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{{a|pb|{{subtable| | {{a|pb|{{subtable| | ||
===Margining: a primer=== | ===Margining: a primer=== | ||
{{pb margining capsule}}}}}}, | {{pb margining capsule}}}}}}[[Margin excess]]<ref>Not to be confused with [[excess margin]], which occurs in the [[exchange-traded derivatives]] world, and is the margin your [[futures]] and [[options]] [[clearing broker]] requires over and above margin required by exchanges.</ref> is ''potential'' margin: any amount standing to a customer’s account with a [[prime broker]] ''over and above'' the minimum margin that the [[prime broker]] requires the customer to hold against its [[liabilities]]. Margin excess may be in the form of unrealised profit from live transactions, [[variation margin]] on swap positions credited to the customer’s account, or excess assets the customer has paid for but holds with the prime broker as [[custodian]]. | ||
The [[prime broker]] holds or controls it — possession is nine-tenths of the law — but, as long as it stays as “margin excess” — see below — must give it back to the customer on request. | The [[prime broker]] holds or controls it — possession is nine-tenths of the law — but, as long as it stays as “margin excess” — see below — must give it back to the customer on request. |