Overview of Margin Methodologies
Introduction
The methodology used to calculate the margin requirement for a given position is largely determined by the following three factors:
1. The product type;
2. The rules of the exchange on which the product is listed and/or the primary regulator of the carrying broker;
3. IBKR’s “house” requirements.
While a number of methodologies exist, they tend to be categorized into one of two approaches: rules based or risk based. Rules based methods generally assume uniform margin rates across like products, offer no inter-product offsets and consider derivative instruments in a manner similar to that of their underlying. In this sense, they offer ease of computation but oftentimes make assumptions which, while simple to execute, may overstate or understate the risk of an instrument relative to its historic performance. A common example of a rules based methodology is the U.S. based Reg. T requirement.
In contrast, risk based methodologies often seek to apply margin coverage reflective of the product’s past performance, recognize some inter-product offsets and seek to model the non-linear risk of derivative products using mathematical pricing models. These methodologies, while intuitive, involve computations which may not be easily replicable by the client. Moreover, to the extent that their inputs rely upon observed market behavior, may result in requirements that are subject to rapid and sizable fluctuation. Examples of risk based methodologies include TIMS and SPAN.
Regardless of whether the methodology is rules or risk based, most brokers will apply “house” margin requirements which serve to increase the statutory, or base, requirement in targeted instances where the broker’s view of exposure is greater than that which would satisfied solely by meeting that base requirement. An overview of the most common risk and rules based methodologies is provided below.
Methodology Overview
Risk Based
a. Portfolio Margin (TIMS) – The Theoretical Intermarket Margin System, or TIMS, is a risk based methodology created by the Options Clearing Corporation (OCC) which computes the value of the portfolio given a series of hypothetical market scenarios where price changes are assumed and positions revalued. The methodology uses an option pricing model to revalue options and the OCC scenarios are augmented by a number of house scenarios which serve to capture additional risks such as extreme market moves, concentrated positions and shifts in option implied volatilities. In addition, there are certain securities (e.g., Pink Sheet, OTCBB and low cap) for which margin may not be extended. Once the projected portfolio values are determined at each scenario, the one which projects the greatest loss is the margin requirement.
Positions to which the TIMS methodology is eligible to be applied include U.S. stocks, ETFs, options, single stock futures and Non U.S. stocks and options which meet the SEC’s ready market test.
As this methodology uses a much more complex set of computations than one that is rules based, it tends to more accurately model risk and generally offers greater leverage. Given its ability to offer enhanced leverage and that the requirements fluctuate and may react quickly to changing market conditions, it is intended for sophisticated individuals and requires minimum equity of $110,000 to initiate and $100,000 to maintain. Requirements for stocks under this methodology generally range from 15% to 30% with the more favorable requirement applied to portfolios which contain a highly diversified group of stocks which have historically exhibited low volatility and which tend to employ option hedges.
b. SPAN – Standard Portfolio Analysis of Risk, or SPAN, is a risk-based margin methodology created by the Chicago Mercantile Exchange (CME) that is designed for futures and future options. Similar to TIMS, SPAN determines a margin requirement by calculating the value of the portfolio given a set of hypothetical market scenarios where underlying price changes and option implied volatilities are assumed to change. Again, IBKR will include in these assumptions house scenarios which account for extreme price moves along with the particular impact such moves may have upon deep out-of-the-money options. The scenario which projects the greatest loss becomes the margin requirement. A detailed overview of the SPAN margining system is provided in KB563.
Rules Based
a. Reg. T – The U.S. central bank, the Federal Reserve Board, holds responsibility for maintaining the stability of the financial system and containing systemic risk that may arise in financial markets. It does this, in part, by governing the amount of credit that broker dealers may extend to customers who borrow money to buy securities on margin.
This is accomplished through Regulation T, or Reg. T as it is commonly referred, which provides for establishment of a margin account and which imposes the initial margin requirement and payment rules on certain securities transactions. For example, on stock purchases, Reg. T currently requires an initial margin deposit by the client equal to 50% of the purchase value, allowing the broker to extend credit or finance the remaining 50%. For example, an account holder purchasing $1,000 worth of securities is required to deposit $500 and allowed to borrow $500 to hold those securities.
Reg. T only establishes the initial margin requirement and the maintenance requirement, the amount necessary to continue holding the position once initiated, is set by exchange rule (25% for stocks). Reg. T also does not establish margin requirements for securities options as this falls under the jurisdiction of the listing exchange’s rules which are subject to SEC approval. Options held in a Reg.T account are also subject to a rules based methodology where short positions are treated like a stock equivalent and margin relief is provided for spread transactions. Finally, positions held in a qualifying portfolio margin account are exempt from the requirements of Reg. T.
Where to Learn More
Tools provided to monitor and manage margin
How to determine if you are borrowing funds from IBKR
Why does IBKR calculate and report a margin requirement when I am not borrowing funds?
Determining Buying Power
Buying power serves as a measurement of the dollar value of securities that one may purchase in a securities account without depositing additional funds. In the case of a cash account where, by definition, securities may not be purchased using funds borrowed from the broker and must be paid for in full, buying power is equal to the amount of settled cash on hand. Here, for example, an account holding $10,000 in cash may purchase up to $10,000 in stock.
In a margin account, buying power is increased through the use of leverage provided by the broker using cash as well as the value of stocks already held in the account as collateral. The amount of leverage depends upon whether the account is approved for Reg. T margin or Portfolio Margin. Here, a Reg. T account holding $10,000 in cash may purchase and hold overnight $20,000 in securities as Reg. T imposes an initial margin requirement of 50%, which translates to buying power of 2:1 (i.e., 1/.50). Similarly, a Reg. T account holding $10,000 in cash may purchase and hold on an intra-day basis $40,000 in securities given IB’s default intra-day maintenance margin requirement of 25%, which translates to buying power of 4:1 (i.e., 1/.25).
In the case of a Portfolio Margin account, greater leverage is available although, as the name suggests, the amount is highly dependent upon the make-up of the portfolio. Here, the requirement on individual stocks (initial = maintenance) generally ranges from 15% - 30%, translating to buying power of between 6.67 – 3.33:1. As the margin rate under this methodology can change daily as it considers risk factors such as the observed volatility of each stock and concentration, portfolios comprised of low-volatility stocks and which are diversified in nature tend to receive the most favorable margin treatment (e.g., higher buying power).
In addition to the cash examples above, buying power may be provided to securities held in the margin account, with the leverage dependent upon the loan value of the securities and the amount of funds, if any, borrowed to purchase them. Take, for example, an account which holds $10,000 in securities which are fully paid (i.e., no margin loan). Using the Reg. T initial margin requirement of 50%, these securities would have a loan value of $5,000 (= $10,000 * (1 - 0.50)) which, using that same initial requirement providing buying power of 2:1, could be applied to purchase and hold overnight an additional $10,000 of securities. Similarly, an account holding $10,000 in securities and a $1,000 margin loan (i.e., net liquidating equity of $9,000), has a remaining equity loan value of $4,000 which could be applied to purchase and hold overnight an additional $8,000 of securities. The same principles would hold true in a Portfolio Margin account, albeit with a potentially different level of buying power.
Finally, while the concept of buying power applies to the purchase of assets such as stocks, bonds, funds and forex, it does not translate in the same manner to derivatives. Most securities derivatives (e.g., short options and single stock futures) are not assets but rather contingent liabilities and long options, while an asset, are short-term in nature, considered a wasting asset and therefore generally have no loan value. The margin requirement on short options, therefore, is not based upon a percentage of the option premium value, but rather determined on the underlying stock as if the option were assigned (under Reg. T) or by estimating the cost to repurchase the option given adverse market changes (under Portfolio Margining).
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.
Panoramica dei CFD su azioni emessi da IBKR
Il presente articolo mira a fornire un'introduzione generale sui CFD (contratti per differenza) su azioni emessi da IBKR.
Per ulteriori informazioni sui CFD su indici emessi da IBKR, clicchi qui. Per i CFD su forex, clicchi qui.
Gli argomenti trattati sono i seguenti:
I. Definizione di CFD
II. Confronto tra CFD e azioni sottostanti
III. Considerazioni relative ai costi e ai requisiti di margine
IV. Esempio indicativo
V. Risorse relative ai CFD
VI. Domande frequenti
Avvertenza sui rischi
I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.
Il 67% dei conti detenuti dagli investitori al dettaglio perde denaro nell'ambito delle attività di trading di CFD svolte tramite IBKR (UK).
È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.
Norme dell'ESMA relative ai CFD (solamente clienti retail)
L'Autorità europea degli strumenti finanziari e dei mercati (ESMA) ha emanato nuove norme relative ai CFD in vigore a partire dal 1 agosto 2018.
Tali norme comprendono: 1) dei limiti della leva sull'apertura di posizioni su CFD; 2) una norma sulla liquidazione del margine a seconda dello specifico conto; e 3) una tutela del saldo negativo a seconda dello specifico conto.
L'ordinanza dell'ESMA è applicabile solamente ai clienti al dettaglio (retail). I clienti professionali non ne sono soggetti.
Per maggiori dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKR.
I. Definizione di CFD su azioni
I CFD di IBKR sono contratti scambiati sui mercati OTC che generano lo stesso rendimento delle azioni sottostanti, compresi i dividendi e le operazioni societarie (clicchi qui per sapere di più sui CFD e le operazioni societarie).
In altri termini, si tratta di un accordo tra l'acquirente (lei) e IBKR per lo scambio della differenza tra il valore corrente di un'azione e il suo valore in un certo momento futuro. Qualora detenga una posizione lunga e la differenza sia positiva, riceverà una certa somma da IBKR. Qualora la differenza sia negativa, sarà lei a dover corrispondere una somma a IBKR.
I CFD su azioni di IBKR possono essere negoziati tramite i conti a margine, ed è dunque possibile aprire posizioni sia lunghe che corte basate sulla leva finanziaria. Il prezzo del CFD coincide con quello dell'azione sottostante così come quotato in borsa. Di fatto, le quotazioni dei CFD emessi da IBKR sono identiche a quelle delle azioni trasmesse tramite il sistema SmartRouting, che può osservare in Trader Workstation e in relazione alle quali IBKR offre l'accesso diretto al mercato (direct market access). Analogamente alle azioni, i propri ordini non inviabili a mercato (ovvero, ordini limite) presentano la copertura del sottostante rappresentata direttamente sulla profondità del libro ordini delle Borse valori in cui questo è negoziato. Ciò significa anche che è possibile immettere ordini per l'acquisto del CFD al prezzo denaro del sottostante e venderlo al prezzo lettera.
Per un confronto tra il trasparente modello dei CFD emessi da IBKR e altri disponibili sul mercato, consulti la nostra Panoramica dei modelli di mercato dei CFD.
Attualmente IBKR offre circa 7100 CFD su azioni, che coprono i principali mercati statunitensi, europei e asiatici. I costituenti degli indici elencati in basso sono attualmente disponibili in forma di CFD su azioni emessi da IBKR. In diversi Paesi IBKR offre inoltre la possibilità di negoziare azioni liquide a bassa capitalizzazione. Si tratta di azioni con capitalizzazione di mercato corretta per il flottante libero pari ad almeno 500 milioni di USD e con un valore di negoziazione medio giornaliero di almeno 600.000 USD. Consulti la pagina Elenco prodotti > CFD per ulteriori dettagli. Saranno presto aggiunti ulteriori Paesi.
| Stati Uniti | S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), liquide a bassa capitalizzazione |
| Regno Unito | FTSE 350 + liquide a bassa capitalizzazione (incl. IOB) |
| Germania | Dax, MDax, TecDax + liquide a bassa capitalizzazione |
| Svizzera | Porzione svizzera dello STOXX Europe 600 (48 azioni) + liquide a bassa capitalizzazione |
| Francia | CAC Large Cap, CAC Mid Cap + liquide a bassa capitalizzazione |
| Paesi Bassi | AEX, AMS Mid Cap + liquide a bassa capitalizzazione |
| Belgio | BEL 20, BEL Mid Cap + liquide a bassa capitalizzazione |
| Spagna | IBEX 35 + liquide a bassa capitalizzazione |
| Portogallo | PSI 20 |
| Svezia | OMX Stockholm 30 + liquide a bassa capitalizzazione |
| Finlandia | OMX Helsinki 25 + liquide a bassa capitalizzazione |
| Danimarca | OMX Copenhagen 30 + liquide a bassa capitalizzazione |
| Norvegia | OBX |
| Repubblica ceca | PX |
| Giappone | Nikkei 225 + liquide a bassa capitalizzazione |
| Hong Kong | HSI + liquide a bassa capitalizzazione |
| Australia | ASX 200 + liquide a bassa capitalizzazione |
| Singapore* | STI + liquide a bassa capitalizzazione |
| Sudafrica | Top 40 + liquide a bassa capitalizzazione |
*non disponibile per i residenti a Singapore
II. Confronto tra CFD e azioni sottostanti
A seconda dei propri obiettivi e del proprio stile di trading, i CFD offrono una serie di vantaggi, ma anche svantaggi, rispetto alle azioni:
| VANTAGGI DEI CFD EMESSI DA IBKR | VANTAGGI DEI CFD EMESSI DA IBKR |
|---|---|
| Nessuna imposta di bollo o imposte sulle transazioni (Regno Unito, Francia, Belgio) | Nessun diritto di proprietà |
| In genere, commissioni e tassi di margine inferiori rispetto alle azioni | Operazioni societarie complesse non sempre esattamente replicabili |
| Aliquote d'imposta per i dividendi in accordo con le convenzioni fiscali senza necessità di rivendicazione | Tassazione sulle plusvalenze potenzialmente diversa rispetto alle azioni (si prega di consultare il proprio consulente fiscale) |
| Esenzione dalle normative di day trading |
III. Considerazioni relative ai costi e al margine
I CFD di IBKR possono costituire una maniera ancora più efficace di negoziare nei mercati azionari europei rispetto alla nostra già concorrenziale offerta di azioni.
Innanzitutto, i CFD di IBKR presentano commissioni inferiori rispetto alle azioni, ma offrono gli stessi differenziali di finanziamento contenuti:
| EUROPA | CFD | AZIONE | |
|---|---|---|---|
| Commissione | GBP | 0.05% | 6.00 GBP + 0.05%* |
| EUR | 0.05% | 0.10% | |
| Finanziamento** | Benchmark +/- | 1.50% | 1.50% |
*per ordine + 0.05% eccedenti i 50,000 GBP
**finanziamento di CFD sul valore complessivo della posizione, finanziamento azionario sull'importo assunto in prestito
All'aumento dell'importo negoziato corrisponde una diminuzione delle commissioni sui CFD, pari ad appena lo 0.02%. Le posizioni di dimensioni più elevate prevedono tassi di finanziamento ridotti, pari ad appena lo 0.5%. Per maggiori dettagli, si prega di consultare le sezioni Commissioni > CFD e Tassi di finanziamento > CFD.
In secondo luogo, i CFD prevedono requisiti di margine inferiori rispetto alle azioni. I clienti retail sono soggetti a ulteriori requisiti di margine imposti dall'ESMA, l'ente di regolamentazione europeo. Per i dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKRR.
| CFD | AZIONE | ||
|---|---|---|---|
| Tutte | Standard | Margine di portafoglio | |
| Requisito di margine di mantenimento* |
10% |
25% - 50% | 15% |
*Margine tipico delle Blue Chip. I clienti retail sono soggetti a un margine iniziale minimo del 20%. Margine di mantenimento infra-giornaliero standard del 25% per le azioni, del 50% alla giornata. Il margine di portafoglio mostrato è il margine di mantenimento (compreso quello alla giornata). Le emissioni particolarmente volatili sono soggette a requisiti più elevati
Per maggiori dettagli, si prega di fare riferimento alla sezione relativa ai requisiti di margine dei CFD.
IV. Esempio indicativo (clienti professionali)
Si consideri l'esempio seguente. I titoli di Unilever quotati ad Amsterdam hanno generato un rendimento del 3.2% nel mese passato (20 giorni di trading fino al 14 maggio 2012) e si pensa che continueranno a garantire un buon rendimento. Si desidera avere un'esposizione di 200,000 EUR e mantenerla per cinque giorni. Si effettuano 10 transazioni per creare la posizione e 10 per chiuderla. I propri costi diretti sarebbero i seguenti:
AZIONE
| CFD | AZIONE | ||
|---|---|---|---|
| Posizione di 200,000 EUR | Standard | Margine di portafoglio | |
| Requisito di margine | 20,000 | 100,000 | 30,000 |
| Commissione (di ingresso e uscita) | 200.00 | 400.00 | 400.00 |
| Tasso d'interesse (semplificato) | 1.50% | 1.50% | 1.50% |
| Importo finanziato | 200,000 | 100,000 | 170,000 |
| Giorni finanziati | 5 | 5 | 5 |
| Interesse passivo (tasso semplificato del 1,5%) | 41.67 | 20.83 | 35.42 |
| Costo diretto complessivo (commissioni + interessi) | 241.67 | 420.83 | 435.42 |
| Differenza di costo | Maggiore del 74% | Maggiore del 80% | |
Nota: l'interesse passivo sui CFD è calcolato sull'intera posizione del contratto, mentre l'interesse sulle azioni è calcolato sull'importo assunto in prestito. I tassi applicabili per le azioni e i CFD sono gli stessi.
Si ipotizzi, invece, che si disponga solamente di 20,000 EUR per finanziare il margine. Se Unilever continuasse a mostrare le stesse performance del mese precedente, il proprio potenziale di profitto si rivelerebbe il seguente:
| COMPENSO A LEVA | CFD | AZIONE | |
|---|---|---|---|
| Margine disponibile | 20,000 | 20,000 | 20,000 |
| Ammontare complessivo investito | 200,000 | 40,000 | 133,333 |
| Rendimento lordo (5 giorni) | 1,600 | 320 | 1,066.66 |
| Commissione | 200.00 | 80.00 | 266.67 |
| Interesse passivo (tasso semplificato del 1,5%) | 41.67 | 4.17 | 23.61 |
| Costo diretto complessivo (commissioni + interessi) | 241.67 | 84.17 | 290.28 |
| Rendimento netto (rendimento lordo meno i costi diretti) | 1,358.33 | 235.83 | 776.39 |
| Importo della redditività dell'investimento a margine | 0.07 | 0.01 | 0.04 |
| Differenza | Plusvalenza inferiore del 83% | Plusvalenza inferiore del 43% | |
| RISCHIO DI LEVA | CFD | AZIONE | |
|---|---|---|---|
| Margine disponibile | 20,000 | 20,000 | 20,000 |
| Ammontare complessivo investito | 200,000 | 40,000 | 133,333 |
| Rendimento lordo (5 giorni) | -1,600 | -320 | -1,066.66 |
| Commissione | 200.00 | 80.00 | 266.67 |
| Interesse passivo (tasso semplificato del 1,5%) | 41.67 | 4.17 | 23.61 |
| Costo diretto complessivo (commissioni + interessi) | 241.67 | 84.17 | 290.28 |
| Rendimento netto (rendimento lordo meno i costi diretti) | -1,841.67 | -404.17 | -1,356.94 |
| Differenza | Minusvalenza inferiore del 78% | Minusvalenza inferiore del 26% | |
V. Risorse relative ai CFD
Di seguito potrà trovare alcuni link utili a informazioni più dettagliate in merito ai CFD di IBKR:
È anche disponibile il seguente video tutorial:
Come immettere transazioni di CFD in Trader Workstation
VI. Domande frequenti
Quali sono le azioni disponibili come CFD?
Azioni ad alta e media capitalizzazione negli Stati Uniti, nell'Europa occidentale, nei Paesi nordici e in Giappone. Le azioni liquide a bassa capitalizzazione sono disponibili anche in molti mercati. Per maggiori dettagli, si prega di consultare la pagina Elenco dei prodotti > CFD. Presto saranno aggiunti ulteriori Paesi.
Sono disponibili CFD su indici azionari e forex?
Sì. Consulti gli articoli CFD su indici di IBKR: informazioni, domande e risposte e CFD su forex: informazioni, domande e risposte.
Come sono stabilite le quotazioni di CFD su azioni?
Le quotazioni dei CFD emessi da IBKR sono identiche a quelle delle azioni sottostanti, trasmesse tramite SmartRouting. IB non aumenta il differenziale né detiene posizioni contro i propri clienti. Consulti l'articolo Panoramica dei modelli di mercato dei CFD per sapere di più.
È possibile visualizzare i propri ordini limite riflessi sulla Borsa valori?
Sì. IBKR offre accesso diretto al mercato (direct market access), quindi la copertura del sottostante dei propri ordini non inviabili a mercato (ovvero con limite di prezzo) è rappresentata direttamente nel "deep book" delle borse in cui è negoziata. Ciò significa anche che è possibile immettere ordini per l'acquisto del CFD al prezzo denaro del sottostante e venderlo al prezzo lettera. Inoltre, è possibile conseguire un miglioramento del prezzo nel caso in cui l'ordine di un altro cliente incroci il proprio a un prezzo migliore di quello disponibile sui mercati pubblici.
Come vengono determinati i margini dei CFD su azioni?
IBKR stabilisce inoltre requisiti relativi ai margini basati sul rischio a seconda della volatilità storica di ciascuna azione sottostante. Il margine minimo è del 10%. Il margine della maggior parte dei CFD di IBKR è calcolato secondo questo tasso; di conseguenza, nella maggior parte dei casi, in termini di margine la negoziazione dei CFD risulta più conveniente rispetto a quella delle azioni sottostanti. Gli investitori retail sono soggetti a ulteriori requisiti relativi ai margini imposti dall'ESMA, l'ente di regolamentazione
europeo. Consulti l'articolo Panoramica dell'implementazione delle norme ESMA sui CFD in IBKR per saperne di più. Non vi sono scostamenti del portafoglio tra le singole posizioni su CFD o tra CFD ed esposizioni all'azione sottostante. Le posizioni concentrate e quelle particolarmente ampie possono essere soggette a una marginazione aggiuntiva. Consulti l'articolo Requisiti di margine dei CFD per saperne di più.
I CFD su azioni short sono soggetti al riacquisto forzato?
Sì. Nell'eventualità in cui il prestito dell'azione sottostante si riveli difficile o impossibile, il titolare della posizione short sul CFD sarà tenuto al riacquisto.
Come sono gestiti i dividendi e le operazioni societarie?
In genere, IBKR fa sì che l'impatto delle operazioni societarie sui titolari di CFD siano gli stessi sperimentati dai titolari delle azioni sottostanti. I dividendi sono registrati con un adeguamento della liquidità, mentre le altre operazioni potrebbero essere registrate con una correzione della liquidità, delle posizioni o di entrambe. Per esempio, nel caso in cui l'operazione societaria dovesse comportare una modifica del numero delle azioni (es. frazionamento azionario, frazionamento inverso), il numero di CFD sarebbe corretto di conseguenza. Se il risultato dell'operazione societaria fosse una nuova entità con azioni quotate in Borsa e IBKR decidesse di offrire i relativi CFD, allora verrebbero create nuove posizioni long o short dell'importo corrispondente. Consulti la sezione Operazioni societarie su CFD per saperne di più.
*Si prega di notare che, nell'ambito delle operazioni societarie più complesse (es. alcuni tipi di fusioni), potrebbe non essere possibile adeguare correttamente i CFD. In questi casi IBKR potrebbe chiudere la posizione sul CFD prima della data di stacco cedola.
La negoziazione di CFD IBKR è consentita a tutti i clienti?
La negoziazione dei CFD di IBKR è consentita a tutti i clienti, a eccezione di quelli residenti negli Stati Uniti, in Canada e a Hong Kong. Gli utenti residenti a Singapore possono negoziare i CFD di IBKR a eccezione di quelli basati sulle azioni quotate a Singapore. Non vi sono deroghe alle esclusioni determinate dalla residenza sulla base del tipo di investitore.
Come posso iniziare a negoziare CFD con IBKR?
È necessario impostare i permessi per il trading di CFD in Gestione conto e accettare le relative informative sul trading. Se si detiene un conto presso IBLLC, IBKR provvederà a configurare un nuovo segmento del conto (identificato tramite il numero di conto già esistente più il suffisso "F"). Una volta confermata la configurazione, sarà possibile iniziare a negoziare. Il nuovo conto "F" non richiede una procedura di finanziamento separata, in quanto i fondi sono automaticamente trasferiti dal proprio conto principale per soddisfare i requisiti di margine dei CFD.
Sono previsti requisiti per i dati di mercato?
I dati di mercato per i CFD su azioni di coincidono con quelli delle azioni sottostanti. Di conseguenza, è necessario disporre dei permessi per i dati di mercato delle relative Borse valori. Se si è già provveduto a configurare i propri permessi per i dati di mercato sulle rispettive Borse valori, non occorrerà fare null'altro. Se si desidera negoziare CFD su una Borsa valori senza disporre dei relativi permessi per i dati di mercato, è possibile configurare i permessi secondo lo stesso metodo adottato per la negoziazione delle azioni sottostanti.
In che modo sono rappresentate le transazioni e le posizioni su CFD all'interno dei propri rendiconti?
Se si detiene un conto presso IBLLC, le proprie posizioni su CFD saranno detenute in un segmento del conto separato e identificato tramite il numero del proprio conto principale più il suffisso "F". È possibile scegliere di visualizzare i rendiconti di attività del segmento "F" separatamente o insieme al proprio conto principale. È possibile effettuare la scelta nella finestra del rendiconto di Gestione conto. Per tutti gli altri conti, i CFD sono mostrati nel proprio rendiconto insieme agli altri prodotti di trading.
È possibile trasferire posizioni su CFD da un altro broker?
Al momento IBKR non consente di trasferire le posizioni su CFD.
Sono disponibili grafici per i CFD su azioni?
Sì.
Quali modalità di protezione dei conti sono disponibili nell'ambito della negoziazione di CFD con IBKR?
I CFD sono contratti aventi IB UK come controparte, e non sono negoziati sulle Borse valori regolamentate, né compensati presso una stanza di compensazione centrale. Dato che IB UK è la propria controparte nelle transazioni di CFD, si è esposti ai relativi rischi finanziari e commerciali, compreso il rischio di credito associato alle negoziazioni con IB UK. Si prega di notare, tuttavia, che tutti i fondi dei clienti sono sempre interamente segregati, compresi quelli dei clienti istituzionali. IB UK è un partecipante del Financial Services Compensation Scheme ("FSCS") del Regno Unito. IB UK non fa parte della Securities Investor Protection Corporation (“SIPC”) degli Stati Uniti. Per maggiori dettagli in merito ai rischi associati alla negoziazione di CFD, si prega di fare riferimento all'Informativa sui rischi dei CFD di IB UK.
Quali tipi di conti IBKR (es. conti individuali, per consulenti, istituzionali ecc.) consentono di negoziare CFD?
Tutti i conti a margine sono adatti alla negoziazione di CFD, ma non i conti di liquidità e i conti SIPP.
Quali sono le dimensioni massime consentite per le posizioni detenute sugli specifici CFD?
Non vi sono limiti predefiniti. Tuttavia, è bene ricordare che le posizioni estremamente ampie potrebbero essere soggette a requisiti di margine maggiori. Per maggiori dettagli, si prega di fare riferimento alla sezione Requisiti di margine dei CFD.
È possibile negoziare i CFD telefonicamente?
No. In casi eccezionali potremmo acconsentire all'elaborazione telefonica degli ordini di chiusura di posizioni, ma non di quelli di apertura.
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".
