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
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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

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 November 2th: Initial Margin - 100%

Monday November 5th: Maintenance Margin - 50%

Monday November 12th: Maintenance Margin - 75%

Friday Novemeber 16th: Mainteance Margin - 100%

Symbol Name
UNIS UNILIFE CORP
BRD BRIGUS GOLD CORP
SCMR SYCAMORE NETWORKS INC.
KITD KIT DIGITAL INC
CHTP CHELSEA THERAPEUTICS 
CERE CERES INC
DM DOLAN CO/THE
APPY ASPENBIO PHARMA INC
LLNW LIMELIGHT NETWORKS INC
VOXX VOXX INTERNATIONAL CORP
BPAX BIOSANTE PHARMACEUTICALS INC
TRGT TARGACEPT INC
FORM FORMFACTOR INC
MEIP MEI PHARMA INC
PCO PENDRELL CORPORATION
PLM POLYMET MINING CORP
JAG JAGUAR MINING INC.
IMMU IMMUNOMEDICS INC
IMN IMATION CORP
ABFS ARKANSAS BEST CORP
OPY OPPENHEIMER HOLDINGS-CL A
HSII HEIDRICK & STRUGGLES INTL
ALXA ALEXZA PHARMACEUTICALS INC
NYMX NYMOX PHARMACEUTICAL CORP
VLCCF KNIGHTSBRIDGE TANKERS LTD
AFFX AFFYMETRIX INC
INTX INTERSECTIONS INC
USLM UNITED STATES LIME & MINERAL
IDT IDT CORP-CLASS B
PRSS CAFEPRESS INC
YOD YOU ON DEMAND HOLDINGS INC
NCQ NOVACOPPER INC
IQNT NEUTRAL TANDEM INC
AXAS ABRAXAS PETROLEUM CORP
PMFG PMFG INC
BODY BODY CENTRAL CORP
RSH RADIOSHACK CORP
AMBA AMBARELLA INC
CBOU CARIBOU COFFEE CO INC
CEDC CENTRAL EURO DISTRIBUTION CP
IVAN IVANHOE ENERGY INC
WG WILLBROS GROUP INC
ELON ECHELON CORP
GSOL GLOBAL SOURCES LTD
REE RARE ELEMENT RESOURCES LTD
ART ARTIO GLOBAL INVESTORS INC
HGG HHGREGG INC
RLJE RLJ ENTERTAINMENT INC
AMSC AMERICAN SUPERCONDUCTOR CORP
CACB CASCADE BANCORP
ERB ERBA DIAGNOSTICS INC
NAFC NASH FINCH CO
MXWL MAXWELL TECHNOLOGIES INC
TNP TSAKOS ENERGY NAVIGATION LTD
ALTI ALTAIR NANOTECHNOLOGIES INC
ARQL ARQULE INC
GPRE GREEN PLAINS RENEWABLE ENERG
SYNC SYNACOR INC
IPHI INPHI CORP
QKLS QKL STORES INC
FOE FERRO CORP
THLD THRESHOLD PHARMACEUTICALS
ZAZA ZAZA ENERGY CORP
ALCS ALCO STORES INC
JRCC JAMES RIVER COAL CO
GERN GERON CORP
KERX KERYX BIOPHARMACEUTICALS
KYAK KAYAK SOFTWARE CORP
XRA EXETER RESOURCE CORPORATION
XOXO XO GROUP INC
SFBC SOUND FINANCIAL BANCORP INC
GNE GENIE ENERGY LTD-B
XRTX XYRATEX LTD
COHU COHU INC
FRO FRONTLINE LTD
YELP YELP INC
CRNT CERAGON NETWORKS LTD
CNDO CORONADO BIOSCIENCES INC
ATTU ATTUNITY LTD
EGI ENTREE GOLD INC.
USMO USA MOBILITY INC
ACW ACCURIDE CORP
LPTN LPATH INC-CLASS A
BBX BBX CAPITAL CORP-A
FSBW FS BANCORP INC
BIOD BIODEL INC
ADNC AUDIENCE INC
KFS KINGSWAY FINANCIAL SERVICES
ATSG AIR TRANSPORT SERVICES GROUP
STXS STEREOTAXIS INC
GST GASTAR EXPLORATION LTD
HZNP HORIZON PHARMA INC
ZOLT ZOLTEK COMPANIES INC
AERL ASIA ENTERTAINMENT & RESOURC
MCBK MADISON COUNTY FINANCIAL INC
STRI STR HOLDINGS INC
JMI JAVELIN MORTGAGE INVESTMENT
AVID AVID TECHNOLOGY INC
OCZ OCZ TECHNOLOGY GROUP INC
HDY HYPERDYNAMICS CORP
AXU ALEXCO RESOURCE CORP
AVHI AV HOMES INC
RBCN RUBICON TECHNOLOGY INC
KCAP KCAP FINANCIAL INC
ALC ASSISTED LIVING CONCEPTS I-A
AMRS AMYRIS INC
CARB CARBONITE INC
TNK TEEKAY TANKERS LTD-CLASS A
OSG OVERSEAS SHIPHOLDING GROUP
BLMT BSB BANCORP INC/MA
LPR LONE PINE RESOURCES INC
KEM KEMET CORP
ZLTQ ZELTIQ AESTHETICS INC
THQI THQ INC
PACB PACIFIC BIOSCIENCES OF CALIF
GNK GENCO SHIPPING & TRADING LTD
SIGM SIGMA DESIGNS INC
CECO CAREER EDUCATION CORP
CEMI CHEMBIO DIAGNOSTICS INC
CRFN CRESCENT FINANCIAL BANCSHARE
AUMN GOLDEN MINERALS CO
TWIN TWIN DISC INC
ATNY API TECHNOLOGIES CORP
XOMA XOMA CORP
RNDY ROUNDY'S INC
SIGA SIGA TECHNOLOGIES INC
APAGF APCO OIL AND GAS INTL INC
XIDE EXIDE TECHNOLOGIES
DGII DIGI INTERNATIONAL INC
TROV TROVAGENE INC
SWSH SWISHER HYGIENE INC
EGLE EAGLE BULK SHIPPING INC
STAA STAAR SURGICAL CO
TSEM TOWER SEMICONDUCTOR LTD
THM INTL TOWER HILL MINES LTD
BIOF BIOFUEL ENERGY CORP
MEET MEETME INC
ACRE ARES COMMERCIAL REAL ESTATE
LTS LADENBURG THALMANN FINANCIAL
UPIP UNWIRED PLANET INC

Excess Margin Securities

The term "excess margin securities" refers to securities held in a customer's margin account that have not been completely paid for or are being pledged by the customer as collateral to support the purchase of other securities on margin and whose market value exceeds 140% of the customer's margin balance.

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.  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 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 or fully paid securities based upon the customer's subsequent trade and/or borrowing activity. For example, if the loan value of excess margin securities is subsequently used to acquire additional securities on credit, 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 in an amount necessary to repay the margin loan, the securities will be reclassified as fully paid and are required to be segregated.

See also "fully paid securities".

Overview of IB issued Share CFDs

The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IB.

For Information on IB Index CFDs please see IB Index CFDs - Facts and Q&A.

Topics covered are as follows:

I.    CFD Definition
II.   Comparison Between CFDs and Underlying Shares
III.  Cost and Margin Considerations
IV.  Worked Example
V.   CFD Resources
VI.  Frequently Asked Questions

 

 

I.  Share  CFD Definition

IB CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).

Said differently, it is an agreement between the buyer (you) and IB to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IB pays you. If it is negative, you pay IB. The CFD contract is marked to market daily with gains/losses settled into your account in cash in the form of variation margin.

IB Share CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions. The price of the CFD is the price of the exchange-quoted price of the underlying share. In fact, IB CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Work Station and IB offers Direct Market Access (DMA). Similar to shares, your non-marketable (i.e., limit) orders have the underlying hedge directlty represented on the deep book of those exchanges at which it trades.  This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.

To compare IB’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.

IB currently offers approximately 2400 Share CFDs covering the principal markets in the US, Europe and Asia.  The constituents of the major indexes listed below are currently available as IB Share CFDs. In many countries IB also offers trading in liquid small cap shares. These are shares with free float adjusted market capitalization of at least USD 250 million and median daily trading value of at least USD 300 thousand.  Please see CFD Product Listings for more detail. More countries will be added in the near future.

United States S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap)
United Kingdom FTSE 350 + Liquid Small Cap (incl. IOB)
Germany Dax, MDax, TecDax + Liquid Small Cap
Switzerland Swiss portion of STOXX Europe 600 (48 shares)
France CAC Large Cap, CAC Mid Cap + Liquid Small Cap
Netherlands AEX, AMS Mid Cap + Liquid Small Cap
Belgium BEL 20, BEL Mid Cap + Liquid Small Cap
Spain IBEX 35
Sweden OMX Stockholm 30
Finland OMX Helsinki 25
Denmark OMX Copenhagen 30
Japan Nikkei 225

 

II.   Comparison Between CFDs and Underlying Shares

Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
 
BENEFITS of IB CFDs
DRAWBACKS of IB CFDs
No stamp duty or financial transaction tax (UK, France, Belgium)
No ownership rights
Generally lower commission and margin rates than shares
Complex corporate actions may not always be exactly replicable
Tax treaty rates for dividends without need for reclaim
Taxation of gains may differ from shares (please consult your tax advisor)
Exemption from day trading rules
 

III.  Cost and Margin Considerations

IB CFDs can be an even more efficient way to trade the European stock markets than IB’s highly competitive stock offering.

Firstly, IB CFDs have low commissions compared to stocks, and the same low financing spreads:

 EUROPE
 
CFD
STOCK
Commission
GBP
0.05%
GBP 6.00 + 0.05%*
EUR
0.05%
0.10%
Financing**
Benchmark +/-
1.50%
1.50%

*per order + 0.05% of excess over GBP 50,000
**CFD financing on total position value, stock financing on borrowed amount

When you trade more, CFD commissions become even lower, as low as 0.02%. Financing rates are reduced for larger positions, to as low as 0.5%.  Please see CFD Commissions and CFD Financing Rates for more details.

Secondly, CFDs have lower margin requirements than stocks. This is because for CFDs we can apply a risk based margin rather than the regulatory formulas we must apply to stocks:

 
CFD
STOCK
 
All
Standard
Portfolio Margin
Margin Requirement*
10%
25% - 50%
15%

*Typical margin for blue-chips. Standard 25% intraday maintenance margin, 50% overnight.  Portf. Margin shown is maintenance margin (incl. overnight). More volatile issues are subject to higher requirements

Please refer to CFD Margin Requirements for more detail.


IV.  Worked Example

Let’s look at an example. Unilever’s Amsterdam listing has returned 3.2% in the past month (20 trading days to May 14th, 2012) and you believe it will continue to perform well. You want to build a EUR 200,000 exposure and hold it for 5 days. You do 10 trades to build up and 10 trades to unwind. Your direct costs would be as follows:

 
CFD
STOCK
EUR 200,000 Position
 
Standard
Portfolio Margin
Margin Requirement
20,000
100,000
30,000
Commission (round trip)
200.00
400.00
400.00
Interest Expense
41.96
23.35
36.44
Total Direct Cost
241.96
423.55
436.44
Difference
 
75%
80%

Note: Interest expense for CFDs is calculated on the entire contract position, for shares interest is calculated on the borrowed amount. The applicable rates are the same for both shares and CFDs.

 

But let’s assume you only have EUR 20,000 available to fund the margin. If Royal Dutch Shell continues to perform as it has in the past month, your potential profit would compare as follows:  

OPPORTUNITY COST
CFD
STOCK
Available Margin
20,000
20,000
20,000
Total Invested
200,000
40,000
133,333
Return*
1,576.27
312.25
1,050.84
Difference
 
 -80%
 -33%

*past month's (to May 14th, 2012) average daily return over 5 days

 

Please keep in mind that leverage works both ways, and you can potentially lose more with CFDs than with higher margin stocks, including more than your initial investment.

 


V.   CFD Resources

Below are some useful links with more detailed information on IB’s CFD offering:

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Corporate Actions

CFD Trading Access

The following video tutorials are also available:

How to Place a CFD Trade on the Trader Workstation

How to Request Trading Permissions for IB CFDs


VI.  Frequently Asked Questions

What Stocks are available as CFDs?

Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan.  Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.

 

Do you have CFDs on Stock Indices and commodities?

Yes. Please see IB Index CFDs - Facts and Q&A.

 

How do you determine your Share CFD quotes?

IB CFD quotes are identical to the Smart routed quotes for the underlying share. IB does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.

 

Can I see my limit orders reflected on the exchange?

Yes. IB offers Direct market Access (DMA) whereby your non-marketable (i.e., limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.

 

How do you determine margins for Share CFDs?

IB establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%. Most IB CFDs are margined at this rate, making CFDs more margin-efficient than trading the underlying share in most cases.  There are however no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.

 

Are short Share CFDs subject to forced buy-in?

Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position will become subject to buy-in.

 

How do you handle dividends and corporate actions?

IB will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security*. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IB decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.

*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IB may terminate the CFD prior to the ex-date.

 

Can anyone trade IB CFDs?

All clients can trade IB CFDs, except residents of the USA, Canada, Hong Kong and Australia. There are no exemptions based on investor type to the residency based exclusions. More details are available in CFD Trading Access.

 

What do I need to do to start trading CFDs with IB?

You need to set up trading permission for CFDs in Account Management, and agree to the relevant trading disclosures. IB will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account. For detailed instructions please see CFD Trading Access and How to Request Trading Permissions for IB CFDs (video).

 

Are there any market data requirements?

The market data for IB Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have set up market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.

 

How are my CFD trades and positions reflected in my statements?

Your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Account Management.

 

Can I transfer in CFD positions from another broker?

IB will be glad to facilitate the transfer of CFD positions, subject to the agreement of the other broker. As the transfer of CFD positions is more complex than is the case for share positions, we generally require the position to be at least the equivalent of USD 100,000.

 

Are charts available for Share CFDs?

Yes.

 What account protections apply when trading CFDs with IB?

CFDs are contracts with IB UK as your counterparty, and are not traded on a regulated exchange and are not cleared on a central clearinghouse. Since IB UK is the counterparty to your CFD trades, you are exposed to the financial and business risks, including credit risk, associated with dealing with IB UK. Please note however that all client funds are always fully  segregated, including for institutional clients. IB UK is a participant in the UK Financial Services Compensation Scheme ("FSCS"). IB UK is not a member of the U.S. Securities Investor Protection Corporation (“SIPC”).Please refer to the IB UK CFD Risk Disclosure for further detail on risks associated with trading CFDs.

 

In what type of IB accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.? 

All margin accounts are eligible for CFD trading. Cash or SIPP accounts are not.

 

What are the maximum a positions I can have in a specific CFD?

There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.

 

Can I trade CFDs over the phone?

No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.

Twitter (TWTR) IPO

On November 7, 2013 trading in shares of Twitter (NYSE: TWTR) in the secondary market is expected to begin. The IPO price range is projected at $23-$25 with the size of the offering listed at 70.0 million shares.  Relevant information relating to IB's handling of this security is as follows:

- Orders received prior to the start of trading in the secondary market will be held and submitted to the exchange on November 7, 2013.

- Acceptable order types prior to the start of trading include Limit and Limit-On-Open

- Acceptable time in force conditions for orders placed prior to the start of trading include Good-Till-Date and Good-Till-Canceled and Day.  A day order entered prior to the open of trading on November 7th will continue to work until the close of trading on November 7th unless executed or canceled.

-When the opening cross begins, any immediate order types (IOC, LOO, LOC) will be rejected and any non-immediate order types will be frozen, - i.e. they will be submitted but neither acknowledged by the exchange nor allowed to be canceled until continuous trading begins.  Non-immediate orders during the opening cross will neither participate in nor receive the price of the opening cross

- To ensure that an order has been properly transmitted and is working as intended, it is suggested that you closely monitor your working order(s) on the days prior to, as well as the day of, initial trading in the secondary market (Thursday November 7, 2013).  If you have any question as to whether the order is working, please contact Customer Service and from the main menu select option 1 and then 2

- The initial and maintenance margin requirement for TWTR will be set at 100%. Please note that margin requirements are subject to change and IB reserves the right to make such changes without advance notice.


Cash Sweeps

Background
Underlying the IB Universal account are two separate sub-accounts or segments, one for the securities positions and balances which are subject to the customer protection rules of the SEC and another for the commodities positions and balances which are subject to the customer protection rules of the CFTC. This Universal account structure is designed to minimize the administrative overhead that customers would otherwise be exposed to were they to maintain two distinct accounts (e.g., transferring of cash between accounts, login and order submission through separate accounts, multiple statements, etc.) while preserving the separation required by regulation.

These regulations further require that all securities transactions be effected and margined in the securities segment of the Universal account and commodities transactions in the commodities segment.1  While the regulations allow for the custody of fully-paid securities positions in the commodities segment as margin collateral, IB does not do so, thereby limiting their hypothecation to the more restrictive rules of the SEC. Given the regulations and policies which direct the decision to hold positions in one segment vs. the other, cash remains the only asset eligible to be transferred between the two and for which customer discretion is provided.

Outlined below is a discussion as to the cash sweep options offered, the process for selecting an option as well as selection considerations.

 
Cash Sweep Options
Customers are provided with 3 sweep options, descriptions for which are provided below:
 
 1. Do not sweep excess funds – under this election, excess cash does not move from one segment to another unless necessary to:
a. Eliminate/reduce a margin deficiency in the other segment;
 
b. Minimize a cash debit balance and therefore interest charges in a given segment.  Note that this is the default option and sole option for account holders having only one of securities or commodities trading permissions.
 
2. Sweep excess funds into my IB securities account – here, cash balances are only held in the commodities segment to the extent necessary to satisfy the current commodities margin requirement. Any cash in excess of the margin requirement, generated as a result of either an increase in cash (e.g., favorable variation and/or transaction related) or decrease in the margin requirement (e.g., changes in the SPAN risk arrays and/or transaction related) will be automatically transferred from the commodities segment to the securities segment. Note that the account holder must have permissions to trade securities in order to select this option.
 
3. Sweep excess funds into my IB commodities account – here, cash balances are only held in the securities segment to the extent that they, along with any other securities positions having loan value, are needed to satisfy the current securities margin requirement. Note that the account holder must have permissions to trade commodities in order to select this option. 
 
Other items of note:
-  As the Universal account allows for cash balances to be held in a variety of denominations, a hierarchy exists for the purpose of determining which particular currency to transfer first when long balances in multiple currencies exist. In these situations the procedure is to first transfer balances denominated in the Base Currency, then USD and then the remaining long currency balances in order of highest to lowest.
 
- To minimize the likelihood of one segment incurring a margin deficiency following the sweep of excess cash to the other, the full excess will not be transferred and a buffer equal to 5% of the maintenance margin requirement will be retained. Similarly, to minimize the operational overhead of transferring nominal balances, balances will only be transferred if, after giving effect to the 5% margin cushion, the excess, if any, is not less than 1% of account equity or $200.
 
- When performing the pre-trade credit check to determine whether an account maintains sufficient equity to support a new order, excess cash maintained in one segment will be considered for trades conducted in the other (although a sweep will not occur until the trade has executed and only if it then remains necessary for margin compliance).  Accounts which are designated as a Pattern Day Trader and which are subject pre-trade credit check that takes into account the prior as well as current day's equity should pay particular attention to the Selection Considerations section below.
 
 
Selecting a Sweep Option
If your Account Management version contains a series of menu options on the left-hand side, select the Account Administration and then Excess Funds Sweep menu options. If your version has menu options across the top, select the Manage Account/Settings and then the Configure Account/Excess Funds Sweep menu options. Regardless of your version, you will be presented with a screen which appears as follows:
 

You may then select the radio button alongside the option of your choice and select the Continue button. Your choice will take effect as of the next business day and will remain in effect until a different option has been selected. Note that subject to the trading permission settings noted above, there is no restriction upon when or how often you may change your sweep method. 

 

Selection Considerations
While the decision to elect one segment vs. the other for the purposes of maintaining excess cash may involve subjective decisions and preferences unique to each customer (e.g. customer maintains assets which are significant and concentrated in one segment vs. the other), outlined below are several factors warranting consideration:
 
1. Pattern Day Trading Equity - The securities buying power of accounts designated by regulation as Pattern Day Traders (i.e., 4 or more day trades within a 5 business day period) is limited by the lesser of the current or prior day’s closing equity in the securities segment. As such, an election to sweep excess funds to the commodities segment will prevent the inclusion of such funds in this calculation, thereby potentially limiting the capacity to enter new orders. To maximize the use of equity for purposes of entering securities orders, one would need to elect to sweep excess fund to the securities segment.  Note that an election to the securities segment will not impair the ability to enter commodities orders as the pattern day trading rules do not apply to such accounts.
 
2. Insurance – SIPC protection is afforded to assets in the securities segment and there is no commensurate insurance scheme in place for the commodities segment. That being said, balances in excess of the SIPC $250,000 cash sub-limit ($900,000 Lloyd’s cash sub-limit, where applicable) are not afforded coverage. Customers of IB Canada and IB UK are also subject coverage rules as specified by CIPF and the FSCS, respectively.
 
3. Interest Income – all other things being equal, customers are likely to receive the most optimal interest income on long cash balances that have not been partitioned between the securities and commodities segments as they are not aggregated for interest credit purposes (since they are subject to distinct segregation pools and reinvestment rules). This, along with the fact that credits require maintenance of a minimum cash balance and that higher balances are afforded preferential rates are factors to be considered when making a sweep election.2
 
Other Relevant Knowledge Base Articles:
A Comparison of U.S. Segregation Models
 
 
Footnotes:
1As OneChicago single stock futures are a hybrid product jointly regulated by the SEC and CFTC, they can be purchased and sold in either account type. IB, however, conducts such transactions in the securities segment of the Universal account as this is necessary to provide margin relief between the single stock future and any qualifying stock or option position.
 
2Consider, for example, an account which maintains a long USD balance of $9,000 in each of the securities and commodities segments. Depending upon the benchmark Fed Funds Effective rate, the account would be eligible to earn interest on $8,000 ($18,000 - $10,000) if the two balances were held in a single segment, but since balances below $10,000 in either of the two segments are not eligible for interest, could not earn anything without electing a sweep option. Similarly, one would be eligible to earn interest at a higher tier if as a result of a sweep election the account holder was then able to achieve a long USD cash balance above $100,000 in a given segment. For additional information regarding interest calculations including a link to current benchmark interest rates, refer to KB39.

 

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