IG Index Increasing their Deposit Margin Requirements

The changes will be made in two phases:

1. Tuesday 25 March – Banking Stocks, Banks will be margined at a minimum of 10% with some more volatile stocks either 15% or 25%. For a full list of affected instruments, please see below

Market	Current	New
HBOS Plc	5%	10%
Royal Bank Of Scotland Group Plc	5%	10%
Barclays Plc	5%	10%
Societe Generale NV	5%	10%
Lloyds TSB Group Plc	5%	10%
BNP Paribas	5%	10%
Macquarie Group Ltd	5%	10%
Commonwealth Bank of Australia	5%	10%
National Australia Bank Ltd	5%	10%
Unicredit SpA	5%	10%
Australia & NZ Banking Group Ltd	5%	10%
Hypo Real Estate Holding AG	5%	10%
Banco Santander Central Hisp	5%	10%
HSBC Holdings Plc	5%	10%
Westpac Banking Corp	5%	10%
Suncorp-Metway Ltd	5%	10%
Banco Bilbao Vizcaya Argentaria SA	5%	10%
Deutsche Postbank AG	5%	10%
St George Bank Ltd	5%	10%
Intesa Sanpaolo SpA	5%	10%
Commerzbank AG	5%	10%
Deutsche Bank AG	5%	10%
Banca Monte dei Paschi di Siena SpA	5%	10%
Banco Popolare SpA	5%	10%
Banca Popolare di Milano SCRL	5%	10%
Mediobanca SpA	5%	10%
Anglo Irish Bank	10%	25%
Alliance & Leicester Plc	10%	25%
Bradford & Bingley Plc	10%	25%
Lehman Brothers Holdings Inc	10%	25%
Bank of Ireland	10%	15%
Allied Irish Bank	10%	15%

2. Tuesday 1 April – Indices and Commodities – Deposits on Asian and Australian indices are set rise but many, including the France 40 and US Tech100, will fall. Deposits on Gold, Silver and Oil are set to rise but those on many metals, particularly Nickel and Zinc, will fall. For a full list of affected instruments, check the following link.