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In finance, a margin is collateral that the holder of a position in securities, options, or futures contracts has to deposit to cover the credit risk of his counterparty (most often his broker). This risk can arise if the holder has done any of the following:
borrowed cash from the counterparty to buy securities or options,
sold securities or options short, or
entered into a futures contract.
The collateral can be in the form of cash or securities, and it is deposited in a margin account. On U.S. futures exchanges, "margin" was formally called performance bond.
Margin buying is buying securities with some of one's own cash together with cash borrowed from a broker. This has the effect of magnifying any profit or loss made on the securities. The securities serve as collateral for the loan. The net value, i.e. the difference between the value of the securities and the loan, is initially equal to the amount of one's own cash used. This difference has to stay above a minimum margin requirement. This is to protect the broker against a fall in the value of the securities to the point that they no longer cover the loan.
In the 1920s, margin requirements were loose. In other words, brokers required investors to put in very little of their own money. When stock markets plummeted, the net value of the positions rapidly fell below the minimum margin requirements, forcing investors to sell their positions. This was one important factor contributing to the Stock Market Crash of 1929, which in turn contributed to the Great Depression.
Example
Jean buys a share in Universal Widgets SA for $100, using $20 of his own money, and $80 borrowed from his broker. The net value (share - loan) is $20. The broker wants a minimum margin requirement of $10.
Suppose the share goes down to $85. The net value is now only $5, and Jean will either have to sell the share or repay part of the loan (so that the net value of his position is again above $10).