原問:
I'm attempting to write call options against shares I have that are locked up in another holding service.
Thus far, I've been writing naked calls on margin. Many brokers (Schwab, IB) have a margin requirement of option_value+max(20%*stock_value - out_of_money_amount, 10%*stock_value)
I started using Schwab and unfortunately as I wrote more and more calls, they bumped the 20% margin requirement on me to 60%, so now I'm looking at much steeper requirements:
Such a high margin requirement makes it impossible to execute against my entire position, so I'm hoping to switch to another service.
Questions:
1. Are there other brokers out there that have lower requirements? (or at least won't raise them as you open a lot of positions?)
2. Are there any brokers out there where it'd be possible to prove the underlying shares are in another institution and thus have the options be viewed as covered? (thus subject to a much lower margin requirement) [e.g. a premium/fee service is fine]
Thanks!
robert morse的回答:
If you qualify for Portfolio Margin and the symbol is marginable, the requirement would be lower. Typical would be the loss from a 15% move for margin and more for risk. 25% is typical for risk but for highly concentrated portfolios, it will be more. We go up to 40%.