Margin Treatment for Foreign Stocks Carried by a U.S. Broker

As a U.S. broker-dealer registered with the Securities & Exchange Commission (SEC) for the purpose of facilitating customer securities transactions, IB LLC is subject to various regulations relating to the extension of credit and margining of those transactions. In the case of foreign equity securities (i.e., non-U.S. issuer), Reg T. allows a U.S. broker to extend margin credit to those which either appear on the Federal Reserve Board's periodically published List of Foreign Margin Stocks, or are deemed to have a have a "ready market" under SEC Rule 15c3-1 or SEC no-action letter.

Prior to November 2012, "ready market" was deemed to include equity securities of a foreign issuer that are listed on what is now known as the FTSE World Index. This definition was based upon a 1993 SEC no-action letter and was premised upon the fact that, while there may not have been a ready market for such securities within the U.S., the securities could be readily resold in the applicable foreign market.  In November of 2012, the SEC issued a follow-up no-action letter (www.sec.gov/divisions/marketreg/mr-noaction/2012/finra-112812.pdf) which expanded the population of foreign equity securities deemed to have a ready market to also include those not listed on the FTSE World Index provided that the following four conditions are met:

 

1. The security is listed on a foreign exchange located within a FTSE World Index recognized country, where the security has been trading on the exchange for at least 90 days;

2. Daily bid, ask and last quotations for the security as provided by the foreign listing exchange are made continuously available to the U.S. broker through an electronic quote system;

3. The median daily trading volume calculated over the preceding 20 business day period of the security on its listing exchange is either at least 100,000 shares or $500,000 (excluding shares purchased by the computing broker);

4. The aggregate unrestricted market capitalization in shares of the security exceed $500 million over each of the preceding 10 business days.

Note: if a security previously meeting the above conditions no longer does so, the broker is provided with a 5 business day window after which time the security will no longer be deemed readily marketable and must be treated as non-marginable.

Foreign equity securities which do not meet the above conditions, will be treated as non-marginable and will therefore have no loan value. Note that for purposes of this no-action letter foreign equity securities do not include options.

Aperçu des CFD sur actions émis par IB

L’article qui suit constitue une introduction générale aux CFD (contrat sur différence) sur actions émis par IBKR.

Pour des informations concernant les CFD sur indices IBKR, cliquez ici. Pour les CFD sur Forex, cliquez ici.

Table des matières :

I.    Définition d'un CFD
II.   Comparaison entre les CFD et les actions sous-jacentes
III.  Coûts et marge
IV.  Exemples
V.   Ressources
VI.  Foire aux questions

 

Avertissement concernant les risques

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

67% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.

Règles ESMA relatives aux CFD (Pour les clients de détail uniquement)

L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles règles relatives aux CFD qui entreront en vigueur à compter du 1er août 2018.

Les règles consistent en: 1) des limites sur les effets de levier à l'ouverture de positions de CFD; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte.

Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.

Veuillez vous référer au document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.

I.  Définition d'un CFD sur actions

Les CFD IBKR sont des contrats de gré à gré (OTC) qui offrent le rendement de l’action sous-jacente, y compris les dividendes et les opérations sur titres (en savoir plus sur les Opérations sur titres pour les CFD).

En d’autres termes, il s’agit d’un accord entre l’acheteur (vous) et IBKR visant à échanger la différence entre la valeur actuelle d’une action et sa valeur à une date ultérieure. Si vous détenez une position longue et que la différence est positive, IBKR vous paie. Si la différence est négative, vous payez IBKR.

Les CFD sur actions IBKRsont négociés sur votre compte de marge; vous pouvez donc trader aussi bien des positions longues que courtes avec effet de levier. Le prix des CFD correspond au prix coté sur la Bourse de l’action sous-jacente. Les prix des CFD IBKR sont en fait identiques aux prix "Smart-routed" pour les actions, comme vous pouvez l'observer sur la Trader Workstation. Par ailleurs, IB offre un accès direct au marché (DMA). Comme pour les actions, vos ordres non négociables (par ex. les ordres à cours limité) voient le hedge du sous-jacent directement inscrit dans la profondeur du carnet d’ordres des Bourses où il est négocié.   Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur.

Pour comparer le modèle transparent d’IBKR à d’autres modèles disponibles sur le marché, consultez notre Aperçu des modèles du marché CFD.

IBKRoffre actuellement environ 7100 CFD sur actions couvrant les marchés principaux des États-Unis, de l'Europe et d' Asie. Les constituants des indices majeurs mentionnés ci-dessous sont actuellement disponibles sous forme de CFD sur actions IBKR. Dans de nombreux pays, IBKR offre également le trading d’actions liquides de faible capitalisation. Il s’agit d’actions dont la capitalisation boursière ajustée du flottant est de 500 millions d'USD minimum pour une valeur de trading médiane journalière de 600,000 USD minimum.   Pour en savoir plus, consultez notre liste de produits CFD . D’autres pays seront bientôt ajoutés.

États-Unis S&P 500, DJA, Nasdaq 100, S&P 400 (Moy. Cap), Small cap liquides
Royaume-Uni FTSE 350 + Small cap liquides (y compris. IOB)
Allemagne Dax, MDax, TecDax + Small cap liquides
Suisse Portion suisse du STOXX Europe 600 (48 actions) + Small cap liquides
France CAC Large Caps, CAC Mid Caps + Small Cap liquides
Pays-Bas AEX, AMS Mid Cap + Small Cap liquides
Belgique BEL 20, BEL Mid Cap + Small Cap liquides
Espagne IBEX 35 + Small Cap liquides
Portugal PSI 20
Suède OMX Stockholm 30 + Small Cap liquides
Finlande OMX Helsinki 25 + Small Cap liquides
Danemark OMX Copenhagen 30 + Small Cap liquides
Norvège OBX
République Tchèque PX
Japon Nikkei 225 + Small Cap liquides
Hong Kong HSI + Small Cap liquides
Australie ASX 200 + Small Cap liquides
Singapour* STI + Small Cap liquides
Afrique du sud Top 40 + Small Cap liquides

 *non disponible pour les résidents de Singapour

II.   Comparaison entre les CFD et les actions sous-jacentes

Selon vos objectifs et votre style de trading, les CFD offrent un certain nombre d'avantages par rapport aux actions, mais également quelques inconvénients:
 
AVANTAGES des CFD IBKR INCONVÉNIENTS DES CFD IBKR
Pas de droit de timbre ou taxe sur les transactions financières (Royaume-Uni, Belgique, France) Pas de droit de propriété
En général, les commissions et taux de marge sont moins élevés que pour les actions Les opérations sur titres complexes ne peuvent pas toujours être reproduites
Taux de convention fiscale sans la nécessité de récupération L'imposition des gains peut différer des actions (veuillez consulter votre conseiller fiscal)
Exemption des règles de day trading  

III.  Coûts et marge

Les CFD IBKR peuvent être un moyen encore plus efficace de négocier sur les marchés boursiers européens plutôt que d’utiliser l’offre déjà très compétitive d'actions proposée par IB.

Tout d’abord, les CFD IBKR sont soumis à des commissions moins élevées que les actions, tout en offrant les mêmes spreads à faible financement:

EUROPE   CFD ACTION
Commission GBP 0.05% 6.00 + 0.05% GBP*
EUR 0.05% 0.10%
Financement** Benchmark +/- 1.50% 1.50%

*par ordre + 0.05% plus franchise au delà de 50,000 GBP
**Financement CFD sur valeur totale de position, financement action sur montant emprunté

Plus vous négociez et plus les commissions des CFD baissent, jusqu'à 0,02%. Pour les positions portant sur des volumes importants, les frais de financement sont réduits et peuvent être de 0.5% seulement.  Pour en savoir plus, consultez nos commissions CFD et Taux de financement CFD.

De plus, les CFD ont des exigences de marge moindre par rapport aux actions. Les clients de détail sont soumis à des exigences de marge supplémentaires comme l'impose l'ESMA, l'organisme régulateur européen. Veuillez consulter le document  Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.

  CFD ACTION
  Tous Standard Portfolio margin
Exigence de marge de maintien*

10%

25% - 50% 15%

*Marge type pour les blue-chips. Les clients de détail sont soumis à une marge initiale minimum de 20%. Marge de maintien standard intraday de 25% pour les actions, 50% overnight.  La marge de portefeuille (Portfolio Margin) indiquée est la marge de maintien (y compris overnight). Les émissions plus volatiles sont soumises à des exigences de marge plus importantes

Veuillez vous référer aux Exigences de marge pour les CFD pour plus d'informations.


IV.  Exemple (Client professionnel)

Examinons l'exemple ci-dessous. Le listing d’Unilever Amsterdam a augmenté de 3.2% au cours du dernier mois (20 jours de trading au 14 mai 2012) et vous pensez que sa performance va se maintenir. , Vous souhaitez créer une exposition de 200,000 EUR et la conserver pendant 5 jours. Vous passez 10 ordres pour développer et 10 ordres pour déboucler. Vos coûts directs seraient comme suit:

ACTION

  CFD ACTION
Position 200,000 EUR   Standard Portfolio margin
Exigence de marge 20,000 100,000 30,000
Commission (Aller Retour) 200.00 400.00 400.00
Taux d'intérêt (Simplifié) 1.50% 1.50% 1.50%
Montant financé 200,000 100,000 170,000
Jours financés  5 5 5
Dépense en intérêts (1.5% Taux simplifié) 41.67 20.83 35.42
Coût total direct (Commission + Intérêt) 241.67 420.83 435.42
Différence de coût   74% plus élevé 80% plus élevé

Remarque: les intérêts des CFD sont calculés sur la position totale tandis que les intérêts des actions sont calculés sur le montant emprunté. Les taux appliqués sont les mêmes pour les CFD et les actions. Les intérêts applicables sont les mêmes pour les actions et pour les CFD

 

Mais supposons que vous n'ayez que 20,000 EUR de disponible pour financer la marge. Si Unilever maintient le même niveau de performance qu'au cours du mois passé, votre gain potentiel serait aux alentours de:  

GAIN EFFET DE LEVIER CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement brut (5 Days) 1,600 320 1,066.66
Commission 200.00 80.00 266.67
Dépense en intérêts (1.5% Taux simplifié) 41.67 4.17 23.61
Coût total direct (Commission + Interest) 241.67 84.17 290.28
Rendement net (Rendement brut moins coût direct) 1,358.33 235.83 776.39
Montant d'investissement du rendement sur marge 0.07 0.01 0.04
Différence   83% moins Gain 43% moins Gain

 

RISQUE EFFET DE LEVIER CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement brut (5 Days) -1,600 -320 -1,066.66
Commission 200.00 80.00 266.67
Dépense en intérêts (1.5% Taux simplifié) 41.67 4.17 23.61
Coût total direct (Commission + Interest) 241.67 84.17 290.28
Rendement net (Rendement brut moins coût direct) -1,841.67 -404.17 -1,356.94
Différence   78% Moins Perte 26% Moins Perte

 

V.   Ressources CFD

Vous trouverez ci-dessous des liens utiles contenant des informations plus détaillées sur l’offre des CFD IBKR:

Spécifications du contrat CFD

Liste des produits CFD

Commissions CFD

Taux de financement CFD

Exigences de marge CFD

CFD - Opérations sur titres

Le tutoriel suivant est également disponible:

Comment passer un ordre de CFD sur la Trader Workstation

 

VI.  Foire aux questions

Quelles actions sont disponibles en tant que CFD?

Les actions de forte et moyenne capitalisation aux États-Unis, en Europe de l'ouest, dans les pays nordiques et au Japon. Les actions de faible capitalisation liquides sont également disponibles sur de nombreux marchés. Veuillez consulter la page Liste de produits CFD pour plus d'informations. D'autres pays seront ajoutés très prochainement.

 

Avez-vous des CFD pour des indices sur actions et Forex?

Oui. Veuillez consulter la page CFD sur indices IBKR - Informations et questions et CFD sur Forex - Informations et questions.

 

Comment sont déterminées les cotations des CFD sur actions?

Le prix des CFD IBKR correspond à la cotation via Smartrouting de l’action sous-jacente. IBKR n'élargit pas le spread ni ne détient de positions en votre défaveur. Pour en savoir plus, veuillez consulter l'aperçu des modèles du marché CFD.

 

Puis-je voir mes ordres à cours limité sur la Bourse?

Oui. IBKRoffre un accès direct au marché (DMA). Comme les actions, les ordres qui ne sont pas négociables (par ex. les ordres à cours limité) bénéficient de la protection du sous-jacent qui est directement inscrit sur le carnet d’ordres des bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur. De plus, vous recevrez peut-être une amélioration de prix si l'ordre d'un autre client peut être croisé au vôtre à un meilleur prix que celui disponible sur les marchés.

 

Comment déterminez-vous les marges des CFD sur actions?

IBKR établit des exigences de marge sur la base de la volatilité historique de chaque action sous-jacente. La marge minimum est de 10%  Ce taux de marge est généralement appliqué à la plupart des CFD IBKR, ce qui rend le trading de CFD plus attractif en termes de marge que le trading du sous-jacent.   Les investisseurs de détail sont soumis à des exigences de marge supplémentaires imposées par ESMA, l'organisme

régulateur européen. Veuillez consulter le document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations. Il n'y a pas de compensation de portefeuille entre des positions CFD individuelles ou entre des positions CFD et l'exposition à l’action sous-jacente. Les positions concentrées et portant sur de gros volumes peuvent être soumises à des marges supplémentaires. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.

 

Les CFD sur action courts sont-ils soumis à des rachats forcés ?

Oui. Si l’action sous-jacente devient difficile ou impossible à emprunter, le détenteur de la position sera soumis à un rachat.

 

Comment traitez-vous les dividendes et opérations sur titre?

En règle générale, IBKR reflète l'effet économique de l’opération sur titre pour les détenteurs de CFD comme s'ils détenaient les titres sous-jacent*. Les dividendes sont comptabilisés sous forme d'ajustement de liquidité, tandis que d'autres actions peuvent être comptabilisées sous forme d'ajustement de liquidité, d'ajustement de position ou une combinaison des deux. Par exemple, si les actions d'entreprise se traduisent par un changement du nombre d’actions (par ex. dans le cas de fractionnement d'actions ou fractionnement d'actions inversé), le nombre de CFD est ajusté en conséquence. Lorsque l’action devient une nouvelle entité et qu'IBKR décide de la proposer comme CFD, de nouvelles positions courtes et longues sont créées dans la quantité appropriée. Pour en savoir plus, consultez la page CFD - Opérations sur titre.

*Dans certains cas, il ne sera pas possible d'ajuster de manière exacte le CFD, comme pour une opération sur titres complexe telle qu'une fusion par exemple. Dans ce cas, IBKR pourra clôturer la position de CFD avant la date de détachement.

 

Tout le monde peut-il trader des CFD IBKR?

Tous les clients peuvent trader des CFD IBKR à l'exception des résidents des États-Unis, du Canada et de Hong Kong. Les résidents de Singapour peuvent trader des CFD IBKR à l'exception de ceux basés sur des actions cotées à Singapour. Il n'existe pas d'exemption aux exclusions sur la base de la résidence en fonction du type d'investisseur.

 

Que dois-je faire pour commencer à trader des CFD avec IBKR?

Vous devez mettre en place les autorisations de trading pour les CFD dans la Gestion de compte et accepter les déclarations adéquates. Si vous détenez un compte auprès d'IB LLC, IBKR créera un nouveau segment de compte (identifié avec votre numéro de compte existant par le suffixe “F”). Une fois le segment confirmé, vous pourrez commencer à trader. Vous n'avez pas besoin d'approvisionner le compte "F" séparément, les fonds seront automatiquement transférés en fonction des exigences de marge de votre compte principal.  

Existe t-il des conditions en termes de données de marché?

Les données de marché pour les CFD sur actions IBKR sont les mêmes que les données de marché des actions sous-jacentes. Il est par conséquent nécessaire d'obtenir les autorisations de données de marché pour les Bourses correspondantes. Si vous avez déjà mis en place des autorisations de données de marché pour une Bourse afin de pouvoir trader des actions, aucune autre action n'est requise. Si vous souhaitez trader des CFD sur une Bourse pour laquelle vous n'avez pas actuellement d'autorisation de données de marché, vous pouvez mettre en place des autorisations de trading de la même manière que si vous envisagiez de trader les actions sous-jacentes.

 

Mes transactions de CFD apparaissent-elles dans mes relevés de compte?

Si vous détenez un compte auprès d'IBLLC, vos positions de CFD sont détenues dans un segment de compte distinct identifié par le suffixe "F" et votre numéro de compte principal. Vous pouvez choisir de visualiser les relevés de compte pour ce segment "F" soit séparément, soit de manière consolidée avec votre compte principal. Vous pouvez sélectionner l'option de votre choix dans la fenêtre des relevés de la Gestion de compte. Pour les autres comptes, les CFD sont affichés normalement dans le relevé de compte comme les autres produits de trading.

 

Puis-je transférer mes positions CFD depuis un autre courtier?

IBKR ne permet pas le transfert de positions de CFD à l'heure actuelle.

 

Des graphiques sont-ils disponibles pour les CFD?

Oui.

 Quelles protections de compte s’appliquent au trading de CFD émis pas IBKR?

Les CFD sont des contrats émis par IB UK qui agit en tant que contrepartie. Ils ne sont donc pas négociés sur un marché réglementé et ne sont pas compensés par une chambre de compensation centrale. Étant donné qu’IB UK est votre contrepartie pour les CFD, vous êtes exposé à des risques financiers et commerciaux, y compris le risque de crédit associé à la réalisation de transactions avec IB Royaume-Uni. Veuillez noter cependant que tous les fonds des clients sont toujours totalement ségrégés, y compris ceux des clients institutionnels. IB UK est membre du programme UK Financial Services Compensation Scheme (FSCS). IB UK n'est pas un membre de la U.S. Securities Investor Protection Corporation (“SIPC”). Veuillez consulter la déclaration des risques liés aux CFD IB UK pour davantage d'informations sur les risques liés au trading de CFD.

 

Avec quel type de compte IBKR puis-je négocier des CFD (par ex. compte individuel, institutionnel, Amis et famille, etc.)?  

Tous les comptes de marge sont éligibles au trading de CFD. Les comptes au comptant et SIPP ne sont pas éligibles.

 

Combien de positions maximum puis-je avoir pour un CFD spécifique?

Pas de limite pré-établie. Cependant, rappelez-vous que les positions très importantes peuvent être soumises à une augmentation des exigences de marge. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.

 

Puis-je trader des CFD par téléphone?

Non. Cependant, dans certains cas exceptionnels, nous pouvons accepter de traiter des ordres de fermeture par téléphone mais jamais des ordres d'ouverture.

 

 

 

Low Capitalization Stocks

Symbol Description
CQC CUESTA COAL LTD
UNS UNILIFE CORP-CDI
GHC GENERATION HEALTHCARE REIT D
CDG CLEVELAND MINING CO LTD
THR THOR MINING PLC-CDI
CXX CRADLE RESOURCES LTD
MGN MAGELLAN PETROLEUM CORP-CDI
MXQ MAX TRUST
PXS PHARMAXIS LTD
EGG ENERO GROUP LTD
AFR AFRICAN ENERGY RESOURCES-CDI
TTI TRAFFIC TECHNOLOGIES LTD
GID GI DYNAMICS INC-CDI
MLX METALS X LTD
IRI INTEGRATED RESEARCH LIMITED
RCU REAL ESTATE CAPITAL PARTNERS
PAA PHARMAUST LTD
AVQ AXIOM MINING LTD
SUM SUMATRA COPPER & GOLD-CDI
SHC SUNSHINE HEART INC-CDI
MNZ MNEMON LTD
FRC FORTE CONSOLIDATED LTD
RVA REVA MEDICAL INC - CDI
SCD SCANTECH LIMITED
PGI PANTERRA GOLD LTD
AKP AUDIO PIXELS HOLDINGS LTD
KPR KUPANG RESOURCES LTD
WCB WARRNAMBOOL CHEESE & BUTTER
307 UP ENERGY DEVELOPMENT GROUP
8096 RUIFENG PETROLEUM CHEMICAL
3777 CHINA FIBER OPTIC NETWORK SY
396 HING LEE HK HOLDINGS LTD 
8372 RUIFENG PETROLEUM CHEMICAL
8376 GLOBAL ENERGY RESOURCES INT
702 SINO OIL AND GAS HOLDINGS LT
8286 SHANXI CHANGCHENG MICROLIG-H 
3300 CHINA GLASS HOLDINGS LTD
355 CENTURY CITY INTL  
399 UNITED GENE HIGH-TECH GROUP
STRTECH STERLITE TECHNOLOGIES LTD 
INGERRAND INGERSOLL-RAND INDIA LTD
KALPATPOW KALPATARU POWER TRANSMISSION
IBSEC INDIABULLS SECURITIES LTD
RELMEDIA RELIANCE MEDIAWORKS LTD
KENNAMET KENNAMETAL INDIA LIMITED
TBZ TRIBHOVANDAS BHIMJI ZAVERI L
MAHINDFOR MAHINDRA FORGINGS LTD
IVRCLINFR IVRCL LTD
GOLDLEG GOLDEN LEGAND LEASING & FIN
8068 RYOYO ELECTRO CORP
2749 JP-HOLDINGS INC
2169 CDS CO LTD
3278 KENEDIX RESIDENTIAL INVESTME
1934 YURTEC CORP
3433 TOCALO CO LTD
4109 STELLA CHEMIFA CORP
1720 TOKYU CONSTRUCTION CO LTD
4775 SOGO MEDICAL CO LTD
6801 TOKO INC

Low Capitalization Stocks

 

SYMBOL DESCRIPTION
AFAB.B ACANDO AB
ALPA ALPCOT AGRO AB
AOILSDBPR ALLIANCE OIL CO LTD-PREF
ARCM ARCAM AB
EOS EOS RUSSIA
GDWN GOODWIN PLC
IMS1 IMMSI SPA
KDEV KAROLINSKA DEVELOPMENT-B
MSAB.B MICRO SYSTEMATION AB-B
NETI.B NET INSIGHT AB-B
NOMI NORDIC MINES AB
PARE PA RESOURCES AB.
PGD PATAGONIA GOLD PLC
REG RARE EARTHS GLOBAL LTD
RPO RUSPETRO PLC
SHELB SHELTON PETROLEUM AB
SWOL.B SWEDOL AB-B
TAGR TRIGON AGRI A/S
VPP VALIANT PETROLEUM PLC

Low Capitalization Stocks

Overview: 

Please be advised that IB has increased the initial margin rates to 100% on low capitalization stocks (currently defined as companies with less than$250 million in market capitalization). The maintenance margin increases will occur in stages starting with an increase to 50% beginning after the EU market close on Friday, January 25th, 2013 and will be implemented as follows:

Monday January 28th, 2013: Maintenance Margin - 50%

Thursday January 31st,2013: Maintenance Margin - 75%

Tuesday February 2nd, 2013: Maintenance Margin - 100%

The list of stocks which are subject to this margin increase can be found on the following page:

Upon implementation, any of the incremental margin increases may result in a margin deficit in the account. A margin deficit implies that an account becomes subject to automated liquidation. Please carefully review the current positions within your account and adjust the portfolio accordingly.

Interactive Brokers Customer Service

 

SYMBOL DESCRIPTION
02P PEARL GOLD AG
1PL POWERLAND AG
5MC MOTRICITY INC
A2O ALTONA MINING LTD
AAH3 AHLERS AG PFD
ABL ABLON GROUP
ABO ABO INVEST AG
ACAN ACANTHE DEVELOPPEMENT SA
ACD ACENCIA DEBT STRATEGIES LTD
ADD ADLER MODEMARKTE AG
ADI AUDIKA GROUPE
AGX AGENNIX AG
AJAX AFC AJAX
ALC A123 SYSTEMS INC
ALGLD GOLD BY GOLD
ALS30 SOLUTIONS 30
AMC AMUR MINERALS CORP
AMS ADVANCED MEDICAL SOLUTIONS
APEF ABERDEEN PRIVATE EQUITY FUND
AQU GIGASET AG
ARG ARGAN
ARN ALERION CLEANPOWER
ATEB ATENOR GROUP
AV.A AVIVA PLC 8.75% PFD
BABE BLUECREST ALLBLUE FUND LTD
BBN BELLEVUE GROUP AG
BCRA BACCARAT  
BHGLE BH GLOBAL LTD-EURO SHRS
BHUE BLACKROCK HEDGE-UK EMERGING
BMP BMP PHARMA TRADING AG
BMS BRAEMAR SHIPPING SERVICES PL
BPC BAHAMAS PETROLEUM CO PLC
BWB BAADER BANK AG
CAMK CAMKIDS GROUP PLC
CAML CENTRAL ASIA METALS PLC
CARDG LIFEWATCH AG-REG
CBAV CLINICA BAVIERA SA
CEN GROUPE CRIT
CGD CEGID GROUP
CIB TECNOCOM TELECOM Y ENERGIA
CIC CONYGAR INVESTMENT CO PLC
CIRC CIRCLE HOLDINGS LTD
CLIG CITY OF LONDON INVESTMENT GR
CMBT ATEVIA AG
CN9 CIRCLE OIL PLC
CNP1 CONAFI PRESTITO SPA
CRM CARRS MILLING INDUSTRIES PL
CTH CARETECH HOLDINGS PLC
CTN CENTROTHERM PHOTOVOLTAICS AG
CU21 CERUS CORP
DECB DECEUNINCK NV
DES DESIRE PETROLEUM PLC
DEVO DEVOTEAM SA
DPT S.T. DUPONT
DTL DEXION TRADING LTD
EN6 ECHELON CORP
ETG ENVITEC BIOGAS AG
ETV CONSTANTIN MEDIEN AG
EUCA EUROMICRON AG
EXC1 EXCEET GROUP SE
F2P GLU MOBILE INC
FFY FYFFES PLC
FFY FYFFES PLC
FLO GROUPE FLO
FM FIERA MILANO SPA
FORE LA FORESTIERE EQUATORIALE
FTON FEINTOOL INTL HOLDING-REG
G6S GENCO SHIPPING & TRADING LTD
GAL1S 3W POWER SA
GBMN GOLDBACH GROUP AG
GBO GLOBO PLC
GDL GREKA DRILLING LTD-DI
GDMS GRANDS MOULINS DE STRASBOURG
GDWN GOODWIN PLC
GEM GEMFIELDS PLC
GFI GFI INFORMATIQUE
GMC GLOBAL MARKET GROUP LTD
GPX GULFSANDS PETROLEUM PLC
GUR GURIT HOLDING AG-BR
GYQ FIRST DERIVATIVES PLC
HAMO HAMON SA
HAT H&T GROUP PLC
HEAD HEAD N.V.
HIM HI-MEDIA SA
HINS HENDERSON INTERNATIONAL INCO
HNT HUNTSWORTH PLC
HUE HUEGLI HOLDING AG-BR
IBAB ION BEAM APPLICATIONS
IBG IBERPAPEL GESTION SA
ICLL INTERCELL AG
IDH IMMUNODIAGNOSTIC SYSTEMS HLD
IDIP IDI  
IFD SCHRODER REAL ESTATE INVESTM
IFL INTERNATIONAL FERRO METALS
IML AFFINE
IMMO IMMOBEL
IN0 INPHI CORP
INM INDEPENDENT NEWS & MEDIA PLC
INSD INSIDE SECURE SA
IPEL IMPELLAM GROUP PLC
ITMR ITALMOBILIARE SPA-RSP
IUR KAP-BETEILIGUNGS-AG
IX4 IRIDEX CORP
JWB JK WOHNBAU AG
KA KAS BANK NV -CVA
KARN KARDEX AG-REG
KMU KLEMURS
LAC LACIE SA
LBR CUSTODIA HOLDING AG
LD LOCINDUS
LKI SEDO HOLDING AG
LLPE LLOYDS BANKING GROUP PLC 6.475% NON-CUM
LN4 LINEDATA SERVICES
LNA LE NOBLE AGE
LSS LECTRA
M5Z MANZ AG
MBH3 MASCH BERTHOLD HERMLE AG-VOR
MEO3 METRO AG-VORZ
MF6 MAGFORCE AG
MIRL MINERA IRL LTD
MJT MAJESTIC GOLD CORP.
MKEA MAUNA KEA TECHNOLOGIES
MLD MIRLAND DEVELOPMENT CORP
MOL GRUPPO MUTUIONLINE SPA
MRB MR BRICOLAGE
MSZN COLTENE HOLDING AG-REG
MUB MUEHLBAUER HOLDING AG & CO
MYRN MYRIAD GROUP AG
NOP NORTHERN PETROLEUM PLC
OFN ORELL FUESSLI HOLDING AG-REG
ORANW ORANJEWOUD NV
ORDN ORDINA NV
OVXA OVOCA GOLD PLC
PARP GROUPE PARTOUCHE
PLAZ PLAZA CENTERS NV
PMO PRIME OFFICE REIT-AG
PNX PHOENIX IT GROUP LTD
POL POLO RESOURCES LTD
PRA PRAKTIKER AG
PRS PRELIOS SPA
PRT ESPRINET SPA
PRW PROMETHEAN WORLD PLC
PYT POLYTEC HOLDING AG
RE. R.E.A. HOLDINGS PLC
REA REALDOLMEN
RECT RECTICEL
REP REPOWER AG-PC
RM. RM PLC
RPT REGAL PETROLEUM PLC
RSAB RSA INSURANCE GROUP PLC 7 3/8% CUM IRRD PRF #1
RSL1 R STAHL AG
RWA ROBERT WALTERS PLC
SAB SABAF SPA
SBLM SABLE MINING AFRICA LTD
SEPU SEPURA LTD
SESL STORE ELECTRONIC
SEY STERLING ENERGY PLC
SFR SEVERFIELD-ROWEN PLC
SHPN SHAPE CAPITAL AG-REG
SII SOCIETE POUR L'INFORMATIQUE
SIOE SIOEN INDUSTRIES NV
SIV ST.IVES PLC
SK1 SKW STAHL-METALLURGIE HOLDIN
SMH SUESS MICROTEC AG
SNBN SCHWEIZERISCH NATIONALBA-REG
SNC3 SANACORP PHARMAHOLDING-PFD
SNG SINGULUS TECHNOLOGIES
SPI1 SPIR COMMUNICATION
STAC STANDARD CHARTERED PLC 8.25% NON-CUM PREF
STNT STENTYS
STRN STERN GROEP NV
SW1 SHW AG
SWP SWORD GROUP
TAM ETAM DEVELOPPEMENT SA
TAN TANFIELD GROUP PLC
TGH LOGWIN AG
TGT TELEGATE AG
TPET TANGIERS PETROLEUM LTD
TPL TETHYS PETROLEUM LTD
TPOE THIRD POINT OFFSHORE INVESTM
TPOG THIRD POINT OFFSHORE INVESTM
TPT TOPPS TILES PLC
TRB TRIBAL GROUP PLC
TV0 TRAVEL VIVA AG
U6Z URANIUM ENERGY CORP
UCC1 URANIUM RESOURCES INC
UPL ADVEO GROUP INTERNATIONAL SA
UTV UTV MEDIA PLC
VBK VERBIO AG
VCH CHARLES VOEGELE HOLDING A-BR
VGAS VOLGA GAS PLC
VIZ VI[Z]RT LTD
VLS VIVALIS SA
WFT WENG FINE ART AG
WIMO WITTE MOLEN NV
WMF3 WMF- WUERTTEMBERG METAL- PRF
WSU WASHTEC AG
ZAM ZAMBEEF PRODUCTS PLC

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
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OCZ OCZ TECHNOLOGY GROUP INC
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OGXI ONCOGENEX PHARMACEUTICAL INC
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OKN OAKTON LIMITED
OKSB SOUTHWEST BANCORP INC/OKLA
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OMH OM HOLDINGS LTD
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PETS PETMED EXPRESS INC
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PMFG PMFG INC
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PRGX PRGX GLOBAL INC
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RDNT RADNET INC
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SOQ SONDE RESOURCES CORP
SOQ SONDE RESOURCES CORP
SPAR SPARTAN MOTORS INC
SPI1 SPIR COMMUNICATION
SPRT SUPPORT.COM INC
SPZI MISTRAL MEDIA AG - REG
SQI1 SQLI SA-REG
SQNS SEQUANS COMMUNICATIONS-ADR
SRF SRF LIMITED
SRI STONERIDGE INC
SRQ STRAITS RESOURCES LTD
STAA STAAR SURGICAL CO
STEC STEC INC
STNT STENTYS
STP STERIHEALTH LTD
STRI STR HOLDINGS INC
STRL STERLING CONSTRUCTION CO
STRN STERN GROEP NV
STXS STEREOTAXIS INC
SUBK SUFFOLK BANCORP
SUE SULLIDEN GOLD CORP LTD
SUNS SOLAR SENIOR CAPITAL LTD
SUPN SUPERNUS PHARMACEUTICALS INC
SUPX SUPERTEX INC
SUR SURTECO SE
SVC SANDVINE CORP
SW1 SHW AG
SWD SUNWARD RESOURCES LTD
SWH SUNWAH INTERNATIONAL LTD
SWL SEYMOUR WHYTE LTD
SWOL.B SWEDOL AB-B
SWP SWORD GROUP
SWS SWS GROUP INC
SWV SOLARWORLD AG
SWY STORNOWAY DIAMOND CORP.
SYMM SYMMETRICOM INC
SYNC SYNACOR INC
T26 TSIT WING INTERNATIONAL HLDG
TAGR TRIGON AGRI A/S
TAM TANAMI GOLD NL
TAM ETAM DEVELOPPEMENT SA
TAN TANFIELD GROUP PLC
TAST CARROLS RESTAURANT GROUP INC
TCH TOUCHSTONE GOLD LTD
TELK TELIK INC
TEOT THEOLIA SA - REGR
TEU BOX SHIPS INC
TFC TFS CORPORATION LTD 
TGH LOGWIN AG
TGR TASSAL GROUP LTD
TGS TRANSPORTADOR GAS SUR-SP ADR
TGS TIGER RESOURCES LTD
TGT TELEGATE AG
TH THERATECHNOLOGIES INC
THER THERATECHNOLOGIES INC
THLD THRESHOLD PHARMACEUTICALS
THM INTL TOWER HILL MINES LTD
THOMASCOO THOMAS COOK (INDIA) LIMITED
THQIQ THQ INC
TID TUSCANY INTERNATIONAL DRILLI
TIM.SPO LOTTO24
TIMKEN TIMKEN INDIA LIMITED
TIS ORCHIDS PAPER PRODUCTS CO
TMS TMS INTERNATIONAL CORP-A
TNK TEEKAY TANKERS LTD-CLASS A
TNP TSAKOS ENERGY NAVIGATION LTD
TOWR TOWER INTERNATIONAL INC
TP2 TETHYS PETROLEUM LTD
TPET TANGIERS PETROLEUM LTD
TPH TEMPLE HOTELS INC
TPHS TRINITY PLACE HOLDINGS INC
TPL TETHYS PETROLEUM LTD
TPT TOPPS TILES PLC
TRB TRIBAL GROUP PLC
TRCFIN TRC FINANCIAL SERVICES LTD
TREE TREE.COM INC
TRGT TARGACEPT INC
TRL TRIMEL PHARMACEUTICALS CORP
TROV TROVAGENE INC
TRU TRUST CO LTD/THE
TRZ.B TRANSAT A.T. INC-B
TSEM TOWER SEMICONDUCTOR LTD
TSL TREE ISLAND STEEL LTD
TSPT TRANSCEPT PHARMACEUTICALS IN
TSRX TRIUS THERAPEUTICS INC
TTGT TECHTARGET
TULIP TULIP TELECOM LTD
TV TREVALI MINING CORP
TV0 TRAVEL VIVA AG
TVK TERRAVEST CAPITAL INC
TWIN TWIN DISC INC
TXN TEXON PETROLEUM LTD
TZZ TREZ CAPITAL MORTGAGE - CL A
U19 UNITED ENVIROTECH LTD
U6Z URANIUM ENERGY CORP
UBPS UNIVERSAL BUSINESS PAYMENT S
UCC1 URANIUM RESOURCES INC
UCTT ULTRA CLEAN HOLDINGS
UEC URANIUM ENERGY CORP
UEPS NET 1 UEPS TECHNOLOGIES INC
UEX UEX CORPORATION
UFLEX UFLEX LIMITED
UFX DOMTAR CANADA PAPER INC
UNIS UNILIFE CORP
UPIP UNWIRED PLANET INC
UPL ADVEO GROUP INTERNATIONAL SA
USMD USMD HOLDINGS INC
UTSI UTSTARCOM HOLDINGS CORP
UTV UTV MEDIA PLC
UVE UNIVERSAL INSURANCE HOLDINGS
UWE U3O8 CORP
VALU VALUE LINE INC
VARDHCH VARDHAMAN LABORATORIES LTD
VBK VERBIO AG
VCH CHARLES VOEGELE HOLDING A-BR
VCV VICOR CORP
VGAS VOLGA GAS PLC
VIC VICWEST INC
VICR VICOR CORP
VIPIND V.I.P. INDUSTRIES LTD
VIVR3 VIVER INCORPORADORA E CONSTR
VIZ VI[Z]RT LTD
VLCCF KNIGHTSBRIDGE TANKERS LTD
VLS VIVALIS SA
VLW VILLA WORLD LTD
VNDA VANDA PHARMACEUTICALS INC
VNP 5N PLUS INC
VOC VOCENTO SA
VOC VOCUS COMMUNICATIONS LTD
VOR SEQUANA - NREG
VOXX VOXX INTERNATIONAL CORP
VPG VISHAY PRECISION GROUP
VRA VRANKEN - POMMERY MONOPOLE
VSEC VSE CORP
VSTM VERASTEM INC
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.

66.3% 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 only)

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.  Share  CFD Definition

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.

IBKR Share CFDs are traded through your cash or margin account, and you can enter long as well as short leveraged positions. The price of the CFD is the exchange-quoted price of the underlying share. In fact, IBKR CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation and IBKR offers Direct Market Access (DMA). 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.

IBKR currently offers approximately 8000 Share CFDs covering the principal markets in the US, Europe and Asia. The constituents of the major indexes listed below are currently available as IBKR Share CFDs. In many countries IBKR also offers trading in liquid small cap shares. These are shares with free float adjusted market capitalization of at least USD 500 million and median daily trading value of at least USD 600 thousand.  Please see CFD Product Listings for more detail. More countries will be added in the near future.

United States S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), Liquid Small Cap
United Kingdom FTSE 350 + Liquid Small Cap (incl. IOB)
Germany Dax, MDax, TecDax + Liquid Small Cap
Switzerland Swiss portion of STOXX Europe 600 (48 shares) + Liquid Small Cap
France CAC Large Cap, CAC Mid Cap + Liquid Small Cap
Netherlands AEX, AMS Mid Cap + Liquid Small Cap
Belgium BEL 20, BEL Mid Cap + Liquid Small Cap
Spain IBEX 35 + Liquid Small Cap
Portugal PSI 20
Sweden OMX Stockholm 30 + Liquid Small Cap
Finland OMX Helsinki 25 + Liquid Small Cap
Denmark OMX Copenhagen 30 + Liquid Small Cap
Norway OBX
Czech PX
Japan Nikkei 225 + Liquid Small Cap
Hong Kong HSI + Liquid Small Cap
Australia ASX 200 + Liquid Small Cap
Singapore STI + Liquid Small Cap
South Africa Top 40 + Liquid Small Cap
Brazil Bovespa
Russia MOEX

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.   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

 

VI.  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.

 

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