POSITION

INITIAL MARGIN

MAINTENANCE MARGIN
Long Stock

1. 50% of the purchase price of marginable securities
2. 100% of the purchase price of non-marginable securities

$2000 minimum margin account equity for all margin transactions

1. 25% of the current market value of the long securities positions in marginable securities.
2. 50% of the current market value of the long securities position in marginable securities valued at less than $5.00 per share, but greater than or equal to $3.00 per share
3. 100% of the current market value of the long securities positions in non-marginable securities;

See Special Notes below

Short Stock The greater of:
1. 50% of the sale price of marginable securities; or
2. $5.00 per share

$2000 minimum margin account equity for all margin transactions

1. For marginable securities priced $2.50/share and under: $2.50/share
2. For marginable securities priced $2.51 to $5.00 per share: 100%.
3. For marginable securities priced $5.01 and above: greater of 50% or $5.00 per share.

See Special Notes below

Long Calls or Puts 100% of the cost of the options. 100% of the current market value of options.
Short Uncovered Calls The greater of:
1. 100% of the option proceeds plus 20% of the underlying stock less any amount the option is out-of-the-money; or
2. 100% of the option proceeds plus 10% of the underlying stock
$100,000 minimum margin account equity		 The greater of:
1. The current marked-to-market value of the option plus 20% of the underlying stock less any amount the option is out-of-the-money; or
2. The current marked-to-market value of the option plus 10% of the underlying stock
Short Puts The greater of:
1. 100% of the option proceeds plus 20% of the underlying stock less any amount the option is out-of-the-money; or
2. 100% of the option proceeds plus 10% of the underlying stock

$100,000 minimum margin account equity		 The greater of:
1. The current marked-to-market value of the option plus 20% of the underlying stock less any amount the option is out-of-the-money; ; or
2. The current marked-to-market value of the option plus 10% of the strike price
Short Covered Calls None required on short call. None required on short call.
Debit Spread 100% of the net debit 100% of the current market value of the position.
Credit Spread
Market Orders		 Value of the difference between the strike prices

$2,000 minimum margin account equity		 The lesser of:
1. Value of the difference between the strike prices of the vertical or;
2. The maintenance margin requirement of the short call or put
Credit Spread
Limit Orders		 Value of the difference between the strike prices less the credit to be received

$2,000 minimum margin account equity		 The lesser of:
1. Value of the difference between the strike prices of the vertical or;
2. The maintenance margin requirement of the short call or put
     
Long Butterflies/Condors 100% of cost of butterfly or condor. 100% of current market value of butterfly or condor.
Short Butterflies/Condors Initial margin requirement of the short vertical of the butterfly or condor. Maintenance margin requirement of the short vertical of the butterfly or condor.
Long Straddles/Strangles 100% of the cost of the straddle or strangle. 100% of the current market value of the straddle or strangle.
Short Straddles/Strangles The initial margin requirement for the short put or short call, whichever is greater, plus the premium of the other option;

$100,000 minimum margin account equity		 The maintenance margin requirement for the short put or short call, whichever is greater, plus the premium of the other option;
Long Call or Put Calendar Spreads 100% of the cost of the calendar spread. 100% of the current market value of the calendar spread.
Short Call or Put Calendar Spreads Initial margin requirement of short call or put;
$2,000 minimum margin account equity		 Maintenance margin requirement of short call or put;

Special Notes

Concentrated Maintenance Requirements:
In order to determine Concentrated Maintenance Requirements, a calculation is performed to determine a position’s Percentage of Net Absolute Value versus the Absolute Value of all marginable positions in the account. The Percentage of Net Absolute Value is equal to the Absolute Value of a Single Position held in a Margin Account divided by the Sum of the Absolute Values of other Marginable or Short Positions in the Account. If the Percentage of Net Absolute Value of a particular position is greater than 50%, that position will be held at 50%. If the position ranges between 35% and 49.99%, the position will be held at 40%. If the percentage is between 25% and 34.99%, the position is held at 30%.

Volatile Stock Requirement:
Some stocks deemed to be volatile may be held at a higher requirement.

New Issues:
Generally, newly issued stocks have a 100% initial and maintenance requirement for the first 30 days of trading

Leveraged ETFs:
Minimim cash requirement for long positions:
2X ETF (200% Leveraged) = 50%
3X ETF (300% Leveraged) = 100%

Minimim cash requirement for short positions:
2X ETF (200% Leveraged) = 60%
3X ETF (300% Leveraged) = 100%

Margin Rate = 7.45%

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