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Margin Requirements

Long Position Requirements – Margin

Initial Margin

25% * Trade Value

Maintenance Margin

30% * Market Value

Reg T Requirements

50%* Trade Value

Leverage ETFs

Initial Requirement * Leverage Factor

Short Position Requirements – Margin

Initial Margin 30% * Trade Value
Maintenance Margin
  • If less than $5, 100% of Market Value
  • If less than $2.50, it will be held at $2.50 per share.
  • Greater of $5 per share or 30% * Market Value if price is more than $5.
Reg T Requirements
  • Greater of $2.5 per share or 100% of Trade Value if Price < $5
  • Greater of $5 per share or 50% of Trade Value if Price >= $5
Leveraged ETFs Initial Margin * Leverage Factor

Long or Short Position Requirements – Cash

Initial Margin

100% of Trade Value

Maintenance Margin

100% of Market value

House margin requirements may be greater than rule-based margin requirements shown above and are subject to change at any time

Margin Call Types

Exchange Call

This call is issued when your account’s marginable equity fails to meet the exchange requirements for holding securities on margin. 

This can be met with cash deposit, liquidation, or appreciation. If the call is not met prior to an hour before the close on the due date a liquidation may be initiated. Buying power will be unavailable until the day after this call is satisfied.

House/Maintenance Call

This call is issued when your account’s marginable equity fails to meet the house/maintenance requirements for holding securities on margin.

This can be met with cash deposit, liquidation, or appreciation.  If the call is not met prior to an hour before the close on the due date a liquidation may be initiated.  Buying power will be unavailable until the day after this call is satisfied.

Initial Call / Fed Reg T

A Reg T call may be issued when, using margin, an opening purchase or short sell transaction does not satisfy the minimum initial equity requirements per Regulation T. The initial requirement is 50% of the total cost of the trade.

An initial Fed Reg T call can be satisfied by liquidation or a cash deposit. Liquidating shares would be considered a liquidation violation. The third liquidation violation in one year will restrict the account for 90 days. 

Day Trading Call

You will receive this call if you exceed your start-of-day, day trade buying power (DTBP).

This call needs to be met with a cash deposit.  Once the funds are booked in, the account can trade the following day. If the call is not met by the due date, the account will be restricted for 90 days.