Concentrated Positions in Low Cap Stocks

The margin requirement for accounts holding concentrated positions in low cap stocks is as follows:

  • An alternative stress test will be considered following the margin calculation currently in place. Here, each stock and its derivatives will be subject to a stress test which simulates a price change reflective of a $500 million decrease in capitalization (e.g., 25% in the case of a stock with a market capitalization of $2 billion; 30% for a stock with a market capitalization of $1.5 billion; etc.). Stocks with a market capitalization of $500 million or below will be subject to a stress test as if the price has fallen to $0.
  • For the stock which projects the greatest loss assuming a $500 million decrease in capitalization, that loss will be compared to the initial margin as determined under the preceding calculation for the aggregate portfolio and, if greater, will become the initial margin requirement.
  • If the initial margin requirement is increased, the maintenance margin for that same stock and its derivatives will increase to approximately 90% of the initial requirement for the aggregate portfolio.

Overview of ESMA CFD Rules Implementation at IBKR - Retail Investors Only


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

69% of retail investor accounts lose money when trading CFDs with IBKR (UK).

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


The European Securities and Markets Authority (ESMA) enacted new rules applicable to retail clients trading CFDs, effective 1st August 2018. Professional clients are unaffected.

The rules consist of: 1) leverage limits; 2) a margin close out rule on a per account basis; 3) negative balance protection on a per account basis; 4) a restriction on the incentives offered to trade CFDs; and 5) a standardized risk warning.

Most clients (excepting regulated entities) are initially categorised as Retail Clients. IBKR may in certain circumstances agree to reclassify a Retail Client as a Professional Client, or a Professional Client as a Retail Client. Please see MiFID Categorisation for further detail.

The following sections detail how IBKR (UK) has implemented the ESMA Decision.

1 Leverage Limits

1.1 ESMA Margins
Leverage limits were set by ESMA at different levels depending on the underlying:

  • 3.33% for major currency pairs; Major currency pairs are any combination of USD; CAD; EUR; GBP; CHF; JPY
  • 5% for non-major currency pairs and major indices;
    • Non-major currency pairs are any combination that includes a currency not listed above, e.g. USD.CNH
    • Major indices are IBUS500; IBUS30; IBUST100; IBGB100; IBDE30; IBEU50; IBFR40; IBJP225; IBAU200
  • 10% for non-major equity indices; IBES35; IBCH20; IBNL25; IBHK50
  • 20% for individual equities

 1.2 Applied Margins - Standard Requirement

In addition to the ESMA Margins, IBKR (UK) establishes its own margin requirements (IB Margins) based on the historical volatility of the underlying, and other factors. We will apply the IB Margins if they are higher than those prescribed by ESMA.

Details of applicable IB and ESMA margins can be found here.

1.2.1 Applied Margins - Concentration Minimum

A concentration charge is applied if your portfolio consists of a small number of CFD positions, or if the two largest positions have a dominant weight. We stress the portfolio by applying a 30% adverse move on the two largest positions and a 5% adverse move on the remaining positions. The total loss is applied as the maintenance margin requirement if it is greater than the standard requirement.

1.3 Funds Available for Initial Margin

You can only use cash to post initial margin to open a CFD position. Realized CFD profits are included in cash and are available immediately; the cash does not have to settle first. Unrealized profits however cannot be used to meet initial margin requirements.

1.4 Automatic Funding of Initial Margin Requirements (F-segments)

IBKR (UK) automatically transfers funds from your main account to the F-segment of your account to fund initial margin requirements for CFDs.

Note however that no transfers are made to satisfy CFD maintenance margin requirements. Therefore if qualifying equity (defined below) becomes insufficient to meet margin requirements, a liquidation will occur even if you have ample funds in your main account. If you wish to avoid a liquidation you must transfer additional funds to the F-segment in Account Management.

2 Margin Close Out Rule

2.1 Maintenance Margin Calculations & Liquidations

ESMA requires IBKR to liquidate CFD positions latest when qualifying equity falls below 50% of the initial margin posted to open the positions. IBKR may close out positions sooner if our risk view is more conservative. Qualifying equity for this purpose includes cash in the F-segment (excluding cash in any other account segment) and unrealized CFD P&L (positive and negative).

The basis for the calculation is the initial margin posted at the time of opening a CFD position. In other words, and unlike margin calculations applicable to non-CFD positions, the initial margin amount does not change when the value of the open position changes.

2.1.1 Example

You have EUR 2000 cash in your CFD account. You want to buy 100 CFDs of XYZ at a limit price of EUR 100. You are first filled 50 CFDs and then the remaining 50. Your available cash reduces as your trades are filled:

  Cash Equity* Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Pre Trade 2000 2000             2000  
Post Trade 1 2000 2000 50 100 5000 0 1000 500 1000 No
Post Trade 2 2000 2000 100 100 10000 0 2000 1000 0 No

*Equity equals Cash plus Unrealized P&L

The price increases to 110. Your equity is now 3000, but you cannot open additional positions because your available cash is still 0, and under the ESMA rules IM and MM remain unchanged:

  Cash Equity Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Change 2000 3000 100 110 11000 1000 2000 1000 0 No

 The price then drops to 95. Your equity declines to 1500 but there is no margin violation since it is still greater than the 1000 requirement:

  Cash Equity Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Change 2000 1500 100 95 9500 (500) 2000 1000 0 No

The price falls further to 85, causing a margin violation and triggering a liquidation:

  Cash Equity Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Change 2000 500 100 85 8500 (1500) 2000 1000 0 Yes


3 Negative Equity Protection

The ESMA Decision limits your CFD-related liability to the funds dedicated to CFD-trading. Other financial instruments (e.g. shares or futures) cannot be liquidated to satisfy a CFD margin-deficit.*

Therefore assets in the security and commodity segments of your main account, and non-CFD assets held in the F-segment, are not part of your capital at risk for CFD trading. However, all cash in the F-segment can be used to cover losses arising from CFD trading.

As Negative Equity Protection represents additional risk to IBKR, we will charge retail investors an additional financing spread of 1% for CFD positions held overnight. You can find detailed CFD financing rates here.

*Although we cannot liquidate non-CFD positions to cover a CFD deficit, we can liquidate CFD positions to cover a non-CFD deficit.

4 Incentives Offered to trade CFDs

The ESMA Decision imposes a ban on monetary and certain types of non-monetary benefits related to CFD trading. IBKR does not offer any bonus or other incentives to trade CFDs.


Risk Navigator: Alternative Margin Calculator


IB routinely reviews margin levels and will implement changes which serve to increase requirements above statutory minimums as market conditions warrant.  To assist clients with understanding the effects of such changes on their portfolio, a feature referred to as the "Alternative Margin Calculator" is provided within the Risk Navigator application. Outlined below are the steps for creating a “what-if” portfolio for the purpose of determining the impact of such margin changes.

Step 1: Open a new “What-if” portfolio

From the Classic TWS trading platform, select the Analytical Tools, Risk Navigator, and then Open New What-If menu options (Exhibit1).

Exhibit 1

From the Mosaic TWS trading platform, select New Window, Risk Navigator, and then Open New What-If menu options.

Step 2: Define starting portfolio

A pop-up window will appear (Exhibit 2) from which you will be prompted to define whether you would like to create a hypothetical portfolio starting from your current portfolio or a newly created portfolio. Clicking on the "yes" button will serve to download existing positions to the new “What-If” portfolio.

Exhibit 2

Clicking on the "No" button will open up the “What – If” Portfolio with no positions.

Risk Dashboard

The Risk Dashboard is pinned along the top of the product tab-sets, and is and is available for what-if as well as active portfolios. The values are calculated on demand for what-if portfolios. The dashboard provides at-a-glance account information including:

1) Net Liquidation Value: The total Net Liquidation Value for the account
2) P&L: The total daily P&L for the entire portfolio
3) Maintenance Margin: Total current maintenance margin
4) Initial Margin: Total initial margin requirements
5) VAR: Shows the Value at risk for the entire portfolio
6) Expected Shortfall (ES): Expected Shortfall (average value at risk) is expected return of the portfolio in the worst case


Alternative Margin Calculator

The Alternative Margin Calculator, accessed from the Setting menu and clicking on the Margin Mode (Exhibit 3), shows how the margin change will affect the overall margin requirement, once fully implemented.

Exhibit 3


Step 3: Selecting Margin Mode Settings

A pop-up window will appear (Exhibit 4) entitled Margin Mode Setting. You can use the drop-down menu in that window to change the margin calculations from Default (being the current policy) to the new title of the new Margin Setting (being the new margin policy). Once you have made a selection click on the OK button in that window.

Exhibit 4

Once the new margin mode setting is specified, the Risk Navigator Dashboard will automatically update to reflect your choice. You can toggle back and forth between the Margin Mode settings. Note that the current Margin Mode will be shown in the lower left hand corner of the Risk Navigator window (Exhibit 5).

Exhibit 5


Step 4: Add Positions

To add a position to the "What - If" portfolio, click on the green row titled "New" and then enter the underlying symbol (Exhibit 6), define the product type (Exhibit 7) and enter position quantity (Exhibit 8)

Exhibit 6


Exhibit 7


Exhibit 8


You can modify the positions to see how that changes the margin. After you altered your positions you will need to click on the recalculate icon () to the right of the margin numbers in order to have them update. Whenever that icon is present the margin numbers are not up-to-date with the content of the What-If Portfolio.


Margin Considerations for IB LLC Commodities Accounts

As a global broker offering futures trading in 19 countries, IB is subject to various regulations, some of which retain the concept of margin as a single, end of day computation as opposed to the continuous, real-time computations IB performs. To satisfy commodity regulatory requirements and manage economic exposure in a pragmatic fashion, two margin computations are performed at the market close, both which must be met to remain fully margin compliant. An overview of these computations is outlined below.

All orders are subject to an initial margin check prior to execution and continuous maintenance margin checks thereafter. As certain products may be offered intraday margin at rates less than the exchange minimum and to ensure end of day margin compliance overall, IB will generally liquidate positions prior to the close rather than issue a margin call. If, however, an account remains non-compliant at the close, our practice is to issue a margin call, restrict the account to margin reducing transactions and liquidate positions by the close of the 3rd business day if the initial requirement has not then been satisfied.

In determining whether a margin call is required, IB performs both a real-time and regulatory computation, which in certain circumstances, can generate different results:

Real-Time: under this method, initial margin is computed using positions and prices collected at a common point in time, regardless of a product’s listing exchange and official closing time; an approach we believe appropriate given the near continuous trading offered by most exchanges.

Regulatory: under this method, initial margin is computed using positions and prices collected at the official close of regular trading hours for each individual exchange. So, for example, a client trading futures listed on each of the Hong Kong, EUREX and CME exchanges would have a requirement calculated based upon information collected at the close of each respective exchange.

Clients trading futures listed within a single country and session are not expected to be impacted. Clients trading both the daytime and after hours sessions of a given exchange or on exchanges located in different countries where the closing times don’t align are more likely to be impacted. For example, a client opening a futures contract during the Hong Kong daytime session and closing it during U.S. hours, would have only the opening position considered for purposes of determining the margin requirement. This implies a different margin requirement and a possible margin call under the revised computation that may not have existed under the current.  An example of this is provided in the chart below.


This example attempts to demonstrate how a client trading futures in both the Asia and U.S. timezones would be impacted were that client to trade in an extended hours trading session (i.e., outside of the regular trading hours after which the day's official close had been determined).  Here, the client opens a position during the Hong Kong regular hours trading session, closes it during the extended hours session, thereby freeing up equity to open a position in the U.S. regular hours session. For purposes of illustration, a $1,000 trading loss is assumed. This example illustrates that the regulatory end of day computation may not recognize margin reducing trades conducted after the official close, thereby generating an initial margin call.

Day Time (ET) Event

Start Position

End Position IB Margin Regulatory Margin
Equity With Loan Maintenance Initial Overnight Margin Call
1 22:00 Buy 1 HHI.HK None Long 1 HHI.HK $10,000 $3,594 $4,493 N/A N/A
2 04:30 Official HK Close Long 1 HHI.HK Long 1 HHI.HK $10,000 $7,942 $9,927 $4,493 N/A
2 08:00 Sell 1 HHI.HK Long 1 HHI.HK None $9,000 $0 $0 $0 N/A
2 10:00 Buy 1 ES None Long 1 ES $9,000 $2,942 $3,677 N/A N/A
2 17:00 Official U.S. Close Long 1 ES Long 1 ES $9,000 $5,884 $7,355 $9,993 Yes
3 17:00 Official U.S. Close Long 1 ES Long 1 ES $9,000 $5,884 $7,355 $5,500 No


注文のプレビュー / 証拠金の確認


注文のプレビュー/証拠金の確認機能を利用して予想されるコストや手数料、また証拠金への影響を、注文発注前に確認することができます。 この機能はTWSとウェブ・トレーダーの両方からご利用可能ですが、TWSバージョンの方がより細かい詳細を含んでいます。



例: 2012年6月が限月のES先物を1枚1387.25にて購入









現在 = この注文の発注を除いた状態での、現在の口座価値

変化 = 口座内にあるポジションはすべて無視した状態で、この注文が発注された場合の影響

取引後 = 発注された注文が約定し、口座のポートフォリオに組み込まれた後に予想される口座価値





Biotechnology and Pharmaceutical Sector Margin Requirements

Due to increased event risk in the Biotechnology and Pharmaceutical sectors, margin requirements which take into consideration the market capitalization of the individual security will go into effect starting October 11, 2016. These Initial, Maintenance and Short position margin requirements are outlined in the table below.  Please note that these represent minimum requirements and individual securities may be subject to other house charges which may result in a higher Initial, Maintenance or Short margin requirement.  In the event that a company's market cap increases to a new range, there are several variables that will be considered prior to reducing the margin requirement.  

Please refer to KB644 to learn about the Preview Order/Check Margin feature which offers the ability to review the projected margin impact of an order prior to its transmission.








IB株価指数CFDに関する情報はこちらをクリックしてください。Forex CFDに関する情報はこちらをクリックしてください。


I.   CFDの定義
II.   CFDと原資産株式の比較
III. 費用および証拠金に関する留意点
IV. 例
V.   CFDのリソース
VI. よくあるご質問








ルールには以下が含まれます: 1) CFDのポジションを建てるにあたってレバレッジの上限; 2) 口座ごとの証拠金解約; および 3) マイナス残高に対する口座ごとの保護。


詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。

I. 株式CFDの定義

IB CFDは配当およびコーポレートアクション(CFDコーポレートアクションに関する詳細)を含む、原資産株式のリターンを生むOTC取引です。


IB株式CFD取引は証拠金口座を通して行われるため、ロングおよびショートのレバレッジ・ポジションを建てることができます。CFD価格は原資産株式の取引所クオート価格になります。実際にIB CFDクオートは、トレーダー・ワークステーションで見ることのできる株式用のスマートルーティング・クオートと同じであり、IBではダイレクト・マーケット・アクセス(DMA)をご提供しております。株式同様に、成行とならない(指値の)注文の原資産ヘッジは、取引されている取引所の 板画面に直接表示されています。 これはまたCFDを原資産のビッド価格で購入しオファー価格で売る注文の発注ができるということになります。


IBでは現在、米国、ヨーロッパおよびアジアの主なマーケットをカバーする約6500の株式CFDご提供しております。 下記にリストされている主要指数の構成銘柄は、現在IB株式CFDとしてご利用可能です。IBではまた多くの国で流動小型株の取引もご提供しております。これは最低5億米ドルの時価総額の浮動株を持ち、また平均最低60万米ドルに値する日次の取引を行う株式です。  詳細はCFD商品リストをご覧ください。ご利用可能国は近い将来、さらに追加される予定です。

米国 S&P 500, DJA, Nasdaq 100, S&P 400(中型株), 流動小型株
イギリス FTSE 350 + 流動小型株 (IOBを含む)
ドイツ Dax, MDax, TecDax + 流動小型株
スイス Swiss portion of STOXX Europe 600 (48 shares) + 流動小型株
フランス CAC Large Cap, CAC 中型株 + 流動小型株
オランダ AEX, AMS 中型株 + 流動小型株
ベルギー BEL 20, BEL 中型株 + 流動小型株
スペイン IBEX 35 + 流動小型株
ポルトガル PSI 20
スウェーデン OMX Stockholm 30 + 流動小型株
フィンランド OMX Helsinki 25 + 流動小型株
デンマーク OMX Copenhagen 30 + 流動小型株
ノルウェー OBX
チェコ PX
日本 Nikkei 225 + 流動小型株
香港 HSI + 流動小型株
オーストラリア ASX 200 + 流動小型株
シンガポール* STI + 流動小型株
南アフリカ トップ40 + 流動小型株


II.  CFDと原資産株式の比較

IB CFDのメリット IB CFDのデメリット
印紙税や金融取引税はありません(英国、フランス、ベルギー) 所有権がありません
株式に比べ手数料や証拠金が一般的に低めです 複雑なコーポレトアクションがいつでも反映されるわけではありません
配当金は租税条約レートの対象となり、請求の必要がありません 収益に対する税金は株式への税金と異なる場合があります(専門の税理士にご相談ください)

III. 費用および証拠金に関する留意点

IB CFDは、IB提供のすでに競争性のある株式と比較しても効率的なヨーロッパ株式の取引方法です。

先ず、IB CFDにかかる手数料は株式と比べて低額ですがスプレッドは同じです:

ヨーロッパ   CFD 株式
手数料 GBP 0.05% GBP 6.00 + 0.05%*
EUR 0.05% 0.10%
金利** ベンチマーク +/- 1.50% 1.50%

*注文につき+ 50,000英ポンドを超える場合は0.05%の超過金

CFDの手数料は取引が増えるほど低額になり、0.02%まで下がります。借入金利はポジションが大きいほど減少し、0.5%まで下がります。 詳細はCFD手数料およびCFD借入金利をご覧ください。

次に、CFDの必要証拠金は株式と比べて低額です。リテールクライアントは欧州証券市場監督局ESMAによる追加の必要証拠金の対象となります。詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。

  CFD 株式
  すべて 標準 ポートフォリオ・マージン


25% - 50% 15%

*ブルーチップ用に一般的な証拠金です。リテールクライアントは最低20%の委託証拠金の対象となります。株式には標準的な25%の日中維持証拠金、オーバーナイトは50%。 表示されているポートフォリオ・マージンは維持証拠金です(オーバーナイトを含み)。ボラティリティの高い場合には必要証拠金額も上がります


IV. 例(プロフェッショナル・クライアント)

例を見てみましょう。Unilever’s Amsterdamリストからの過去一ヶ月(2012年5月14から20取引日)のリターンは3.2%となり、今後のパフォーマンスも良好に見えます。200,000ユーロのエクスポージャーを建て、5日保有したいとします。取引を10回行って蓄積した後、さらに10回行って相殺します。かかる直接の費用は以下のようになります:


  CFD 株式
200,000ユーロのポジション   標準 ポートフォリオ・マージン
必要証拠金 20,000 100,000 30,000
手数料(往復) 200.00 400.00 400.00
金利(簡略化されたもの) 1.50% 1.50% 1.50%
提供される資金額 200,000 100,000 170,000
提供を受ける日数  5 5 5
支払利息(1.5% 簡略化されたもの) 41.67 20.83 35.42
直接費用合計(手数料 + 金利) 241.67 420.83 435.42
原価差異   74%上がる 80%上がる



今度は証拠金資金として20,000ユーロのみ持ち合わせがあると考えてみます。 Unileverが前月と同じようなパフォーマンスを継続すると考えると、そこから期待される利益は以下のようになります:  

レバレッジ利益 CFD 株式
利用可能な証拠金 20,000 20,000 20,000
合計投資額 200,000 40,000 133,333
総利益(5日) 1,600 320 1,066.66
手数料 200.00 80.00 266.67
支払利息(1.5% 簡略化されたもの) 41.67 4.17 23.61
直接費用合計(手数料 + 金利) 241.67 84.17 290.28
純利益(総利益-直接費用) 1,358.33 235.83 776.39
証拠金投資額に対するリターン 0.07 0.01 0.04
差異   利益が83%下がる 利益が43%下がる


レバレッジリスク CFD 株式
利用可能な証拠金 20,000 20,000 20,000
合計投資額 200,000 40,000 133,333
総利益(5日) -1,600 -320 -1,066.66
手数料 200.00 80.00 266.67
支払利息(1.5% 簡略化されたもの) 41.67 4.17 23.61
直接費用合計(手数料 + 金利) 241.67 84.17 290.28
純利益(総利益-直接費用) -1,841.67 -404.17 -1,356.94
差異   損失が78%下がる 損失が26%下がる


V.   CFDのリソース











VI. よくあるご質問


米国、西ヨーロッパ、北欧および日本における大型および中型株です。 流動小型株の取り扱いのあるマーケットも多くあります。詳細はCFD商品リストをご覧ください。ご利用可能国は近い将来、さらに追加される予定です。



はい。詳細およびQ&AはIB株価指数CFD - 詳細およびQ&A and Forex CFD - 詳細およびQ&Aをご覧ください。



IB CFDのクオートは原資産株式に対するスマートルーティング・クオートと同じです。 IBではスプレッドを広げる、またはお客様に対抗するポジションを建てることはありません。 詳細はCFDマーケットモデルの概要をご覧ください。



はい。IBではダイレクト・マーケット・アクセス(DMS)を提供しており、成行とならない(指値の)注文の原資産ヘッジは取引されている取引所の 板画面に直接表示されています。これはまたCFDを原資産のビッド価格で購入しオファー価格で売る注文の発注ができるということになります。また一般の市場よりも良い価格の注文が他のクライアントから出てきた場合、価格向上につながることもあります。



IBでは各原資産の過去のボラティリティに基づき、 リスク・ベースで証拠金を採用しています。最小証拠金は10%です。 IB CFDの証拠金はほとんどこのレートで設定されており、これによりCFDは多くの場合、原資産株式の取引に比べて効果的ですが、 リテールクライアントは欧州証券市場監督局ESMAによる追加の必要証拠金の
対象となります。 詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。ポートフォリオ内の各CFDポジション間または個別のCFDポジションと原資産株式のエクスポージャー間のオフセットはありません。集中しているポジションや大型のポジションは追加の証拠金の対象の対象になる可能性があります。詳細はCFD必要証拠金をご参照ください。









誰でもIB CFDの取引はできますか?

米国、カナダおよび香港以外の国の居住者はIB CFD取引が可能です。シンガポール居住者は、シンガポールに上場されている株式をベースとする以外のIB CFDをお取引いただけます。居住地に基づいて設定される例外で、特定の投資家タイプに適用されるものはありません。


IB CFDの取引はどのように始めればよいのでしょうか?

アカウント・マネジメントよりCFD用の取引許可を設定し、該当する取引開示に合意してください。 IB LLCの口座をお持ちの場合、この後、弊社が新規の口座セグメントを設定します(お客様のすでにお持ちの口座番号の末尾に「F」を追加します)。設定が承認され次第、お取引が可能になります。F口座に別途、資金をご入金いただく必要はありません。資金はCFDの必要証拠金に合わせてお客様のメイン口座より自動的に移動されます。  


IB株式CFD用のマーケットデータは、その原資産株式用のマーケットデータになります。 このため関連取引所に対するマーケットデータ許可が必要となります。株式取引に対し取引所のマーケットデータ許可をすでに設定されている場合には、それ以上必要なものはありません。現在マーケットデータ許可の持ち合わせがない取引所におけるCFD取引をご希望の場合には、原資産株式の取引に対する許可と同じ方法で許可を設定することができます。



B LLCの口座をお持ちの場合、 CFDポジションは主要口座番号の末尾に「F」を追加した形で別の口座セグメントに維持されます。アクティビティー・ステートメント上のFセグメントは、別途またはメイン口座と合わせて表示することができます。選択はアカウント・マネジメントのステートメント画面より可能です。その他の口座に関しては、通常の口座ステートメントと同じようにCFDもその他の取引商品と共に表示されます。








CFDはIB UKを取引先とする取引であり、取引所による取引や中央決済機関による決済はありません。IB UKをCFD取引の取引先とするため、クレジットリスクを含める、IB UKとの取引に関連する取引やビジネス上のリスクの対象となります。しかしながら、すべてのお客様の資金は法人クライアントも含め、完全に分離されています。IB UKは英国金融サービス補償計画(UK Financial Services Compensation Scheme「FSCS」)に参加しています。IB UKは、米国証券投資者保護公祉(「SIPC」)のメンバーではありません。CFD取引に関連するリスクの詳細はIB UK CFDリスク・ディスクロージャーをご参照ください。
















欧州証券市場監督局(ESMA)は、2018年8月1日より有効となる一時的な介入策(ESMA Decision)をて発行しました。

これによる規制には以下が含まれます: 1) CFDのポジションを建てるにあたってレバレッジの上限; 2) 口座ごとの証拠金解約; 3) マイナス残高に対する口座ごとの保護; 4) CFD取引へのインセンティブに対する規制; および 5) 標準的なリスク警告。

ESMAによる決定はリテールクライアントのみに適用されます。 特定投資家のお客様への影響はありません。





Allocation of Partial Fills


How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?



From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.



Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.

Here is the list of allocation methods with brief descriptions about how they work.

·         AvailableEquity
Use sub account’ available equality value as ratio. 

·         NetLiq
Use subaccount’ net liquidation value as ratio

·         EqualQuantity
Same ratio for each account

·         PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).

·         Profile

The ratio is prescribed by the user

·         Inline Profile

The ratio is prescribed by the user.

·         Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.




Basic Examples:


CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:

Account (A) = 25 contracts

Account (B) = 15 contracts

Account (C) = 10 contracts


Example #1:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:


Account (A) = 14% of 25 = 3.5 rounded down to 3

Account (B) = 14% of 15 = 2.1 rounded down to 2

Account (C) = 14% of 10 = 1.4 rounded down to 1


To Summarize:

A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)


The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).

A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)

The execution(s) received have now been allocated in full.


Example #2:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:


Account (A) = 10% of 25 = 2.5 rounded down to 2

Account (B) = 10% of 15 = 1.5 rounded down to 1

Account (C) = 10% of 10 = 1 (no rounding necessary)


To Summarize:

A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).

A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)


The execution(s) received have now been allocated in full.

Example #3:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2  but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.


In this case, since the fill size is 3, we skip the rounding fractional amounts down.


For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.


To Summarize3:

A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)

C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)


Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.


The system randomly chose account B for allocation of the second share/contract.

A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)


The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).

A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)


The execution(s) received have now been allocated in full.


Available allocation Flags

Besides the allocation methods above, user can choose the following flags, which also influence the allocation:

·         Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.

·         “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.

Other factor affects allocations:

1)      Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.

2)      Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.

3)      Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.

4)      Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.

5)      For non-guaranteed smart combo: we do allocation by each leg instead of combo.

6)      In case of trade bust or correction1: the allocations are adjusted using more complex logic.

7)      Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).




1.        Details of these calculations will be included in the next revision of this document.

2.        To continue observing margin in each account on a real-time basis, IB allocates each trade immediately (behind the scenes) however from the CTA and/or FA (or client’s) point of view, the final distribution of the execution at an average price typically occurs when the trade is executed in full, is canceled or at the end of day (whichever happens first).

3.       If no account has a ratio greater than 1.0 or multiple accounts are tied in the final step (i.e. ratio = 0.00), the first step is skipped and allocation of the first share/contract is decided via step two (i.e. random allocation).


Overview of Dividend Payments in Lieu ("PIL")

Payment In Lieu of a Dividend (“payment in lieu” or “PIL”) is a term commonly used to describe a cash payment to an account in an amount equivalent to the ordinary dividend. Generally, the amount paid is per share owned. In addition, the dividend in most cases is paid quarterly (i.e., four times per year). The dividend payment is classified as follows: (1) ordinary dividend; and/or (2) payment in lieu of dividend. The former designation is for a payment received directly from the issuer or its paying agent. The latter designation is used when a cash payment is received from other than the issuer or the issuer’s agent.

Payment in lieu of an ordinary dividend may be received when the shares have been bought on margin, or when the account has a subsequent margin loan due to borrowing money to facilitate the payment for additional purchases of shares or as the result of a withdrawal from the margin account. Payment in lieu of a dividend may also be received when shares are owed to the brokerage firm and have not been received by the dividend record date.

To better understand the difference between an ordinary dividend and a payment in lieu, we will explain the steps taken by IB to comply with US regulations. Each business day, the Firm analyzes the positions in each customer account, every borrow, every loan, every pledge of shares for each security held by its customers to determine how many shares are held on margin and the associated margin loan balances. For each security that is fully paid, we are required to segregate those shares in a good control location (for example, a depository or a US bank. See KB1964).  For shares that are held as collateral for a margin loan we are allowed to hypothecate and re-hypothecate shares valued up to 140 percent of the total debit balance in the customer account (See KB1967).

While the guidelines noted above for segregation of securities are clear, there are exceptions that are outside of the Firm's control. For instance, through no fault of its own, IB may have a deficit in segregated shares due to customer activity that changes the Firm’s overall segregation requirement for a security. This may be for a variety of reasons including a delay in receiving shares that have been loaned out to a counterparty after segregation requirements are recalculated and the Firm has issued a stock loan recall, sales of securities by one or more customers that reduce or eliminate margin loans, the deposit of cash by customers that similarly reduce or eliminate margin loans, or a failure of a counterparty to deliver shares for a trade settlement.

Upon issuing a recall of shares loaned, rules permit the borrower of the shares up to 3 business days to return them. The borrower of the shares is required to return them to us when we issue a recall, but if by business day 3 the shares have not been returned, IB may then issue a buy-in notice to begin the process of regaining possession of the shares. An additional 3 business days is generally needed for the purchased shares to settle and be delivered to the firm. Similarly if a counterparty fails to deliver by settlement date, shares to IB to settle a customer purchase, IB can issue a buy-in notice but the purchase of such shares are also subject to trade settlement in 3 days.

To summarize, if by the record date of a dividend certain shares have not been delivered to IB, the Firm will be paid an amount of cash that is equivalent to the dividend amount, but IB will not receive a qualified dividend payment directly from the issuer. In such cases, the Firm will receive PIL and will have no choice but to allocate such payment in lieu to customer accounts. The firm first allocates PIL to those accounts who hold the shares as collateral for a margin loan. If, after PIL is allocated to all shareholders whose accounts are not fully paid, any portion of PIL remains to be paid, it is allocated on a pro-rata basis to each remaining client account.

Account holders should be aware that a PIL may have different tax consequences than an ordinary dividend and should consult a tax advisor to understand such differences and whether they apply to their particular situation.

Exposure Fee Monitoring via Account Window

The Account Window provides the high-level information suitable for monitoring one's account on a real-time basis. This includes key balances such as total equity and cash, the portfolio composition and margin balances for determining compliance with requirements and available buying power.  This window also includes information relating to the most recently assessed exposure fee and a projection of the next fee taking into consideration current positions.

To open the Account Window: 
• From TWS classic workspace, click on the Account icon, or from the Account menu select Account Window (Exhibit 1)

Exhibit 1


• From TWS Mosaic workspace, click on Account from the menu, and then select Account Window (Exhibit 2)

Exhibit 2


After opening the window, scroll down to the Margin Requirements section and click on the + sign in the upper-right hand corner to expand the section.  There, the "Last" and "Estimated Next" exposure fees will be detailed for each of the product classifications to which the fee applies (e.g., Equity, Oil).  Note that the "Last" balance represents the fee as of the date last assessed (note that fees are computed based upon open positions held as of the close of business and assessed shortly thereafter).  The "Estimated Next" balance represents the projected fee as of the current day's close taking into account position activity since the prior calculation (Exhibit 3).

Exhibit 3


To set the default view when the section is collapsed, click on the checkbox alongside any line item and those line items will remain displayed at all times.


Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2276 for verifying exposure fee through the Order Preview screen.


Important Notes

1. The Estimated Next Exposure Fee is a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

2. Exposure Fee Monitoring via the Account window is only available for accounts that have been charged an exposure fee in the last 30 days

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