|
OPTION TYPE
|
CASH ACCOUNT
INITIAL REQUIREMENT
|
CASH ACCOUNT
INITIAL MAINTENANCE REQUIREMENT
|
Long
Put or
Long Call (this position has no loan
value)
|
Equity,
Index, Capped Index, Interest Rate Composite, Foreign
Currency and Foreign Currency Cross-Rate |
Pay
for option in full.
|
Pay
for option in full.
|
Short
Put or
Short Call
|
Equity,
Index, Interest Rate Composite, Foreign Currency and Foreign
Currency Cross-Rate
|
Deposit
cash or cash equivalents equal to the exercise price or
put option deposit letter for short put. Deposit appropriate
escrow receipt for short calls. Sales proceeds not released
until deposit is made.
|
100%
of the option proceeds plus:
* 20% of the underlying stock value
* 15% of the underlying broad-based index value
* 20% of the underlying narrow-based index value
* 10% of the underlying aggregate interest rate composite
value
* 4% of the underlying foreign currency value(also applies
to Foreign Currency Cross-Rate options)
less out-of-the-money amount, if any, to the minimum of
option proceeds plus:
* 10% of the underlying stock value
* 10% of the underlying broad-based index value
* 10% of the underlying narrow-based index value
* 5% of the underlying aggregate interest rate composite
value
* 75% of the underlying foreign currency value(also applies
to Foreign Currency Cross-Rate options)
Foreign Currency or Foreign Currency Cross-Rate options
requirement may be satisfied with a letter of credit from
an approved bank.
Foreign Currency Cross-Rate margin is calculated in the
base currency of the contract. |
Capped
Index
|
For
put option deposit letter or appropriate escrow receipt
for short call deposit amount equal to the cap interval
times the index multiplier. |
The
lesser or:
The cap interval times the index multiplier or
100% of the option proceeds plus
15% of the underlying index value lesser the out-of -the-money
amount, if any, to a minimum of the premium plus 10% of
the underlying index value.
|
Short
Put and
Short Call (short Copped Index and short index permitted)
|
Equity,
Index, Interest Rate Composite, Foreign Currency and Foreign
Currency Cross-Rate
|
Deposit
cash or cash equivalents equal to the exercise price or
put option deposit letter for short put. Deposit appropriate
escrow receipt for short calls. Sales proceeds not released until deposit is made.
|
For
the same underlying
| *Equity |
*Interest
Rate Composite |
| *Index |
*Foreign
Currency |
| *Copped Index |
*Foreign
Currency Cross-Rate |
with the same
multiplier short put or short call requirement,
whichever is greater, plus the option proceeds of
the other side.
|
|
| Put
Spread or Call Spread (long side expires
with or after short side,long Copped Index or short options
cannot receive spread treatment) |
Equity,
Index, Interest Rate Composite, Foreign Currency and Foreign
Currency Cross-Rate
|
Not
permitted.
|
For
the same underlying
| *Equity |
*Interest
Rate Composite |
| *Index |
*Foreign
Currency |
| *Copped Index |
*Foreign
Currency Cross-Rate |
| with the same
multiplier the amount by which long put(short call)
aggregate exercise price is below short put(long
call), aggregate exercise price long side must be
paid for in full. |
|
| Short
Call or Long Underlying (not permitted
for Index or Interest Rate Composite Options) |
Equity,
Index, Capped Index, Interest Rate Composite, Foreign
Currency and Foreign Currency Cross-Rate
|
Pay
for the underlying position in full.
|
No
requirement on short call.
50% requirement on long stock position.
100% requirement on foreign currency position.
|
| Short
Put and Short Underlying (not permitted
for Index, Interest Rate Composite, Foreign Currency or
Foreign Currency Cross- Rate Options) |
Equity
|
Not
permitted.
|
No
requirement on short put.
50% requirement on short stock position.
|
