Balances

What is Net Liquidation?

Total cash value + stock value + securities options value + bond value + fund value.

What is Equity With Loan Value (EWL)?

If you have a cash account, EWL will reflect Settled Cash. If you have a Margin account, EWL will reflect Total cash value + stock value + bond value + fund value + European & Asian options value.

What is Previous Day Equity with Loan Value?

Marginable Equity with Loan Value as of 16:00 ET the previous day.

What is Special Memorandum Account (SMA)?

A special account associated with a Reg T Margin account that is maintained for the purpose of applying Federal Regulation T initial margin requirements at the end of the trading day. It reflects a line of credit created when the market value of securities in a Reg. T account increase in value. If this values falls below zero in a Reg T margin account at the end of the trading day (10 minutes prior to market close), positions will be liquidated.

What is Securities Gross Position Value (GPV)?

Long Stock Value + Short Stock Value + Long Option Value + Short Option Value + Fund Value.

Why is Cash negative?

Negative cash balance reflects a borrowed amount on margin.

What is the difference between Cash and Settled Cash?

Settled Cash reflects Cash recognized at the time of settlement – purchases at the time of trade – commissions – taxes – fees.

How long is the settlement period?

For stock trades, the settlement period is Trade date + 2 business days. For option and currency exchange trades, the settlement period is Trade date + 1 business day.

What is Accrued Interest?

Interest that has accumulated but has not been paid or charged.

What is Dividend Payables?

Dividends in Lieu that must be paid by the holder of a short position.

What is Current Available Funds?

Equity with Loan Value – Initial margin. This value tells what you have available for trading.

What is Current Excess Liquidity?

This value shows your margin cushion, before liquidation. Excess Liquidity = Equity with Loan Value – Maintenance margin.

What is Buying Power?

In a Cash account, it is calculated as the minimum of (Equity with Loan Value, Previous Day Equity with Loan Value) – Initial Margin. In a Reg T Margin account, it is calculated as the Minimum (Equity with Loan Value, Previous Day Equity with Loan Value) – Initial Margin * 4.

What is Leverage?

Calculated as Gross Position Value / Net Liquidation.