5711. Requirement to calculate and obtain margin from clients

A Dealer Member must calculate and obtain minimum client margin from clients with option positions according to the following:

1. all open written transactions and resulting short positions must be carried in a margin account,

2. each option must be margined separately and:

   1. for equity, index participation unit, debt or currency options, any difference between the market price of the underlying interest, or

   2. for index options, any difference between the current value of the index,

   3. and the exercise price of the option has value only in providing the amount of margin required on that particular option.