{"metadata":{"generator":"Captivate","generatorVersion":"11.8.0","schemaVersion":"","author":"Deborah Diamanti","title":"Series-3-Basics","description":"Series 3 Exam Prep. Module 1. Topics include: Futures, Basis Grade, Long and Short Position, Stock Exchanges, Clearinghouse, Speculators & Hedgers, Buying on Margin, Execution, Clearing and Settlement.","email":"info@examsecuritiesprep.com","website":"www.examsecuritiesprep.com","tags":"","thumbnail":"","source":"assets","durationInFrames":47592,"frameRate":30,"totalSlides":59,"width":880,"height":660,"responsive":false,"scalable":true,"launchFile":"index.html","isVRProject":false},"contentStructure":[{"id":"Text_Caption_5","class":"TODO::Senthil","instance":"Text_Caption_5","title":"ESP Exam Securities Prep, Inc. Copyright © 2022. All rights reserved. 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One of the differences between commodity futures trading and securities trading is that the initial margin deposit in commodity futures is substantially less than the margin required in securities.  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In finance, the margin is the collateral that an investor has to deposit with their broker or exchange to cover the credit risk the holder poses for the broker or the exchange. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si266358","class":"TODO::Senthil","instance":"Text_Caption_515","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide266372","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1838","Image_1210","si266209","si266224","si266235","si266270","si266282","si266294"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide266372"},"question":{"interactionId":"266162","quizId":733,"title":"True/False","text":"In finance, the margin is the collateral that an investor has to deposit with their broker or exchange to cover the credit risk the holder poses for the broker or the exchange.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2042","class":"TODO::Senthil","instance":"Button_2042","roles":{"click":{"subtype":"button"}}},{"id":"si255445","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255458","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2043","class":"TODO::Senthil","instance":"Button_2043","roles":{"click":{"subtype":"button"}}},{"id":"si255496","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255509","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1748","class":"TODO::Senthil","instance":"Text_Caption_1748","title":" ","roles":{"textData":{}}},{"id":"Text_Caption_1749","class":"TODO::Senthil","instance":"Text_Caption_1749","title":"Understanding Margin & Margin Trading ","roles":{"textData":{}}},{"id":"Line_25","class":"TODO::Senthil","instance":"Line_25","roles":{}},{"id":"Image_1134","class":"TODO::Senthil","instance":"Image_1134","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Button_2044","class":"TODO::Senthil","instance":"Button_2044","roles":{"click":{"subtype":"button"}}},{"id":"si255587","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255601","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide255617","class":"Normal Slide","instance":"Understanding Margin & Margin Trading","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Button_2042","si255445","si255458","Button_2043","si255496","si255509","Text_Caption_1748","Text_Caption_1749","Image_1134","Button_2044","si255587","si255601"],"roles":{"slide":{"durationInFrames":126},"navigation":{"navid":"Slide255617"}}},{"id":"Button_2036","class":"TODO::Senthil","instance":"Button_2036","roles":{"click":{"subtype":"button"}}},{"id":"si254876","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si254889","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2037","class":"TODO::Senthil","instance":"Button_2037","roles":{"click":{"subtype":"button"}}},{"id":"si254927","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si254940","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1740","class":"TODO::Senthil","instance":"Text_Caption_1740","title":"UNDERSTANDING MARGIN & MARGIN TRADING ","roles":{"textData":{}}},{"id":"Button_2038","class":"TODO::Senthil","instance":"Button_2038","roles":{"click":{"subtype":"button"}}},{"id":"si255001","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255015","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1743","class":"TODO::Senthil","instance":"Text_Caption_1743","title":"Understanding Margin and Margin Trading Margin refers to the amount of equity an investor has in their brokerage account. To margin or buying on margin means to use money borrowed from a broker to purchase securities. You must have a margin account to do so, rather than a standard brokerage account. A margin account is a brokerage account in which the broker lends the investor money to buy more securities than what they could otherwise buy with the balance in their account.  Using margin to purchase securities is effectively like using the current cash or securities already in your account as collateral for a loan. The collateralized loan comes with a periodic interest rate that must be paid. The investor is using borrowed money, and therefore both the losses and gains will be magnified as a result. Margin investing can be advantageous in cases where the investor anticipates earning a higher rate of return on the investment than what they are paying in interest on the loan. ","roles":{"textData":{}}},{"id":"Image_1132","class":"TODO::Senthil","instance":"Image_1132","roles":{"click":{"subtype":"button"},"question":{"interactionId":"255119","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1744","class":"TODO::Senthil","instance":"Text_Caption_1744","title":"EXAMPLE: if you have an initial margin requirement of 60% for your margin account, and you want to purchase $10,000 worth of securities, then your margin would be $6,000, and you could borrow the rest from the broker. 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A margin account is a brokerage account in which the broker lends the investor money to buy more securities than what they could otherwise buy with the balance in their account. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si266587","class":"TODO::Senthil","instance":"Text_Caption_516","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide266601","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1839","Image_1211","si266438","si266453","si266464","si266499","si266511","si266523"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide266601"},"question":{"interactionId":"266387","quizId":733,"title":"True/False","text":"A margin account is a brokerage account in which the broker lends the investor money to buy more securities than what they could otherwise buy with the balance in their account.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2039","class":"TODO::Senthil","instance":"Button_2039","roles":{"click":{"subtype":"button"}}},{"id":"si255219","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255232","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2040","class":"TODO::Senthil","instance":"Button_2040","roles":{"click":{"subtype":"button"}}},{"id":"si255270","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255283","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2041","class":"TODO::Senthil","instance":"Button_2041","roles":{"click":{"subtype":"button"}}},{"id":"si255339","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255353","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1746","class":"TODO::Senthil","instance":"Text_Caption_1746","title":"A second difference between futures trading and securities trading is that all transactions in futures are executed in a margin account. Unlike securities trading, there's no cash account in futures trading.  A third difference is that the prices of commodity futures tend to fluctuate more than prices of securities. For that reason, major price changes are more likely in futures than in securities.  Buying on Margin Buying on margin is borrowing money from a broker in order to purchase stock. You can think of it as a loan from your brokerage. Margin trading allows you to buy more stock than you'd be able to normally. To trade on margin, you need a margin account. This is different from a regular cash account, in which you trade using the money in the account.  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The margin account may be part of your standard account opening agreement or may be a completely separate agreement. An initial investment of at least $2,000 is required for a margin account, though some brokerages require more and some require less. This deposit is known as the minimum margin.  Initial Margin Once the account is opened and operational, you can borrow up to 50% of the purchase price of a stock. This portion of the purchase price that you deposit is known as the initial margin. It's essential to know that you don't have to margin all the way up to 50%. You can borrow less, say 10% or 25%. Be aware that some brokerages require you to deposit more than 50% of the purchase price.  You can keep your loan as long as you want, provided you fulfill your obligations such as paying interest on time on the borrowed funds. When you sell the stock in a margin account, the proceeds go to your broker against the repayment of the loan until it is fully paid. 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The margin account may be part of your standard account opening agreement or may be a completely separate agreement. An initial investment of at least $1,000 is required for a margin account, though some brokerages require more. ","roles":{"textData":{}}},{"id":"si266678","class":"TODO::Senthil","instance":"Text_Caption_589","title":"A) ","roles":{"textData":{}}},{"id":"si266682","class":"TODO::Senthil","instance":"Text_Caption_590","title":"True ","roles":{"textData":{}}},{"id":"si266678_a","class":"TODO::Senthil","instance":"68_93","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si266689","class":"TODO::Senthil","instance":"Text_Caption_591","title":"B) ","roles":{"textData":{}}},{"id":"si266693","class":"TODO::Senthil","instance":"Text_Caption_592","title":"False ","roles":{"textData":{}}},{"id":"si266689_a","class":"TODO::Senthil","instance":"70_94","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si266728","class":"TODO::Senthil","instance":"Button_179","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide266830q2","for":"Slide266830q2"},"textData":{}}},{"id":"si266740","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide266830q2","for":"Slide266830q2"},"textData":{}}},{"id":"si266752","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide266830q2","for":"Slide266830q2"},"textData":{}}},{"id":"si266784","class":"TODO::Senthil","instance":"Text_Caption_593","title":"Incorrect - The correct answer is False. By law, your broker is required to obtain your consent to open a margin account. The margin account may be part of your standard account opening agreement or may be a completely separate agreement. An initial investment of at least $2,000 is required for a margin account, though some brokerages require more. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si266816","class":"TODO::Senthil","instance":"Text_Caption_517","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide266830","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1840","Image_1212","si266667","si266682","si266693","si266728","si266740","si266752"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide266830"},"question":{"interactionId":"266620","quizId":733,"title":"True/False","text":"By law, your broker is required to obtain your consent to open a margin account. The margin account may be part of your standard account opening agreement or may be a completely separate agreement. An initial investment of at least $1,000 is required for a margin account, though some brokerages require more.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_2048","class":"TODO::Senthil","instance":"Button_2048","roles":{"click":{"subtype":"button"}}},{"id":"si255912","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255925","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2049","class":"TODO::Senthil","instance":"Button_2049","roles":{"click":{"subtype":"button"}}},{"id":"si255963","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si255976","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2050","class":"TODO::Senthil","instance":"Button_2050","roles":{"click":{"subtype":"button"}}},{"id":"si256012","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256026","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1136","class":"TODO::Senthil","instance":"Image_1136","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1753","class":"TODO::Senthil","instance":"Text_Caption_1753","title":"UNDERSTANDING MARGIN & MARGIN TRADING ","roles":{"textData":{}}},{"id":"Text_Caption_1754","class":"TODO::Senthil","instance":"Text_Caption_1754","title":"Maintenance Margin and Margin Call There is also a restriction called the maintenance margin, which is the minimum account balance you must maintain before your broker will force you to deposit more funds or sell stock to pay down your loan. When this happens, it's known as a margin call.   A margin call is effectively a demand from your brokerage for you to add money to your account or close out positions to bring your account back to the required level. If you do not meet the margin call, your brokerage firm can close out any open positions in order to bring the account back up to the minimum value. Your brokerage firm can do this without your approval and can choose which position(s) to liquidate.  In addition, your brokerage firm can charge you a commission for the transaction(s). You are responsible for any losses sustained during this process, and your brokerage firm may liquidate enough shares or contracts to exceed the initial margin requirement. 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","roles":{"textData":{}}},{"id":"si266907","class":"TODO::Senthil","instance":"Text_Caption_595","title":"A) ","roles":{"textData":{}}},{"id":"si266911","class":"TODO::Senthil","instance":"Text_Caption_596","title":"True ","roles":{"textData":{}}},{"id":"si266907_a","class":"TODO::Senthil","instance":"68_95","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si266918","class":"TODO::Senthil","instance":"Text_Caption_597","title":"B) ","roles":{"textData":{}}},{"id":"si266922","class":"TODO::Senthil","instance":"Text_Caption_598","title":"False ","roles":{"textData":{}}},{"id":"si266918_a","class":"TODO::Senthil","instance":"70_96","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si266957","class":"TODO::Senthil","instance":"Button_180","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267059q3","for":"Slide267059q3"},"textData":{}}},{"id":"si266969","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267059q3","for":"Slide267059q3"},"textData":{}}},{"id":"si266981","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267059q3","for":"Slide267059q3"},"textData":{}}},{"id":"si267013","class":"TODO::Senthil","instance":"Text_Caption_599","title":"Incorrect - The correct answer is True. A margin call is effectively a demand from your brokerage for you to add money to your account or close out positions to bring your account back to the required level. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si267045","class":"TODO::Senthil","instance":"Text_Caption_518","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide267059","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1841","Image_1213","si266896","si266911","si266922","si266957","si266969","si266981"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide267059"},"question":{"interactionId":"266845","quizId":733,"title":"True/False","text":"A margin call is effectively a demand from your brokerage for you to add money to your account or close out positions to bring your account back to the required level.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2051","class":"TODO::Senthil","instance":"Button_2051","roles":{"click":{"subtype":"button"}}},{"id":"si256133","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256146","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2052","class":"TODO::Senthil","instance":"Button_2052","roles":{"click":{"subtype":"button"}}},{"id":"si256184","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256197","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2053","class":"TODO::Senthil","instance":"Button_2053","roles":{"click":{"subtype":"button"}}},{"id":"si256233","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256247","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1137","class":"TODO::Senthil","instance":"Image_1137","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1755","class":"TODO::Senthil","instance":"Text_Caption_1755","title":"UNDERSTANDING MARGIN & MARGIN TRADING ","roles":{"textData":{}}},{"id":"Text_Caption_1756","class":"TODO::Senthil","instance":"Text_Caption_1756","title":"Special Considerations Because using margin is a form of borrowing money it comes with costs, and marginable securities in the account are collateral. The primary cost is the interest you have to pay on your loan.   The interest charges are applied to your account unless you decide to make payments. Over time, your debt level increases as interest charges accrue against you. As debt increases, the interest charges increase, and so on.   Therefore, buying on margin is mainly used for short-term investments. The longer you hold an investment, the greater the return that is needed to break even. If you hold an investment on margin for a long period of time, the odds that you will make a profit are stacked against you. ","roles":{"textData":{}}},{"id":"Slide256301","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Button_2051","si256133","si256146","Button_2052","si256184","si256197","Button_2053","si256233","si256247","Image_1137","Text_Caption_1755","Text_Caption_1756"],"roles":{"slide":{"durationInFrames":1488},"navigation":{"navid":"Slide256301"}}},{"id":"Text_Caption_1844","class":"TODO::Senthil","instance":"Text_Caption_1844","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1215","class":"TODO::Senthil","instance":"Image_1215","roles":{"click":{"subtype":"button","question":"Slide267509q4"},"textData":{}}},{"id":"si267346","class":"TODO::Senthil","instance":"Text_Caption_600","title":"You do not have to pay any interest on your margin loan. ","roles":{"textData":{}}},{"id":"si267357","class":"TODO::Senthil","instance":"Text_Caption_601","title":"A) ","roles":{"textData":{}}},{"id":"si267361","class":"TODO::Senthil","instance":"Text_Caption_602","title":"True ","roles":{"textData":{}}},{"id":"si267357_a","class":"TODO::Senthil","instance":"68_97","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si267368","class":"TODO::Senthil","instance":"Text_Caption_603","title":"B) ","roles":{"textData":{}}},{"id":"si267372","class":"TODO::Senthil","instance":"Text_Caption_604","title":"False ","roles":{"textData":{}}},{"id":"si267368_a","class":"TODO::Senthil","instance":"70_98","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si267407","class":"TODO::Senthil","instance":"Button_181","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267509q4","for":"Slide267509q4"},"textData":{}}},{"id":"si267419","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267509q4","for":"Slide267509q4"},"textData":{}}},{"id":"si267431","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267509q4","for":"Slide267509q4"},"textData":{}}},{"id":"si267463","class":"TODO::Senthil","instance":"Text_Caption_605","title":"Incorrect - The correct answer is False. Because using margin is a form of borrowing money it comes with costs, and marginable securities in the account are collateral. The primary cost is the interest you have to pay on your loan. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si267495","class":"TODO::Senthil","instance":"Text_Caption_519","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide267509","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1844","Image_1215","si267346","si267361","si267372","si267407","si267419","si267431"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide267509"},"question":{"interactionId":"267299","quizId":733,"title":"True/False","text":"You do not have to pay any interest on your margin loan.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_2054","class":"TODO::Senthil","instance":"Button_2054","roles":{"click":{"subtype":"button"}}},{"id":"si256354","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256367","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2055","class":"TODO::Senthil","instance":"Button_2055","roles":{"click":{"subtype":"button"}}},{"id":"si256405","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256418","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2056","class":"TODO::Senthil","instance":"Button_2056","roles":{"click":{"subtype":"button"}}},{"id":"si256454","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si256468","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1138","class":"TODO::Senthil","instance":"Image_1138","roles":{"click":{"subtype":"button"},"question":{"interactionId":"256474","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1757","class":"TODO::Senthil","instance":"Text_Caption_1757","title":"UNDERSTANDING MARGIN & MARGIN TRADING ","roles":{"textData":{}}},{"id":"Text_Caption_1758","class":"TODO::Senthil","instance":"Text_Caption_1758","title":"Not all stocks qualify to be bought on margin. The Federal Reserve Board regulates which stocks are marginable.  As a rule of thumb, brokers will not allow customers to purchase penny stocks, over-the-counter Bulletin Board (OTCBB) securities, or initial public offerings (IPOs) on margin because of the day-to-day risks involved with these types of stocks. Individual brokerages can also decide not to margin certain stocks, so check with them to see what restrictions exist on your margin account. ","roles":{"textData":{}}},{"id":"Text_Caption_1759","class":"TODO::Senthil","instance":"Text_Caption_1759","title":"Significant margin calls may have a domino effect on other investors. Should a single major investor face a significant margin call, their forced liquidation may decrease the value of the securities held as collateral by other margin traders, putting these investors at risk of a margin call of their own. ","roles":{"textData":{}}},{"id":"Image_1139","class":"TODO::Senthil","instance":"Image_1139","roles":{"click":{"subtype":"button"},"question":{"interactionId":"256548","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide256522","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Button_2054","si256354","si256367","Button_2055","si256405","si256418","Button_2056","si256454","si256468","Image_1138","Text_Caption_1757","Text_Caption_1758","Text_Caption_1759","Image_1139"],"roles":{"slide":{"durationInFrames":1914},"navigation":{"navid":"Slide256522"}}},{"id":"Text_Caption_1845","class":"TODO::Senthil","instance":"Text_Caption_1845","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1216","class":"TODO::Senthil","instance":"Image_1216","roles":{"click":{"subtype":"button","question":"Slide267738q5"},"question":{"interactionId":"267556","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"si267575","class":"TODO::Senthil","instance":"Text_Caption_606","title":"As a rule of thumb, brokers will not allow customers to purchase penny stocks, over-the-counter Bulletin Board (OTCBB) securities, or initial public offerings (IPOs) on margin because of the day-to-day risks involved with these types of stocks. 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As a rule of thumb, brokers will not allow customers to purchase penny stocks, over-the-counter Bulletin Board (OTCBB) securities, or initial public offerings (IPOs) on margin because of the day-to-day risks involved with these types of stocks. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si267724","class":"TODO::Senthil","instance":"Text_Caption_520","title":"Correct - Click anywhere or press ‘y’ to continue. 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Using margin to purchase securities is effectively like using the current cash or securities already in your account as collateral for a loan. The collateralized loan comes with a periodic interest rate that must be paid. The investor is using borrowed money, and therefore both the losses and gains will be magnified as a result.  All transactions in futures are executed in a margin account.  An initial investment of at least $2,000 is required for a margin account, though some brokerages require more. This deposit is known as the minimum margin.  Once the account is opened and operational, you can borrow up to 50% of the purchase price of a stock. This portion of the purchase price that you deposit is known as the initial margin.   Your brokerage firm can charge you a commission for the transaction(s). You are responsible for any losses sustained during this process, and your brokerage firm may liquidate enough shares or contracts to exceed the initial margin requirement.   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The primary cost is the interest you have to pay on your loan.   A margin call is a scenario in which a broker who had previously extended a margin loan to an investor sends a notice to that investor asking them to increase the amount of collateral in their margin account.   ­Equity = Original Margin +/ - Open Trade Equity (OTE)  ","roles":{"textData":{}}},{"id":"Image_1185","class":"TODO::Senthil","instance":"Image_1185","roles":{"click":{"subtype":"button"},"question":{"interactionId":"262635","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1186","class":"TODO::Senthil","instance":"Image_1186","roles":{"click":{"subtype":"button"},"question":{"interactionId":"262644","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2131","class":"TODO::Senthil","instance":"Button_2131","roles":{"click":{"subtype":"button"}}},{"id":"si262705","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si262719","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1825","class":"TODO::Senthil","instance":"Text_Caption_1825","title":"UNDERSTANDING MARGIN & MARGIN TRADING ","roles":{"textData":{}}},{"id":"Image_1209","class":"TODO::Senthil","instance":"Image_1209","roles":{"click":{"subtype":"button"},"question":{"interactionId":"264240","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide262753","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Button_2129","si262541","si262554","Button_2130","si262592","si262605","Text_Caption_1824","Image_1185","Image_1186","Button_2131","si262705","si262719","Text_Caption_1825","Image_1209"],"roles":{"slide":{"durationInFrames":1185},"navigation":{"navid":"Slide262753"}}},{"id":"Button_2069","class":"TODO::Senthil","instance":"Button_2069","roles":{"click":{"subtype":"button"}}},{"id":"si257612","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si257625","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2070","class":"TODO::Senthil","instance":"Button_2070","roles":{"click":{"subtype":"button"}}},{"id":"si257663","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si257676","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1770","class":"TODO::Senthil","instance":"Text_Caption_1770","title":" ","roles":{"textData":{}}},{"id":"Text_Caption_1771","class":"TODO::Senthil","instance":"Text_Caption_1771","title":"Commissions ","roles":{"textData":{}}},{"id":"Line_26","class":"TODO::Senthil","instance":"Line_26","roles":{}},{"id":"Image_1149","class":"TODO::Senthil","instance":"Image_1149","roles":{"click":{"subtype":"button"},"question":{"interactionId":"257711","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2071","class":"TODO::Senthil","instance":"Button_2071","roles":{"click":{"subtype":"button"}}},{"id":"si257754","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si257768","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide257784","class":"Normal Slide","instance":"Commissions","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Button_2069","si257612","si257625","Button_2070","si257663","si257676","Text_Caption_1770","Text_Caption_1771","Image_1149","Button_2071","si257754","si257768"],"roles":{"slide":{"durationInFrames":93},"navigation":{"navid":"Slide257784"}}},{"id":"Button_2072","class":"TODO::Senthil","instance":"Button_2072","roles":{"click":{"subtype":"button"}}},{"id":"si257837","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si257850","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2073","class":"TODO::Senthil","instance":"Button_2073","roles":{"click":{"subtype":"button"}}},{"id":"si257888","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si257901","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1772","class":"TODO::Senthil","instance":"Text_Caption_1772","title":"COMMISSIONS ","roles":{"textData":{}}},{"id":"Button_2074","class":"TODO::Senthil","instance":"Button_2074","roles":{"click":{"subtype":"button"}}},{"id":"si257957","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si257971","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1773","class":"TODO::Senthil","instance":"Text_Caption_1773","title":"Commissions FCMs charge customers a commission for executing their commodity futures orders. Commissions on futures are round-turn, which means that they're for both the purchase and sale of a contract.   Commissions on future trades are very low and are charged when the position is closed. The total brokerage or commission is usually as low as 0.5% of the contract value. However, it depends on the level of service provided by the broker.   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Original margin is also referred to as initial margin.  Original margin may be met by deposit of cash, either from a new deposit or by transfer from another account (e.g., a securities account). Certain eligible securities may be deposited in lieu of cash. The value of these securities is reduced for margin purposes based on the type and maturity of the security.  Maintenance Margin Maintenance margin refers to the minimum amount that must be maintained in the account. If the account drops below this level, a call must be made for additional margin and is referred to as variation margin. The need for additional margin to restore an account to original margin is considered a variation call. An investor may meet this call by the deposit of cash, by the transfer of funds from another account, or by the liquidation of sufficient positions to bring the account to the required level.    ","roles":{"textData":{}}},{"id":"Image_1153","class":"TODO::Senthil","instance":"Image_1153","roles":{"click":{"subtype":"button"},"question":{"interactionId":"258462","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide258456","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Button_2078","si258288","si258301","Button_2079","si258339","si258352","Text_Caption_1777","Button_2080","si258408","si258422","Text_Caption_1778","Image_1153"],"roles":{"slide":{"durationInFrames":2337},"navigation":{"navid":"Slide258456"}}},{"id":"Text_Caption_1846","class":"TODO::Senthil","instance":"Text_Caption_1846","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1217","class":"TODO::Senthil","instance":"Image_1217","roles":{"click":{"subtype":"button","question":"Slide267967q6"},"textData":{}}},{"id":"si267804","class":"TODO::Senthil","instance":"Text_Caption_612","title":"Original margin is the amount of money that's required to be deposited in an account when an initial futures position is assumed. Original margin is also referred to as initial margin. ","roles":{"textData":{}}},{"id":"si267815","class":"TODO::Senthil","instance":"Text_Caption_613","title":"A) ","roles":{"textData":{}}},{"id":"si267819","class":"TODO::Senthil","instance":"Text_Caption_614","title":"True ","roles":{"textData":{}}},{"id":"si267815_a","class":"TODO::Senthil","instance":"68_101","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si267826","class":"TODO::Senthil","instance":"Text_Caption_615","title":"B) ","roles":{"textData":{}}},{"id":"si267830","class":"TODO::Senthil","instance":"Text_Caption_616","title":"False ","roles":{"textData":{}}},{"id":"si267826_a","class":"TODO::Senthil","instance":"70_102","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si267865","class":"TODO::Senthil","instance":"Button_183","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267967q6","for":"Slide267967q6"},"textData":{}}},{"id":"si267877","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267967q6","for":"Slide267967q6"},"textData":{}}},{"id":"si267889","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide267967q6","for":"Slide267967q6"},"textData":{}}},{"id":"si267921","class":"TODO::Senthil","instance":"Text_Caption_617","title":"Incorrect - The correct answer is True. Original margin is the amount of money that's required to be deposited in an account when an initial futures position is assumed. Original margin is also referred to as initial margin. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si267953","class":"TODO::Senthil","instance":"Text_Caption_521","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide267967","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1846","Image_1217","si267804","si267819","si267830","si267865","si267877","si267889"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide267967"},"question":{"interactionId":"267757","quizId":733,"title":"True/False","text":"Original margin is the amount of money that's required to be deposited in an account when an initial futures position is assumed. Original margin is also referred to as initial margin.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2081","class":"TODO::Senthil","instance":"Button_2081","roles":{"click":{"subtype":"button"}}},{"id":"si258535","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si258548","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2082","class":"TODO::Senthil","instance":"Button_2082","roles":{"click":{"subtype":"button"}}},{"id":"si258586","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si258599","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1779","class":"TODO::Senthil","instance":"Text_Caption_1779","title":"ORIGINAL AND MAINTENANCE MARGIN ","roles":{"textData":{}}},{"id":"Button_2083","class":"TODO::Senthil","instance":"Button_2083","roles":{"click":{"subtype":"button"}}},{"id":"si258655","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si258669","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1780","class":"TODO::Senthil","instance":"Text_Caption_1780","title":"Funds may not be withdrawn from an account unless all positions are fully margined at the original margin level.     ","roles":{"textData":{}}},{"id":"Image_1154","class":"TODO::Senthil","instance":"Image_1154","roles":{"click":{"subtype":"button"},"question":{"interactionId":"258679","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1783","class":"TODO::Senthil","instance":"Text_Caption_1783","title":"If the original margin is $1,000 and the maintenance margin level is $750, the customer cannot withdraw any funds if the equity drops below $1,000. Any excess above the $1,000 level may be withdrawn in cash or may be used to take a new position. The term pyramiding refers to the use of excess equity to take new positions, generally in decreasing increments.   For example, if a customer has an unrealized profit on 10 wheat contracts, he may use the excess as margin on five additional contracts.   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As long as the equity in the account remains at least $750, no additional deposit will be required. However, once the equity drops below $750, John must deposit an amount that's sufficient to bring the account up to the original margin level. If the equity decreases to $700, the FCM will send out a variation call for $300 to bring the account back to $1,000.  ","roles":{"textData":{}}},{"id":"Image_1158","class":"TODO::Senthil","instance":"Image_1158","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1787","class":"TODO::Senthil","instance":"Text_Caption_1787","title":"Let’s look at some other examples to determine how both original and maintenance margin work. The original margin is $1,000 and the maintenance level is $750.    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The price of the futures is $2.50, but then drops to $2.49.   This is a loss of $0.01 on 5,000 bushels; which equals $50. Debra's equity is reduced to $550.  Since this is above the maintenance level, no call will be made for additional margin.   The market price then drops to $2.47. This additional loss of $0.02 equals $100, and the equity now declines to $450.   Since this is below the $500 maintenance level, a call will be made for additional margin of $150 in order to bring the equity back to $600. If the price of the commodity subsequently advances to $2.62, Debra has an unrealized gain of $0.12 per bushel, which equals $600. She could withdraw this sum in cash or use it as margin to purchase one additional contract. 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Original margin is also referred to as initial margin.  Maintenance margin refers to the minimum amount that must be maintained in the account.  Funds may not be withdrawn from an account unless all positions are fully margined at the original margin level.    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","roles":{"textData":{}}},{"id":"Image_1164","class":"TODO::Senthil","instance":"Image_1164","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1797","class":"TODO::Senthil","instance":"Text_Caption_1797","title":"The original margin on a contract consisting of 5,000 bushels is $600 and the maintenance margin is $500.   The original margin then is $0.12 per bushel ($600 divided by 5,000). The maintenance margin is $0.10 per bushel.   A long position is taken when the price of the futures contract is $2.50 and margin of $600 is deposited with the FCM. If the price of the contract drops to $2.47 (a decrease of $0.03 per bushel), the equity will decline to $450 and the trader will receive a call for $150 of additional margin. 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The increase of $0.03 per bushel on a short position would cause a decrease of $150 in equity and a call would be sent for additional margin.  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If the customer were to take a short position, he would receive a call for additional margin if the price of the contract advanced. 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This will typically occur if the market is volatile and the price of the contract is high.   Margin is not a down payment on the actual commodity. Instead, it's a good faith deposit or performance bond whereby the customer deposits the required equity to indicate his willingness and ability to perform on the contract in the event that it's not offset before the delivery month. Margin is an earnest deposit to evidence good faith on the part of the customer. A futures commission merchant has the right to require higher margin (but not lower margin) from its customers than the amount required by the exchange in regard to both original and maintenance margin.  On a long futures position, the holder of the contract doesn't own the cash commodity. He has the right to take delivery (in which case he will be required to pay the full purchase price to the seller), but he's not the owner of the cash commodity until he takes delivery. 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In the case of spread positions, which involve assuming both a long and a short position in the same or related commodity futures, margin is generally lower because of the lower risk involved. This is because the fluctuation in the difference between the long and short position is generally less than the fluctuation on a net long or a net short position.   Hedger Margin The margin requirements for hedge customers are usually lower than the margin requirement for speculators. This is because the hedger has a cash position that's opposite to his futures position. Any decrease in equity on his futures position will likely be offset by an increase in equity on his cash position.   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This will typically occur if the market is volatile and the price of the contract is high.  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The exchanges have the right to increase the margin required on any contract. This will typically occur if the market is volatile and the price of the contract is high.  Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si268425","class":"TODO::Senthil","instance":"Text_Caption_522","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide268439","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1851","Image_1220","si268276","si268291","si268302","si268337","si268349","si268361"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide268439"},"question":{"interactionId":"268225","quizId":733,"title":"True/False","text":"The exchanges have the right to increase the margin required on any contract. 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Leverage represents the amount of control a person has over an asset with a given dollar amount.   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(select all that apply) ","roles":{"textData":{}}},{"id":"si199473","class":"TODO::Senthil","title":"A) ","roles":{"textData":{}}},{"id":"si199477","class":"TODO::Senthil","title":"Margin is the money borrowed from a broker to purchase an investment and is the difference between the total value of an investment and the loan amount.  ","roles":{"textData":{}}},{"id":"si199477","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q8"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199473_a","class":"TODO::Senthil","roles":{"answer":{"title":"Margin is the money borrowed from a broker to purchase an investment and is the difference between the total value of an investment and the loan amount.\r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199484","class":"TODO::Senthil","title":"B) ","roles":{"textData":{}}},{"id":"si199488","class":"TODO::Senthil","title":"Margin trading refers to the practice of using borrowed funds from a broker to trade a financial asset, which forms the collateral for the loan from the broker.  ","roles":{"textData":{}}},{"id":"si199488","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q8"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199484_a","class":"TODO::Senthil","roles":{"answer":{"title":"Margin trading refers to the practice of using borrowed funds from a broker to trade a financial asset, which forms the collateral for the loan from the broker.\r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199554","class":"TODO::Senthil","title":"C) ","roles":{"textData":{}}},{"id":"si199558","class":"TODO::Senthil","title":"A margin account is a standard brokerage account in which an investor is allowed to use the current cash or securities in their account as collateral for a loan.  ","roles":{"textData":{}}},{"id":"si199558","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q8"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199554_a","class":"TODO::Senthil","roles":{"answer":{"title":"A margin account is a standard brokerage account in which an investor is allowed to use the current cash or securities in their account as collateral for a loan.\r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199569","class":"TODO::Senthil","title":"D) ","roles":{"textData":{}}},{"id":"si199573","class":"TODO::Senthil","title":"Leverage conferred by margin will tend to amplify both gains and losses. In the event of a loss, a margin call may require your broker to liquidate securities without prior consent.  ","roles":{"textData":{}}},{"id":"si199573","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide199421q8"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199569_a","class":"TODO::Senthil","roles":{"answer":{"title":"Leverage conferred by margin will tend to amplify both gains and losses. In the event of a loss, a margin call may require your broker to liquidate securities without prior consent.\r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199505","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide199421q8","for":"Slide199421q8"},"textData":{}}},{"id":"si199522","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide199421q8","for":"Slide199421q8"},"textData":{}}},{"id":"si199535","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide199421q8","for":"Slide199421q8"},"textData":{}}},{"id":"si199598","class":"TODO::Senthil","title":"Correct - A futures contract represents an obligation to make or take delivery, even though the customer need only deposit initial margin to open the position. The obligation means that, while a position is held, the customer is potentially liable for the full value of the contract, which may be unlimited. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si199883","class":"TODO::Senthil","title":"Incorrect - The correct answer is A, B, C and D. Click anywhere or press ‘y’ to continue.  ","roles":{"textData":{}}},{"id":"Slide199421","class":"Question Slide","instance":"Question 1","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1810","Text_Caption_1602","si199458","si199477","si199488","si199558","si199573","si199505","si199522","si199535"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide199421"},"question":{"interactionId":"199438","quizId":733,"title":"Multiple Choice","text":"Select the statements below that are true. (select all that apply)\r","ikc":true,"type":"knowledgeCheck","interactionType":"choice","ramdomized":false,"correctAnswers":["A","B","C","D"]}}},{"id":"Text_Caption_1609","class":"TODO::Senthil","instance":"Text_Caption_1609","title":"QUIZ ","roles":{"textData":{}}},{"id":"si205773","class":"TODO::Senthil","roles":{}},{"id":"si205696","class":"TODO::Senthil","title":"In finance, the margin is the collateral that an investor has to deposit with their broker or exchange to cover the credit risk the holder poses for the broker or the exchange.  ","roles":{"textData":{}}},{"id":"si205711","class":"TODO::Senthil","title":"A) ","roles":{"textData":{}}},{"id":"si205715","class":"TODO::Senthil","title":"True ","roles":{"textData":{}}},{"id":"si205711_a","class":"TODO::Senthil","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si205722","class":"TODO::Senthil","title":"B) ","roles":{"textData":{}}},{"id":"si205726","class":"TODO::Senthil","title":"False ","roles":{"textData":{}}},{"id":"si205722_a","class":"TODO::Senthil","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si205861","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q9","for":"Slide205659q9"},"textData":{}}},{"id":"si205878","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q9","for":"Slide205659q9"},"textData":{}}},{"id":"si205891","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q9","for":"Slide205659q9"},"textData":{}}},{"id":"si205730","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q9"},"textData":{}}},{"id":"si205743","class":"TODO::Senthil","title":"Incorrect. The correct answer is True. In finance, the margin is the collateral that an investor has to deposit with their broker or exchange to cover the credit risk the holder poses for the broker or the exchange. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q9"},"textData":{}}},{"id":"Slide205659","class":"Question Slide","instance":"Question 2","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1810","Text_Caption_1609","si205696","si205715","si205726","si205861","si205878","si205891"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide205659"},"question":{"interactionId":"205676","quizId":733,"title":"True/False","text":"In finance, the margin is the collateral that an investor has to deposit with their broker or exchange to cover the credit risk the holder poses for the broker or the exchange.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1610","class":"TODO::Senthil","instance":"Text_Caption_1610","title":"QUIZ ","roles":{"textData":{}}},{"id":"si206143","class":"TODO::Senthil","instance":"Text_Caption_475","roles":{}},{"id":"si206066","class":"TODO::Senthil","instance":"Text_Caption_456","title":"Leverage conferred by margin will tend to amplify both gains and losses. In the event of a loss, a margin call may require your broker to liquidate securities without prior consent.  ","roles":{"textData":{}}},{"id":"si206077","class":"TODO::Senthil","instance":"Text_Caption_471","title":"A) ","roles":{"textData":{}}},{"id":"si206081","class":"TODO::Senthil","instance":"Text_Caption_472","title":"True ","roles":{"textData":{}}},{"id":"si206077_a","class":"TODO::Senthil","instance":"48","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si206088","class":"TODO::Senthil","instance":"Text_Caption_473","title":"B) ","roles":{"textData":{}}},{"id":"si206092","class":"TODO::Senthil","instance":"Text_Caption_474","title":"False ","roles":{"textData":{}}},{"id":"si206088_a","class":"TODO::Senthil","instance":"50","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si206255","class":"TODO::Senthil","instance":"Button_147","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q10","for":"Slide206377q10"},"textData":{}}},{"id":"si206267","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q10","for":"Slide206377q10"},"textData":{}}},{"id":"si206279","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q10","for":"Slide206377q10"},"textData":{}}},{"id":"si206118","class":"TODO::Senthil","instance":"SmartShape_19","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q10"},"textData":{}}},{"id":"si206137","class":"TODO::Senthil","instance":"SmartShape_20","title":"Incorrect. The correct answer is True. Leverage conferred by margin will tend to amplify both gains and losses. In the event of a loss, a margin call may require your broker to liquidate securities without prior consent. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q10"},"textData":{}}},{"id":"Slide206377","class":"Question Slide","instance":"Question 3","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1810","Text_Caption_1610","si206066","si206081","si206092","si206255","si206267","si206279"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206377"},"question":{"interactionId":"206022","quizId":733,"title":"True/False","text":"Leverage conferred by margin will tend to amplify both gains and losses. In the event of a loss, a margin call may require your broker to liquidate securities without prior consent.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1615","class":"TODO::Senthil","instance":"Text_Caption_1615","title":"QUIZ ","roles":{"textData":{}}},{"id":"si206756","class":"TODO::Senthil","instance":"Text_Caption_480","roles":{}},{"id":"si206679","class":"TODO::Senthil","instance":"Text_Caption_458","title":"One of the differences between commodity futures trading and securities trading is that the initial margin deposit in commodity futures is substantially more than the margin required in securities.   ","roles":{"textData":{}}},{"id":"si206690","class":"TODO::Senthil","instance":"Text_Caption_476","title":"A) ","roles":{"textData":{}}},{"id":"si206694","class":"TODO::Senthil","instance":"Text_Caption_477","title":"True ","roles":{"textData":{}}},{"id":"si206690_a","class":"TODO::Senthil","instance":"48_51","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si206701","class":"TODO::Senthil","instance":"Text_Caption_478","title":"B) ","roles":{"textData":{}}},{"id":"si206705","class":"TODO::Senthil","instance":"Text_Caption_479","title":"False ","roles":{"textData":{}}},{"id":"si206701_a","class":"TODO::Senthil","instance":"50_52","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si206868","class":"TODO::Senthil","instance":"Button_150","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q11","for":"Slide206990q11"},"textData":{}}},{"id":"si206880","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q11","for":"Slide206990q11"},"textData":{}}},{"id":"si206892","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q11","for":"Slide206990q11"},"textData":{}}},{"id":"si206731","class":"TODO::Senthil","instance":"SmartShape_21","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q11"},"textData":{}}},{"id":"si206750","class":"TODO::Senthil","instance":"SmartShape_22","title":"Incorrect. The correct answer is False. One of the differences between commodity futures trading and securities trading is that the initial margin deposit in commodity futures is substantially LESS than the margin required in securities. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q11"},"textData":{}}},{"id":"Slide206990","class":"Question Slide","instance":"Question 4","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1810","Text_Caption_1615","si206679","si206694","si206705","si206868","si206880","si206892"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206990"},"question":{"interactionId":"206639","quizId":733,"title":"True/False","text":"One of the differences between commodity futures trading and securities trading is that the initial margin deposit in commodity futures is substantially more than the margin required in securities. \r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1605","class":"TODO::Senthil","instance":"Text_Caption_1605","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"si199947","class":"TODO::Senthil","instance":"Text_Caption_455","title":"Select the statements below that are true. (select all that apply) ","roles":{"textData":{}}},{"id":"si199958","class":"TODO::Senthil","instance":"Text_Caption_460","title":"A) ","roles":{"textData":{}}},{"id":"si199962","class":"TODO::Senthil","instance":"Text_Caption_462","title":"Original margin is the amount of money that's required to be deposited in an account when an initial futures position is assumed. Original margin is also referred to as initial margin.  ","roles":{"textData":{}}},{"id":"si199962","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide200216q12"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199958_a","class":"TODO::Senthil","roles":{"answer":{"title":"Original margin is the amount of money that's required to be deposited in an account when an initial futures position is assumed. Original margin is also referred to as initial margin.\r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199969","class":"TODO::Senthil","instance":"Text_Caption_463","title":"B) ","roles":{"textData":{}}},{"id":"si199973","class":"TODO::Senthil","instance":"Text_Caption_464","title":"Maintenance margin refers to the minimum amount that must be maintained in the account.  ","roles":{"textData":{}}},{"id":"si199973","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide200216q12"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199969_a","class":"TODO::Senthil","roles":{"answer":{"title":"Maintenance margin refers to the minimum amount that must be maintained in the account.\r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199980","class":"TODO::Senthil","instance":"Text_Caption_465","title":"C) ","roles":{"textData":{}}},{"id":"si199984","class":"TODO::Senthil","instance":"Text_Caption_466","title":"Funds may not be withdrawn from an account unless all positions are fully margined at the original margin level.   ","roles":{"textData":{}}},{"id":"si199984","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide200216q12"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199980_a","class":"TODO::Senthil","roles":{"answer":{"title":"Funds may not be withdrawn from an account unless all positions are fully margined at the original margin level. \r\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199991","class":"TODO::Senthil","instance":"Text_Caption_467","title":"D) ","roles":{"textData":{}}},{"id":"si199995","class":"TODO::Senthil","instance":"Text_Caption_468","title":"None of the above. ","roles":{"textData":{}}},{"id":"si199995","class":"TODO::Senthil","roles":{"click":{"subtype":"button","question":"Slide200216q12"},"answer":{"title":"dummy title","index":-1,"score":{}}}},{"id":"si199991_a","class":"TODO::Senthil","roles":{"answer":{"title":"None of the above.\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si200030","class":"TODO::Senthil","instance":"Button_146","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide200216q12","for":"Slide200216q12"},"textData":{}}},{"id":"si200042","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide200216q12","for":"Slide200216q12"},"textData":{}}},{"id":"si200054","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide200216q12","for":"Slide200216q12"},"textData":{}}},{"id":"si200086","class":"TODO::Senthil","instance":"Text_Caption_469","title":"Correct - A futures contract represents an obligation to make or take delivery, even though the customer need only deposit initial margin to open the position. The obligation means that, while a position is held, the customer is potentially liable for the full value of the contract, which may be unlimited. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si200202","class":"TODO::Senthil","instance":"Text_Caption_470","title":"Incorrect - The correct answer is A, B and C. Click anywhere or press ‘y’ to continue.  ","roles":{"textData":{}}},{"id":"Slide200216","class":"Question Slide","instance":"Question 5","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1810","Text_Caption_1605","si199947","si199962","si199973","si199984","si199995","si200030","si200042","si200054"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide200216"},"question":{"interactionId":"199909","quizId":733,"title":"Multiple Choice","text":"Select the statements below that are true. (select all that apply)\r","ikc":true,"type":"knowledgeCheck","interactionType":"choice","ramdomized":false,"correctAnswers":["A","B","C"]}}},{"id":"Text_Caption_1616","class":"TODO::Senthil","instance":"Text_Caption_1616","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207138","class":"TODO::Senthil","instance":"Text_Caption_486","roles":{}},{"id":"si207061","class":"TODO::Senthil","instance":"Text_Caption_481","title":"A margin account is a brokerage account in which the broker lends the investor money to buy more securities than what they could otherwise buy with the balance in their account.  ","roles":{"textData":{}}},{"id":"si207072","class":"TODO::Senthil","instance":"Text_Caption_482","title":"A) ","roles":{"textData":{}}},{"id":"si207076","class":"TODO::Senthil","instance":"Text_Caption_483","title":"True ","roles":{"textData":{}}},{"id":"si207072_a","class":"TODO::Senthil","instance":"48_53","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si207083","class":"TODO::Senthil","instance":"Text_Caption_484","title":"B) ","roles":{"textData":{}}},{"id":"si207087","class":"TODO::Senthil","instance":"Text_Caption_485","title":"False ","roles":{"textData":{}}},{"id":"si207083_a","class":"TODO::Senthil","instance":"50_54","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si207250","class":"TODO::Senthil","instance":"Button_153","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q13","for":"Slide207372q13"},"textData":{}}},{"id":"si207262","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q13","for":"Slide207372q13"},"textData":{}}},{"id":"si207274","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q13","for":"Slide207372q13"},"textData":{}}},{"id":"si207113","class":"TODO::Senthil","instance":"SmartShape_23","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q13"},"textData":{}}},{"id":"si207132","class":"TODO::Senthil","instance":"SmartShape_24","title":"Incorrect. The correct answer is True. A margin account is a brokerage account in which the broker lends the investor money to buy more securities than what they could otherwise buy with the balance in their account. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q13"},"textData":{}}},{"id":"Slide207372","class":"Question Slide","instance":"Question 6","thumbnail":"","children":["Text_Caption_259","Text_Caption_1854","Text_Caption_1748","Text_Caption_1770","Text_Caption_1775","Text_Caption_1791","Text_Caption_1799","Text_Caption_1810","Text_Caption_1616","si207061","si207076","si207087","si207250","si207262","si207274"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide207372"},"question":{"interactionId":"207017","quizId":733,"title":"True/False","text":"A margin account is a brokerage account in which the broker lends the investor money to buy more securities than what they could otherwise buy with the balance in their account.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1617","class":"TODO::Senthil","instance":"Text_Caption_1617","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207508","class":"TODO::Senthil","instance":"Text_Caption_493","roles":{}},{"id":"si207431","class":"TODO::Senthil","instance":"Text_Caption_488","title":"All transactions in futures are executed in a margin account. 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This deposit is known as the minimum margin.\r\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1619","class":"TODO::Senthil","instance":"Text_Caption_1619","title":"QUIZ ","roles":{"textData":{}}},{"id":"si208248","class":"TODO::Senthil","instance":"Text_Caption_507","roles":{}},{"id":"si208171","class":"TODO::Senthil","instance":"Text_Caption_502","title":"When you sell the stock in a margin account, the proceeds go directly to you.  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24"},{"id":"Slide257784","title":"Commissions"},{"id":"Slide258010","title":"Slide 26"},{"id":"Slide258235","title":"Original and Maintenance Margin"},{"id":"Slide258456","title":"Slide 28"},{"id":"Slide267967","title":"Slide 29"},{"id":"Slide258703","title":"Slide 30"},{"id":"Slide259196","title":"Slide 31"},{"id":"Slide259456","title":"Slide 32"},{"id":"Slide263000","title":"Slide 33"},{"id":"Slide263266","title":"Slide 34"},{"id":"Slide259681","title":"Margin on Long & Short Positions"},{"id":"Slide259902","title":"Slide 36"},{"id":"Slide268210","title":"Slide 37"},{"id":"Slide263492","title":"Slide 38"},{"id":"Slide263731","title":"Slide 39"},{"id":"Slide260427","title":"Increase in Margin Requirements"},{"id":"Slide260670","title":"Slide 41"},{"id":"Slide260914","title":"Slide 42"},{"id":"Slide268439","title":"Slide 43"},{"id":"Slide263957","title":"Slide 44"},{"id":"Slide264187","title":"Slide 45"},{"id":"Slide261403","title":"Leverage"},{"id":"Slide261624","title":"Slide 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