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Interactive Brokers-Futures-Index Futures-DAX
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Interactive Brokers-Futures-Index Futures-DAX

  #1 (permalink)
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Interactive Brokers-Futures-Index Futures-DAX

Hi,

I have been trading stocks, funds, and ETFs for about 5 years. I am now testing the waters with the futures market.

Does anybody know why on Interactive Brokers when I input like if I want to buy 1 future contract of DAX, it shows me a value of about 50k€ while it shows me a value of about 5k€ if I want to buy 1 future contract of CAC40?

Cheers,
Alex

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  #3 (permalink)
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AmericanEagle1989 View Post
Hi,

I have been trading stocks, funds, and ETFs for about 5 years. I am now testing the waters with the futures market.

Does anybody know why on Interactive Brokers when I input like if I want to buy 1 future contract of DAX, it shows me a value of about 50k€ while it shows me a value of about 5k€ if I want to buy 1 future contract of CAC40?

Cheers,
Alex

Because FDAX is 25€/point while FCAC is 10€/point, and FDAX is around 10000 while FCAC around 4400...

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  #4 (permalink)
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sam028 View Post
Because FDAX is 25€/point while FCAC is 10€/point, and FDAX is around 10000 while FCAC around 4400...

@ Sam028: Thank you for your input.

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  #5 (permalink)
Legendary Market Wizard
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sam028 View Post
Because FDAX is 25€/point while FCAC is 10€/point, and FDAX is around 10000 while FCAC around 4400...

Today's margin of the Dax future (25€ per contract and point)
Initial (means first contract): 11690€
from second contract: 9352€
All only for day - not overnight.

Same for the mini Dax (5€ per contract and point)
Initial (means first contract): 2338€
from second contract: 1870€
All only for day - not overnight.

You can find these margins on IB's page:
https://www.interactivebrokers.com/en/index.php?f=margin&p=fut

GFIs1

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  #6 (permalink)
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GFIs1 View Post
Today's margin of the Dax future (25€ per contract and point)
Initial (means first contract): 11690€
from second contract: 9352€
All only for day - not overnight.

Same for the mini Dax (5€ per contract and point)
Initial (means first contract): 2338€
from second contract: 1870€
All only for day - not overnight.

GFIs1

@GFIs1: Thank you. After discussing with Interactive Brokers, they told me that what I was seeing as the "Amount" on the Preview Order window (aka the 50k€) was the notional value. They added that this information is pretty much useless. Then I ask myself, why do they show this info on the Preview Order window if it is useless?? Finally, when I asked them how can I see which amount is to be taken out of my cash to fund the DAX future investment, they replied that it is the Intitial Margin. Maybe I am confused and mistaken but I find it hard to believe.

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  #7 (permalink)
Legendary Market Wizard
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AmericanEagle1989 View Post
@GFIs1: Thank you... Finally, when I asked them how can I see which amount is to be taken out of my cash to fund the DAX future investment, they replied that it is the Intitial Margin.

This is easy:
From your account is deducted the Initial Margin for the first contract (as mentioned in my upper post - note that the margin changes daily at IB) and then the Margin from the second+ contract(s). Plus the commission for every buy/sell per contract.
Not more.

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  #8 (permalink)
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If you are starting out with futures, I would strongly suggest to stay away from the full size DAX, and paper trade the mini DAX before going live.

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  #9 (permalink)
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@aerotrader: Thanks for your advice. Could you please explain me your reasoning?

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  #10 (permalink)
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The size of the DAX contract is so large a small error will wipe out your account and possibly you can still owe your broker more money. Just like most "retail" traders do not trade the full size S&P, they trade the e-mini. The other reason is when you want to increase the number of contracts, the mini margin requirements are a lot smaller.

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