What is Net Account Value (NAV), Initial Margin Requirement (IM), Maintenance Margin Requirement (MM), and Forced Selling Requirement (FS)?

• Net Account Value (‘NAV’) refers to the market value of your holding positions, including cash balances.

• Initial Margin Requirement (‘IM’) is the amount required for opening new margin positions.

• Maintenance Margin Requirement (‘MM’) is the minimum requirement of the Net Account Value. You may receive a margin call if your NAV is lower than MM.

• Forced Selling Requirement (‘FS’) refers to the amount that should be maintained in a margin account to avoid forced liquidation.

When your NAV drops below the MM or FS, it may trigger a margin call. When your account is in margin call, you are required to take immediate actions to rectify the margin call, refer to the FAQs.