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Zorluk: OrtaMargin Accounts and Borrowing Requirements

An investor opens a margin account and places an order to purchase 300 shares of XYZ stock at $18 per share. Assuming Federal Reserve Regulation T is 50%, what is the minimum initial margin deposit required from the customer?

  1. $2,700Cevap
  2. B
    $2,000
  3. C
    $1,350
  4. D
    $5,400

Cevap

The minimum initial margin deposit required is $2,700.
The total purchase value is calculated as 300 shares multiplied by 18pershare,whichequals18 per share, which equals 5,400. Under Federal Reserve Regulation T, the initial margin requirement is 50% of the total purchase amount (5,400×505,400 × 50% = 2,700). Under FINRA rules, the minimum initial equity requirement is 2,000.Becausetheinvestormustmeetthegreaterofthetworequirements,thecustomermustdeposit2,000. Because the investor must meet the greater of the two requirements, the customer must deposit 2,700.

Adım Adım Çözüm

1
Calculate the total market value of the purchase.
300 shares × 18=18 = 5,400
Initial margin calculations are based on the total transaction purchase value.
2
Calculate the Regulation T requirement (50%).
5,400×0.50=5,400 × 0.50 = 2,700
Federal Reserve Regulation T mandates a 50% initial margin requirement on equity purchases.
3
Compare the Regulation T requirement against FINRA minimum initial equity requirements.
Deposit required = 2,700(since2,700 (since 2,700 > $2,000 FINRA minimum)
FINRA rules mandate a minimum initial deposit of 2,000(or1002,000 (or 100% of purchase price if less than 2,000). Whichever requirement is greater must be met.

Anahtar Kavram

Initial Margin Deposit Requirements under Regulation T and FINRA Rules
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Konular

Margin Accounts and Borrowing Requirements