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  • Interest and Financing

    Benchmark Rates

    Caucasus Capital uses internationally recognized benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate ("BM") in tiers, where larger cash balances receive increasingly better rates, to determine an effective rate.

    Interest Paid to You or By You

    When calculating rates, CCG uses a blended rate based on the tiers below. With the exception of CHF, CZK, DKK, EUR, JPY and SEK, if the benchmark rate plus the interest rate paid is less than 0 then the interest paid will be 0%. For balances held in CHF, CZK, DKK, EUR, JPY or SEK IB will apply an effective negative rate to long balances held as outlined in the table below.

    Interest accrues and is payable on a daily basis, and CCG posts actual interest monthly on the 3rd business day of the following month.

    The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

    For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.

    Interest Rates Charged to You on Margin Loan Balances

    When calculating rates, keep in mind that CCG uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, CCG will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0.

    CCG accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month.

    The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

    CFD Contract Interest

    Contract Interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied based on trade volume as shown below:

    Benchmark Rates

    Caucasus Capital uses internationally recognized benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate ("BM") in tiers, where larger cash balances receive increasingly better rates, to determine an effective rate.

    Follow the link below to find the current Benchmark Rates:

    Current Benchmark Rates

    Caucasus Capital accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month. For detailed examples on how we calculate interest, open the Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections.

    Interest Benchmark Definitions

    Fed Funds Effective

    (USD only) is the volume weighted average of the transactions processed through the Federal Reserve between member banks. It is intended to reflect the best estimate of interbank financing activity for Reserve Bank members and is the reference for many short term money market transactions in the broader market.

    LIBOR

    (Multiple currencies) stands for London Inter-Bank Offered Rate. It is a daily fixing for deposits with durations from overnight to 1 year and is determined by a group of large London banks. It is the most widely used measurement for interest rates on most currencies outside the domestic market(s).

    EONIA

    (EUR only) is the global standard for overnight Euro deposits and is determined by a weighted average of the actual transactions between major continental European banks mediated through the European Central Bank.

    HIBOR

    (HKD only) is a daily fixing based on a group of large Hong Kong banks. Similar methods and durations are set as for LIBOR currencies.

    KORIBOR

    (KRW only) is an average of the leading interest rates for KRW as determined by a group of large Korean banks. The benchmark utilizes the KORIBOR with 1 week maturity.

    STIBOR

    (SEK only) is a daily fixing based on a group of large Swedish banks. The same methods and durations are set as for LIBOR currencies.

    RUONIA

    (RUB) is a weighted rate of overnight Ruble loans. The RUONIA is calculated by the Bank of Russia.

    PRIBOR

    (CZK) is the average interest rate at which term deposits are offered between prime banks.

    BUBOR

    (HUF) is the average interest rate at which term deposits are offered between prime banks

    TIIE

    (MXN only) is the interbank "equilibrium" rate based on the quotes provided by money center banks as calculated by the Mexican Central Bank. The benchmark TIIE is based on 28-day deposits so is atypical as a measure for short term funds (most currencies have an overnight or similar short term benchmark).

    Overnight

    (O/N) rate is the most widely used short term benchmark and represents the rate for balances held from today until the next business day.

    Spot-Next

    (S/N) refers to the rate on balances from the next business day to the business day thereafter. Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference.

    RBA Daily Cash Target

    (AUD) refers to a 1 day rate set by the Reserve Bank of Australia to influence short term interest rates.

    NZD Daily Cash Target

    (NZD) refers to a 1 day rate set by the Reserve Bank of New Zealand to influence short term interest rates.

    CNH HIBOR Overnight Fixing Rate

    For the calculation of interest, IB follows market convention and will not include fixings made on a CNH, CNY or HKD holiday.

    Day-Count conventions:

    IB conforms to the international standards for day-counting wherein deposits rates for most currencies are expressed in terms of a 360 day year, while for other currencies (ex: GBP) the convention is a 365 day year.

    Interest Paid to You or By You

    Interest Paid to You on Positive (Credit) Cash Balances

    BM = Benchmark Rate

    Currency Tier Rate Paid
    USD 0 - 10,000 0%
      10,000.01 + BM - 1.5%
    AUD 0 - 14,000 0%
      14,000.01 - 140,000 BM - 1.5%
      140,000.01 + BM - 1.25%
    CAD 0 - 14,000 0%
      14,000.01 + BM - 1.5%
    CHF 0 - 100,000 0%
      100,000.01 + BM - 0.25%
    CNY/CNH All 0%
    CZK 0 - 2,500,000 0%
      2,500,000.01 + BM - 0.25%
    DKK 0 - 700,000 0%
      700,000.01 + BM - 0.25%
    EUR 0 - 100,000 0%
      100,000.01 + BM - 0.25%
    GBP 0 - 8,000 0%
      8,000.01 + BM - 1.5%
    HKD 0 - 78,000 0%
      78,000.01 + BM - 1.75%
    HUF 0 - 2,800,000 0%
      2,800,000.01 + BM - 4%
    ILS All 0%
    INR All 0%
    JPY 0 - 11,000,000 0%
      11,000,000.01 + BM - 0.25%
    KRW 0 - 12,000,000 0%
      12,000,000.01 + BM - 2.5%
    MXN 0 - 190,000 0%
      190,000.01 + BM - 5%
    NOK 0 - 85,000 0%
      85,000.01 + BM - 3.5%
    NZD 0 - 15,000 0%
      15,000.01 + BM - 3.5%
    PLN 0 - 400,000 0%
      400,000.01 + BM - 3%
    RUB 0 - 700,000 0%
      700,000.01 + BM - 6%
    SEK 0 - 850,000 0%
      850,000.01 + BM - 0.25%
    SGD 0 - 15,000 0%
      15,000.01 + BM - 2%
    ZAR 0 - 150,000 0%
      150,000.01 + BM - 4%

    Interest Paid to You on Short Sale Proceeds Cash Balances

    For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.

    BM = Benchmark Rate

    Currency Tier Rate Paid
    USD 0 - 100,000 0%
      100,000.01 - 1,000,000 BM - 2.25%
      1,000,000.01 - 3,000,000 BM - 1.5%
      3,000,000.01 + BM - 1.25%
    CAD 0 - 140,000 0%
      140,000.01 - 1,400,000 BM - 2.75%
      1,400,000.01 - 3,000,000 BM - 2.1%
      3,000,000.01 + BM - 1.9%
    CHF 0 - 100,000 BM - 0.25%
      100,000.01 + BM - 2.25%
    EUR 0 - 100,000 BM - 0.25%
      100,000.01+ BM - 2.25%
    GBP 0 - 80,000 0%
      80,000.01+ BM - 3.25%
    MXN 0 - 1,900,000 0%
      1,900,000.01+ BM - 5%
    SEK 0 - 850,000 BM - 0.25%
      850,000.01+ BM - 2.25%
    AUD 0 - 140,000 0%
      140,000.01 + BM - 3.25%
    HKD 0 - 780,000 0%
      780,000.01 BM - 3.25%
    Disclosures

    1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.

    • Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, we recommend clients to use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management

    Interest Rates Charged to You on Margin Loan Balances

    When calculating rates, keep in mind that IB uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, IB will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0.

    IB accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month

    The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

    BM = Benchmark Rate

    Currency Loan Amount Rate Charged
    USD 0 - 100,000 BM + 2.5%
      100,000.01 - 1,000,000 BM + 2%
      1,000,000.01 - 3,000,000 BM + 1.5%
      3,000,000.01 - 200,000,000 BM + 1.25%
      200,000,000.01 + BM + 1.25% See note below
    AUD 0 - 140,000 4.25% (BM + 2.5%)
      140,000.01 - 1,400,000 BM + 2%
      1,400,000.01 - 140,000,000 BM + 1.5%
      140,000,000.01 + BM + 1.5% See note below
    CAD 0 - 140,000 BM + 2.5%
      140,000.01 - 1,400,000 BM + 2%
      1,400,000.01 - 140,000,000 BM + 1.5%
      140,000,000.01 + BM + 1.5% See note below
    CHF 0 - 100,000 BM + 2.5%
      100,000.01 - 1,000,000 BM + 2%
      1,000,000.01 - 200,000,000 BM + 1.5%
      200,000,000.01 + BM + 1.5% See note below
    CNY/CNH 0 - 625,000 BM + 6%
      625,000.01 - 6,250,000 BM + 6%
      6,250,000.01 - 125,000,000 BM + 6%
      125,000,000.01 + BM + 6% See note below
    CZK 0 - 400,000,000 BM + 4%
      400,000,000.01 + BM + 4% See note below
    DKK 0 - 120,000,000 BM + 4%
      120,000,000.01 + BM + 4% See note below
    EUR 0 - 100,000 BM + 2.5%
      100,000.01 - 1,000,000 BM + 2%
      1,000,000.01 - 150,000,000 BM + 1.5%
      150,000,000.01 + BM + 1.5% See note below
    GBP 0 - 80,000 BM + 2.5%
      80,000.01 - 800,000 BM + 2%
      800,000.01 - 160,000,000 BM + 1.5%
      160,000,000.01 + BM + 1.5% See note below
    HKD 0 - 780,000 BM + 2.5%
      780,000.01 - 7,800,000 BM + 2%
      7,800,000.01 - 780,000,000 BM + 2.5%
      780,000,000.01 + BM + 2.5% See note below
    HUF 0 - 4,500,000,000 BM + 6%
      4,500,000,000.01 + BM + 6% See note below
    ILS 0 - 80,000,000 BM + 6%
      80,000,000.01 + BM + 6% See note below
    INR All BM + 4%
    JPY 0 - 11,000,000 BM + 2.5%
      11,000,000.01 - 110,000,000 BM + 2%
      110,000,000.01 - 20,000,000,000 BM + 1.5%
      20,000,000,000.01 + BM + 1.5% See note below
    KRW 0 - 120,000,000 BM + 3%
      120,000,000.01 - 1,200,000,000 BM + 2.5%
      1,200,000,000.01 - 24,000,000,000 BM + 2%
      24,000,000,000.01 + BM + 2% See note below
    MXN 0 - 1,900,000 BM + 4%
      1,900,000.01 - 19,000,000 BM + 3%
      19,000,000.01 - 1,900,000,000 BM + 2.5%
      1,900,000,000.01 + BM + 2.5% See note below

    NOK

    0 - 850,000

    BM + 2.5%

     

    850,000.01 - 8,500,000

    BM + 2%

     

    8,500,000.01 - 850,000,000

    BM + 1.5%

     

    850,000,000.01 +

    BM + 1.5% See note below

    NZD

    0 - 150,000

    BM + 2.5%

     

    150,000.01 - 1,500,000

    BM + 2%

     

    1,500,000.01 - 150,000,000

    BM + 1.75%

     

    150,000,000.01 +

    BM + 1.75% See note below

    PLN

    0 - 70,000,000

    BM + 4%

     

    70,000,000.01 +

    BM + 5% See note below

    RUB

    0 - 660,000,000

    BM + 6%

     

    660,000,000.01 +

    BM + 6% See note below

    SEK

    0 - 850,000

    BM + 2.5%

     

    850,000.01 - 8,500,000

    BM + 2%

     

    8,500,000.01 - 850,000,000

    BM + 1.5%

     

    850,000,000.01 +

    BM + 1.5% See note below

    SGD

    0 - 150,000

    BM + 2.5%

     

    150,000.01 - 1,500,000

    BM + 2%

     

    1,500,000.01 - 150,000,000

    BM + 1.5%

     

    150,000,000.01 +

    BM + 1.5% See note below

    ZAR

    0 - 240,000,000

    BM + 4.5%

     

    240,000,000.01 - 2,500,000,000

    BM + 4%

     

    2,500,000,000.01 +

    BM + 4% See note below

    Note:

    May be subject to a 1% surcharge applied to the spread if financing is not pre-arranged.

    Disclosures

    1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further

    • Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, we recommend clients to use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management.

    CFD Contract Interest

    Contract Interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied based on trade volume as shown below:

    Share CFDs

     

    Balance Cutoffs

    Contract Interest Charged/Paid on Open CFD Positions

    Currency

    Position

    Tier I

    Tier II

    Share CFDs
    Below Tier I

    Share CFDs
    Between Tier I 

    and Tier II

    Share CFDs
    Above Tier II

    AUD

    Long/Short 1

    140,000

    1,400,000

     BM +/- 2.5%

    BM +/- 2.5%

    BM +/- 2.5%

    CHF

    Long/Short 1

    100,000

    1,000,000

    BM +/- 2.5%

     BM +/- 2%

     BM +/- 1.5%

    CZK

    Long/Short 1

    N/A

    N/A

    BM +/- 4%

     BM +/- 4%

    BM +/- 4%

    DKK

    Long/Short 1

    N/A

    N/A

     BM +/- 2.5%

     BM +/- 2.5%

     BM +/- 2.5%

    EUR

    Long/Short 1

    100,000

    1,000,000

    BM +/- 2.5%

     BM +/- 2%

    BM +/- 1.5%

    GBP

    Long/Short 1

    80,000

    800,000

     BM +/- 2.5%

     BM +/- 2%

     BM +/- 1.5%

    HKD

    Long/Short 1

    780,000

    7,800,000

     BM +/- 2.5%

     BM +/- 2.5%

     BM +/- 2.5%

    JPY

    Long/Short 1

    N/A

    N/A

    BM +/- 2.5%

    BM +/- 2.5%

     BM +/- 2.5%

    NOK

    Long/Short 1

    850,000

    8,500,000

    BM +/- 2.5%

    BM +/- 2%

     BM +/- 1.5%

    SEK

    Long/Short 1

    850,000

    8,500,000

     BM +/- 2.5%

    BM +/- 2%

    -BM +/- 1.5%

    SGD

    Long/Short 1

    130,000

    1,300,000

    BM +/- 3%

     BM +/- 3%

     BM +/- 3%

    USD

    Long/Short 1

    100,000

    1,000,000

     BM +/- 2.5%

     BM +/- 2%

     BM +/- 1.5%

    Stock Borrow Fee

    An additional borrow charge is levied on short CFD Positions, determined for each stock individually based on market borrow rates. we will provide non-binding, indicative borrow rates to clients. Borrow rates may change without notice over the life of the short position based on market conditions.

    Disclosures

    1. For long open positions, your account will be charged interest. For short open positions, your account will generally be paid interest, except in cases where the contract interest rate is negative. When the rate is negative, your account will be charged interest.

    Index CFDs

    Currency

    Position

    Contract Interest Charged/Paid on Open CFD Positions*

    AUD

    Long/Short 1

     BM +/- 2.5%

    CHF

    Long/Short 1

     BM +/- 2.5%

    EUR

    Long/Short 1

     BM +/- 2.5%

    GBP

    Long/Short 1

     BM +/- 2.5%

    HKD

    Long/Short 1

     BM +/- 2.5%

    JPY

    Long/Short 1

     BM +/- 2.5%

    USD

    Long/Short 1

     BM +/- 2.5%

     

    Note:

    *Index CFD interest is charged at a uniform rate of BM +/- 2.5% regardless of balance. Index CFD balances are not included in the determination of the applicable rate for Share CFDs

    The relevant benchmark rate used to calculate the contract interest rates above can be found on the Interest Schedule page. Contract interest rates are determined by Caucasus Capital and may be adjusted from time to time at Caucasus Capital's discretion.

    Contract interest is always applied in the contract currency of the CFD, and is calculated using the formula:

    Contract Interest = I x UPV x N/360 (365 for GBP

    I =

    The Contract Interest rate

    UPV =

    The Underlying Position Value, calculated as the CFD Daily Settlement Price x number of contracts.

    N =

    The number of days for which the contract interest is being calculated.

     

    Forex CFDs

    Carry interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied as a blended rate based on notional balances as shown below.

    The carry interest for Forex CFDs is based on a currency-pair specific benchmark and a spread. The benchmark is the difference between the IB benchmark rates for the two currencies. It is calculated as + BM Base currency - BM Quote currency. For example, April 21, 2016 the GBP benchmark rate was 0.483%, the USD rate was 0.37%. The applicable benchmark rate is:

    Currency Pair

    BM Base Currency

    BM Quote Currency

     

    Pair BM (Base BM - Quote BM)

    GBP.USD

    0.483%

    0.370%

    =

    0.113%

     

     

    The applicable customer rate is (Pair BM - CCG spread) for long positions, (Pair BM + CCG spread) for short positions. It is important to note that the long rate is applied as a credit, the short rate as a debit. Consequently for a long position a positive rate means a credit, a negative rate a charge. However for short positions a positive rate means a charge, a negative rate a credit. For example:

    Currency Pair

    Position

    Pair BM

    CCG Spread

     

    Applicable Customer Rate

    GBP.USD

    Long

    0.113%

    -2.00%

    =

    -1.887%

    GBP.USD

    Short

    0.113%

    2.00%

    =

    2.113%


    Interest is calculated on the contract value expressed in the quote currency, and credited or debited in that currency. For example:

    Currency Pair

    Position

    GBP.USD Close

    USD Value

    Daily Interest Rate

    USD

    GBP.USD

    -20,000

    1.43232

    -28,646.40

    2.113%

    -1.68

    Forex CFDs*

     

    Balance Cutoffs         (in Quote Currency)

    Contract Interest Charged/Paid on Open CFD Positions

    Currency Pair

    Position

    Tier I

    Tier II

    Forex CFDs
    Below Tier I

    Forex CFDs
    Between Tier I & II

    Forex CFDs
    Above Tier II

    AUD.CAD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    AUD.CHF

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    AUD.CNH

    Long/Short1

    6500000

    65000000

    Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    AUD.HKD

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    AUD.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    AUD.NZD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    AUD.SGD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    AUD.USD

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    AUD.ZAR

    Long/Short1

    14000000

    140000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    CAD.CHF

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    CAD.CNH

    Long/Short1

    6500000

    65000000

    Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    CAD.HKD

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    CAD.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    CHF.CNH

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    CHF.DKK

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    CHF.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    CHF.NOK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    CHF.SEK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    CHF.ZAR

    Long/Short1

    14000000

    140000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    CNH.HKD

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    CNH.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2.5%

    Pair BM -/+ 2.25%

    Pair BM -/+ 2%

    DKK.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

    Pair BM -/+ 1.5%

    DKK.NOK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    DKK.SEK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.AUD

    Long/Short1

    1300000

    13000000

    Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.CAD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.CHF

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

    Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.CNH

    Long/Short1

    6500000

    65000000

    Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.CZK

    Long/Short1

    25000000

    250000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.DKK

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.GBP

    Long/Short1

    700000

    7000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.HKD

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.HUF

    Long/Short1

    280000000

    2800000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.ILS

    Long/Short1

    4000000

    40000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.MXN

    Long/Short1

    17000000

    170000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.NOK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.NZD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.PLN

    Long/Short1

    4000000

    40000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    EUR.RUB

    Long/Short1

    70000000

    700000000

    Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

    Pair BM -/+ 2%

    EUR.SEK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.SGD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.USD

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    EUR.ZAR

    Long/Short1

    14000000

    140000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    GBP.AUD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.CAD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.CHF

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.CNH

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    GBP.DKK

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.HKD

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    GBP.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.MXN

    Long/Short1

    17000000

    170000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    GBP.NOK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.NZD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.SEK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.USD

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    GBP.ZAR

    Long/Short1

    14000000

    140000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    HKD.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2.5%

    -Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    MXN.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2.5%

    Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    NOK.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    NOK.SEK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    NZD.CAD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    NZD.CHF

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    NZD.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    NZD.USD

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    SEK.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    SGD.CNH

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    SGD.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.CAD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.CHF

    Long/Short1

    1000000

    10000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.CNH

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.CZK

    Long/Short1

    25000000

    250000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.DKK

    Long/Short1

    6500000

    65000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.HKD

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.HUF

    Long/Short1

    280000000

    2800000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.ILS

    Long/Short1

    4000000

    40000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.MXN

    Long/Short1

    17000000

    170000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.NOK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.PLN

    Long/Short1

    4000000

    40000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.RUB

    Long/Short1

    70000000

    700000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    USD.SEK

    Long/Short1

    8000000

    80000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.SGD

    Long/Short1

    1300000

    13000000

     Pair BM -/+ 2%

     Pair BM -/+ 1.75%

     Pair BM -/+ 1.5%

    USD.ZAR

    Long/Short1

    14000000

    140000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    ZAR.JPY

    Long/Short1

    110000000

    1100000000

     Pair BM -/+ 2.5%

     Pair BM -/+ 2.25%

     Pair BM -/+ 2%

    Note:

    * Interest on Forex CFD balances is calculated on a stand-alone contract basis, and not combined or netted with other currency exposures, including Spot FX. Although IB does not directly reference swap rates, IB reserves the right to apply higher spreads in exceptional market conditions, such as during spikes in swap rates that can occur around fiscal year-ends.

    1. For Forex CFDs a positive rate will be paid to your account if your position is long, and charged to your account if your position is short. The reverse applies to negative Forex CFD rates.