标题: Penson Portfolio Margin Test [打印本页] 作者: siavosh 时间: 2011-10-5 22:50 标题: Penson Portfolio Margin Test
Has anyone ever taken the portfolio margin test?作者: OmarAdnan 时间: 2011-10-5 22:52
No but I am interested in learning how to calculate the new Portfolio Margin requirements. I am in process of switching brokers on my personal account as they offered me the ability to use portfolio margin; I am still studying the mechanics of it, FAR more complex than Reg T.
Works if you are well diversified or so they claim; I'd be interested to see what you discover.作者: parott 时间: 2011-10-5 22:54
I took it; I passed.作者: Valores 时间: 2011-10-5 22:55
If you wouldn't mind I'm wondering on these questions:
1) Do you know that Penson's policy requires portfolio margin calls to be met the day immediately following the day of the call issuance? Yes/No?
2) Long 1,000 OEX JUN 640 Calls @ 21
Long 1,000 OEX JUN 640 Puts @ 10.76
What is the traditional margin requirement?
A) 3,176,000
B) 1,588,000
3) Which of the following is NOT permitted when an account is restricted to "Liquidation Orders Only?"
A) Depositing additional funds or securities to the account
B) Placing an order to open a naked position
C) Buying to close an uncovered position
D) Selling to close a long position
E) None of the above is permitted
4) To hedge a long position in IBM, a customer can do all of the following EXCEPT:
A) Buy to open at the money IBM puts
B) Buy to open in the money IBM puts
C) Sell to open out of the money IBM calls
D) Sell to open in the money IBM puts
E) All of the above
5) A customer establishes the following position:
Short 1,000 IBM 100 Calls and Short 1,000 IBM Puts
If the price of IBM is $100 at expiration, what is the resulting IBM position in the customer's account on the business day following the expiration?
A) Flat or no position in IBM
B) Long 100,000 shares in IBM
C) Short 100,000 shares in IBM
D) Both B and C
E) Unable to Determine
6) A call writer hoping to benefit from the time decay of the option premium would use which of the following measures?
A) Theta in percentage
B) Theta in dollars
7) Which of the following is NOT a primary component in theoretical option pricing calculation?
A) Annual Interest Rate
B) Quarterly Dividend Amount
C) Change in Volatility
D) Strike Price
E) Days to Expiration
