Please see FAQs: Securities subject to Special Requirements

1  Dynamic House Scanning Charges are available only on select exchanges (Asian Exchanges and MEXDER)
2  IBKR will calculate the potential loss for each stock and its derivates by subjecting them to a stress test. The requirement for the stock (and its derivatives) which projects the greatest loss in the above scenario will be compared to what would otherwise be the aggregate portfolio margin requirement, and the greater of the two will be the margin requirement for the portfolio
 

考虑到即将发生的美国总统选举带来的潜在市场波动，盈透证券将针对所有在美国交易的股

指期货、衍生品及在大阪证券交易所（OSE.JPN）上市的道琼斯期货提高保证金要求。

客户如持有美国股指期货及其衍生品及/或在大阪证券交易所上市的道琼斯期货头寸，请知

悉，保证金要求预计将在正常水平上提高35%左右。保证金要求将在20 个自然日内逐步提

高，其中维持保证金将从2020年10月5日起提高，直至2020年10月30日。

下表列举了一些常见产品预计发生的保证金变动

*截至2020年10月2日开市。
注：IBKR 的风险漫游工具能帮助您评估最新的维持保证金要求对您现有的投资组合或您想
构建或测试的其它投资组合有何影响。有关“替代保证金计算器”的更多信息，请见知识库
文章2957：风险漫游：替代保证金计算器，并在风险漫游的保证金模式设置下选择“美国
大选保证金”。

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1 Leverage Limits

 1.1 Margins
Leverage limits were set by CBI 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 are any combination that includes a currency not listed above, e.g., USD.CNH
  • Major indices are IBUS500; IBUS30; IBUST100; IBGB100; IBDE40; IBEU50; IBFR40; IBJP225; IBAU200
  • Gold
• 10% for non-major equity indices; IBES35; IBCH20; IBNL25; IBHK50
• 20% for individual equities

 1.2 Applied Margins - Standard Requirement

In addition to the CBI Margins, IBKR 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 CBI .

Details of applicable IB and CBI 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 and/or Stock positions, or if the three largest positions have a dominant weight. We stress the portfolio by applying a 30% adverse move on the three 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 for the combined Stock and CFD positions. Note that the concentration charge is the only instance where CFD and Stock positions are margined together.

1.3 Funding of Initial Margin Requirements

You can only use cash to post initial margin to open a CFD position.

Initially all cash used to fund the account is available for CFD trading. Any initial margin requirements for other instruments and cash used to purchase cash stock reduce the available cash. If your cash stock purchases have created a margin loan, no funds are available for CFD trades even if your account has significant equity. We cannot increase a margin loan to fund CFD margin under the CBI rules.

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.

2 Margin Close Out Rule

2.1 Maintenance Margin Calculations & Liquidations

The CBI 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 CFD cash and unrealized CFD P&L (positive and negative). Note that CFD cash excludes cash supporting margin requirements for other instruments. 

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 account and no open positions. 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:

 *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 CBI rules IM and MM remain unchanged:

 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:

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

 3 Negative Equity Protection

The CBI 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, non-CFD assets are not part of your capital at risk for CFD trading. 

Should you lose more than the cash dedicated to CFD trading, IB must write off the loss. 

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.