The following table lists margin calculations for Reg T Margin, Cash and Reg T Margin - IRA Accounts. See our Portfolio Margin page for US Stock requirements in a Portfolio Margin account.
The NYSE and FINRA have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US securities.
The following table shows stock margin requirements for initial (at the time of trade), maintenance (when holding positions), and Overnight Reg T (Regulatory End of Day Requirement) time periods.
|
Place Trade (PT) Margin Requirement
|
Cash
Individual or IRA
|
Reg T Margin - IRA
|
|
PT Initial
|
PT Maintenance
|
Reg T End of Day
|
|
Long Position
|
|
25%[1] * Stock Value
|
Same as Initial
|
50%[2] * Stock Value
|
100% * Stock Value
|
Same as Cash
|
|
Short Position
|
|
30%[3] * Stock Value
|
If Stock Price >= USD
5, then Maximum
(Minimum (30% *
Leverage Factor,
100%) * Price, USD 5)
If Stock Price <= 5
USD, then Maximum
(100 * Stock Value,
USD 2.50 * the number
of shares)
|
Same as Reg T
End of Day for Long
Positions
|
N/A
|
Same as Cash
|
|
Non-Marginable Long or Short Position
|
|
100% * Stock Value
|
Same as Initial
|
Same as Initial
|
Same as Initial, Only
LongPositions
|
N/A
|
Canadian Stocks and Canadian Residents Trading All Stocks
The following table shows stock margin requirements for initial (at the time of trade), maintenance (when holding positions), and Overnight Reg T (Regulatory End of Day Requirement) time periods.
FINRA and the NYSE have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US Securities.
|
Place Trade (PT) Margin Requirement
|
Cash
|
|
PT Initial
|
PT Maintenance
|
Reg T End of Day
|
|
Long Positions Traded on Approved Exchanges[1]
|
|
If Stock Price >= CAD 2,
then 50% * Stock Value
|
Same as Initial
|
Same as Initial
|
100% * Stock Value
|
|
Long Positions Eligible for Reduced Margin on Approved Exchanges[1]
|
|
If Stock Price >= CAD 2,
then 30%[3] * Stock Value
|
Same as Initial
|
If Stock Price >= CAD 2,
then 50%[2] * Stock Value
|
100% * Stock Value
|
|
All Other Long Positions including Stocks < CAD 2 and TSX Venture Exchange
|
|
100% * Stock Value
|
Same as Initial
|
Same as Initial
|
Same as Initial
|
|
Short Positions Traded on Approved Exchanges[1]
|
|
If Stock Price >= CAD 2,
then 50% * Stock Value
Minimum Margin >= USD
2.50 * Number of Shares
|
Same as Initial
|
Same as Initial
|
100% * Stock Value
|
|
Short Positions Eligible for Reduced Margin on Approved Exchanges[1]
|
|
If Stock Price >= CAD 2,
then 30%[3] * Stock Value
Minimum Margin >= USD
2.50 * Number of Shares
|
Same as Initial
|
If Stock Price >= CAD 2,
then 50%[2] * Stock Value
Minimum Margin >= USD
2.50 * Number of Shares
|
100% * Stock Value
|
|
All Other Short Positions including Stocks < CAD 2 and TSX Venture Exchange
|
|
100% * Stock Value
Minimum Margin >= USD
2.50 * Number of Shares
|
Same as Initial
|
Same as Initial
|
Same as Initial
|
|
Cross-Margined Stock on the Same Underlying[4]
|
|
5% * Long Stock Value
(Long and short positions
with the same underlying
stocks, one leg cleared in
the US and the other leg
cleared in Canada.)
|
Same as Initial
|
Same as Initial
|
N/A
|
The following table shows stock margin requirements for initial (at the time of trade), maintenance (when holding positions), and Overnight Reg T (Regulatory End of Day Requirement) time periods.
The NYSE and FINRA have imposed rules to limit small investor day trading. Customers that these organizations classify as Pattern Day Traders are subject to special Day Trading Restrictions for US securities.
|
Place Trade (PT) Margin Requirement
|
Cash
|
|
PT Initial
|
PT Maintenance
|
Reg T End of Day
|
|
Long Positions
|
|
Margin requirements are
determined by risk-based
portfolio analysis models
specified by each exchange.
For details, visit the specific
exchange site in question.
|
Same as Initial
|
50%[1] * Stock Value
|
100% * Stock Value
|
|
Short Positions
|
|
Same as Initial for long
positions
|
Same as Initial for long
positions
|
Same as Reg T End of
Day for long positions
|
N/A
|
Place Trade may reduce the collateral value of securities (reduces marginability) for a variety of reasons, including:
* small market capitalization or small issue size
* low liquidity in the collective primary/secondary exchanges
* involvement in tenders and other corporate action
Changes in marginability are generally considered for a specific security. However, in cases of concerns about the viability or liquidity of a company, marginability reductions will apply to all securities issued by, or related to, the affected company, including bonds, derivatives, depository receipts, etc.
See the section on Decreased Marginability Calculations on the Margin Calculations page for information about large position and position concentration algorithms that may affect the margin rate applied to a given security within an account and may vary between accounts.
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