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:
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 |
| 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 |
| EQX | EQUATORIAL RESOURCES LTD |
| ERB | ERBA DIAGNOSTICS INC |
| ERII | ENERGY RECOVERY INC |
| ESBF | ESB FINANCIAL CORP |
| ESCORTS | ESCORTS LTD |
| ESSA | ESSA BANCORP INC |
| ETG | ENVITEC BIOGAS AG |
| ETM | ENTERCOM COMMUNICATIONS-CL A |
| ETRM | ENTEROMEDICS INC |
| ETV | CONSTANTIN MEDIEN AG |
| EUCA | EUROMICRON AG |
| EXAC | EXACTECH INC |
| EXC1 | EXCEET GROUP SE |
| EXF | EXFO INC |
| EXFO | EXFO INC |
| EZL | EUROZ LIMITED |
| F2P | GLU MOBILE INC |
| FALC | FALCONSTOR SOFTWARE INC |
| FARM | FARMER BROS CO |
| FAST | FASTNET OIL & GAS PLC |
| FBNC | FIRST BANCORP/NC |
| FBNK | FIRST CONNECTICUT BANCORP |
| FBRC | FBR & CO |
| FC | FRANKLIN COVEY CO |
| FC | FIRM CAPITAL MORTGAGE INVEST |
| FCEL | FUELCELL ENERGY INC |
| FCMC | CASINO MUNICIPAL DE CANNES |
| FDEF | FIRST DEFIANCE FINL CORP |
| FEL | FAIRBORNE ENERGY LTD |
| FER | CENTURY IRON MINES CORP |
| FES | FORBES ENERGY SERVICES LTD |
| FFBH | FIRST FED BNCSHS OF ARKANSAS |
| FFCH | FIRST FINANCIAL HOLDINGS INC |
| FFNW | FIRST FINANCIAL NORTHWEST |
| FFY | FYFFES PLC |
| FFY | FYFFES PLC |
| FHCO | FEMALE HEALTH COMPANY |
| FHER3 | FERTILIZANTES HERINGER LTDA |
| FINDEP | FINANCIERA INDEPENDENCIA SAB |
| FLML | FLAMEL TECHNOLOGIES-SP ADR |
| FLO | GROUPE FLO |
| FLOW | FLOW INTL CORP |
| FLWS | 1-800-FLOWERS.COM INC-CL A |
| FM | FIERA MILANO SPA |
| FNBN | FNB UNITED CORP |
| FNLC | FIRST BANCORP INC/ME |
| FOGL | FALKLAND OIL & GAS LTD |
| FOLD | AMICUS THERAPEUTICS INC |
| FORTY | FORMULA SYSTEMS 1985-SP ADR |
| FPX | FIRST POINT MINERALS CORP |
| FRF | FORTEGRA FINANCIAL CORP |
| FRIO3 | METALFRIO SOLUTIONS SA |
| FRM | FURMANITE CORP |
| FRNK | FRANKLIN FINANCIAL CORP/VA |
| FRP | FAIRPOINT COMMUNICATIONS INC |
| FRS | FRISCH'S RESTAURANTS INC |
| FSBW | FS BANCORP INC |
| FTON | FEINTOOL INTL HOLDING-REG |
| FURX | FURIEX PHARMACEUTICALS |
| FVE | FIVE STAR QUALITY CARE |
| FXCB | FOX CHASE BANCORP INC |
| FXEN | FX ENERGY INC |
| G6S | GENCO SHIPPING & TRADING LTD |
| GAGA | LE GAGA HOLDINGS LTD-ADR |
| GAIN | GLADSTONE INVESTMENT CORP |
| GAL1S | 3W POWER SA |
| GAME | SHANDA GAMES LTD-SPONS ADR |
| GASS | STEALTHGAS INC |
| GBMN | GOLDBACH GROUP AG |
| GBNK | GUARANTY BANCORP |
| GBO | GLOBO PLC |
| GCAP | GAIN CAPITAL HOLDINGS INC |
| GCL | COLABOR GROUP INC |
| GCM | GRAN COLOMBIA GOLD CORP |
| GDL | GREKA DRILLING LTD-DI |
| GDLLEAS | GDL LEASING & FINANCE LTD |
| GDWN | GOODWIN PLC |
| GEM | GEMFIELDS PLC |
| GEO | GEODRILL LTD |
| GERN | GERON CORP |
| GEVO | GEVO INC |
| GFI | GFI INFORMATIQUE |
| GFS | GASFRAC ENERGY SERVICES INC |
| GGG | GREENLAND MINERALS & ENERGY |
| GH3 | ASIA FASHION HOLDINGS LTD |
| GHM | GRAHAM CORP |
| GILT | GILAT SATELLITE NETWORKS LTD |
| GLAD | GLADSTONE CAPITAL CORP |
| GLCH | GLEACHER & CO INC |
| GLUU | GLU MOBILE INC |
| GLV.A | GLV INC-A |
| GMXR | GMX RESOURCES INC |
| GNE | GENIE ENERGY LTD-B |
| GNG | GR ENGINEERING SERVICES LTD |
| GNK | GENCO SHIPPING & TRADING LTD |
| GOG | AFRIKA GOLD AG |
| GPL | GREAT PANTHER SILVER LTD |
| GPR | GREAT PANTHER SILVER LTD |
| GPRE | GREEN PLAINS RENEWABLE ENERG |
| GPX | GULFSANDS PETROLEUM PLC |
| GRIF | GRIFFIN LAND & NURSERIES |
| GRY | GRYPHON MINERALS LTD |
| GSE | GSE HOLDING INC |
| GSL | GLOBAL SHIP LEASE INC-CL A |
| GSOL | GLOBAL SOURCES LTD |
| GST | GASTAR EXPLORATION LTD |
| GSVC | GSV CAPITAL CORP |
| GTLINFRA | GTL INFRASTRUCTURE LTD |
| GUR | GURIT HOLDING AG-BR |
| GVC | GLACIER MEDIA INC |
| GXY | GALAXY RESOURCES LTD |
| H64 | HTL INTERNATIONAL HLDGS LTD |
| HALL | HALLMARK FINL SERVICES INC |
| HAMO | HAMON SA |
| HAT | H&T GROUP PLC |
| HBOS | HERITAGE FINANCIAL GROUP INC |
| HCC | HINDUSTAN CONSTRUCTION CO |
| HCKT | HACKETT GROUP INC/THE |
| HCOM | HAWAIIAN TELCOM HOLDCO INC |
| HDNG | HARDINGE INC |
| HDY | HYPERDYNAMICS CORP |
| HEAD | HEAD N.V. |
| HG1 | HOMAG GROUP AG |
| HGG | HHGREGG INC |
| HGS | HINDUJA GLOBAL SOLUTIONS LTD |
| HIL | HILL INTERNATIONAL INC |
| HIL | HILLS HOLDINGS LTD |
| HIM | HI-MEDIA SA |
| HLC | HOLLOWAY LODGING CORP |
| HM5 | CAPE LAMBERT RESOURCES LTD |
| HNH | HANDY & HARMAN LTD |
| HNRG | HALLADOR ENERGY CO |
| HNSN | HANSEN MEDICAL INC |
| HNT | HUNTINGDON CAPITAL CORP |
| HNT | HUNTSWORTH PLC |
| HOFT | HOOKER FURNITURE CORP |
| HOME | HOME FEDERAL BANCORP INC/ID |
| HRZN | HORIZON TECHNOLOGY FINANCE C |
| HSD | HANSARD GLOBAL PLC |
| HSN | HANSEN TECHNOLOGIES LIMITED |
| HSON | HUDSON GLOBAL INC |
| HTBK | HERITAGE COMMERCE CORP |
| HTCO | HICKORYTECH CORP |
| HUE | HUEGLI HOLDING AG-BR |
| HURC | HURCO COMPANIES INC |
| HWCC | HOUSTON WIRE & CABLE CO |
| HZNP | HORIZON PHARMA INC |
| HZO | MARINEMAX INC |
| IAU | INTREPID MINES LTD |
| IBAB | ION BEAM APPLICATIONS |
| IBG | IBI GROUP INC |
| IBG | IBERPAPEL GESTION SA |
| ICLL | INTERCELL AG |
| ICP | IC POTASH CORP |
| IDH | IMMUNODIAGNOSTIC SYSTEMS HLD |
| IDI | TIGER MEDIA INC |
| IDIP | IDI |
| IDT | IDT CORP-CLASS B |
| IE | IVANHOE ENERGY INC |
| IFD | SCHRODER REAL ESTATE INVESTM |
| IFL | INTERNATIONAL FERRO METALS |
| IHC | INDEPENDENCE HOLDING CO |
| IIIN | INSTEEL INDUSTRIES INC |
| IMKTA | INGLES MARKETS INC-CLASS A |
| IMMO | IMMOBEL |
| IMMR | IMMERSION CORP |
| IMMU | IMMUNOMEDICS INC |
| IMN | IMATION CORP |
| IMRS | IMRIS INC. |
| IMS1 | IMMSI SPA |
| INM | INDEPENDENT NEWS & MEDIA PLC |
| INOD | INNODATA INC |
| INSD | INSIDE SECURE SA |
| INTX | INTERSECTIONS INC |
| IOH | IRON ORE HOLDINGS LTD |
| IPAS | IPASS INC |
| IPEL | IMPELLAM GROUP PLC |
| IQNT | NEUTRAL TANDEM INC |
| ISH | INTL SHIPHOLDING CORP |
| ISLE | ISLE OF CAPRI CASINOS |
| ISS | ISOFTSTONE HOLDINGS LTD-ADS |
| ITH | INTL TOWER HILL MINES LTD |
| IUR | KAP-BETEILIGUNGS-AG |
| IVAC | INTEVAC INC |
| IXR | IMX RESOURCES LTD |
| JAG | JAGUAR MINING INC. |
| JAG | JAGUAR MINING INC. |
| JBOG | JACQUES BOGART |
| JEC | JURA ENERGY CORP |
| JINDALPOL | JINDAL POLY FILMS LTD |
| JKX | JKX OIL & GAS PLC |
| JMBA | JAMBA INC |
| JMI | JAVELIN MORTGAGE INVESTMENT |
| JMP | JMP GROUP INC |
| JMS | JUPITER MINES LTD |
| JOPA3 | JOAQUIM OLIVEIRA S.A.-PARTIC |
| JPEZ | JP MORGAN PRIVATE EQUITY LTD |
| JPTRLES | JUPITER INDUSTRIES & LEASING |
| JRCC | JAMES RIVER COAL CO |
| JRN | JOURNAL COMMUNICATIONS INC-A |
| JWB | JK WOHNBAU AG |
| KANSHST | KANISHK STEEL INDUSTRIES |
| KARN | KARDEX AG-REG |
| KBL | K-BRO LINEN INC |
| KDEV | KAROLINSKA DEVELOPMENT-B |
| KEM | KEMET CORP |
| KERX | KERYX BIOPHARMACEUTICALS |
| KFA | KINGFISHER AIRLINES LTD |
| KFS | KINGSWAY FINANCIAL SERVICES |
| KFS | KINGSWAY FINANCIAL SERVICES |
| KGL | KARUTURI GLOBAL LTD |
| KIRK | KIRKLAND'S INC |
| KITD | KIT DIGITAL INC |
| KMC | KALGOORLIE MINING CO LTD |
| KOPN | KOPIN CORP |
| KPT | KP TISSUE INC |
| KRE | K.R. ENERGY SPA |
| KRL | KANGAROO RESOURCES LTD |
| KRN | KARNALYTE RESOURCES INC |
| KSC | K & S CORPORATION LIMITED |
| KT9 | QINGMEI GROUP HOLDINGS LTD |
| KVHI | KVH INDUSTRIES INC |
| L03 | LIAN BENG GROUP LTD |
| LAC | LACIE SA |
| LADIAMO | LASER DIAMONDS LIMITED |
| LBR | CUSTODIA HOLDING AG |
| LCI | LANNETT CO INC |
| LCUT | LIFETIME BRANDS INC |
| LD | LOCINDUS |
| LEDR | MARKET LEADER INC |
| LII | LOGAN INTERNATIONAL INC |
| LINC | LINCOLN EDUCATIONAL SERVICES |
| LKI | SEDO HOLDING AG |
| LLNW | LIMELIGHT NETWORKS INC |
| LMI | LION E-MOBILITY AG |
| LMIA | LMI AEROSPACE INC |
| LMNR | LIMONEIRA CO |
| LMOS | LUMOS NETWORKS CORP |
| LN4 | LINEDATA SERVICES |
| LNA | LE NOBLE AGE |
| LOY | LONRHO PLC |
| LPR | LONE PINE RESOURCES INC |
| LPR | LONE PINE RESOURCES INC |
| LPTN | LPATH INC-CLASS A |
| LR1 | LANDI RENZO SPA |
| LSA | LACHLAN STAR LTD |
| LSL | LIBERTY SILVER CORP |
| LSN | LAWSON GOLD LTD |
| LSS | LECTRA |
| LUB | LUBY'S INC |
| LUC | LUCARA DIAMOND CORP |
| LUPA3 | LUPATECH SA |
| LVNTB | LIBERTY VENTURES - SER B |
| LWAY | LIFEWAY FOODS INC |
| LYTS | LSI INDUSTRIES INC |
| M5Z | MANZ AG |
| M6C1 | TAGLIKEME CORP |
| MAQ | MACQUARIE TELECOM GROUP LTD |
| MAR | MARRET RESOURCE CORP |
| MATR | MATTERSIGHT CORP |
| MAX | MIDAS GOLD CORP |
| MAXY | MAXYGEN INC |
| MAYG | MAY GURNEY INTEGRATED SERVIC |
| MBO | MOBILARM LTD |
| MBQ | MOBOTIX AG |
| MBVT | MERCHANTS BANCSHARES INC |
| MCBI | METROCORP BANCSHARES INC |
| MCBK | MADISON COUNTY FINANCIAL INC |
| MCE | MATRIX COMPOSITES & ENG |
| MCRI | MONARCH CASINO & RESORT INC |
| MDG | MEDICAGO INC |
| MEA | METALICO INC |
| MEC | MECOM GROUP PLC |
| MEDI | MEDICLIN AG |
| MEET | MEETME INC |
| MEIL | METHES ENERGIES INTERNATIONA |
| MEIP | MEI PHARMA INC |
| METR | METRO BANCORP INC |
| MF6 | MAGFORCE AG |
| MFC | MAISONS FRANCE CONFORT |
| MHGC | MORGANS HOTEL GROUP CO |
| MHI | MERCHANT HOUSE INTERNATIONAL LIMITED |
| MILL | MILLER ENERGY RESOURCES INC |
| MIND | MITCHAM INDUSTRIES INC |
| MIRL | MINERA IRL LTD |
| MITL | MITEL NETWORKS CORP |
| MJT | MAJESTIC GOLD CORP. |
| MKEA | MAUNA KEA TECHNOLOGIES |
| ML | MERCATOR MINERALS LTD. |
| MLD | MIRLAND DEVELOPMENT CORP |
| MLNK | MODUSLINK GLOBAL SOLUTIONS I |
| MLR | MILLER INDUSTRIES INC/TENN |
| MMC | MANAGEMENT CONSULTING GROUP |
| MNC | METMINCO LTD |
| MNDL3 | MUNDIAL SA PROD DE CONSUMO |
| MNI | MCCLATCHY CO-CLASS A |
| MNTG | MTR GAMING GROUP INC |
| MNW | MITEL NETWORKS CORP |
| MOL | GRUPPO MUTUIONLINE SPA |
| MONSANTO | MONSANTO INDIA LIMITED |
| MOSY | MOSYS INC |
| MPR | MET-PRO CORP |
| MPX | MARINE PRODUCTS CORP |
| MRB | MR BRICOLAGE |
| MRGE | MERGE HEALTHCARE INC |
| MRN | MARENGO MINING CANADA LTD |
| MSAB.B | MICRO SYSTEMATION AB-B |
| MSO | MARTHA STEWART LIVING-A |
| MSZN | COLTENE HOLDING AG-REG |
| MT1 | DRAGON GROUP INTERNATIONAL L |
| MTEC | MAIRE TECNIMONT SPA |
| MTSN | MATTSON TECHNOLOGY INC |
| MUB | MUEHLBAUER HOLDING AG & CO |
| MWE | MAWSON WEST LIMITED |
| MXG | MAXIM POWER CORP. |
| MXT | MAXCOM TELECOMUNICACIONE-ADR |
| MXWL | MAXWELL TECHNOLOGIES INC |
| MYE | MASTERMYNE GROUP LTD |
| MYRN | MYRIAD GROUP AG |
| NASB | NASB FINANCIAL INC |
| NATR | NATURES SUNSHINE PRODS INC |
| NAUH | NATIONAL AMERICAN UNIVERSITY |
| NCC.A | NEWFOUNDLAND CAP CRP LTD-A |
| NCQ | NOVACOPPER INC |
| NCQ | NOVACOPPER INC |
| NCR | NUCOAL RESOURCES LTD |
| NEN | NEON ENERGY LTD |
| NEON | NEONODE INC |
| NETI.B | NET INSIGHT AB-B |
| NGPC | NGP CAPITAL RESOURCES CO |
| NGS | NATURAL GAS SERVICES GROUP |
| NI3 | UE E&C LTD |
| NKSH | NATIONAL BANKSHARES INC/VA |
| NLNK | NEWLINK GENETICS CORP |
| NMC | NEWMONT MINING CORP OF CD-EX |
| NNA | NAVIOS MARITIME ACQUISITION |
| NNBR | NN INC |
| NOMI | NORDIC MINES AB |
| NOP | NORTHERN PETROLEUM PLC |
| NOUVEAU | NOUVEAU GLOBAL VENTURES LTD |
| NPK | VERDE POTASH PLC |
| NPTN | NEOPHOTONICS CORP |
| NSE | NEW STANDARD ENERGY LTD |
| NT1 | HOTUNG INVESTMENT HOLDINGS |
| NTB | NEPTUNE TECH & BIORESSOURCES |
| NTRI | NUTRI/SYSTEM INC |
| NTZ | NATUZZI SPA-SP ADR |
| NUS | NAUTILUS MINERALS INC |
| NUTR3M | NUTRIPLANT INDUSTRIA E COMER |
| NVGN | NOVOGEN LIMITED-SPONS ADR |
| NVTL | NOVATEL WIRELESS INC |
| NWBO | NORTHWEST BIOTHERAPEUTICS |
| NWPX | NORTHWEST PIPE CO |
| NWY | NEW YORK & CO |
| NXS | NEXUS ENERGY LIMITED |
| NYMX | NYMOX PHARMACEUTICAL CORP |
| OBT | ORBITAL CORP LTD-SPON ADR |
| OCFC | OCEANFIRST FINANCIAL CORP |
| OCLR | OCLARO INC. |
| OCZ | OCZ TECHNOLOGY GROUP INC |
| OER | OANDO ENERGY RESOURCES INC |
| OFN | ORELL FUESSLI HOLDING AG-REG |
| OFS | OFS CAPITAL CORP |
| OGXI | ONCOGENEX PHARMACEUTICAL INC |
| OIIM | O2MICRO INTERNATIONAL-ADR |
| OKN | OAKTON LIMITED |
| OKSB | SOUTHWEST BANCORP INC/OKLA |
| OME | OMEGA PROTEIN CORP |
| OMER | OMEROS CORP |
| OMEX | ODYSSEY MARINE EXPLORATION |
| OMH | OM HOLDINGS LTD |
| OMPI | OBAGI MEDICAL PRODUCTS INC |
| ONTY | ONCOTHYREON INC |
| OPY | OPPENHEIMER HOLDINGS-CL A |
| ORANW | ORANJEWOUD NV |
| ORBC | ORBCOMM INC |
| ORCHIDCHE | ORCHID CHEMICALS & PHARMA |
| ORDN | ORDINA NV |
| ORE | OREZONE GOLD CORP |
| ORL | OROCOBRE LTD |
| ORN | ORION MARINE GROUP INC |
| OSGIQ | OVERSEAS SHIPHOLDING GROUP |
| OUTD | OUTDOOR CHANNEL HOLDINGS INC |
| OVXA | OVOCA GOLD PLC |
| PACB | PACIFIC BIOSCIENCES OF CALIF |
| PACR | PACER INTERNATIONAL INC |
| PAM | PAMPA ENERGIA SA-SPON ADR |
| PAN | PANORAMIC RESOURCES LTD |
| PANKAJPOL | PANKAJ POLYPACK LTD |
| PARE | PA RESOURCES AB. |
| PARP | GROUPE PARTOUCHE |
| PBCP | POLONIA BANCORP INC |
| PBG | PETROBANK ENERGY & RESOURCES |
| PBMD | PRIMA BIOMED LTD-SP ADR |
| PCBK | PACIFIC CONTINENTAL CORP |
| PCE | PACE OIL AND GAS LTD |
| PCL | PANCONTINENTAL OIL & GAS NL |
| PCOM | POINTS INTERNATIONAL LTD |
| PCTI | PC-TEL INC |
| PCXCQ | PATRIOT COAL CORP |
| PDZ | PRAIRIE DOWNS METALS LTD |
| PEA | PACIFIC ENERGY LTD |
| PEBO | PEOPLES BANCORP INC |
| PENX | PENFORD CORP |
| PEOP | PEOPLES FEDERAL BANCSHARES I |
| PETS | PETMED EXPRESS INC |
| PFBC | PREFERRED BANK/LOS ANGELES |
| PFRM3 | PROFARMA DISTRIBUIDORA |
| PGC | PEAPACK GLADSTONE FINL CORP |
| PGNX | PROGENICS PHARMACEUTICALS |
| PGTI | PGT INC |
| PHA | PHARMAGEST INTERACTIVE |
| PHX | PANHANDLE OIL AND GAS INC-A |
| PIG | HAULOTTE GROUP |
| PLAZ | PLAZA CENTERS NV |
| PLM | POLYMET MINING CORP |
| PLXT | PLX TECHNOLOGY INC |
| PMFG | PMFG INC |
| PMP | PMP LIMITED |
| PMT | PERPETUAL ENERGY INC |
| PMTI | PALOMAR MEDICAL TECHNOLOGIES |
| PNL | PARINGA RESOURCES LTD |
| PNP | PINETREE CAPITAL LTD |
| PNX | PHOENIX IT GROUP LTD |
| POH | PHOSPHAGENICS LTD |
| POL | POLO RESOURCES LTD |
| POL | POLO RESOURCES LTD |
| POM | POLYMET MINING CORP |
| POSI3 | POSITIVO INFORMATICA SA |
| POZN | POZEN INC |
| PRA | PRAKTIKER AG |
| PRAJIND | PRAJ INDUSTRIES LIMITED |
| PRG | PROGRAMMED MAINTENANCE SERV |
| PRGX | PRGX GLOBAL INC |
| PRI | PRIMARY ENERGY RECYCLING COR |
| PRIS | PROMOTORA DE INFORMA ADR |
| PRIS B | PROMOTORA DE INFO-B-ADR |
| PRK | POTASH RIDGE CORP |
| PRKR | PARKERVISION INC |
| PRS | PRELIOS SPA |
| PRS | PROMOTORA DE INFORMACIONES-A |
| PRS.P | PROMOTORA DE INFORMACIONES-B |
| PRSC | PROVIDENCE SERVICE CORP |
| PRSS | CAFEPRESS INC |
| PRT | ESPRINET SPA |
| PRTA | PROTHENA CORP PLC |
| PRTS | US AUTO PARTS NETWORK INC |
| PRW | PROMETHEAN WORLD PLC |
| PRXI | PREMIER EXHIBITIONS INC |
| PSEM | PERICOM SEMICONDUCTOR CORP |
| PSN | POSEIDON CONCEPTS CORP |
| PSTB | PARK STERLING CORP |
| PTGI | PRIMUS TELECOMMUNICATIONS GR |
| PTIE | PAIN THERAPEUTICS INC |
| PTS | POINTS INTERNATIONAL LTD |
| PTX | PERNIX THERAPEUTICS HOLDINGS |
| PUR | PURE TECHNOLOGIES LTD. |
| PYT | POLYTEC HOLDING AG |
| PZA | PIZZA PIZZA ROYALTY CORP |
| QADA | QAD INC-A |
| QEC | QUESTERRE ENERGY CORP - A |
| QKLS | QKL STORES INC |
| QMX | QMX GOLD CORP |
| QRM | QUEST RARE MINERALS LTD |
| QRM | QUEST RARE MINERALS LTD |
| QRX | QRXPHARMA LTD |
| R0E | RUSSIAN REAL ESTATE INVESTME |
| R8R | ROTH & RAU AG |
| RBCN | RUBICON TECHNOLOGY INC |
| RC | GRUPO RADIO CENTRO SAB-SP AD |
| RDF | REDFLEX HOLDINGS LIMITED |
| RDI | READING INTERNATIONAL INC-A |
| RDL | REDLINE COMMUNICATIONS GROUP |
| RDNT | RADNET INC |
| REA | REALDOLMEN |
| RECT | RECTICEL |
| REDF | REDIFF.COM INDIA LIMITED-ADR |
| REE | RARE ELEMENT RESOURCES LTD |
| RENT | RENTRAK CORP |
| REP | REPOWER AG-PC |
| RES | RARE ELEMENT RESOURCES LTD |
| RESI | ALTISOURCE RESIDENTI-CL B- |
| RET | REITMANS (CANADA) LTD |
| REX | REX AMERICAN RESOURCES CORP |
| REXI | RESOURCE AMERICA INC-CL A |
| RGEN | REPLIGEN CORP |
| RGLS | REGULUS THERAPEUTICS INC |
| RIA | RIALTO ENERGY LTD |
| RIA | RIALTO ENERGY LTD |
| RLC | REGAL LIFESTYLE COMMUNITIES |
| RLH | RED LION HOTELS CORP |
| RLJE | RLJ ENTERTAINMENT INC |
| RM | REGIONAL MANAGEMENT CORP |
| RM. | RM PLC |
| RMTI | ROCKWELL MEDICAL INC |
| RNDY | ROUNDY'S INC |
| ROCM | ROCHESTER MEDICAL CORP |
| ROMI3 | INDUSTRIAS ROMI SA |
| ROU | ROULARTA MEDIA GROUP NV |
| RPMG3 | REFINARIA DE PETROLEOS MANGU |
| RPT | REGAL PETROLEUM PLC |
| RRL | RANGE RESOURCES LIMITED |
| RSH | RADIOSHACK CORP |
| RSL1 | R STAHL AG |
| RSTA | RIB SOFTWARE AG |
| RSYS | RADISYS CORP |
| RTIX | RTI BIOLOGICS INC |
| RVM | REVETT MINERALS INC |
| RVM | REVETT MINERALS INC |
| RXM | REX MINERALS LTD |
| SAB | SABAF SPA |
| SAMS | SAMSE SA |
| SAR | SARACEN MINERAL HOLDINGS LIMITED |
| SAS | ST ANDREW GOLDFIELDS LTD |
| SBCF | SEACOAST BANKING CORP FL |
| SBLM | SABLE MINING AFRICA LTD |
| SBX | SEABRIGHT HOLDINGS INC |
| SCM | STELLUS CAPITAL INVESTMENT C |
| SCMP | SUCAMPO PHARMACEUTICALS-CL A |
| SCMR | SYCAMORE NETWORKS INC. |
| SCS | SECOND WAVE PETROLEUM INC |
| SDG | SUNLAND GROUP LIMITED |
| SDG | SYNERGIE SA |
| SDY | STRAD ENERGY SERVICES LTD |
| SEPU | SEPURA LTD |
| SESL | STORE ELECTRONIC |
| SEY | STERLING ENERGY PLC |
| SFBC | SOUND FINANCIAL BANCORP INC |
| SFR | SEVERFIELD-ROWEN PLC |
| SGA | SAGA COMMUNICATIONS INC-CL A |
| SHBI | SHORE BANCSHARES INC |
| SHELB | SHELTON PETROLEUM AB |
| SIFI | SI FINANCIAL GROUP INC |
| SIGA | SIGA TECHNOLOGIES INC |
| SIGM | SIGMA DESIGNS INC |
| SII | SOCIETE POUR L'INFORMATIQUE |
| SIL | SPROTT RESOURCE LENDING CORP |
| SILU | SPROTT RESOURCE LENDING CORP |
| SIM | SIROCCO MINING INC |
| SIOE | SIOEN INDUSTRIES NV |
| SIV | ST.IVES PLC |
| SK1 | SKW STAHL-METALLURGIE HOLDIN |
| SKH | SKILLED HEALTHCARE GROU-CL A |
| SKUL | SKULLCANDY INC |
| SKUMARSYN | S. KUMARS NATIONWIDE LTD |
| SKY | SKYLINE CORP |
| SLE | SAN LEON ENERGY PLC |
| SMH | SUESS MICROTEC AG |
| SMPL | SIMPLICITY BANCORP INC |
| SMT | SMART TECHNOLOGIES INC - A |
| SMWN | SM WIRTSCHAFTSBERATUNG AG |
| SNAK | INVENTURE FOODS INC |
| SNBN | SCHWEIZERISCH NATIONALBA-REG |
| SNG | SINGULUS TECHNOLOGIES |
| SNMX | SENOMYX INC |
| SNSS | SUNESIS PHARMACEUTICALS INC |
| SO | SOFTCHOICE CORP |
| 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.
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:
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
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.
