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Zorluk: OrtaMargin Accounts and Borrowing Requirements

An investor with an existing margin account purchases 300300 shares of XYZ common stock at $20\$20 per share. Assuming there are no prior cash or security balances in the account, what is the minimum initial margin deposit required from the investor under Federal Reserve Regulation T and FINRA rules?

  1. A
    $1,500\$1,500
  2. B
    $2,000\$2,000
  3. $3,000\$3,000Cevap
  4. D
    $6,000\$6,000

Cevap

The minimum initial margin deposit required is $3,000\$3,000.
For an initial long transaction in a margin account, Federal Reserve Board Regulation T requires a deposit of 50%50\% of the total transaction value. The total purchase value is 300 shares×$20=$6,000300 \text{ shares} \times \$20 = \$6,000. Fifty percent of $6,000\$6,000 is $3,000\$3,000. FINRA rules state that the initial margin deposit must be at least $2,000\$2,000, but since the 50%50\% Regulation T requirement ($3,000\$3,000) is greater than $2,000\$2,000, the customer must deposit $3,000\$3,000.

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1
Calculate the total market value of the purchase
300 shares×$20 per share=$6,000300\text{ shares} \times \$20\text{ per share} = \$6,000
Initial margin requirements are calculated based on the total purchase amount.
2
Calculate the Regulation T initial requirement
50%×$6,000=$3,00050\% \times \$6,000 = \$3,000
Federal Reserve Regulation T dictates a standard 50%50\% initial margin deposit for equity purchases in a margin account.
3
Compare the Regulation T requirement to the FINRA minimum initial equity requirement
$3,000>$2,000\$3,000 > \$2,000, so the required deposit is $3,000\$3,000
FINRA rules mandate a minimum initial equity of $2,000\$2,000 (or 100%100\% of purchase value if less than $2,000\$2,000). When the 50%50\% Regulation T requirement is greater than $2,000\$2,000, the larger Regulation T amount must be deposited.

Anahtar Kavram

Initial Margin Requirements under Regulation T and FINRA Rules
Tahmini Süre:1m 15s
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Konular

Margin Accounts and Borrowing Requirements