Margin information for Wholesale Clients

Review our margin requirements and other information related to margin trading with Saxo

For retail investor margin rates, please see here.

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

Read more about Initial and Maintenance margin here.

Margin requirements differ by instrument and depend on the exposure in the given instrument. Margin requirements may be subject to regulatory mandated minimums and may be subject to change according to the underlying liquidity and volatility of the instrument. For this reason, the most liquid instruments in most cases require a lower margin requirement.

Saxo offers tiered margin methodology as a mechanism to manage political and economic events that may lead to the market becoming volatile and changing rapidly. With tiered margin, the average margin requirement (‘Blended Margin Requirement’) increases with the level of exposure. The opposite is also true; as the level of exposure decreases the margin requirement also decreases. This concept is illustrated below:

The different levels of exposure (or tiers) are defined as an absolute number of U.S. Dollars (USD) across all instruments. Each instrument has a specific margin requirement in each tier.

Please note that margin requirements may be changed without prior notice. Saxo reserves the right to increase margin requirements for large position sizes, including client portfolios considered to be of high risk.

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

The initial and maintenance margin of a single stock CFD is based on the stock rating. Saxo defines 6 different stock ratings. This rating is derived from the market capitalization, liquidity and volatility of the underlying asset.

 
Saxo RatingInitial MarginMaintenance Margin
16.0%5%
212.5%10%
317.5%15%
430%25%
550%45%
6110%100%

See the full list of Single Stock CFD margin rates for wholesale and professional clients.

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

An Index CFD with an initial margin of 5% can be traded at 20:1 leverage.


Index CFDs margins (normal market conditions)

Index TrackerInitial MarginMaintenance Margin
US 30 Wall Street1.50%1.00%
US 5001.50%1.00%
US Tech 100 NAS1.50%1.00%
Belgium 205.00%4.50%
Denmark 254.00%3.50%
EU Stocks 502.50%2.00%
France 404.00%3.50%
Germany 402.50%2.00%
Germany Mid-Cap 504.00%3.50%
Germany Tech 304.00%3.50%
Italy 404.00%3.50%
Netherlands 254.00%3.50%
Norway 255.00%4.50%
Portugal 2010.50%9.50%
South Africa 4010.50%9.50%
Spain 354.00%3.50%
Sweden 304.00%3.50%
Switzerland 204.00%3.50%
UK 1002.50%2.00%
UK Mid 2504.00%3.50%
Australia 2002.50%2.00%
Japan 2252.50%2.00%
Hong Kong5.00%4.50%

Index CFDs contract details (expiring)

Index TrackerInitial MarginMaintenance Margin
China 5010.00%9.00%
India 5010.00%9.00%
Singapore10.00%9.00%
Taiwan10.00%9.00%
US20005.00%4.50%

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

A Forex CFD with an initial margin of 3.33% can be traded at 30:1 leverage.

Instrument NameSymbolInitial MarginMaintenance Margin
CURRENCIES
Euro / US DollarEURUSDEC2.00%1.50%
Euro / Japanese YenEURJPYRY4.00%3.50%
Euro / Swiss FrancEURCHFRF4.00%3.50%
Euro / British PoundEURGBPRP5.00%4.50%
British Pound / US DollarGBPUSDBP5.00%4.50%
Australian Dollar / US DollarAUDUSDAD4.00%3.50%
USD IndexUSDINDEX1.50%1.00%

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

A Commodity CFD with an initial margin of 10% can be traded at 10:1 leverage.

Instrument NameSymbolInitial MarginMaintenance Margin

METALS
GoldGOLD4.00%3.50%
SilverSILVER5.00%4.50%
PlatinumPLATINUM8.00%7.50%
PalladiumPALLADIUM8.00%7.50%
US CopperCOPPERUS4.00%3.50%


ENERGY
US CrudeOILUS5.00%4.50%
UK CrudeOILUK5.00%4.50%
Heating OilHEATINGOIL5.00%4.50%
Gasoline USGASOLINEUS5.00%4.50%
Gas OilGASOILUK5.00%4.50%
US Natural GasNATGAS10.00%9.00%
CO2 EmissionsEMISSIONS10.00%9.00%


AGRICULTURE
CornCORN5.00%4.50%
WheatWHEAT5.00%4.50%
SoybeansSOYBEANS5.00%4.50%


SOFTS
NY Sugar No. 11SUGARNY8.00%7.50%
NY CoffeeCOFFEE8.00%7.50%
NY CocoaCOCOA8.00%7.50%


MEATS
Live CattleLIVECATTLE5.00%4.50%

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

  1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.
  2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

A Bond CFD with an initial margin of 10% can be traded at 10:1 leverage.

Instrument NameInitial MarginMaintenance Margin
German Government 5 year Bobl1.50%1.00%
German Government 5 year Schatz1.50%1.00%
German Government 10 year Bund1.50%1.00%
French Government 10 year OAT1.50%1.00%
Italian Government 10 year BTP2.00%1.50%

Collateral rates for margin trading

Saxo Markets allows a percentage of the investment in certain Stocks and ETFs to be used as collateral for margin trading activities. The collateral value of a stock or ETF position depends on the rating of the individual stocks or ETFs – please see conversion table below.

Rating
1
2
3
4
5
6
Collateral value of position
75%
50%
50%
25%
0%
0%

Example: 75% of the value of a position in a Stock or ETF with Rating 1 can be used as collateral (instead of cash) to trade margin products such as Forex, CFDs, Futures and Options. Please note that Saxo Markets reserves the right to decrease or remove the use of Stock or ETF investment as collateral for large position sizes, or stock portfolios considered to be of very high risk.

For a complete list of available stocks, ratings and collateral values, please click here.

For a complete list of available ETFs, ratings and collateral values, please click here.

Saxo Markets allows a percentage of the investment in certain bonds to be used as collateral for margin trading activities.

The collateral value of a bond position depends on the rating of the individual bond, as outlined below:

Rating definition*Collateral percentage
Highest Rating (AAA)95%
Very High Quality (AA)90%
High Quality (A)80%

 

* as rated internally by Saxo Bank

Example: 80% of the market value of a bond position with an A rating can be used as collateral (instead of cash) to trade margin products such as Forex, CFDs or Futures and Options.

Please note that Saxo Bank reserves the right to decrease or remove the use of bond positions as collateral.

For further guidance or to request the rating and collateral treatment of a specific or potential bond position, please send an email to fixedincome@saxobank.com or contact your account executive.

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