Margin Requirements RBR tables

Equity and Mutual Fund Requirements

Equity Requirements - Maintenance requirements are calculated using Rules Based Requirements in which the RBR add-ons are added to the base requirements. A majority of securities have base requirements of:

There may be instances where securities have higher base requirements. Some examples are distressed sectors, distressed issuers, and levered ETFs.

Issuer (Position) Concentration - The market value of a position as a percentage of the account's gross market value (position market value / portfolio gross market value).

Long Positions

Level of Concentration Add-On
0% - 10% 0%
10.01% - 20% 5%
20.01% - 40% 10%
40.01% - 50% 15%
50.01% - 75% 20%
75.01% - 100% 30%

Short Positions

Level of Concentration Add-On
0% - 10% 0%
10.01% - 20% 10%
20.01% - 40% 15%
40.01% - 50% 20%
50.01% - 75% 30%
75.01% - 100% 35%

Liquidity - The quantity of a position as a percentage of the security's 20-day average trading volume (position quantity / security's 20-day average volume).

Long Side

Days to Liquidate Add-On
0 - 1 0%
1.01 - 2 10%
2.01 - 3 20%
3.01 - 5 30%
above 5 50%

Short Side

Days to Liquidate Add-On
0 - 1 0%
1.01 - 2 10%
2.01 - 3 20%
3.01 - 5 30%
above 5 50%

Ownership Concentration - The quantity of a position as a percentage of the number of shares outstanding (position quantity / shares outstanding).

Ownership % Add-On
0% - 1% 0%
1.01% - 3% 10%
3.01% - 5% 25%
5.01% - 100% 100%

Industry Concentration - The net market value of position(s) in the Global Industry Classification Standard (GICS) as a percentage of the account's gross market value (net market value in each GICS sub sector / gross market value).

Level of Concentration
(within same industry)
Add-On
0% - 30% 0%
30.01% - 70% 5%
70.01% - 100% 10%

Important: The industry add-on should only trigger for an account that has no positions greater than 40% of total market value.

Mutual Fund Requirements

Security Price per Share/Maintenance Requirement
Mutual funds
  • $3 and under: 100% of market value
  • Over $3 and under $10: $3 per share
  • $10 and over: 30% of market value

Exception: Select Money Market and Spartan® Money Market are 30%.

Fixed-Income Requirements

Fixed-Income Requirements

Security Initial Requirement Maintenance Requirement
Convertible Corporate Bonds 50% of market value Greater of 30% of market value or 10% of principal (not to exceed 100% of market value) and subject to RBR add-on requirements
Nonconvertible Corporate Bonds Greater of 30% of market value or 10% of principal (not to exceed 100% of market value) Greater of 25% of market value or 10% of principal (not to exceed 100% of market value) and subject to RBR add-on requirements
U.S. Agency Debt
  • Treasury Notes
  • Bonds
  • Zeros
Greater of 10% of market value or 6% of principal (not to exceed 100% of market value) 15% regardless of maturity and subject to RBR add on requirements
Municipals Bonds Greater of 25% of market value or 15% of principal (not to exceed 100% of market value) Greater of 20% of market value or 10% of principal (not to exceed 100% of market value) and subject to RBR add on requirements
Treasury Bills 1% of market value 1% of market value and subject to RBR add on requirements
Treasury Notes, Bonds, and Zero Coupon Bonds Greater of 10% of market value or 6% of principal (not to exceed 100% of market value) Greater of 10% of market value or 6% of principal (not to exceed 100% of market value) and subject to RBR add on requirements
CATS and TIGRs Greater of 25% of market value or 10% of principal (not to exceed 100% of market value) Market value or 10% of principal (not to exceed 100% of market value) and subject to RBR add on requirements
Preferred Stock Aligned with its equivalent corporate debt Aligned with its equivalent corporate debt and subject to RBR add on requirements
Unit Investment Trusts Same as regional equities Same as regional equities
Other Fixed Income Assets Greater of 10% of market value or 6% of principal (not to exceed 100% of market value) Greater of 10% of market value or 6% of principal (not to exceed 100% of market value)

Maintenance Requirements -Maintenance requirements are based on Rules Based Requirements and are subject to the RBR add-ons.

Corporate Bonds

Industry Concentration Add-On - The aggregate industry net market value of position(s) as a percentage of the account's gross market value (aggregate industry net market value / gross market value).

Level of Concentration Add-On
0% - 25% 0%
25.01% - 50% 10%
50.01% - 75% 20%
75.01% - 100% 30%

Concentration Add-On - The aggregate issuer net market value as a percentage of the account's gross market value (aggregate issuer net market value / gross market value).

Level of Concentration Add-On
0% - 15% 0%
15.01% - 25% 10%
25.01% - 50% 15%
50.01% - 75% 20%
75.01% - 100% 30%

Important: Concentration Add-Ons are applied at the issuer level.

Ownership Add-On - The quantity of a position as a percentage of the number of shares outstanding (position quantity / issue shares outstanding).

Ownership % Add-On
0% - 5% 0%
5.01% - 10% 10%
10.01% - 20% 20%
20.01% - 50% 50%
50.01% - 100% 100%

Important: Ownership Add-Ons are applied at the issue level.

U.S. Agency Debt

Concentration Add-On - The aggregate issuer market value as a percentage of the account's gross market value (aggregate issuer market value / gross market value).

Level of Concentration Add-On
0% - 50% 0%
50.01% - 75% 5%
75.01% - 100% 10%

Important: Concentration Add-Ons are applied at the issuer level.

Municipal Bonds

Concentration Add-On - The market value of a position as a percentage of the account's gross market value (position market value / gross market value).

Level of Concentration Add-On
0% - 25% 0%
25.01% - 50% 10%
50.01% - 75% 15%
75.01% - 100% 20%

Ownership Add-On - The quantity of a position as a percentage of the number of issue shares outstanding (position quantity / issue shares outstanding).

Ownership % Add-On
0% - 5% 0%
5.01% - 10% 10%
10.01% - 20% 20%
20.01% - 50% 50%
50.01% - 100% 100%

Important: Ownership Add-Ons are applied at the issue level.

Treasuries

Security Maturity Requirement
Bills, bonds, and notes Less than 1 year 3%
1 – 3 years 5%
3 – 5 years 6%
5 – 10 years 8%
10 – 30 years 10%
CATS and TIGRs All maturities Greater of 20% of market value or 10% of principal (not to exceed 100% of market value)

Preferred Stock

RBR add-on - the aggregate issuer net market value as a percent of the account's gross market value (aggregate issuer net market value / gross market value).

Level of Concentration Add-On
0% - 15% 0%
15.01% - 20% 5%
20.01% - 50% 10%
50.01% - 75% 20%
75.01% - 100% 30%

Covered Option Margin Requirements

Fidelity sets its own margin guidelines to better reflect its view of the risks associated with option trading.

Order Option Level Margin Requirement
Buy calls to open
Buy puts to open
Level 2 The initial debit, in cash or available to borrow. No margin agreement required.
Buy calls to close
Buy puts to close
N/A The initial debit, in cash or available to borrow. The position must be short in the account. Check for possible assignment.
Note: Closing a short option position may release additional funds that can be applied to the purchase requirement.
Sell calls to open Equities: Level 4
Indexes: Level 5
Covered: Level 1
Uncovered: See Uncovered option margin requirements.
Covered: No margin requirement. The underlying stock must be long in the account.
Sell puts to open Equities: Level 4
Indexes: Level 5
Cash covered: Level 2
Uncovered: See Uncovered option margin requirements.
Covered: No margin requirement except for the short stock. The underlying stock must be short in the account.*
Sell calls to close
Sell puts to close
N/A No margin requirement. Positions must be long in the account

Uncovered Option Margin Requirements

Looking to place uncovered option trades? Then you must have margin and the appropriate option level approved for your account. View Option Levels.

To short naked options or open spread positions, you must maintain a minimum equity balance of $20,000 and $50,000 for indices in your account.

Equity calls: The higher of the following requirements:

Equity puts: The higher of the following requirements:

Index calls: The higher of the following requirements:

Broad based:

Narrow based: