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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 NZD cash in his Tiger Account and wants to trade US stocks:

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

   -  ② if the value of the US stocks traded exceeds the NZA 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 intraday leverage and 2-time overnight 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 risk control value only.

   Intraday Risk Control Value = ELV - Maintenance Margin Requirement (Stock Value * Maintenance Margin Percentage ≈ Initial Margin Percentage)
   Overnight Risk Control Value = ELV - Overnight Margin Requirement

   A Risk Control Value < 0 will force the position to be closed.

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