שינוי תקנות מסחר ב ETN - Exchanhe tTaded Noteלא ניתן לנהל מרג'ין .

מדובר ה "הרעה בתנאים" לכל מי שעוסק בשורט על ETN  - מבנה תעודה שעליו מבוססים על המוצרים על ה VIX ועוד מוצרים ממונפים ומתוחכמים יותר שלא ניתנים למסחר באמצעות ETF .

המשמעות היא שדרישות המרג'ין כמעט ויוכפלו  אל מול המצב הקיים ומה שיותר גרוע, המערכות יפסיקו להתייחס לאופציות בשילוב התעודה כפעולת גידור.

ההודעה כפי שהתקבלה אצלי:

ETNs No Longer Eligible For Portfolio Margining

Pursuant to a recent decision by FINRA whereby Exchange Traded Notes (ETNs) will no longer be eligible for Portfolio Margining, these securities, including options having an ETN as an underlying, will be phased out of the program by OCC during the week of May 19, 2014. As background, ETNs are not equity shares but rather a form of unsecured debt whereby the issuing institution promises to pay a return linked to a market index or other benchmark. As ETNs generally do not buy or hold assets like an Exchange Traded Fund (ETF), their returns are realized through holdings of derivative contracts such as options, futures and swaps. While ETNs trade on exchanges in a manner similar to equities, their issuance, redemption, credit, liquidity and performance characteristics are structurally distinct from other Portfolio Margining products. What This Means to You You are receiving this communication as you maintain a Portfolio Margining account, UXXXX322 and either currently hold or have recently held positions which are subject to phase out. Once phased out, these securities will be margined in accordance with Reg. T, the effect of which will likely result in an increase to your overall margin requirement. Any increase will result from one or more of the following computational differences: 1. Portfolio Margining offers a risk based computation through which requirements are determined assuming price changes as low as 15%. This compares to Reg. T under which these securities will be subject to initial and maintenance margin requirements of 50% and 25%, respectively. 2. Portfolio Margining recognizes hedges and offers margin relief between qualifying long and short positions that Reg. T does not. As example, securities which are functionally identical but have different leverage objectives such as the PowerShares DB Crude Oil Short ETN (SZO) and the PowerShares DB Crude Oil Double Short ETN (DTO) are afforded full risk offset if one is long and the other short. Similarly, Portfolio Margining offers partial offset between securities which are distinct but have historically exhibited high positive correlation. As example, a position in the PowerShares DB Crude Oil Short ETN (SZO) and the iPath S&P GSCI Crude Oil TR Index ETN (OIL) would be eligible for partial offset if one is long and the other short. 3. The requirement for options under Portfolio Margining is determined through use of a pricing model whereas under Reg. T options are treated in a manner similar to that of the underlying stock. As a result, requirements may be substantially higher under Reg. T., particularly for options which are deep out-of-the-money and with little time remaining until expiration. In addition, unlike Portfolio Margining, Reg. T provides option margin offsets only under a limited set of defined strategies. When Will This Change Take Place? OCC will begin removing products from Portfolio Margining starting May 19, 2014 and expected to have all products removed by May 23, 2014. They have not published a schedule detailing which products will be removed on which day. What Do You Need to Do? Please refer to KB2175 for a list of the ETNs and options impacted by this change. Given the relatively short advance notice provided by OCC, customers are strongly advised to immediately begin taking the steps necessary to ensure margin compliance moving forward and to avoid forced liquidations. These steps may include adjustments to your current positions and/or the deposit of additional funds.