Margin在《元照英美法词典》中，列出5层含义：

1. 边界；边缘；水域（与陆地相交）的边缘

2. 差价

3. 利润；毛利

4. 保证金

5. 最低限度利润；最低报酬

其中，中间3层含义在法律文件中比较常见：

·差价

在抵押贷款中，指贷款抵押物的市场价值与贷款数额的差额。

如

The commercial property received a bank valuation of $1,200,000, with the mortgage loan amounting to $900,000, resulting in a margin of $300,000.

该商业物业的银行估值为120万美元，抵押贷款金额为90万美元，产生了30万美元的差价。

·利润；毛利

在商业贸易中指批零差价，或者指出厂价与成本的差额，又称毛利。

如：

Even though the average realised selling prices in the first half of 2010 were higher than that in the same period of 2009, gross profit margin decreased due to (1) the increase in gross loss on coke production that accounted for 4% of the Group’s turnover; and (2) during the period, the increase in unit cost of raw coking coal was attributable by (i) increase in average unit cost as a result of the decrease in production volume of raw coal from approximately 3.25 million tonnes in the first half of 2009 to 2.96 million tonnes in the first half of 2010 due to temporary closed down production during the change of the long wall in our mines in the second quarter of 2010; and (ii) the increase in labour cost, depreciation and additional levies as mentioned in the above under “Cost of Sales”.

虽然二零一零年上半年平均实现售价较二零零九年同期为高，但毛利率则下调，主要是由于下列因素：(1)焦炭业务毛亏扩大，焦炭销售占本集团本期营业额的4%；以及(2)本期每吨平均原煤成本单价增加，原煤成本单价上升是因为(i)于二零一零年第二季煤矿更换工作支架而曾暂停生产，使原煤产量由二零零九年上半年度约325万吨下降至二零一零年上半年度约296万吨；及(ii)于上文「销售成本」内提及本期人工成本 和折旧增加，以及新增征税均使平均生产成本单价上升。

·保证金

在证券交易中指客户存在于经纪人处的一笔钱或等价物，以保证经纪人在不因股票价格波动而遭受损失。也指客户在使用经纪人的贷款进行证券交易时必须缴纳的押金。

If you fail to comply with any of your obligations and/or to meet your liabilities under any of the provisions of this Client Agreement including this Schedule, including without limitation failure to provide Margin, we may at our absolute discretion and without prior notice to you or your consent; (a) decline to accept further Instructions in respect of Exchange Traded Options Business; (b) Close Out some or all of your Client Contracts with us; (c) enter into Contracts or transactions in Securities, Futures or Commodities, in order to settle obligations arising out to or to hedge the risks to which we are exposed in relation to your failure; and/or (d) dispose of the Margin or any part thereof, and apply the proceeds thereof to discharge your liabilities to us, and any proceeds remaining after discharge of all your liabilities to us shall be returned to you.

假若阁下未有根据本客户协议及本附表履行本身的任何责任及/或偿还阁下的任何债务，包括未有提供保证金，则吾等可无须事先通知阁下或获得阁下同意的情况下，采取绝对酌情权：(a)拒绝接受阁下在交易所交易的期权业务发出的进一步指示；(b)将阁下与吾等之间的部分或全部客户合约平仓；(c)订立合约或进行证券、期货或商品的交易以履行所产生的责任或对冲吾等因阁下未有履行责任而须承担的风险；及/ 或 (d)处置保证金或其在任何部分并将该等处置所得收益清偿阁下欠下吾等的债务，及在阁下欠吾等的一切债务清偿后的任何收益余款支付予阁下。

参考

《元照英美法词典》（第2版）