5314. Floating rate preferred shares

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    1. The minimum Dealer Member inventory margin and client account margin requirements for floating rate preferred shares are as follows:

      Default status and conversion features

      Minimum margin required

      Not in default of any dividend payment

      Floating rate preferred shares of issuer

      50% of margin rate for related common share of issuer   x market value of preferred shares

      Floating rate preferred shares with a market value at or below par value and convertible into other securities of issuer

      50% of margin rate for related common share of issuer   x   market value of preferred shares

      Floating rate preferred shares with a market value above par value and convertible into other securities of issuer

      The lesser of:

        1. 50% of margin rate for related common share of issuer x preferred share par value,
        2. +
        3. preferred share market value - preferred share par value,
      1. and
        1. the margin required under Rule 5200, 5300 or 5400 for the underlying security,
        2. +
        3. the market value of the preferred shares - the market value of the underlying security

      In default of one or more dividend payments

      All floating rate preferred shares in default whether convertible or not

      50% of margin rate for related common share of issuer  market value of preferred shares

    There is no history log for this rule.

    There is no history log for this rule.