Margin在法律英语中主要有以下三重含义：

1. 差价；息差

2. 利润；毛利

3. 保证金

1. 差价；息差

这一层意思经常出现在金融文件中。在抵押贷款中，margin指贷款抵押物的市场价值与贷款数额的差额。在授信协议（facility agreement），margin则常指息差。

息差，主要是指贷款利息收入与存款利息支出之间的利息差。

息差是利润的源泉，如果把融资融券业务限定为交易过程中的借贷行为，就需要明确借方与贷方，明确借贷过程中的资金来源和质押载体，这涉及到对作为质押载体的证券本身的托管。在美国，客户在开户时如果没有明确要求只做现金账户和实名取券，则其所持有的所有证券都注册在券商名下，这就是业内所说的二级托管，又称“街名”。券商可以通过其清算行，获得可质押证券总额一倍以上的信用额度，间接对其客户的信用账户进行融资交易。资金或由其清算行提供，或通过其清算行进入联邦银行系统获得授信。这种贷款称为经纪公司贷款，同一笔钱，在客户方就被称为证券质押贷款，之间有1.75%以上的息差，证券公司从中得到的这笔收入，就是净息差利润。

以下为某授信协议中有关margin的条款，供参考：

Margin means 3.00% per annum.

息差是指每年3.00%。

(a) Subject to any alternative basis agreed and consented to as contemplated by paragraphs (a) and (b) of Clause 10.2 (Alternative basis of interest or funding), if a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on that Loan for that Interest Period shall be the percentage rate per annum which is the sum of:

(i)the Margin; and

(ii)the percentage rate per annum notified to the Borrower by the Lender, as soon as practicable, as the cost to the Lender of funding that Loan from whatever source(s) it may select.

(a)在遵守根据第10.2条（替代性的利率基准或资金来源）(a)项和(b)项所述商定并且同意的任何替代性基准的前提下，如果就任何一笔贷款在任何计息期内发生市场干扰事件，则该笔贷款在前述计息期内适用的年利率应为下列利率总和：

(i)息差；以及

(ii)贷款人在实际可行情况下尽快通知借款人的年利率，该利率代表贷款人从其选择的任何资金来源所获得该笔贷款资金的成本。

2. 利润；毛利

Margin也可作利润讲。作利润讲时，其与profit的区别如下：

margin only means the difference between the selling price and the buying price.(毛利，比较狭义)

profit means the money you gained by a business.(利润，比较广义)

其实这一层意思与上层意思蕴含的意思都相同，只不过在不同的语境中表述不同而已。

Margin一词在财报中出现时，多为gross margin。Gross margin指毛利/毛利率（等于gross profit margin）。

Gross margin is net sales less the cost of goods sold (COGS). In other words, it's the amount of money a company retains after incurring the direct costs associated with producing the goods it sells and the services it provides. Gross margin can also be called gross profit margin, which is gross profit divided by net sales.

3. 保证金

在证券交易中指客户存于经纪人处的一笔钱或等价物，以保证经纪人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。In finance, the margin is the collateral that an investor has to deposit with their broker or an exchange to cover the credit risk the holder poses for the broker or the exchange. An investor can create credit risk if they borrow cash from the broker to buy financial instruments, borrow financial instruments to sell them short, or enter into a derivative contract.

Margin Account即保证金账户，一种盈透证券的账户类型，能够通过借入支持证券交易，包括卖空股票、期权交易、期货/期货期权交易、货币转换和以多种货币定价的证券/商品交易。

相关双语示例如下，供参考：

Margin allows investors to buy securities with money borrowed from brokers or banks. It is calculated based on the difference between the market value of the stock and the loan made by the lender. The extension of credit to customers for securities transactions in the U.S. is regulated by: the Federal Reserve Board, the New York Stock Exchange (NYSE), the National Association of Securities Dealers (NASD), and individual firms. The Federal Reserve regulates the amount of money that a broker that a broker may lend to a customer through Regulation T (Reg T). Although Reg T allows for the extension of margin credit for any listed security, most brokerage firms have more strict lending rules and will not lend for the purchase of low-priced (penny stock) securities.

投资者可以通过保证金从经纪人或银行借款来购买证券。保证金的计算取决于股票的市场价值和贷款的差异。美国的联邦储备局、纽约证券交易所、全美证券交易商协会和个别公司共同规定证券客户的信贷延展问题。美联储通过法规T来限制经纪人对客户的贷款数额。虽然法规T允许对一些保证金账户延展信贷，但大多数证券经济公司对贷款有更严格的规定并且不会贷款给客户来购买低价股票。