL CEMENTOS PORTLANDVALDERRIVAS
CPP CPP GROUP PLC
CRAI CRA INTERNATIONAL INC
CREM3 CREMER SA
CRFN CRESCENT FINANCIAL BANCSHARE
CRH CRH MEDICAL CORP
CRK CROCODILE GOLD CORP
CRM CARRS MILLING INDUSTRIES PL
CRNT CERAGON NETWORKS LTD
CRRC COURIER CORP
CRTX CORNERSTONE THERAPEUTICS INC
CRY CRYOLIFE INC
CSIQ CANADIAN SOLAR INC
CSP CORAL SEA PETROLEUM LTD
CSS CSS INDUSTRIES INC
CSUN CHINA SUNERGY CO LTD-ADR
CSV CSG LTD
CTC IFM INVESTMENTS LTD-ADS
CTH CARETECH HOLDINGS PLC
CTIC CELL THERAPEUTICS INC
CTN CENTROTHERM PHOTOVOLTAICS AG
CTNM3 CIA TECIDOS NORTE DE MINAS
CTO CONS TOMOKA LAND CO-FLORIDA
CTRN CITI TRENDS INC
CTY CALIAN TECHNOLOGIES LTD
CU21 CERUS CORP
CUQ CHURCHILL CORP/THE-A
CVGI COMMERCIAL VEHICLE GROUP INC
CVI.A CALVALLEY PETROLEUM INC - A
CVO CENVEO INC
CWCO CONSOLIDATED WATER CO-ORD SH
CWST CASELLA WASTE SYSTEMS INC-A
CWTR COLDWATER CREEK INC
CWX CANWEL BUILDING MATERIALS
CX5 YONG XIN INTERNATIONAL HLDGS
CXI.S CURRENCY EXCHANGE INTERNATIO
CYTX CYTORI THERAPEUTICS INC
CZ4 DUTECH HOLDINGS LTD
CZA COAL OF AFRICA LTD
CZNC CITIZENS & NORTHERN CORP
DCB1 DEVELOPMENT CREDIT BANK LTD
DCHL DECCAN CHRONICLE HLDGS LTD
DCIX DIANA CONTAINERSHIPS INC
DCTH DELCATH SYSTEMS INC
DECB DECEUNINCK NV
DES DESIRE PETROLEUM PLC
DEVO DEVOTEAM SA
DFR CIFC CORP
DGI DATA GROUP INC
DHIL DIAMOND HILL INVESTMENT GRP
DM DOLAN CO/THE
DMRC DIGIMARC CORP
DPT S.T. DUPONT
DRL DORAL FINANCIAL CORP
DRWI DRAGONWAVE INC
DSCI DERMA SCIENCES INC
DSCO DISCOVERY LABORATORIES INC
DSK DEUTSCHE STEINZEUG CREMER &
DSKX DS HEALTHCARE GROUP INC
DSPG DSP GROUP INC
DTE DART ENERGY LTD
DTL DATA#3 LIMITED
DVR CAL DIVE INTERNATIONAL INC
DWI DRAGONWAVE INC
DWSN DAWSON GEOPHYSICAL CO
DX DEXIA SA
DXLG CASUAL MALE RETAIL GROUP INC
E ENTERPRISE GROUP INC
E18 ECS HOLDINGS LTD
E6A YONGMAO HOLDINGS LTD
ECO ECOSYNTHETIX INC
EDG EDGEN GROUP INC
EDN EMP DISTRIB Y COMERC NOR-ADR
EFSC ENTERPRISE FINANCIAL SERVICE
EGI ENTREE GOLD INC.
EGLE EAGLE BULK SHIPPING INC
ELLOPAP ELLORA PAPER MILLS LIMITED
ELM ELEMENTAL MINERALS LTD
ELON ECHELON CORP
ELR EASTERN PLATINUM LTD
ELR EASTERN PLATINUM LTD
EMD EMED MINING PUBLIC LTD
EN6 ECHELON CORP
ENRO ENIRO AB
ENU ENTERPRISE URANIUM LTD
ENVI ENVIVIO INC
ENZN ENZON PHARMACEUTICALS INC
EOM ECO ORO MINERALS CORP
EOX EMERALD OIL INC
EPH EASTERN PROPERTY HOLDING-REG
EQU EQUAL ENERGY LTD
EQU EQUAL ENERGY LTD
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T26 TSIT WING INTERNATIONAL HLDG
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VTNC VITRAN CORP INC
VTUS VENTRUS BIOSCIENCES INC
VULC3 VULCABRAS AZALEIA SA
VWA VANGE SOFTWARE GROUP AG
VWA VANGE SOFTWARE GROUP AG
WAND WANDISCO PLC
WEC WHITE ENERGY CO LTD
WES KONINKLIJKE WESSANEN NV
WEYS WEYCO GROUP INC
WFD WESTFIELD FINANCIAL INC
WFI WATERFURNACE RENEWABLE ENER
WFT WENG FINE ART AG
WGF1 WILLIAMS GRAND PRIX HOLDINGS
WGR WITWATERSRAND CON GOLD RES
WH WSP HOLDINGS LTD-ADR
WHF WHITEHORSE FINANCE INC
WHLR WHEELER REAL ESTATE INVESTME
WLB WESTMORELAND COAL CO
WLFC WILLIS LEASE FINANCE CORP
WPX WESTERN POTASH CORP
WRES WARREN RESOURCES INC
WS WILDCAT SILVER CORP
WSU WASHTEC AG
WTBA WEST BANCORPORATION
WTP WATPAC LIMITED
WTSLA WET SEAL INC/THE-CLASS A
WWE WORLD WRESTLING ENTERTAIN-A
XDC XTREME DRILLING AND COIL SER
XOMA XOMA CORP
XOXO XO GROUP INC
XRA EXETER RESOURCE CORPORATION
XRC EXETER RESOURCE CORPORATION
XRTX XYRATEX LTD
XUE XUEDA EDUCATION GR-SPON ADR
Y YELLOW MEDIA LTD
YMI YELLOWHEAD MINING INC
YOD YOU ON DEMAND HOLDINGS INC
YORW YORK WATER CO
YY YY INC-ADR
Z75 SYNEAR FOOD HOLDINGS LTD
ZAM ZAMBEEF PRODUCTS PLC
ZAR ZARGON OIL & GAS LTD
ZAZA ZAZA ENERGY CORP
ZEUS OLYMPIC STEEL INC
ZGNX ZOGENIX INC
ZIOC ZANAGA IRON ORE CO LTD-DI
ZIXI ZIX CORP
ZLTQ ZELTIQ AESTHETICS INC
ZUB ZUEBLIN IMMOBILIEN HOLDI-REG
ZZ SEALY CORP

Margin Increase for US Securities with Market Cap < $500M

Overview: 

The following securities will have their margin requirements raised to 100% over a 2 week period, as a result of market capitalization being less than $250M.

Friday January 4, 2013: Maintenance Margin - 50%

Wednesday January 9, 2013: Maintenance Margin - 75%

Monday January 14, 2013: Mainteance Margin - 100%

SYMBOL NAME
ABFS ARKANSAS BEST CORP
ACUR ACURA PHARMACEUTICALS INC
ACW ACCURIDE CORP
ADNC AUDIENCE INC
ADUS ADDUS HOMECARE CORP
AERL ASIA ENTERTAINMENT & RESOURC
AFAM ALMOST FAMILY INC
AFFX AFFYMETRIX INC
AGYS AGILYSYS INC
AHC AH BELO CORP-A
ALC ASSISTED LIVING CONCEPTS I-A
ALCS ALCO STORES INC
ALTI ALTAIR NANOTECHNOLOGIES INC
ALXA ALEXZA PHARMACEUTICALS INC
AMRS AMYRIS INC
AMSC AMERICAN SUPERCONDUCTOR CORP
ANX ADVENTRX PHARMACEUTICALS INC
APAGF APCO OIL AND GAS INTL INC
ARQL ARQULE INC
ART ARTIO GLOBAL INVESTORS INC
ASTM AASTROM BIOSCIENCES INC
ATNY API TECHNOLOGIES CORP
ATSG AIR TRANSPORT SERVICES GROUP
ATTU ATTUNITY LTD
AUMN GOLDEN MINERALS CO
AVHI AV HOMES INC
AXAS ABRAXAS PETROLEUM CORP
AXU ALEXCO RESOURCE CORP
BBX BBX CAPITAL CORP-A
BIOD BIODEL INC
BIOF BIOFUEL ENERGY CORP
BLMT BSB BANCORP INC/MA
BODY BODY CENTRAL CORP
BPAX BIOSANTE PHARMACEUTICALS INC
BRD BRIGUS GOLD CORP
CARB CARBONITE INC
CCRN CROSS COUNTRY HEALTHCARE INC
CECO CAREER EDUCATION CORP
CEDC CENTRAL EURO DISTRIBUTION CP
CEMI CHEMBIO DIAGNOSTICS INC
CERE CERES INC
CHTP CHELSEA THERAPEUTICS INTERNA
CNDO CORONADO BIOSCIENCES INC
CRFN CRESCENT FINANCIAL BANCSHARE
CRNT CERAGON NETWORKS LTD
CSFL CENTERSTATE BANKS INC
CWCO CONSOLIDATED WATER CO-ORD SH
DGII DIGI INTERNATIONAL INC
DM DOLAN CO/THE
EGI ENTREE GOLD INC.
EGLE EAGLE BULK SHIPPING INC
ELON ECHELON CORP
ERB ERBA DIAGNOSTICS INC
FLWS 1-800-FLOWERS.COM INC-CL A
FORM FORMFACTOR INC
FSBW FS BANCORP INC
GERN GERON CORP
GMXR GMX RESOURCES INC
GNE GENIE ENERGY LTD-B
GNK GENCO SHIPPING & TRADING LTD
GPRE GREEN PLAINS RENEWABLE ENERG
GSOL GLOBAL SOURCES LTD
GST GASTAR EXPLORATION LTD
HDY HYPERDYNAMICS CORP
HGG HHGREGG INC
HZNP HORIZON PHARMA INC
IDT IDT CORP-CLASS B
IMMU IMMUNOMEDICS INC
IMN IMATION CORP
INTX INTERSECTIONS INC
IQNT NEUTRAL TANDEM INC
JAG JAGUAR MINING INC.
JMI JAVELIN MORTGAGE INVESTMENT
JRCC JAMES RIVER COAL CO
KCAP KCAP FINANCIAL INC
KEM KEMET CORP
KERX KERYX BIOPHARMACEUTICALS
KFS KINGSWAY FINANCIAL SERVICES
KITD KIT DIGITAL INC
LLNW LIMELIGHT NETWORKS INC
LPR LONE PINE RESOURCES INC
LPTN LPATH INC-CLASS A
MCBK MADISON COUNTY FINANCIAL INC
MEET MEETME INC
MEIP MEI PHARMA INC
MXWL MAXWELL TECHNOLOGIES INC
NCQ NOVACOPPER INC
NVTL NOVATEL WIRELESS INC
NYMX NYMOX PHARMACEUTICAL CORP
OCZ OCZ TECHNOLOGY GROUP INC
ONTY ONCOTHYREON INC
OPY OPPENHEIMER HOLDINGS-CL A
OSGIQ OVERSEAS SHIPHOLDING GROUP
PACB PACIFIC BIOSCIENCES OF CALIF
PCXCQ PATRIOT COAL CORP
PLM POLYMET MINING CORP
PMFG PMFG INC
POZN POZEN INC
PRSS CAFEPRESS INC
QKLS QKL STORES INC
RBCN RUBICON TECHNOLOGY INC
REE RARE ELEMENT RESOURCES LTD
REX REX AMERICAN RESOURCES CORP
RLJE RLJ ENTERTAINMENT INC
RNDY ROUNDY'S INC
RSH RADIOSHACK CORP
SCMR SYCAMORE NETWORKS INC.
SFBC SOUND FINANCIAL BANCORP INC
SHBI SHORE BANCSHARES INC
SIGA SIGA TECHNOLOGIES INC
SIGM SIGMA DESIGNS INC
SKY SKYLINE CORP
STAA STAAR SURGICAL CO
STRI STR HOLDINGS INC
STXS STEREOTAXIS INC
SYNC SYNACOR INC
THLD THRESHOLD PHARMACEUTICALS
THM INTL TOWER HILL MINES LTD
THQI THQ INC
TNK TEEKAY TANKERS LTD-CLASS A
TNP TSAKOS ENERGY NAVIGATION LTD
TPGI THOMAS PROPERTIES GROUP
TPHS TRINITY PLACE HOLDINGS INC
TRGT TARGACEPT INC
TROV TROVAGENE INC
TSEM TOWER SEMICONDUCTOR LTD
TWIN TWIN DISC INC
UNIS UNILIFE CORP
UPIP UNWIRED PLANET INC
USMO USA MOBILITY INC
VLCCF KNIGHTSBRIDGE TANKERS LTD
VOXX VOXX INTERNATIONAL CORP
XIDE EXIDE TECHNOLOGIES
XOMA XOMA CORP
XOXO XO GROUP INC
XRA EXETER RESOURCE CORPORATION
XRTX XYRATEX LTD
YOD YOU ON DEMAND HOLDINGS INC
YORW YORK WATER CO
ZAZA ZAZA ENERGY CORP
ZLTQ ZELTIQ AESTHETICS INC

Excess Margin Securities

The term "excess margin securities" refers to margin securities carried for the account of a customer having a market value in excess of 140 percent of the total debit balance in the customer's account. These securities are in excess of the securities held in a customer's margin account that are pledged by the customer as collateral for the margin loan and can be used to support the purchase of additional securities on margin

Example:

A customer whose account equity consists solely of a cash balance of USD 10,000 on Day 1 purchases 400 shares of stock ABC at USD 50 per share on Day 2.

Account Balance Day 1 Day 2
Cash $10,000 ($10,000)
Stock $0 $20,000 
Total $10,000 $10,000 

On Day 2, the customer's excess margin securities total USD 6,000. This is calculated by subtracting 140% of the margin debit or loan balance from the market value of the stock position ($6,000 = $20,000 - {1.4 * $10,000}).

The term is relevant from a regulatory perspective as the SEC requires that U.S. broker dealers segregate and maintain in a good control location (e.g., DTC or bank) all customer securities which are deemed excess margin securities. Such securities cannot be pledged or loaned to finance the activities of the firm or other customers without specific written permission from the customer. The portion of the securities classified as margin securities ($20,000 - $6,000 or $14,000 in this example) are subject to a lien and may be pledged or loaned by the broker to others to assist in financing the loan made to the customer.

Note that securities which were excess margin at the date of acquisition may later be reclassified as margin securities based upon the customer's subsequent trade and/or margin borrowing activity. For example, if the loan value of excess margin securities is subsequently used to acquire additional securities on margin, a portion of securities will then be reclassified as margin securities and subject to a lien. If the customer subsequently deposits cash or sells securities to reduce or eliminate the margin loan, the securities will be reclassified as excess margin or fully paid and are required to be segregated.
See also "fully paid securities".

Overview of IBKR issued Share CFDs

The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.

For Information on IBKR Index CFDs click here. For Forex CFDs click here. For Precious Metals click here.

Topics covered are as follows:

I.    CFD Definition
II.   Comparison Between CFDs and Underlying Shares
III. CFD Tax and Margin Advantage
IV.  US ETFs
V.   CFD Resources
VI.  Frequently Asked Questions

Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

61% of retail investor accounts lose money when trading CFDs with IBKR.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ESMA Rules for CFDs (Retail Clients of IBKRs European entities, including so-called F segments)

The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.

The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.

The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.

Please refer to the following articles for more detail:

ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC

ESMA CFD Rules Implementation at IBIE and IBCE

I.  Overview

IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).

Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.

Our Share CFDs offer Direct Market Access (DMA). Our Share CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation. Similar to shares, your non-marketable (i.e. limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades.  This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.

To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.

We currently offer approximately 8500 Share CFDs covering the principal markets in the US, Europe and Asia. Eligible shares have minimum market capitalization of USD 500 million and median daily trading value of at least USD 600 thousand.  Please see CFD Product Listings for more detail. 

Most order types are available for CFDs, including auction orders and IBKR Algos. 

CFDs on US share can also be traded during extended exchange hours and overnight. Other CFDs are traded during regular hours.

II.   Comparison Between CFDs and Underlying Shares

Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
 
BENEFITS of IBKR CFDs DRAWBACKS of IBKR CFDs
No stamp duty or financial transaction tax (UK, France, Belgium, Spain) No ownership rights
Generally lower margin rates than shares* Complex corporate actions may not always be exactly replicable
Tax treaty rates for dividends without need for reclaim Taxation of gains may differ from shares (please consult your tax advisor)
Exemption from day trading rules  
US ETFs tradable as CFDs**  

*IB LLC and IB-UK accounts.

**EEA area clients cannot trade US ETFs directly, as they do not publish KIDs.

III. CFD Tax and Margin Advantage

Where stamp duty or financial transaction tax is applied, currently in the UK (0.5%), France (0.3%), Belgium (0.35%) and Spain (0.2%), it has a substantially detrimental impact on returns, particular in an active trading strategy. The taxes are levied on buy-trades, so each time you open a long, or close a short position, you will incur tax at the rates described above.

The amount of available leverage also significantly impacts returns. For European IBKR entities, margin requirements are risk-based for both stocks and CFDs, and therefore generally the same. IB-UK and IB LLC accounts however are subject to Reg T requirements, which limit available leverage to 2:1 for positions held overnight.

To illustrate, let's assume that you have 20,000 to invest and wish to leverage your investment fully. Let's also assume that you hold your positions overnight and that you trade in and out of positions 5 times in a month.

Let's finally assume that your strategy is successful and that you have earned a 5% return on your gross (fully leveraged) investment.

The table below shows the calculation in detail for a UK security. The calculations for France, Belgium and Spain are identical, except for the tax rates applied.

  UK CFD UK Stock UK Stock
All Entities
EU Account
IB LLC or IBUK Acct
Tax Rate 0% 0.50% 0.50%
Tax Basis N/A Buy Orders Buy Orders
# of Round trips 5 5 5
Commission rate 0.05% 0.05% 0.05%
Overnight Margin 20% 20% 50%
Financing Rate 1.508% 1.508% 1.508%
Days Held 30 30 30
Gross Rate of Return 5% 5% 5%
       
Investment 100,000 100,000 40,000
Amount Financed 100,000 80,000 20,000
Own Capital 20,000 20,000 20,000
       
Tax on Purchase 0.00 2,500.00 1,000.00
Round-trip Commissions 500.00 500.00 200.00
Financing 123.95 99.16 24.79
Total Costs 623.95 3099.16 1224.79
       
Gross Return 5,000 5,000 2,000
Return after Costs 4,376.05 1,900.84 775.21
Difference   -57% -82%

The following table summarizes the reduction in return for a stock investment, by country where tax is applied, compared to a CFD investment, given the above assumptions.

Stock Return vs cfD Tax Rate EU Account IB LLC or IBUK Acct
UK 0.50% -57% -82%
France 0.30% -34% -73%
Belgium 0.35% -39% -75%
Spain 0.20% -22% -69%

IV. US ETFs

EEA area residents who are retail investors must be provided with a key information document (KID) for all investment products. US ETF issuers do not generally provide KIDs, and US ETFs are therefore not available to EEA retail investors.

CFDs on such ETFs are permitted however, as they are derivatives for which KIDs are available.

Like for all share CFDs, the reference price for CFDs on ETFs is the exchange-quoted, SMART-routed price of the underlying ETF, ensuring economics that are identical to trading the underlying ETF.

V.   Extended and Overnight Hours

US CFDs can be traded from 04:00 to 20:00EST, and the again overnight from 20:00 to 03:30 the following day. Trades in the overnight session are attributed to the day when the session ends, even if a trade is entered before midnight the previous day. This has implications for corporate actions and financing.

Trades entered before midnight on the day  before ex-date will not have a dividend entitlement. Trades before midnight will settle as if they had been traded the following day, delaying the start of financing. 

VI.   CFD Resources

Below are some useful links with more detailed information on IBKR’s CFD offering:

CFD Contract Specifications

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Corporate Actions

The following video tutorial is also available:

How to Place a CFD Trade on the Trader Workstation

 

VII.  Frequently Asked Questions

What Stocks are available as CFDs?

Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.

 

Do you have CFDs on other asset classes?

Yes. Please see IBKR Index CFDs - Facts and Q&A, Forex CFDs - Facts and Q&A and Metals CFDs - Facts and Q&A.

 

How do you determine your Share CFD quotes?

IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.

 

Can I see my limit orders reflected on the exchange?

Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e. limit) orders have the underlying hedges directly represented on the deep books of the exchanges on which they trade. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.

 

How do you determine margins for Share CFDs?

IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%, making CFDs more margin-efficient than trading the underlying share in many cases.  Retail investors are subject to additional margin requirements mandated by the European regulators. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.

 

Are short Share CFDs subject to forced buy-in?

Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position may become subject to buy-in.

 

How do you handle dividends and corporate actions?

IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.

*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.

 

Can anyone trade IBKR CFDs?

All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.

What do I need to do to start trading CFDs with IBKR?

You need to set up trading permission for CFDs in Client Portal, and agree to the relevant disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD initial margin requirements from your main account.  

If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.

Are there any market data requirements?

The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.

How are my CFD trades and positions reflected in my statements?

If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.

If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.

Can I transfer in CFD positions from another broker?

IBKR does not facilitate the transfer of CFD positions at this time.

Are charts available for Share CFDs?

Yes.

In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.? 

All margin and cash accounts are eligible for CFD trading. 

What are the maximum a positions I can have in a specific CFD?

There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.

Can I trade CFDs over the phone?

No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.

Cash Sweeps

Background
Underlying the IB Universal account are two separate sub-accounts or segments, one for the securities positions and balances which are subject to the customer protection rules of the SEC and another for the commodities positions and balances which are subject to the customer protection rules of the CFTC. This Universal account structure is designed to minimize the administrative overhead that customers would otherwise be exposed to were they to maintain two distinct accounts (e.g., transferring of cash between accounts, login and order submission through separate accounts, multiple statements, etc.) while preserving the separation required by regulation.

These regulations further require that all securities transactions be effected and margined in the securities segment of the Universal account and commodities transactions in the commodities segment.1  While the regulations allow for the custody of fully-paid securities positions in the commodities segment as margin collateral, IB does not do so, thereby limiting their hypothecation to the more restrictive rules of the SEC. Given the regulations and policies which direct the decision to hold positions in one segment vs. the other, cash remains the only asset eligible to be transferred between the two and for which customer discretion is provided.

Outlined below is a discussion as to the cash sweep options offered, the process for selecting an option as well as selection considerations.

 
Cash Sweep Options
Customers are provided with 3 sweep options, descriptions for which are provided below:
 
 1. Do not sweep excess funds – under this election, excess cash does not move from one segment to another unless necessary to:
a. Eliminate/reduce a margin deficiency in the other segment;
 
b. Minimize a cash debit balance and therefore interest charges in a given segment.  Note that this is the default option and sole option for account holders having only one of securities or commodities trading permissions.
 
2. Sweep excess funds into my IB securities account – here, cash balances are only held in the commodities segment to the extent necessary to satisfy the current commodities margin requirement. Any cash in excess of the margin requirement, generated as a result of either an increase in cash (e.g., favorable variation and/or transaction related) or decrease in the margin requirement (e.g., changes in the SPAN risk arrays and/or transaction related) will be automatically transferred from the commodities segment to the securities segment. Note that the account holder must have permissions to trade securities in order to select this option.
 
3. Sweep excess funds into my IB commodities account – here, cash balances are only held in the securities segment to the extent that they, along with any other securities positions having loan value, are needed to satisfy the current securities margin requirement. Note that the account holder must have permissions to trade commodities in order to select this option. 
 
Other items of note:
-  As the Universal account allows for cash balances to be held in a variety of denominations, a hierarchy exists for the purpose of determining which particular currency to transfer first when long balances in multiple currencies exist. In these situations the procedure is to first transfer balances denominated in the Base Currency, then USD and then the remaining long currency balances in order of highest to lowest.
 
- To minimize the likelihood of one segment incurring a margin deficiency following the sweep of excess cash to the other, the full excess will not be transferred and a buffer equal to 5% of the maintenance margin requirement will be retained. Similarly, to minimize the operational overhead of transferring nominal balances, balances will only be transferred if, after giving effect to the 5% margin cushion, the excess, if any, is not less than 1% of account equity or $200.
 
- When performing the pre-trade credit check to determine whether an account maintains sufficient equity to support a new order, excess cash maintained in one segment will be considered for trades conducted in the other (although a sweep will not occur until the trade has executed and only if it then remains necessary for margin compliance).  Accounts which are designated as a Pattern Day Trader and which are subject pre-trade credit check that takes into account the prior as well as current day's equity should pay particular attention to the Selection Considerations section below.
 
 
Selecting a Sweep Option
If your Account Management version contains a series of menu options on the left-hand side, select the Account Administration and then Excess Funds Sweep menu options. If your version has menu options across the top, select the Manage Account/Settings and then the Configure Account/Excess Funds Sweep menu options. Regardless of your version, you will be presented with a screen which appears as follows:
 

You may then select the radio button alongside the option of your choice and select the Continue button. Your choice will take effect as of the next business day and will remain in effect until a different option has been selected. Note that subject to the trading permission settings noted above, there is no restriction upon when or how often you may change your sweep method. 

 

Selection Considerations
While the decision to elect one segment vs. the other for the purposes of maintaining excess cash may involve subjective decisions and preferences unique to each customer (e.g. customer maintains assets which are significant and concentrated in one segment vs. the other), outlined below are several factors warranting consideration:
 
1. Pattern Day Trading Equity - The securities buying power of accounts designated by regulation as Pattern Day Traders (i.e., 4 or more day trades within a 5 business day period) is limited by the lesser of the current or prior day’s closing equity in the securities segment. As such, an election to sweep excess funds to the commodities segment will prevent the inclusion of such funds in this calculation, thereby potentially limiting the capacity to enter new orders. To maximize the use of equity for purposes of entering securities orders, one would need to elect to sweep excess fund to the securities segment.  Note that an election to the securities segment will not impair the ability to enter commodities orders as the pattern day trading rules do not apply to such accounts.
 
2. Insurance – SIPC protection is afforded to assets in the securities segment and there is no commensurate insurance scheme in place for the commodities segment. That being said, balances in excess of the SIPC $250,000 cash sub-limit ($900,000 Lloyd’s cash sub-limit, where applicable) are not afforded coverage. Customers of IB Canada and IB UK are also subject coverage rules as specified by CIPF and the FSCS, respectively.
 
3. Interest Income – all other things being equal, customers are likely to receive the most optimal interest income on long cash balances that have not been partitioned between the securities and commodities segments as they are not aggregated for interest credit purposes (since they are subject to distinct segregation pools and reinvestment rules). This, along with the fact that credits require maintenance of a minimum cash balance and that higher balances are afforded preferential rates are factors to be considered when making a sweep election.2
 
Other Relevant Knowledge Base Articles:
A Comparison of U.S. Segregation Models
 
 
Footnotes:
1As OneChicago single stock futures are a hybrid product jointly regulated by the SEC and CFTC, they can be purchased and sold in either account type. IB, however, conducts such transactions in the securities segment of the Universal account as this is necessary to provide margin relief between the single stock future and any qualifying stock or option position.
 
2Consider, for example, an account which maintains a long USD balance of $9,000 in each of the securities and commodities segments. Depending upon the benchmark Fed Funds Effective rate, the account would be eligible to earn interest on $8,000 ($18,000 - $10,000) if the two balances were held in a single segment, but since balances below $10,000 in either of the two segments are not eligible for interest, could not earn anything without electing a sweep option. Similarly, one would be eligible to earn interest at a higher tier if as a result of a sweep election the account holder was then able to achieve a long USD cash balance above $100,000 in a given segment. For additional information regarding interest calculations including a link to current benchmark interest rates, refer to KB39.

 

Can I set a maximum dollar exposure for my account?

Unless an account holds solely long stock, bond, option or forex positions which have been paid for in full (i.e., no margin) and/or contains limited risk derivative positions such as option spreads, it is at risk of losing more than the original investment.

In the case of portfolios where the risk is indeterminable, there is no mechanism whereby the account holder can specify, at the portfolio level, a maximum dollar threshold of losses which, if reached, would limit their liability. IB does, however, provide a variety of tools and settings designed to assist account holders with managing and monitoring their exposure, including specialized order types, alerts and the Risk Navigator. A brief overview of each is provided below:

Order Types

Account holders may manage exposure on an individual trade level through several order types designed to limit risk. These order types include, but are not limited to: Stop, Adjustable Stop, Stop Limit, Trailing Stop and Trailing Stop Limit Orders. All of these order types allow you to specify an exit level for your individual positions based on your risk tolerance. For example, an account holder long 200 shares of hypothetical stock XYZ at an average price of $20.00 seeking to limit their loss to $500.00 could create a Stop Limit order having a Stop Price of $18.00 (the price at which a limit sell order is triggered) and a Limit Price of $17.50 (the lowest price at which the shares would be sold).  It's important to note, however, that while a Stop Limit eliminates the price risk associated with a Stop order where the execution price is not guaranteed, it exposes the account holder to the risk that the order may never be filled even if the Stop Price is reached.  For instructions on creating a Stop Limit order, click here.

 

Alerts

Alerts provide account holders the ability to specify events or conditions which, if met, trigger an action. The conditions can be based on time, trades that occur in the account, price levels, trade volume, or a margin cushion. For example, if the account holder wanted to be notified if their account was nearing a margin deficiency and forced liquidation, an alert could be set up to send an email if the margin cushion fell to some desired percentage, say 10% of equity. The action may consist of an email or text notification or the triggering of a risk reducing trade. For instructions on creating an Alert, click here.

Risk Navigator

The Risk Navigator is a real-time market risk management platform contained within the TraderWorkstation, which provides the account holder with the ability to create 'what-if' scenarios to measure exposure given user-defined changes to positions, prices, date and volatility variables which may impact their risk profile. For information on using an Risk Navigator, click here.

India Intra-Day Shorting Risk Disclosure

Interactive Brokers currently offers the ability to short sell stocks before taking delivery on an intra-day basis. In accordance with IB’s intra-day shorting rules, traders are required to deliver shares sold or close short stock positions prior to the end of the trading session. 

Should traders establish a short stock position intra-day and still hold the position ten minutes prior to the end of the trading session at 15:20 IST, Interactive Brokers may, on a best efforts basis, close the position on your behalf. If the position is not closed by the end of the day and the shares are not delivered by the customer before settlement, the loss on account of auction will be borne by the customer. Please note that prices in the auction market are highly variable and typically not favorable compared to the normal market.

It is important to note, IB will not take into consideration any closing orders for short stock positions placed by the customer which may still be working. If your account holds a short position ten minutes prior to the end of the trading session and you have placed working orders to close those positions, there is the possibility your closing order will execute and that IB will act to close out your short position.  In this situation you will be responsible for both executions and will need to manage your long position accordingly.

A fee of INR 2,000 will be charged for this manual processing in addition to any external penalties in the case of short stock positions resulting in auction trades.  As such, we strongly urge customers to monitor their positions and take appropriate action themselves in order to avoid this.

Key Margin Definitions

Overview: 

Below is a listing of some of the more commonly used margin terms:

Equity with Loan Value (ELV) – Forms the basis for determining whether a client has the necessary assets to either initiate or maintain security positions. Equals cash + stock value + bond value + mutual fund value + European and Asian options value (excludes market value U.S. securities & futures options and cash maintained in futures segment). 

 
 
Available Funds (ELV – Initial Margin) – equals Equity with Loan Value less the Initial Margin Requirement.
 
 
Excess Liquidity (ELV – Maintenance Margin) – equals Equity with Loan Value less the Maintenance Margin Requirement.
 
 
Initial Margin Requirement - The minimum portion of a new security purchase that an investor must pay for in cash. For U.S. stocks this is defined by Reg. T and is currently 50% (Reg. T Initial Margin). As IB calculates margin on a real-time basis and Reg. T is enforced at the end of the day, IB performs an initial margin requirement check at the point of trade, albeit at a rate generally less than 50% (IB Initial Margin). 
 
 
Maintenance Margin Requirement – the amount of equity which must be maintained in order to continue holding a position. In the U.S., the rules of the listing exchanges specify the maintenance margin requirements on security transactions subject to SEC approval.  The exchange maintenance margin requirement for long stock positions is currently set at 25% although brokers often establish 'house margin' requirements in excess of that, particularly where the security is considered low-priced or subject to volatile price changes.  The exchange maintenance margin requirement for short stock positions is currently set at 30%.
 
 
Net Liquidating Value (NLV) – for a securities account equals total cash value + stock value + securities options value + bond value + fund value. For a commodities account equals total cash value + commodities options value. 
 
Soft Edge Margin (SEM) – if during the trading day an account’s Equity with Loan Value is equal to at least 90% of the maintenance margin requirement, it will not be subject to liquidation until 15:45 ET for U.S. stocks (i.e., the earliest of: 15 minutes before market close, 15 minutes before end of liquidation hours or start of Reg. T enforcement time) at which time the maintenance margin requirement must be met. SEM start time for U.S. stocks is 09:30 ET and for other products the later of: the market open (latest open time if multiply listed); or start of liquidation hours.  

 

Buying Power - the maximum dollar value of securities that you can buy in your account without depositing additional equity.  For a cash account this is equal to the lesser of ELV or Previous Day ELV less the Initial Margin Requirement.  For a margin account this is equal to Available Funds * 4 (reciprocal of the 25% Maintenance Margin Rate)
 
Special Memorandum Account (SMA) – represents neither equity nor cash but rather a line of credit created when the market value of securities in a Reg. T margin account increase in value.  While an increase in market value over original cost creates SMA, a subsequent decline in market value has no effect on SMA.  SMA will only decline if used to purchase securities or withdraw cash and the only restriction with respect to its use is that the additional purchases or withdrawals do not bring the account below the maintenance margin requirement. SMA will also increase on a dollar for dollar basis in the event of cash deposits or dividends.

 

Securities Gross Position Value (GPV) – Absolute value of Long Stock Value + Short Stock Value + Long Option Value + Short Option Value + Long SSF Notional Value + Short SSF Notional Value + Fund Value.

 

Currency Conversion for Trading Products in a Non-Base Currency

How to convert a currency if you wish to trade products in a currency other than the currency your account was initially funded in

For additional information on currency conversions please refer to the Knowledge base articles:

Why Are There Two Currencies Shown When Trading Forex and How Do They Work?

What Happens if I Trade a Product Denominated in a Currency Which I Do Not Hold in My Account?

 

 

Margin oversight for U.S. listed securities & commodities products

The particular regulation which determines the minimum amount of margin collateral that each broker is required to collect from clients transacting in U.S. exchange listed products generally depends upon the following 3 factors:

1. Product Classification - the principal determinant of regulatory oversight is based upon whether the product is classified as a security or commodity. Security products, including stocks, bonds, options and mutual funds are regulated by the Securities and Exchange Commission (SEC).  Commodity products, which include futures contracts and options on futures contracts, are regulated by the Commodities Futures Trading Commission (CFTC).  Single stock futures, a special class of futures contracts, are considered a hybrid product subject to joint regulation by the SEC and CFTC.

In the case of security products, the US central bank referred to as the Federal Reserve (FRB) holds responsibility for regulating the extension of credit by brokers and dealers.  This is accomplished through Regulation T, or Reg T as it is commonly referred, which provides for establishment of a margin account and which imposes the initial margin requirement and payment rules on certain securities transactions.  For example, on stock purchases, Reg T currently requires an initial margin deposit by the client equal to of 50% of the purchase value, allowing the broker to extend credit or finance the remaining 50%.  Reg T does not establish margin requirements for securities options which fall under the jurisdiction of exchange rules (subject to SEC approval).  In addition, the FRB has excluded from Reg T the authority to establish either initial or maintenance margin requirements on securities positions held in a portfolio margining account.  here margin authority resides with the security exchanges whose rules are subject to SEC approval. 

The authority for establishing margin rates on commodity products resides with the listing exchanges, with the exception of broad based stock index futures, for which the FRB has delegated authority to the CFTC.

In the case of single stock futures, margin is set by the listing exchange and subject to SEC approval to the extent the position is carried in a securities account, and subject to an agreement that the margin be equivalent whether held in a securities or commodities account.  Margin for single stock futures are currently set at 20% of the underlying stock value.

2. Initial or Maintenance - initial margin generally refers to the amount of money or its equivalent that the customer must deposit in order to initiate the position and maintenance margin the amount of equity which must be maintained in order to continue holding the position. As noted above, Reg T controls the initial margin requirement on securities transactions.  The rules of the listing exchanges specify the maintenance margin requirements on security transactions subject to SEC approval.  The maintenance margin requirement for long stock positions is currently set at 25% although brokers often establish 'house margin' requirements in excess of that, particularly where the security is considered low-priced or subject to volatile price changes.

Commodities exchanges establish both the initial and maintenance margin requirements for products which they list (subject to provisions for broad based index futures and single stock futures as noted above).

3. Listing Exchange - as noted above, in the case of US securities products the listing exchange has the authority to establish rules for the maintenance margin requirement on positions held in a Reg T margin account and initial and maintenance margin (currently the same) for positions held in a portfolio margin account. Exchange margin rules, however, require prior SEC approval which acts to ensure that margin requirements are set  in a consistent manner across exchanges.  

Subject to the provisions noted above, commodities exchanges maintain authority to establish both initial and maintenance margin requirements.  As a general rule, US commodities exchanges employ the same risk-based margining methodology referred to as SPAN for determining the margin requirement on listed positions with each exchange specifying the relevant SPAN input factors (e.g., Price Scan Range, Volatility Scan Range, Spread Charges, Combined Commodity offsets).

Glossary terms: 
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