How is money calculated when buying BRR future on CME through IB?
I tried on simulated account to buy 1 BRR future (multiplier = 5).
Total amount with commissions expected was 49280
Initial margin expected was +31047
Maintenance margin expected was +24837
Commissions:
Actual order fill price was 9855.
But the cash subtracted from my account was only . How is this number calculated? Does it mean I borrowed 255 and should I pay interest rate on it? If so, which rate?
I expected Initial margin to be subtracted from my cash balance but it wasn't!
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Future contract definitions I found around Internet are a bit misleading. It seems that future contracts by itself are free to buy and only affect account margins to ensure that you have enough amount if you keep it until expiration.
The provided numbers doesn't add up but in theory only exchange commissions should be payed at the moment of a Future purchase.
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