|
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.
|
