Series 27: Other Non-Equity Securities

Taken from our Series 27 Online Guide

Other Non-Equity Securities

For long or short positions in investment grade debt securities, the margin to be maintained is 10% of their current market value. For non-investment grade debt securities the maintenance margin must be 20% of their current market value or 7% of the principal amount, whichever is greater.

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Maintenance Margin Requirement for Selected Securities
Type of Security	Maintenance Requirement
Type of Security	Long	Short
Equity securities	25%	30%
Convertible bonds	25%	30%
Investment grade corporate bonds	10% of market value	10% of market value
Non-investment grade debt securities	Greater of 20% of market value or 7% of face value	Greater of 20% of market value or 7% of face value
Treasury bonds	1–6 % of market value, depending on years to maturity (on net long)	1–6 % of market value, depending on years to maturity (on net short)
Municipal bonds	7% of current market value