1. Margin financing does not necessarily enable leverage. But if leverage is enabled, then margin financing must have occurred.

   For example, if a client has only SGD cash in his Tiger Account and wants to trade US stocks:

   -  ① if the value of the US stocks traded does not exceed the SGD cash amount, then there is only financing and no leverage is enabled;

   -  ② if the value of the US stocks traded exceeds the SGD cash amount, then financing occurs and leverage is enabled.

   Leverage = Total Stock Value / Equity with Loan  (Equity with Loan (ELV) = Total Assets Value - US Stock Options Value)

2. The leverage amount that can be enabled depends on stocks. Tiger Margin Account supports up to 4-time leverage. The margin percentage occupied by trading a stock affects the leverage amount that can be enabled for that stock.

3. Whether a position is forced to be closed is based on the excess liquidity only.

  Excess Liquidity = ELV - Maintenance Margin Requirement (Stock Value * Maintenance Margin Percentage ≈ Initial Margin Percentage)  

   An Excess Liquidity < 0 will force the position to be closed.

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