# Margin Guide and Guide to Margin Close Out

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3 Orders Aware For certain markets we may offer a reduction in margin if you place a Stop Loss. You can see if we offer this reduction via the Market Information, this is called Orders Aware Margining. If Orders Aware is applicable your margin may be reduced, the Margin Requirement will be calculated as the higher figure of: a) the Margin Requirement using the Margin Factor multiplied by the Orders Aware Margining minimum percentage b) the difference between the specified Stop Loss price and Our Price x Quantity Example Long Position at 10 per point on Index A at Our Price of 7227 with a Stop Loss at If Margin factor is 400 and the Orders Awareminimum percentage is 50% a) the Margin Requirement multiplied by minimum percentage is 10 x 400 x 50% = 2,000 b) the Stop Loss price is 7150 so the difference will be ( ) x 10 = 770 The higher of a) and b) = a), so the Margin Requirement is 2,000. Please note: Your Orders Aware margin will not exceed the standard Margin Requirement Guaranteed Stop Loss Order (GSLO) If a Guaranteed Stop Loss Order is placed on a position, the Margin Requirement will be calculated as the lower of: a) the Margin Requirement as standard using the Margin Factor. b) the difference between the specified GSLO price and Our Price x Quantity Long Position at 10 per point on Index A at Our Price of 7227 with a GSLO at If Margin Factor is 400; a) the Margin Requirement is 10 x 400 = 4,000 b) the GSLO price is 7150, so the Margin Requirement will be ( ) x 10 = 770 The lower of a) and b) = b), so the Margin Requirement is 770. Buying Options The Margin Requirement will be calculated as the lower of: a) the Margin Requirement as standard using the Margin Factor b) Quantity x Our Price If you open a Long Position on Index A 4250 Call at 50 per point, the underlying market factor is 200x stake and Our Price is 20, the Margin Requirement will be: a) 50 x 200 = 10,000 b) 50 x 20 = 1,000. The lower of a) and b) = b), so the Margin Requirement is 1,000. You would not be charged any higher than the standard Margin Requirement. Selling Options Margin Requirement = Quantity x Our Price x 2 However, this amount is subject to a minimum of 30% and a maximum of 100% of the Margin Requirement for an equivalent Quantity Trade in the same Underlying Instrument (futures). If you open a Short Position on Index A 4250 Call at 50 per point and Our Price is 20. If the Margin Factor of Index A futures is 200; 50 x 20 x 2 = 2000 a) Minimum Equivalent Margin Requirement: 30% x 50 x 200 = 3000 b) Maximum Equivalent Margin Requirement: 100% x 50 x 200 = 10000

4 As a) is less than b) the Margin Requirement will be b) so Margin Requirement = 3000 Two or more opposing Trades in the same Underlying Instrument It is possible to hold Open Positions where one or more Trades within the same Underlying Instrument is in the opposite direction. The aggregate Margin Requirement for all Open Positions with the same Underlying Instrument will then be the larger of: a) the aggregate of the Margin Requirements for all positions with a long view of the market or b) the aggregate of the Margin Requirements for all positions with a short view of the market. long positions on Stock B March at 50 per point and short positions on Stock B June at 30 per point - The aggregate of all Margin Requirements on long Stock B March = The aggregate of all Margin Requirements on short Stock B June = 7500 The Margin Requirement will be the larger of these positions, which is the long positions. Therefore, Margin Requirement = Please note that not all examples contained in this guide will be applicable to your account. CFD trading and spread betting carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.

6 At 8.03 a.m. the position is fully closed out at our price of The close-out price of is achieved, no further action is taken and the account remains active. Example 3 You have two positions; long Vodafone CFD (UK); long Apple Inc CFD (US) Your Margin Level falls below MCO Level when both US and UK markets are open. Both positions are fully closed and the account remains active. Example 4 You have two positions; long Vodafone CFD (UK); long Apple Inc CFD (US) Your Margin Level falls below MCO Level when the US market is closed and only the UK market is open. The Vodafone position is fully closed. The Apple position remains open. The closure of the Vodafone position has improved the Margin Level which is now above the MCO, the US Market opens and no further action is taken. The long Apple position remains open and the account is still active. If you would like further information about Margin Close-Out or any of our policies please contact our Client Management team.

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