Centro de ayuda

Concentrations

The Concentrations tab allows you to increase margin requirements when the portfolio is highly concentrated in one or two positions.

To create a rule, click Add rule and configure the following parameters:

• Enabled - enables the rule;
• Instruments group - instrument group for which concentration is calculated;
• Single threshold - share of a single position at which the increased margin requirement is applied;
• Multiple threshold - combined share of the two largest positions at which the increased margin requirement is applied;
• Leverage - margin rate applied when the rule is triggered.

Single threshold, Multiple threshold, and Leverage are set as a fraction from 0 to 1: for example, Leverage = 0.9 means a margin of 90% of the position value. The value must be greater than 0 and not greater than 1.

Only one rule can be created for an instrument group. If an instrument belongs to the groups of several rules, the first enabled rule in the list applies to it.

The position share is calculated relative to the greater of two values: the total Market value of all positions of the account, including positions of other instrument groups, and the Margin balance of the account. The value of short positions is taken in absolute terms.

Position market value / Max(Market value of all account positions, Margin balance)

The rule is triggered if one of the following conditions is met:

• the share of a single position of the group is greater than or equal to Single threshold - the increased rate is applied to this position;
• the combined share of the two largest positions of the group is greater than or equal to Multiple threshold - the increased rate is applied to both positions. Only the two largest positions are taken into account, even if the group has more.

Active orders are taken into account when calculating shares: the rule is triggered if the threshold is reached for the current positions or for the positions after the orders are executed.

When the rule is triggered, the position margin becomes no less than Position market value x Leverage, and the margin of the orders for the instrument becomes no less than Order amount x Leverage. If the margin under Margin settings is higher, it is used. The rule applies simultaneously to both Initial and Maintenance margin.

Example:

Single threshold = 0.8, Multiple threshold = 0.9, Leverage = 0.9. The market value of all account positions is 100 000 USD; the account has three positions of the group: A, B, and C.

• A - 85 000, B - 10 000, C - 5 000. The share of A, 85%, is not less than 80% - Single threshold is triggered. A + B = 95% - Multiple threshold is triggered. The margin of A and B is no less than 90% of their value.
• A - 60 000, B - 35 000, C - 5 000. Single threshold is not triggered: 60% is less than 80%. A + B = 95% - Multiple threshold is triggered. The margin of A and B is no less than 90% of their value.
• A - 50 000, B - 30 000, C - 20 000. Single threshold is not triggered: 50% is less than 80%. Multiple threshold is not triggered: A + B = 80%. The margin of all positions is calculated using the regular settings.

Position C is not affected in any case: only the two largest positions take part in Multiple threshold. {.is-info}

One rule can increase the rate for no more than two positions of the group, unless one of the other positions reaches Single threshold on its own. The other positions of the group are calculated using the regular margin settings.

A rule has one Single threshold, one Multiple threshold, and one Leverage. A stepped scale (for example, a 10% rate for a 20% share and a 15% rate for a 30% share) cannot be configured.

Concentration is taken into account when an order is checked: if the account does not have enough margin with the increased rate, the order is rejected.

The rule does not apply to currency instruments.

The two largest positions for Multiple threshold are selected only within the rule's group: positions from different groups are not combined, even if together they exceed the threshold. To take into account, for example, equities from different exchanges together, create a separate group for the rule that includes all of them. You do not need to change the groups for which leverages are configured in the margin profile.

Whether to include instruments without margin leverage in the rule's group depends on the broker's risk policy. The increased rate will not change their margin, since their base rate is already 100%. However, they can be among the two largest positions of the group.