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

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

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

 

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

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

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

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

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

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

Aperçu des CFD sur actions émis par IB

L’article qui suit a pour objectif de fournir une introduction générale aux CFD (contrat sur différence) sur actions émis par IB.

Pour des informations concernant les CFD sur actions IB, veuillez cliquer ici. Pour les CFD sur Forex, cliquez ici.

Table des matières :

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

 

 

I.  CFD  sur actions: Définition

Les CFD IB sont des contrats de gré à gré qui permettent de bénéficier du rendement de l’action sous-jacente, y compris les dividendes et les opérations sur titres (en savoir plus sur les Opérations sur titres concernant les CFD).

En d’autres termes, il s’agit d’un accord entre l’acheteur (vous) et IB qui a pour but d’échanger la différence entre la valeur actuelle d’une action et sa valeur à une date ultérieure. Si vous détenez une position longue et que la différence est positive, IB vous paie. Si la différence est négative, vous payez IB. Le contrat CFD est évalué à la valeur du marché tous les jours. Les gains/pertes sont ajoutés dans votre compte en espèces sous forme de marge de variation.

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

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

IB offre actuellement environ 6200 CFD sur actions couvrant les marchés principaux des États-Unis, de l'Europe et d' Asie.  Les constituants des indices majeurs mentionnés ci-dessous sont actuellement disponibles sous forme de CFD sur actions IB. Dans de nombreux pays, IB offre également le trading d’actions liquides de petite capitalisation. Il s’agit d’actions dont la capitalisation boursière ajustée du flottant est de 500 millions d'USD minimum pour une valeur de trading médiane journalière de 600,000 USD minimum.   Pour en savoir plus, consultez notre Liste des produits CFD. D’autres pays seront bientôt ajoutés.

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

 *non disponible pour les résidents de Singapour

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

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

III.  Coûts et marge

Utiliser les CFD IB peut s’avérer être un moyen encore plus efficace de négocier sur les marchés boursiers européens que d’utiliser l’offre déjà très compétitive d'actions proposée par IB.

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

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

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

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

De plus, les CFD ont des exigences de marge moindre par rapport aux actions. Cela est dû au fait que pour les CFD, nous pouvons appliquer un risque basé sur la marge plutôt que les formules réglementaires appliquées pour les actions:

  CFD ACTION
  Tous Standard Portfolio margin
Exigence de marge* 10% 25% - 50% 15%

*Marge type pour les blue-chips. Taux de marge de maintien standard intraday de 25%, 50% overnight.  Portfolio Margin indiqué dans la marge de maintien (y compris overnight). Les émissions plus volatiles sont soumises à des exigences de marge plus importantes

Veuillez vous référer aux exigences de marge des CFD pour plus d'informations.


IV.  Exemples

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

ACTION

  CFD ACTION
Position 200,000 EUR   Standard Portfolio margin
Exigence de marge 20,000 100,000 30,000
Commission (Aller Retour) 200.00 400.00 400.00
Intérêts 41.96 23.35 44
Total des coûts directs 241.96 423.55 436.44
Différence   75% 80%

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

 

Mais supposons que vous n'ayez que 20,000 EUR de disponible pour financer la marge. Si la performance de Royal Dutch Shell se maintient, votre profit potentiel serait comme suit: 

COÛT D'OPPORTUNITÉ CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement* 1,576.27 312.25 1,050.84
Différence   -80% -33%

*mois écoulés (au 14 mai 2012) rendement journalier moyen pendant 5 jours

 

Rappelez-vous que le levier fonctionne dans les deux sens. Vous pouvez donc potentiellement perdre plus avec les CFD, notamment plus que votre investissement initial, qu’avec les actions aux taux de marge plus élevées.

 


V.   Ressources CFD

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

Spécifications du contrat CFD

Liste des produits CFD

Commissions CFD

Taux de financement CFD

Exigences de marge CFD

CFD - Opérations sur titres

Le tutoriel suivant est également disponible:

Comment passer un ordre de CFD sur la Trader Workstation

 

VI.  Foire aux questions

Quelles actions sont disponibles en tant que CFD?

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

 

Proposez-vous des CFD sur les indices sur actions?

Oui. Veuillez consulter la page CFD sur indices IB - Faits et Q&A A et CFD sur Forex - Faits et Q&A.

 

Comment sont déterminées les cotations des CFD sur actions?

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

 

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

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

 

Comment déterminez-vous les marges des CFD sur actions?

IB établit des exigences de marge sur la base de la volatilité historique de chaque action sous-jacente. La marge minimum est de 10% Ce taux de marge est généralement appliqué à la plupart des CFD IB, ce qui fait des CFD une option plus intéressante en termes de marge que le trading du sous-jacent.   Il n'y a cependant pas de compensation de portefeuille entre des positions CFD individuelles ou entre des positions CFD et l'exposition à l’action sous-jacente. Les positions très importantes peuvent faire l'objet d’une marge supplémentaire. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.

 

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

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

 

Comment gérez-vous les dividendes et opérations sur titre?

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

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

 

Tout le monde peut-il trader des CFD IB?

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

 

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

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

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

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

 

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

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

 

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

IB se fera un plaisir de procéder au transfert de vos positions, sous réserve de l’accord de l’autre courtier. Étant donné que le transfert de positions CFD est plus complexe que celui des actions, en règle générale nous demandons que la position soit d’une valeur équivalente à 100,000$.

 

Des graphiques sont-ils disponibles pour les CFD?

Oui.

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

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

 

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

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

 

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

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

 

Puis-je trader des CFD par téléphone?

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

Panoramica dei CFD su azioni emessi da IB

Il presente articolo ha lo scopo di fornire un'introduzione generale ai CFD (contratti per differenza) su azioni emessi da IB.

Per informazioni in merito ai CFD su indici di IB, si prega di cliccare qui. Per i CFD su forex, cliccare qui.

Gli argomenti illustrati 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

 

 

I.  Definizione di CFD su azioni

I CFD di IB sono contratti OTC che replicano la consegna dell'azione sottostante, inclusi dividendi e operazioni societarie (maggiori informazioni in merito alle operazioni societarie sui CFD).

In altri termini, si tratta di un accordo tra l'acquirente e IB per lo scambio della differenza tra il valore corrente dell'azione e il valore in un periodo futuro. Se si detiene una posizione long e tale differenza è positiva, si riceverà un compenso da IB. Se la differenza è negativa, si dovrà corrispondere un compenso a IB. Il contratto su CFD è valutato ogni giorno a valore di mercato e i profitti e le perdite sono regolati in contanti nel proprio conto sotto forma di margine di variazione.

I CFD su azioni di IB sono negoziati tramite il proprio conto a margine e, di conseguenza, è possibile aprire posizioni a leva finanziaria sia long sia short. Il prezzo de CFD è il prezzo dell'azione sottostante quotato in Borsa. Infatti, le quotazioni di CFD IB sono identiche alle quotazioni azionarie indirizzate via SmartRouting e visualizzabili in Trader Workstation e, inoltre, IB offre accesso diretto al mercato (DMA). 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 acquistare il CFD al prezzo denaro del sottostante e venderlo al prezzo lettera.

Per un confronto tra la struttura trasparente dei CFD IB e le altre soluzioni offerte nel mercato, si prega di consultare la sezione Panoramica dei modelli di mercato dei CFD.

Attualmente IB offre una gamma di circa 6200 CFD su azioni, che coprono i principali mercati statunitensi, europei e asiatici.  I componenti dei principali indici di seguito elencati sono attualmente disponibili come CFD su azioni di IB. In molti Paesi IB offre anche 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.  Per maggiori dettagli, si prega di consultare la pagina Elenco dei prodotti > CFD. Presto saranno 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

 *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 IB SVANTAGGI DEI CFD IB
Nessuna imposta di bollo o imposte sulle 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 a costi e margine

I CFD IB possono rappresentare una modalità di negoziazione sui mercati azionari europei ancora più efficiente rispetto alla già concorrenziale offerta azionaria di IB.

Innanzitutto, i CFD IB presentano commissioni inferiori rispetto alle azioni e offrono gli stessi spread finanziari ridotti:

EUROPA   CFD AZIONE
Commissione GBP 0.05% GBP 6.00 + 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. Ciò è dovuto al fatto che i CFD ci permettono di applicare una tipologia di margine basata sul rischio anziché le formule regolamentari applicabili alle azioni:

  CFD AZIONE
  Tutte Standard Margine di portafoglio
Requisito di margine* 10% 25% - 50% 15%

*Margine tipico delle Blue Chip. Margine di mantenimento infragiornaliero standard del 25%, 50% overnight.  Il margine di portafoglio mostrato è il margine di mantenimento (compreso quello overnight). 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 > CFD.


IV.  Esempio indicativo

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
Interessi 41.96 23.35 44
Costi diretti complessivi 241.96 423.55 436.44
Differenza   75% 80%

Nota: le spese per interessi sui CFD sono calcolate sull'intera posizione del contratto, mentre gli interessi sulle azioni sono calcolati 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 Royal Dutch Shell continua a mostrare le stesse performance del mese precedente, il proprio potenziale di profitto si rivelerebbe il seguente:  

COSTO OPPORTUNITÀ CFD AZIONE
Margine disponibile 20,000 20,000 20,000
Ammontare complessivo investito 200,000 40,000 133,333
Rendimento* 1,576.27 312.25 1,050.84
Differenza   -80% -33%

*rendimento medio giornaliero del mese precedente (fino al 14 maggio 2012) in cinque giorni

 

Si prega di ricordare che la leva finanziaria ha effetto in entrambe le direzioni. Inoltre, il rischio di perdita dei CFD è superiore a quello delle azioni a margine più elevato, tanto da poter causare una perdita superiore al proprio investimento iniziale.

 


V.   Risorse relative ai CFD

Di seguito sono forniti alcuni utili link a informazioni più dettagliate in merito all'offerta di CFD IB:

Dettagli dei contratti CFD

Elenco dei prodotti > CFD

Commissioni > CFD

Tassi di finanziamento > CFD

Requisiti di margine > CFD

Operazioni societarie > CFD

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?

Sì. Si prega di consultare le sezioni CFD su indici IB: informazioni, domande e risposte e CFD su forex IB: informazioni, domande e risposte.

 

Come sono stabilite le quotazioni di CFD su azioni?

Le quotazioni di CFD IB sono identiche alle quotazioni delle azioni sottostanti indirizzate via SmartRouting. IB non aumenta il differenziale né mantiene posizioni contro il cliente. Per maggiori informazioni, si prega di consultare la sezione Panoramica dei modelli di mercato dei CFD.

 

È possibile visualizzare i propri ordini limite riflessi sulla Borsa valori?

Sì. IB offre accesso diretto al mercato (DMA), quindi 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 acquistare il 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?

IB stabilisce requisiti di margine basati sul rischio a seconda della volatilità storica di ciascuna azione sottostante. Il margine minimo è del 10%. La maggior parte dei CFD IB presenta un margine calcolato secondo questo tasso, rendendo, nella maggior parte dei casi, la negoziazione di CFD più efficiente, in termini di margine, rispetto a quella delle azioni sottostanti.  Tuttavia, non vi sono scostamenti del portafoglio tra le singole posizioni su CFD o tra CFD ed esposizioni all'azione sottostante. Le posizioni particolarmente ampie potrebbero essere soggette a un margine aggiuntivo. Per maggiori dettagli, si prega di fare riferimento alla sezione Requisiti di margine dei CFD.

 

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 generale, IB riflette l'impatto economico dell'operazione societaria per i titolari di CFD come se questi avessero detenuto il titolo sottostante. 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 IB decidesse di offrire i relativi CFD, allora verrebbero create nuove posizioni long o short dell'importo corrispondente. Per una panoramica, si prega di fare riferimento alla sezione Operazioni societarie > CFD.

*Si prega di notare che, in caso di operazioni complesse (es. alcuni tipi di fusioni), potrebbe non essere possibile adeguare correttamente i CFD. In questi casi IB potrebbe chiudere la posizione sul CFD prima della data di stacco cedola.

 

La negoziazione di CFD IB è consentita a tutti i clienti?

La negoziazione di CFD è consentita a tutti i clienti, a eccezione dei residenti negli Stati Uniti, in Canada e a Hong Kong. Gli utenti residenti a Singapore possono negoziare i CFD IB 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 procedere per iniziare a negoziare CFD con IB?

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 con IB LLC, IB provvederà alla configurazione di un nuovo segmento del conto (identificato con il numero del proprio conto esistente e 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 IB corrispondono ai dati di mercato 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 con IB LLC, le proprie posizioni in CFD sono mantenute in un segmento del conto separato e identificato con il numero del proprio conto principale e 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?

IB è lieto di facilitare tale trasferimento di posizioni su CFD nel rispetto dell'accordo in essere con l'altro broker. Dato che il trasferimento di posizioni su CFD è più complesso rispetto a quello di posizioni su azioni, in genere, richiediamo che la posizione abbia un importo equivalente ad almeno 100,000 USD.

 

Sono disponibili grafici per i CFD su azioni?

Sì.

 Quali sono le tipologie di protezione del conto previste per il trading di CFD con IB?

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 partecipa al 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.

 

In quale tipologia di conti IB è possibile negoziare CFD (es. conti individuali, conti per amici e famiglia, conti istituzionali)? 

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 per la chiusura di posizioni, ma non di quelli per l'apertura di posizioni.

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".

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