Bonds Margin Requirements
Fixed Income Margin Overview
Europe Fixed Income Margin Requirements
For residents of Europe trading fixed income:
- Rules-based margin
The complete margin requirement details are listed in the sections below.
Foreign Sovereign Debt Securities 1
| Long Positions 2 | ||
|---|---|---|
| Initial Margin Requirements | Maintenance Margin Requirements | |
| Rated AAA to AA3: | ||
| Less than 6 months to maturity | 2.5% * Market Value | 2% * Market Value |
| Less than 1 year to maturity | 3.75% * Market Value | 3% * Market Value |
| More than 1 year and less than 3 years to maturity | 6.25% * Market Value | 5% * Market Value |
| At least 3 years and less than 5 years to maturity | 7.5% * Market Value | 6% * Market Value |
| At least 5 years and less than 10 years to maturity | 10% * Market Value | 8% * Market Value |
| At least 10 years and less than 20 years to maturity | 12.5% * Market Value | 10% * Market Value |
| 20 years or more to maturity | 15% * Market Value | 12% * Market Value |
| Zero coupon bonds with 5 years or more to maturity | Min (Market Value, 1.25 * Maintenance) | Max (Specified Maintenance Amount 3, 3% * Face Value) |
| Rated A1 - BAA2 | 18.75% * Market Value | 15% * Market Value |
| Rated Ba1-B3 | Min (Market Value, 1.25 * Maintenance) | Min (25% Market Value, 10% Face Value) |
| Rated Caa1-C | Min (Market Value, 1.25 * Maintenance) | Min (50% Market Value, 20% Face Value) |
| Defaulted | 100% * Market Value | 100% * Market Value |
| Not Rated | 100% * Market Value | 100% * Market Value |
Additional Europe Margin Requirements
For Residents of Europe:
Use the following links to view other margin requirements:
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