What Is a Margin Call?

什么是追加保证金通知？

 

A margin call occurs when the percentage of an investor’s equity in a margin account falls below the broker’s required amount. An investor’s margin account contains securities bought with a combination of the investor’s own money and money borrowed from the investor’s broker.

当投资者在保证金账户中的股权百分比低于经纪人要求的最低金额时，就会收到追加保证金通知。投资者的保证金账户包含用投资者自己的资金和从其经纪人那里借来的资金购买的证券。

 

A margin call refers specifically to a broker’s demand that an investor deposit additional money or securities into the account so that the value of the investor's equity (and the account value) rises to a minimum value indicated by the maintenance requirement.

追加保证金通知特指经纪人要求投资者存入额外的资金或证券到账户中，以便投资者的股权价值（和账户价值）提高到维持保证金要求的最低价值。

 

A margin call is usually an indicator that securities held in the margin account have decreased in value. When a margin call occurs, the investor must choose to either deposit additional funds or marginable securities in the account or sell some of the assets held in their account.

追加保证金通知通常表明保证金账户中持有的证券价值下降。当收到追加保证金通知时，投资者必须选择要么在账户中存入额外的资金或可作为保证金的证券，要么卖出账户中的一些资产。

 

KEY TAKEAWAYS

关键要点

 

·A margin call occurs when a margin account runs low on funds, usually because of a losing trade.

当保证金账户资金不足时，通常由于亏损交易，投资者会收到追加保证金通知。

·Margin calls are demands for additional capital or securities to bring a margin account up to the maintenance requirement.

追加保证金通知是要求补充额外资本或证券，以使保证金账户达到维持保证金的要求。

·Brokers may force a trader to sell assets, regardless of the market price, to meet the margin call if the trader doesn’t deposit funds.

 如果交易者不存入资金，经纪人可能会强制交易者卖出资产，无论市场价格如何，以满足追加保证金通知。

·Margin calls can also occur when a stock goes up in price and losses start mounting in accounts that have sold the stock short.

 当股票价格上涨，而卖空该股票的账户开始出现亏损时，经纪人会发出追加保证金通知。

 

·Investors can avoid margin calls by monitoring their equity and keeping enough funds in their account to maintain the value above the required maintenance level.

投资者可以通过监控他们的股权并在账户中保持足够的资金，以维持价值在所需维护水平以上，从而避免经纪人发出追加保证金通知。

 

 

What Triggers a Margin Call?

什么会触发追加保证金通知？

 

When an investor pays to buy and sell securities using a combination of their own funds and money borrowed from a broker, the investor is buying on margin. An investor’s equity in the investment is equal to the market value of the securities minus the borrowed amount.

当投资者使用自己的资金和从经纪人那里借来的资金支付购买和出售证券时，该投资者正在进行保证金交易。投资者在投资中的股权等于证券的市场价值减去借来的金额。

 

A margin call is triggered when the investor’s equity, as a percentage of the total market value of securities, falls below a certain required level (called the maintenance margin).

当投资者的股权作为证券总市值的百分比下降到某个必需水平（称为警戒线）以下时，会触发追加保证金通知。

 

The New York Stock Exchange (NYSE) and the Financial Industry Regulatory Authority (FINRA)—the regulatory body for the majority of securities firms operating in the United States—each requires that investors maintain an equity level of 25% of the total value of their securities when buying on margin. Some brokerage firms require a higher maintenance requirement, sometimes as much as 30% to 40%.

纽约证券交易所（NYSE）和金融业监管局（FINRA）——美国大多数证券公司的监管机构——都要求投资者在进行保证金交易时，保持其证券总价值的25%的股权水平。一些经纪公司要求更高的维持保证金，有时高达30%到40%。

 

Margin calls can occur at any time due to a drop in account value. However, they are more likely to happen during periods of market volatility.

由于账户价值下跌，追加保证金可以在任何时候发生。然而，在市场波动期间，它们更有可能发生。

 

Example of a Margin Call

追加保证金通知的示例

 

Here's an example of how a change in the value of a margin account decreases an investor's equity to a level where a broker must issue a margin call.

下方的例子说明保证金账户价值的变化如何降低投资者的股权到一个水平，以至于经纪人必须发出追加保证金通知。

 

Drop in value triggers a margin call by broker

How to Cover a Margin Call

如何解决收到保证金追加通知

 

If an investor's account value drops to a level where a margin call is issued by their broker, the investor typically has two to five days to meet it. Using the margin call example above, here are the options for doing so:

如果投资者的账户价值下降到经纪人发出追加保证金通知的水平，投资者通常有两到五天的时间来满足要求。以上述追加保证金通知的例子为例，以下是解决收到追加保证金通知的选项：

 

1. Deposit $200 in cash into the account.

向账户存入200美元现金。

2. Deposit $285 of marginable securities (fully paid for) into your account. This amount is derived by dividing the required funds of $200 by (1 less the 30% equity requirement): 200/(1-.30) = $285.

向您的账户存入价值285美元的可作为保证金的证券（完全支付）。这个金额是通过将所需资金200美元除以（1减去30%的股权要求）得出的：200/(1-0.30) = 285美元。

3. Use a combination of the above two options.

结合以上两种选项。

4. Sell other securities to obtain the needed cash.

卖出其他证券以获得所需现金。

 

If an investor isn't able to meet the margin call, a broker may close out any open positions to replenish the account to the minimum required value. They may be able to do this without the investor’s approval. Furthermore, the broker may also charge an investor a commission on these transaction(s). This investor is held responsible for any losses sustained during this process.

如果投资者无法避免保证金追加通知，经纪人可能会关闭任何开放头寸，以补充账户到最低所需价值。他们可能能够在未经投资者批准的情况下这样做。此外，经纪人还可能对这些交易向投资者收取佣金。在此过程中产生的任何损失都由该投资者负责。

 

Fast Fact

简例

 

The amount of a margin loan depends on a security's purchase price, and therefore is a fixed amount. However, the dollar amount determined by the maintenance margin requirement is based on the current account value, not on the initial purchase price. That's why it fluctuates.

保证金贷款的金额取决于证券的购买价格，因此是一个固定金额。然而，由维持保证金要求确定的美元金额是基于当前账户价值，而不是初始购买价格。这就是为什么它会波动的原因。

 

How to Avoid a Margin Call

如何避免收到保证金追加通知

 

Before opening a margin account, investors should carefully consider whether they really need one. Most long-term investors don't need to buy on margin to earn solid returns. Plus, the loans aren't free. Brokerages charge interest on them.

在开设保证金账户之前，投资者应仔细考虑他们是否真的需要一个。大多数长期投资者不需要进行保证金买入来获得稳健的回报。此外，这些贷款并不是免费的。券商会对它们收取利息。

 

However, if you wish to invest with margin, here are a few things you can do to manage your account, avoid a margin call, or be ready for it if it comes.

然而，如果您希望进行保证金投资，以下是一些管理账户、避免追加保证金通知或在发生时做好准备的方法。

 

·Make sure cash is available to place in your account immediately. Consider keeping it in an interest-earning account at the same brokerage.

确保立即有现金可存入您的账户。考虑将其存放在同一券商的利息收益账户中。

· Build a well-diversified portfolio. It may help limit margin calls since a single position is less likely to decrease the account value.

建立一个多样化的投资组合。它可能有助于限制追加保证金通知，因为单一头寸不太可能降低账户价值。

·Monitor your open positions, equity, and margin loan regularly (even daily).

定期（甚至每天）监控您的开放头寸、股权和保证金贷款。

·Create a custom-made alert at some comfortable level above the margin maintenance requirement. If your account falls to it, deposit funds or securities to increase your equity.

在维持保证金要求的某个适当水平之上创建一个定制的警报。如果您的账户降至该水平，存入资金或证券以增加您的股权。

·If you receive a margin call, take care of it immediately.

如果您收到追加保证金通知，立即处理。

 

Important：

重点：

In addition to keeping adequate cash and securities in their account, a good way for an investor to avoid margin calls is to use protective stop orders to limit losses in any equity positions.

除了在账户中保持足够的现金和证券外，投资者避免追加保证金通知的一个好方法是使用保护性止损订单来限制任何股票头寸的损失。

 

Is It Risky to Trade Stocks on Margin?

保证金股票交易是否有风险？

It is certainly riskier to trade stocks with margin than without it. This is because trading stocks on margin is trading with borrowed money. Leveraged trades are riskier than unleveraged ones. The biggest risk with margin trading is that investors can lose more than they have invested.

使用保证金进行股票交易确实比不使用保证金更有风险。这是因为使用保证金交易股票意味着是在用借来的资金进行交易。杠杆交易比非杠杆交易更具风险。进行保证金交易的最大风险是投资者可能损失的金额超过其投资的金额。

 

How Can a Margin Call Be Met?

如何应对追加保证金通知？

A margin call is issued by the broker when there is a margin deficiency in the trader’s margin account. To rectify a margin deficiency, the trader has to either deposit cash or marginable securities in the margin account or liquidate some securities in the margin account.

当交易者的保证金账户出现保证金不足时，经纪人会发出追加保证金通知。为了纠正保证金不足的问题，交易者必须在保证金账户中存入现金或可作为保证金的证券，或者清算保证金账户中的一些证券。

 

Can a Trader Delay Meeting a Margin Call?

交易者能延迟处理追加保证金通知吗？

A margin call must be satisfied immediately and without any delay. Although some brokers may give you two to five days to meet the margin call, the fine print of a standard margin account agreement will generally state that to satisfy an outstanding margin call, the broker has the right to liquidate any or all securities or other assets held in the margin account at its discretion and without prior notice to the trader. To prevent such forced liquidation, it is best to meet a margin call and rectify the margin deficiency promptly.

追加保证金通知必须立即处理，不能有任何延迟。虽然一些经纪人可能会给你两到五天时间来处理追加保证金通知，但标准保证金账户协议的细则通常会规定，经纪人有权在未事先通知交易者的情况下，自行决定清算保证金账户中的任何或所有证券或其他资产，以应对未解决的追加保证金通知。为避免强制性清算，最好是及时处理追加保证金通知，纠正保证金不足。

 

How Can I Manage the Risks Associated with Trading on Margin?

如何管理与保证金交易相关的风险？

Measures to manage the risks associated with trading on margin include: using stop loss orders to limit losses; keeping the amount of leverage to manageable levels; and borrowing against a diversified portfolio to reduce the probability of a margin call, which is significantly more likely with a single stock.

管理与保证金交易相关风险的措施包括：使用止损订单以限制损失；保持杠杆金额在可控制的水平；以及针对多样化的投资组合进行借贷，以降低发生追加保证金通知的可能性，特别是在单一股票情况下，追加保证金通知的可能性显著更高。

 

Does the Total Level of Margin Debt Have an Impact on Market Volatility?

保证金债务的总水平是否会影响市场波动性？

A high level of margin debt may exacerbate market volatility. During steep market declines, clients are forced to sell stocks to meet margin calls. This can lead to a vicious circle, where intense selling pressure drives stock prices lower, triggering more margin calls and more selling.

高水平的保证金债务可能加剧市场波动性。在市场急剧下跌期间，客户被迫卖出股票以应对追加保证金通知。这可能导致恶性循环，即强烈的抛售压力使股价进一步下跌，触发更多的追加保证金通知和更多的抛售。

 

The Bottom Line

总结

Buying on margin isn't for everyone. Not all investors will have available funds to reach initial and maintenance margins on margin trading accounts. While it can give investors more bang for their buck, there are downsides. For one, it's only an advantage if your securities increase enough to repay the margin loan (and the interest on it). Another headache can be the margin calls for funds that investors must meet.

保证金交易并不适合所有人。并非所有投资者都有可用资金达到保证金交易账户的初始和维持保证金。虽然这可以让投资者获得更多的回报，但也有缺点。首先，只有当您的证券增值足以偿还保证金贷款（及其利息）时，这才是优势。另一个问题可能是投资者必须满足的追加保证金通知要求。

 

A margin call may require you to deposit additional cash and securities. You may even have to sell existing holdings. Or you may have to close out the margined position at a loss. Since margin calls can occur when markets are volatile, you may have to sell securities to meet the call at lower than expected prices.

追加保证金通知可能要求您存入额外的现金和证券。您甚至可能不得不卖出现有持仓。或者您可能不得不以损失关闭保证金头寸。由于追加保证金通知可能在市场波动时发生，您可能不得不以低于预期的价格卖出证券来应对追加保证金通知。

 

By JAMES CHEN Updated December 17, 2023

Reviewed by MICHAEL J BOYLE

Fact checked by SUZANNE KVILHAUG

作者：JAMES CHEN

更新日期：2023年12月17日

审核人：MICHAEL J BOYLE

事实核查：SUZANNE KVILHAUG

 

英文来源：

https://www.investopedia.com/terms/m/margincall.asp