{"id":5910,"date":"2020-08-12T15:36:22","date_gmt":"2020-08-12T13:36:22","guid":{"rendered":"https:\/\/captrader.excellents.eu\/?p=5910"},"modified":"2025-02-11T16:01:54","modified_gmt":"2025-02-11T15:01:54","slug":"margin-calculation","status":"publish","type":"post","link":"https:\/\/www.captrader.com\/en\/marginberechnung\/","title":{"rendered":"Margin calculation"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Margin coverage is the minimum amount of collateral that must be present in your portfolio in order to<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>to be able to carry out the transaction (initial margin)<\/li>\n\n\n\n<li>to be able to hold the position (maintenance margin)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In the TWS (Trader Workstation - Classic TWS view), the total collateral is displayed as <strong>Equity with Loan Value<\/strong>&nbsp;displayed (total: value of all positions plus the value of all cash holdings)<strong>.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Initial Margin:&nbsp;<em>new positions<\/em>&nbsp;to open new positions, the total collateral available must be at least equal to the required initial margin.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"867\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung1-1024x867.png\" alt=\"Flowchart illustrating the order processing steps with decision points for checking the equity loan balance and available credit, which leads to approval or rejection of the order depending on the conditions met.\" class=\"wp-image-58506\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung1-1024x867.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung1-300x254.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung1-768x650.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung1-14x12.png 14w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung1.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, another criterion is checked during order transmission.<br>The leverage of your securities account when adding new securities is capped. Therefore, the following check scheme is applied when submitting the new order:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"720\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung3-1024x720.png\" alt=\"Flowchart in German showing the decision steps for securities transactions, including the review of gross value, net liquidation and the value of future positions.\" class=\"wp-image-58505\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung3-1024x720.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung3-300x211.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung3-768x540.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung3-18x12.png 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung3.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Note: If after opening new positions the total collateral falls below the maintenace margin, the trading platform may close positions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MARGIN: TRADE WITH SHARES<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When looking at the margin requirements of a deposit, it should be noted that two guidelines are used to evaluate it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rules of the SEC (US Securities and Exchange Commission) regarding margin accounts apply. This rule is reflected in the value of the RegT Margin amount and the associated Special Memorandum Account (SMA). This SMA is a sub-account of your RegT Margin account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to RegT (Regulation T) criteria, the SMA value must be greater than zero at the end of the US trading day. The SMA value itself is calculated in real time during the trading day, the RegT Initial Margin requirements are checked at the end of the trading day (21:50-22:15 CET) to ensure that the SMA value is greater than or equal to zero.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can find the SMA value in your account window of your TWS.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"210\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-1024x210.png\" alt=\"Screenshot of a financial software application with multiple menus and a highlighted &quot;Account Window&quot; tab in the TWS indicating account management functions.\" class=\"wp-image-12218\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-1024x210.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-300x62.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-768x158.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-200x41.png 200w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-400x82.png 400w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-600x123.png 600w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-800x164.png 800w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster-1200x246.png 1200w, https:\/\/www.captrader.com\/wp-content\/uploads\/2021\/11\/captrader_tws_kontofenster.png 1476w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The SMA value is calculated as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"607\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung4-1024x607.png\" alt=\"Diagram explaining the calculations for the Special Memorandum Account (SMA) with formulas and footnotes in German.\" class=\"wp-image-58507\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung4-1024x607.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung4-300x178.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung4-768x455.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung4-18x12.png 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung4.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Note: If the SMA value of your portfolio is negative at the end of the trading day, positions can be liquidated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Initial and maintenance requirements also apply to the purchase of securities. Whether a transaction can be executed or not depends on whether the required collateral is covered by the total collateral of your securities account (equity with loan value).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In general, the&nbsp;<strong>Margins for equity positions<\/strong>&nbsp;at:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>25% - 100% for long positions<\/li>\n\n\n\n<li>30% - 100% for short positions<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For your information: A margin of 25% is only available for the&nbsp;<strong>Intraday trading<\/strong>&nbsp;valid! So if you want to hold positions longer you must pay the required&nbsp;<strong>Overnight margin of at least 50%<\/strong>&nbsp;note.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If margin (minimum margin) for short positions in the amount of 2,000 USD is already blocked, 30-100% is required for each additional opening.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The margin requirement of 100% applies to risky securities such as small caps or positions on the OTC market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">SMA REGULATIONS<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SMA calculations are regularly made on the basis of the following dimensions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cash deposits are credited to the SMA.<\/li>\n\n\n\n<li>Cash payments will be deducted from the SMA.<\/li>\n\n\n\n<li>Dividends are credited to the SMA.<\/li>\n\n\n\n<li>Transactions are netted per contract per day.\n<ul class=\"wp-block-list\">\n<li>The realized P&amp;L, i.e. day trading gains and losses, are recorded in the SMA.<\/li>\n\n\n\n<li>Any commissions and taxes incurred will be charged to the SMA.<\/li>\n\n\n\n<li>All transactions (one per contract) are posted to the portfolio at the end of the trading day. If the Reg-T margin requirement for the portfolio increases, the SMA account is debited with the increased amount. If the Reg-T margin requirement for the portfolio decreases, the SMA account is credited with the decrease amount. If necessary, the current price of the underlying is used for this calculation.<\/li>\n\n\n\n<li>Proceeds from sales of options are credited to the SMA.<\/li>\n\n\n\n<li>Premiums for option purchases are charged to the SMA.<\/li>\n\n\n\n<li>The change in the SMA account due to transactions executed effectively corresponds to the change in Reg-T equity less the change in the Reg-T margin amount.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Universal transfers are treated as cash deposits and withdrawals.<\/li>\n\n\n\n<li>Market Valuation: If the Reg-T surplus of a margin account is greater than the SMA at the close of trading (usually 16:00 US Eastern Time), the SMA is equated with the Reg-T surplus. Please note that the SMA balance never decreases due to market movements. Reg T Surplus = 0 or (Reg T Equity - Reg T Margin), whichever is greater.<\/li>\n\n\n\n<li>Foreign exchange transactions do not affect the SMA.<\/li>\n\n\n\n<li>Fees such as order cancellation fees, market data fees, etc., do not affect the SMA.<\/li>\n\n\n\n<li>Exercises and allocations (EA) are reported to the Credit Manager as soon as we receive the corresponding reports from the clearing houses. They are treated as transactions of that particular day. For example, we receive EA notifications on the weekend when they are due. The trade date of these transactions in the clearing system is Friday, but for the Credit Manager's SMA calculation they are treated as Monday's transactions. Exercise requests do not affect the SMA. DVP transactions are treated as trade executions.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">MARGIN: TRADING OPTIONS \/ FUTURES<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Trading in options and\/or futures usually requires the deposit of a separate margin. This margin is blocked in your account to ensure that you can meet your obligations in the event of an option exercise or cash settlement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The margin for EUREX contracts is calculated using a so-called Risk Based Margining System. The advantage of this calculation for you: Your entire portfolio is included in the calculation of the risk. A correlation between the impact and the holding period of your positions is taken into account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MARGIN: TRADING CURRENCIES<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In Forex (FX) trading you have the possibility to leverage the existing cash balance by a multiplier of up to 40. Although cash amounts transferred in a margin deposit (unsettled cash) are made available immediately after closing a position in your account, there is still a settlement period of up to 3 business days.<br>Especially in case of frequent FX trading, it may happen that the sum of unbooked positions will increase strongly. In order to limit this increase upwards (cap), the following rule applies to FX trading:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The sum of unbooked holdings from all FX trades may not exceed 250 times your custody account value (net liquidation value).<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"607\" src=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung2-1024x607.png\" alt=\"Flowchart showing the check of the cash multiplier that leads to the net liquidation value. If the value is below 250, the order is rejected with &quot;NO&quot; or &quot;Order will be rejected&quot; in red or orange boxes.\" class=\"wp-image-58508\" srcset=\"https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung2-1024x607.png 1024w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung2-300x178.png 300w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung2-768x455.png 768w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung2-18x12.png 18w, https:\/\/www.captrader.com\/wp-content\/uploads\/2025\/02\/Marginberechnung2.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>","protected":false},"excerpt":{"rendered":"<p>Eine Deckung der Margin ist der Mindestbetrag an Sicherheiten, der in Ihrem Portfolio vorhanden sein muss, um In der TWS (Trader Workstation &#8211; Classic TWS Ansicht) werden die Gesamtsicherheiten als Equity with Loan Wert&nbsp;angezeigt(Summe: Wert aller Positionen plus dem Wert aller Cash-Best\u00e4nde). Initial Margin:&nbsp;Um&nbsp;neue Positionen&nbsp;er\u00f6ffnen zu k\u00f6nnen, m\u00fcssen die vorhandenen Gesamtsicherheiten mindestens gleich der geforderten [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[86,122],"tags":[],"class_list":["post-5910","post","type-post","status-publish","format-standard","hentry","category-faq","category-margin"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts\/5910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/comments?post=5910"}],"version-history":[{"count":2,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts\/5910\/revisions"}],"predecessor-version":[{"id":58511,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/posts\/5910\/revisions\/58511"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=5910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/categories?post=5910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/tags?post=5910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}