The largest amount that a client can trade against his/her account. This amount varies on basis of the account status below:

Restricted Cash Account: The Maximum Trade Value is equal to the cash and cash equivalents currently in the account plus/minus any pending activities. Sufficient Funds are required to be in the account prior to any new trade commitments.

Note: For opening orders involving Market orders, the Total Maximum Trade Value calculated will be multiplied by 95% for Restricted Cash Accounts. Therefore, the maximum trade value displayed on the Available Funds Screen will be decreased by 5% and will block orders that exceed this value.

Unrestricted Cash Account: The Maximum Trade Value is equal to the cash and cash equivalents plus the LMV times 2 minus the LMV plus/minus any pending activities.

Restricted Margin Account: Assuming there is no outstanding margin call, the Maximum Trade Value is equal to the lower of your SMA or FME plus cash and cash equivalents plus/minus any pending activities divided by the appropriate margin requirement of the specific product. If your SMA is lower than your FME, then the Regulation T requirement is used to calculate your maximum trade value. If the FME is lower than SMA, then the maintenance requirement is used to calculate your maximum trade value.

Notes: If there is an existing margin call in the account, the greater of the Reg T call/maintenance call would be used instead of SMA/FME in the above calculation.

For opening orders involving Market orders, the Total Maximum Trade calculated will be multiplied by 95% for Restricted Margin Accounts. Therefore, the maximum trade value displayed on the Available Funds Screen will be decreased by 5% and will block orders that exceed this value.

Unrestricted Margin Cash/account: The Maximum Trade Value is based on your FME plus cash and cash equivalents plus/minus any pending activities divided by the maintenance requirement of the specific product.