Information and rules

The initial margin requirement is calculated before opening each new position that requires margin. Subsequently, the available collateral is permanently reconciled with the current positions to maintain them. At the same time, the requirements for new positions are constantly compared. Any changes to the margin requirements made by the exchange are also taken into account. The reconciliation is usually carried out by the system every minute; however, this does not constitute legal obligations and, in particular, legally binding protection against losses. There is no entitlement to compensation in the event of losses of any kind. Each customer is responsible for their own positions and the resulting risks.

In certain cases, higher margin requirements may apply to the securities account, particularly if positions are to be held overnight. The margin requirements also change in an open position if the position was opened at a time when a lower, so-called ‘intraday margin’ (daily margin, usually 50% of the usual margin requirement) was valid. If the same position is held beyond the time from which the so-called ‘overnight margin’ (overnight margin, usually 100% of the usual margin requirement) is valid, the margin requirements change upwards. If the required margin is then insufficient, the position is closed/liquidated. This generally happens at the end of the trading day. Please check the margin for each product before entering into positions that are to be maintained overnight.

The risk management system is set up in such a way that positions are liquidated according to pre-programmed rules. However, there is no guarantee that liquidations will take place. The custodian broker has the right to liquidate positions in the event of insufficient margin. However, the account holder has no legal claim to this and therefore no guaranteed protection against losses. The conditions for liquidating a position can change at short notice due to a wide variety of factors and the corresponding requirements can be amended at any time. There is no prior notification obligation on the part of the broker.

Under certain circumstances, several securities accounts of a securities account holder can be used by the broker to hedge or to equalise differences. However, the custody account holder is not entitled to offset custody accounts against each other.