CA2845212C - System and method for displaying an amount of funds available to purchase securities - Google Patents
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Abstract
Various embodiments are described herein for methods and systems that can be used for displaying a purchase power amount available to a user to purchase securities for a first trading account. The method may include: storing account data associated with the first trading account and with a second account; identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount based on the first leverageable assets; identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount based on the second leverageable assets; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount; determining the purchase power amount based on the total maintenance excess amount; and displaying the purchase power amount in a user interface of a computing device.
Description
TITLE: SYSTEM AND METHOD FOR DISPLAYING AN AMOUNT OF FUNDS AVAILABLE
TO PURCHASE SECURITIES
FIELD
[0001] Embodiments disclosed herein relate generally to systems and methods for displaying an amount of funds available to purchase securities, and more particularly to systems and methods for displaying an amount of funds available to a user to purchase securities for a first trading account, based on one or more assets in a second account.
INTRODUCTION
TO PURCHASE SECURITIES
FIELD
[0001] Embodiments disclosed herein relate generally to systems and methods for displaying an amount of funds available to purchase securities, and more particularly to systems and methods for displaying an amount of funds available to a user to purchase securities for a first trading account, based on one or more assets in a second account.
INTRODUCTION
[0002] A securities broker may allow a user (e.g. an investor) to borrow funds from the broker to purchase securities for a trading account, using other securities ¨ e.g.
securities previously purchased by the user and held in the trading account ¨
as collateral for the borrowed funds. Purchasing securities using funds borrowed from a broker is commonly referred to as buying on margin, and trading accounts in which securities are purchased using such borrowed funds are commonly referred to as margin trading accounts, or simply margin accounts.
securities previously purchased by the user and held in the trading account ¨
as collateral for the borrowed funds. Purchasing securities using funds borrowed from a broker is commonly referred to as buying on margin, and trading accounts in which securities are purchased using such borrowed funds are commonly referred to as margin trading accounts, or simply margin accounts.
[0003] As a condition of loaning funds to a user, a broker may set an initial margin requirement. Such an initial margin requirement is the minimum amount required to secure a loan, and may be expressed as a percentage of the investment required to be collateralized by the user. As another condition of loaning funds to a user, a broker may set an ongoing margin requirement ¨ i.e. a minimum amount of equity that a user must maintain in their margin account ¨ that may be referred to as a maintenance requirement.
The purpose of the maintenance requirement is to protect the broker against a fall in the value of the securities to the point that the user can no longer repay the loan with the proceeds from selling some or all of the securities. A maintenance requirement may be expressed as a percentage of the investment required to be collateralized by the user.
The purpose of the maintenance requirement is to protect the broker against a fall in the value of the securities to the point that the user can no longer repay the loan with the proceeds from selling some or all of the securities. A maintenance requirement may be expressed as a percentage of the investment required to be collateralized by the user.
[0004] If the current value of the equity in a user's margin account falls below the maintenance requirement, the broker may issue a margin call. A margin call is often the result of the value of the margin account's securities holdings dropping below a predetermined level required to maintain the outstanding loan amount.
[0005] As another condition of loaning funds to a user, a broker may require the user to execute an agreement allowing the broker to, inter alia, sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement, should the user fail to cover a margin call. Such an agreement ¨ e.g. a right to liquidate collateral when the client doesn't cover a margin call ¨ may be part of an overall client-broker agreement executed when the client opens an account with the broker.
Accordingly, if a user does not transfer additional funds to the broker, and/or reduce the value of the securities positions in response to a margin call, the broker may proceed to sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement.
SUMMARY
Accordingly, if a user does not transfer additional funds to the broker, and/or reduce the value of the securities positions in response to a margin call, the broker may proceed to sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement.
SUMMARY
[0006] In one broad aspect, there is provided a system for displaying a purchase power amount available to a user to purchase securities for a first trading account, the user having a second account, the system comprising: a processor; and a data store coupled to the processor, the data store configured to store first account data associated with the first trading account and second account data associated with the second account;
wherein the processor is configured to: identify, in the first account data, first leverageable assets in the first trading account, determine a first maintenance excess amount for the first trading account based on the first leverageable assets; identify, in the second account data, second leverageable assets in the second account, and determine a second maintenance excess amount for the second account based on the second leverageable assets;
determine a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount; determine the purchase power amount based on the total maintenance excess amount; and transmit an indication of the purchase power amount to a computing device, for display in a user interface of the computing device.
wherein the processor is configured to: identify, in the first account data, first leverageable assets in the first trading account, determine a first maintenance excess amount for the first trading account based on the first leverageable assets; identify, in the second account data, second leverageable assets in the second account, and determine a second maintenance excess amount for the second account based on the second leverageable assets;
determine a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount; determine the purchase power amount based on the total maintenance excess amount; and transmit an indication of the purchase power amount to a computing device, for display in a user interface of the computing device.
[0007] In some embodiments, the processor is further configured to:
determine the second maintenance excess amount by: identifying a cash balance in the second account;
and identifying one or more securities in the second account, and for each of the one or more securities: if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that . security; and adding the cash balance and the allowable loan value for each of the one or more leverageable securities.
determine the second maintenance excess amount by: identifying a cash balance in the second account;
and identifying one or more securities in the second account, and for each of the one or more securities: if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that . security; and adding the cash balance and the allowable loan value for each of the one or more leverageable securities.
[0008] In some embodiments, the processor is further configured to:
determine the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
determine the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
[0009] In some embodiments, the processor is further configured to:
monitor the second account data to detect a change in assets in the second account; when the change in assets has been detected, identify updated second leverageable assets in the second account, and determine an updated second maintenance excess amount based on the updated second leverageable assets; determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount; determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit the updated purchase power amount to the computing device, for display in the user interface of the computing device.
monitor the second account data to detect a change in assets in the second account; when the change in assets has been detected, identify updated second leverageable assets in the second account, and determine an updated second maintenance excess amount based on the updated second leverageable assets; determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount; determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit the updated purchase power amount to the computing device, for display in the user interface of the computing device.
[0010] In some embodiments, the processor is further configured to: monitor the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected, identify updated first leverageable assets in the first trading account, determine an updated first maintenance excess amount based on the updated first leverageable assets; determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount; determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit the updated purchase power amount to the computing device, for display in the user interface of the computing device.
[0011] In some embodiments, the processor is further configured to:
monitor the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account; if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier; determine a utilized portion of the second maintenance excess amount based on a difference between the portion of the purchase power amount and the product;
determine a purchase limit amount for the second account based on the cash balance in tho second account less the utilized portion of the second maintenance excess amount;
and transmit the purchase limit amount to the computing device, for display in the user interface of the computing device.
monitor the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account; if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier; determine a utilized portion of the second maintenance excess amount based on a difference between the portion of the purchase power amount and the product;
determine a purchase limit amount for the second account based on the cash balance in tho second account less the utilized portion of the second maintenance excess amount;
and transmit the purchase limit amount to the computing device, for display in the user interface of the computing device.
[0012] In some embodiments, the second account comprises a registered savings account.
[0013] In some embodiments, the second account comprises a Tax-Free Savings Account (TFSA).
[0014] In another broad aspect, there is provided a method for displaying, in a user interface of a computing device, a purchase power amount available to a user to purchase securities for a first trading account, the user having a second account, the method comprising: storing first account data associated with the first trading account and second account data associated with the second account; identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on the second leverageable assets; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determining the purchase power amount based on the total maintenance excess amount;
and displaying the purchase power amount in the user interface of the computing device.
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on the second leverageable assets; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determining the purchase power amount based on the total maintenance excess amount;
and displaying the purchase power amount in the user interface of the computing device.
[0015] In some embodiments, determining the second maintenance excess amount comprises: identifying a cash balance in the second account; and identifying one or more securities in the second account, and for each of the one or more securities:
if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that security; and adding the cash balance and the allowable loan value for each of the one or more leverageable securities.
if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that security; and adding the cash balance and the allowable loan value for each of the one or more leverageable securities.
[0016] In some embodiments, the method further comprises: determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
= [0017] In some embodiments, the method further comprises:
monitoring the second account data to detect a change in assets in the second account; when the change in assets has been detected: identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and displaying the updated purchase power amount in the user interface of the computing device.
[0018] In some embodiments, the method further comprises: monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected: identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and displaying the updated purchase power amount in the user interface of the computing device.
[0019] In some embodiments, the method further comprises: monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account; if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier; determining a utilized portion of the second maintenance excess amount based on a difference between: the portion of the purchase power amount, and the product; determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and displaying the purchase limit amount in the user interface of the computing device.
[0020] In some embodiments, the second account comprises a registered savings account.
' [0021] In some embodiments, the second account comprises a Tax-Free Savings Account (TFSA).
[0022] In another broad aspect, there is provided a physical computer readable medium including computer executable instructions that, when executed by a processor of a first computing device, cause the first computing device to perform acts of a method of displaying, in a user interface of a second computing device, a purchase power amount available to a user to purchase securities for a first trading account, the user having a second account, the acts comprising: storing, in a data store accessible by the first computing device, first account data associated with the first trading account and second account data associated with the second account; identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on the second leverageable assets; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determining the purchase power amount based on the total maintenance excess amount;
and transmitting data comprising an indication of the purchase power amount to the second computing device, for display in the user interface of the second computing device.
[0023] In some embodiments, determining the second maintenance excess amount comprises: identifying a cash balance in the second account; and identifying one or more securities in the second account, and for each of the one or more securities:
if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that security; and adding the cash balance and the allowable loan value for each of the one or more leverageable securities.
[0024] In some embodiments, the acts further comprise: determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
[0025] In some embodiments, the acts further comprise: monitoring the second account data to detect a change in assets in the second account; when the change in ' assets has been detected: identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting data comprising an indication of the updated purchase power amount to the second computing device, for display in the user interface of the second computing device.
[0026] In some embodiments, the acts further comprise: monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected: identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and displaying the updated purchase power amount in the user interface of the computing device.
[0027] In some embodiments, the acts further comprise: monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account; if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier; determining a utilized portion of the second maintenance excess amount based on a difference between: the portion of the purchase power amount, and the product; determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and displaying the purchase limit amount in the user interface of the computing device.
[0028] In some embodiments, the second account comprises a registered savings account.
[0029] In some embodiments, the second account comprises a Tax-Free Savings Account (TFSA).
[0030] In another broad aspect, there is provided a method for satisfying a margin requirement for a first trading account by withdrawing assets from a second account, the method comprising: receiving a request from a user to leverage assets in the second account to execute margin trades in the first trading account; determining a purchase power amount available to the user to execute margin trades in the first trading account based on leverageable assets in the first trading account and on leverageable assets in the second account; displaying the purchase power amount in a user interface of a computing device; monitoring a margin requirement for the first trading account; if the margin requirement for the first trading account is exceeded: sending a first margin request to the user to provide additional funds to the first trading account to satisfy the margin requirement, if the additional funds to satisfy the margin requirement are not received in the first trading account: selling one or more assets in the first trading account to generate first sale proceeds and crediting the first sale proceeds against the margin requirement, determining if the first sale proceeds are sufficient to satisfy the margin requirement, if the first sale proceeds are insufficient to satisfy the margin requirement, sending a second margin request to the user to provide additional funds to the second account to satisfy the margin requirement; if the additional funds to satisfy the margin requirement are not received in the second account: selling one or more assets in the second trading account to generate second sale proceeds and crediting the second sale proceeds against the margin requirement.
[0031] In some embodiments, the method further comprises: sending an unexecuted copy of an agreement to the user; receiving an executed copy of the agreement from the user; and storing the executed copy of the agreement.
[0032] In another broad aspect, there is provided a method for executing a margin trade in a first trading account, the first trading account being associated with a second account, the method comprising: receiving a request to execute a margin trade in the first trading account; determining a margin requirement to execute the trade;
determining a first maintenance excess amount for the first trading account based on first leverageable assets ' in ' the first trading account; identifying leverageable assets in the second account, determining a second maintenance excess amount based on second leverageable assets in the second account; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount; and if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing the trade.
[0033] These and other aspects and features of various embodiments will be described in greater detail below.
DRAWINGS
[0034] For a better understanding of embodiments of the systems and methods described herein, and to show more clearly how they may be carried into effect, reference will be made, by way of example, to the accompanying drawings in which:
[0035] Figure 1 is schematic diagram showing a system for displaying a purchase power amount available to a user to purchase securities for a first trading account according to one embodiment;
[0036] Figures 2a-e are schematic examples of account data structures for use with the system of Figure 1;
[0037] Figure 3 is a flow diagram illustrating a sequence of events for displaying a purchase power amount available to a user to purchase securities for a first trading account;
[0038] Figure 4 is a flow diagram illustrating a sequence of events for satisfying a margin requirement for a first trading account by withdrawing assets from a second account; and [0039] Figure 5 is a flow diagram illustrating a sequence of events for executing a margin trade in a first trading account.
DESCRIPTION OF VARIOUS EMBODIMENTS
[0040] Various apparatuses or processes will be described below to provide an example of each claimed invention. No example described below limits any claimed invention and any claimed invention may cover processes or apparatuses that are not ' described below. The claimed inventions are not limited to apparatuses or processes having all of the features of any one apparatus or process described below or to features common to multiple or all of the apparatuses described below. It is possible that an apparatus or process described below is not an embodiment of any claimed invention.
[0041] Furthermore, it will be appreciated that for simplicity and clarity of illustration, where considered appropriate, reference numerals may be repeated among the figures to indicate corresponding or analogous elements. In addition, numerous specific details are set forth in order to provide a thorough understanding of the example embodiments described herein. However, it will be understood by those of ordinary skill in the art that the example embodiments described herein may be practiced without these specific details. In other instances, well-known methods, procedures, and components have not been described in detail so as not to obscure the example embodiments described herein. Also, the description is not to be considered as limiting the scope of the example embodiments described herein.
[0042] The various embodiments of the methods and systems described herein may be implemented using a combination of hardware and software. These embodiments may be implemented in part using computer programs executing on programmable devices, each programmable device including at least one processor, an operating system, one or more data stores (including volatile memory or non-volatile memory or other data storage elements or a combination thereof), at least one communication interface and any other associated hardware and software that is necessary to implement the functionality of at least one of the embodiments described herein. For example, and without limitation, the computing device may be a server, a network appliance, an embedded device, a computer expansion module, a personal computer, a laptop, a personal data assistant, a cellular telephone, a smart-phone device, a tablet computer, a wireless device, or any other computing device capable of being configured to carry out the methods described herein.
The particular embodiment depends on the application of the computing device.
[0043] In some embodiments, the communication interface may be a network communication interface, a USB connection, or another suitable connection as is known by those skilled in the art. In other embodiments, the communication interface may be a = software communication interface, such as those for inter-process communication (IPC). In still other embodiments, there may be a combination of communication interfaces implemented as hardware, software, and a combination thereof.
[0044] In at least some of the embodiments described herein, program code may be applied to input data to perform at least some of the functions described herein and to generate output information. The output information may be applied to one or more output devices, for display or for further processing.
[0045] At least some of the embodiments described herein that use programs may be implemented in a high level procedural or object oriented programming and/or scripting language or both. Accordingly, the program code may be written in C, Java, SQL
or any other suitable programming language and may comprise modules or classes, as is known to those skilled in object oriented programming. However, other programs may be implemented in assembly, machine language or firmware as needed. In either case, the language may be a compiled or interpreted language.
[0046] The computer programs may be stored on a storage media (e.g. a computer readable medium such as, but not limited to, ROM, magnetic disk, optical disc) or a device that is readable by a general or special purpose computing device. The program code, when read by the computing device, configures the computing device to operate in a new, specific and predefined manner in order to perform at least one of the methods described herein.
[0047] Furthermore, some of the programs associated with the system, processes, and methods of the embodiments described herein are capable of being distributed in a computer program product comprising a computer readable medium that bears computer usable instructions for one or more processors. The medium may be provided in various forms, including non-transitory forms such as, but not limited to, one or more diskettes, compact disks, tapes, chips, and magnetic and electronic storage. In alternative embodiments the medium may be transitory in nature such as, but not limited to, wire-line transmissions, satellite transmissions, internet transmissions (e.g.
downloads), media, digital and analog signals, and the like. The computer useable instructions may also be in various formats, including compiled and non-compiled code.
[0048] As discussed above, a securities broker may allow a user (e.g. a user) to borrow funds from the broker to purchase securities for a trading account (also referred to herein as a "first trading account"), using other securities ¨ e.g. securities previously purchased by the user and held in the trading account ¨ as collateral for the borrowed funds. Purchasing securities using funds borrowed from a broker is commonly referred to as margin buying, and trading accounts in which securities are purchased using such borrowed funds are commonly referred to as margin trading accounts, or simply margin accounts.
[0049] As a condition of loaning funds to a user, a broker may set an initial margin requirement. Such an initial margin requirement is the minimum amount required to secure a loan, and may be expressed as a percentage of the investment required to be collateralized by the user. For example, if a broker has an initial margin requirement of 40%, a user may be able to purchase units of a security with a total value of $100 (e.g. 10 shares of ABC Co.'s stock at $10/share) by transferring $40 to the broker, and borrowing the remaining $60 from the broker, using the 10 shares of ABC Co. as collateral for the loan. The net value of this investment (e.g. the difference between the value of the securities and the loan used to purchase them, in this case $100-$60) is initially equal to the user's cash investment (in this case, $40).
[0050] As another condition of loaning funds to a user, a broker may set an ongoing margin requirement ¨ i.e. a minimum amount of equity that a user must maintain in their margin account ¨ that may be referred to as a maintenance requirement. The purpose of the maintenance requirement is to protect the broker against a fall in the value of the securities to the point that the user can no longer repay the loan with the proceeds from selling some or all of the securities. A maintenance requirement may be expressed as a percentage of the investment required to be collateralized by the user. For example, if the broker in the preceding example has a maintenance requirement of 20% ¨ i.e. a requirement that the market value of the collateral must exceed the value of the loan by 20% of the market value of the collateral ¨ the value of ABC Co.'s shares may be able to fall from $10/share (i.e. $100 market value for the user in the preceding example's 10 shares) to $7.5/share (i.e. $75 market value) before the market value of the ABC Co.
' shares pledged as collateral less the value of the loan (i.e. $75 - $60 = $15) reaches the maintenance requirement (i.e. $75 x 0.2 = $15).
[0051] If the current value of the equity in a user's margin account falls below the maintenance requirement, the broker may issue a margin call. A margin call is often the result of the value the account's securities holdings dropping below the level required to maintain the loan extended. For example, if the value of ABC Co.'s shares falls below $7.5/share, the broker in the preceding example may issue a margin call to the user.
[0052] In response to a margin call, a user may: (i) transfer additional funds to the broker to pay down the loan and/or provide additional equity in the margin account; and/or (ii) sell some or all of the securities positions maintained using borrowed funds and transfer the proceeds to the broker to pay down the loan and/or provide additional equity in the margin account. For example, if the value of ABC Co.'s shares falls to $7/share and the broker in the preceding example issues a margin call, the user may transfer $4 to the broker, so that the value of the loan is reduced to $56, satisfying the maintenance requirement (as the market value of the ABC Co. shares pledged as collateral (i.e. $70) less the value of the loan (i.e. $70 - $56 = $14) reaches the maintenance requirement (i.e.
$70 x 0.2 = $14).
[0053] Alternatively, instead of transferring funds to the broker, the user may choose to sell three shares of ABC. Co. stock at $7/share and use the proceeds of the share sale to reduce the value of the loan to $39, satisfying the maintenance requirement (as the market value of the remaining ABC Co. shares pledged as collateral (i.e. $49) less the value of the loan (i.e. $49 - $39 = $10) exceeds the maintenance requirement (i.e. $49 x 0.2 = $9.80).
[0054] Alternatively, the user in the preceding example may choose to transfer funds and sell shares to satisfy a margin call. For example, the user may choose to sell two shares of ABC. Co. stock at $7/share and use the proceeds of the share sale to reduce the value of the loan to $46, and transfer $2 to the broker to further reduce the value of the loan to $44, satisfying the maintenance requirement (as the market value of the remaining ABC
Co. shares pledged as collateral (i.e. $56) less the value of the loan (i.e.
$56 - $44 = $12) exceeds the maintenance requirement (i.e. $56 x 0.2 = $11.20).
. [0055] Alternatively, in some jurisdictions the broker may sell some or all of the user's securities positions to ensure that minimum maintenance requirements are satisfied without first providing notice to the user.
[0056] As another condition of loaning funds to a user, a broker may require the user to execute an agreement allowing the broker to, inter alia, sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement. Such an agreement may be part of an overall client-broker agreement executed when the client opens an account with the broker. Thus, if a user does not transfer additional funds to the broker, and/or reduce the value of the securities positions in response to a margin call, or if the broker considers it advisable (e.g. for their protection) to liquidate some or all of the user's securities without first providing notice, the broker may proceed to sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement.
[0057] In some jurisdictions, rules and/or regulations regarding buying securities from a broker on credit (e.g. by borrowing funds from the broker) may be subject to standards established by one or more regulatory bodies, including the securities exchange on which the securities are traded, and self-regulatory bodies such as the Investment Industry Regulatory Organization of Canada (IIROC). Also, the brokerage firm carrying the account and lending funds to the user may have their own internal risk management policies and/or protocols regarding margin accounts.
[0058] For instance, if a user desires to purchase securities instruments determined to be particularly risky in their margin account (i.e. using funds borrowed from the broker), the regulators, the exchange, or the broker may set the maintenance requirement higher than for securities deemed to be less risky, in order to reduce the broker's exposure to the risk accepted by the trader.
[0059] As an example, a broker may set a margin requirement of 50% of the market value for securities with a market price of $2.00 or more per share, a margin requirement of 60% of the market value for securities with a market price of from $1.75 to $1.99 per share, and a margin requirement of 80% of the market value for securities with a market price of from $1.50 to $1.74 per share. Also, a broker may set a margin requirement of 30% for certain securities deemed eligible for reduced margin. A broker may not accept securities = with a market price of less than $1.50 per share as collateral (e.g. the margin requirement may be 100% of the market value of the security).
[0060] It will be appreciated that a broker may set other rules and/or policies regarding a user's margin account. For example, a broker may set a margin requirement of 40% for a concentrated position in a margin account (e.g. when the market value of one position is greater than the equity in the account).
[0061] Also, a broker may agree to accept cash and/or securities held outside a user's margin account as collateral for loans extended by the broker in the user's margin account. For example, a user may have both a margin account and a second, separate account (e.g. a savings account) with the same broker. The second account may be an account type that does not permit trading on margin, such as a Canadian Tax-Free Savings Account (TFSA). While a user may not be permitted to trade on margin within this second account (e.g. where margin trading for a type of account is prohibited by regulation and/or broker policy), a user may be permitted to pledge assets in this account (e.g.
cash, securities) as collateral for loans extended by a broker for the user's margin account, which may increase the amount of credit extended by the broker.
[0062] For example, a user and a broker may execute an agreement allowing the broker to sell some or all of the collateralized shares in the user's margin account and use the proceeds to satisfy a margin call on the user's margin account, and also allow the broker to withdraw cash and/or sell some or all of the collateralized shares in the user's second account (e.g. a TFSA account) and use the proceeds to satisfy the margin call (e.g.
where the proceeds from the sale of all of the collateralized shares in the user's margin account is insufficient to satisfy the margin call).
[0063] Also, where a broker has accepted assets in a second account as collateral for loans extended in a margin account, the broker may limit the user's ability to trade with the assets in the second account. For example, if all or a portion of a cash balance in the second account is being used to satisfy a margin or maintenance requirement in a 'linked' margin account, the user may not be permitted to use that cash to purchase securities in the second account.
= [0064] As the calculation of the margin requirements, maintenance requirements, and/or loan value amounts for a margin account can be characterized as complicated, one obstacle to using assets in a user's second account (e.g. TFSA account) as collateral for loans extended by a broker in the user's margin account is technological. For example, in accounts holding multiple securities, in accounts with positions in multiple currencies (e.g.
CAD and USD), and/or accounts where assets in a second account (e.g. a TFSA
account) may be used as collateral for the margin account, it will often be difficult and/or time consuming to determine an aggregate or net amount of funds available to a user to purchase securities for their margin account in a timely manner ¨ and to display such a 'purchase power amount' to a user ¨ without using one or more computing devices.
[0065] In other words, it is impractical to determine and display, in a timely manner, a purchase power amount in respect of the user's second account (e.g. where assets in the second account are being used to satisfy a maintenance requirement in the margin account) without using one or more computing devices. The use of a processor, a data store, and other aspects of a computing device are therefore considered essential to the operation of the systems and methods disclosed herein.
[0066] Also, as the 'purchase power amount' for a margin account may vary as a result of a change in the securities held by a user in their margin account and/or their second account (e.g. following the purchase or sale of securities), a change in price of one or more securities held in the margin account and/or the second account, the value of any cash held in the margin account and/or the second account, and/or changes to the broker's margin and/or maintenance requirements, it will be difficult and/or time consuming for a user to determine an updated purchase power amount when a user purchases or sells securities in their margin account and/or their second account, and/or when a user adds funds to (or withdraws funds from) their margin account or their second account.
[0067] Embodiments of systems and methods described herein allow a user to more easily and efficiently use assets in a second account (e.g. a TFSA account) as collateral to increase the amount of credit extended by a broker in a margin account, and thus increase a purchase power amount for the user's margin account.
= [0068] Figure 1 shows a system 100 for displaying a purchase power amount available to a user according to one embodiment. More specifically, the system 100 is configured for displaying a purchase power amount available to a user to purchase securities for a first trading account, where the user has a second account and had agreed to leverage assets in the second account, in order to increase the amount of credit extended by a broker in respect of the first trading account.
[0069] The system 100 generally includes one or more application servers 40 comprising a processor 42 generally configured to receive information about one or more trade requests. The information about a trade request may include: (i) the trade request itself (e.g. a request to trade a number shares or units of a particular security), (ii) other information associated with the trade request (e.g. a notification that one or more trade requests have been received at another server, such as trading platform 30), or a combination of (i) and (ii).
[0070] As shown, the system 100 may also include one or more web servers 20 generally configured to provide customer relationship management (CRM) services (e.g.
account sign-up and modification, account deposit and withdrawals, technical support) to a user of system 100. In some embodiments, web server 20 may comprise a CRM user interface module 24 to provide CRM services.
[0071] It will be appreciated that application server 40, web server 20, and/or trading platform 30 may be provided by an account service provider, such as a brokerage.
[0072] The system 100 may also include a communications device 10, such as a terminal or any other networked computing device, which is linked to the processor 42. The communications device 10 is generally configured to display a purchase power amount available to a user to purchase securities for a first trading account, and to receive trade requests that are input by a user 7 or account holder into the communications device 10.
[0073] The communications device 10 receives information about the purchase power amount from the processor 42 preferably via one or more communication networks, such as the Internet. For example, the communications device 10 may be a terminal or a personal computer that displays data (e.g. via a web page) to the user 7 via a display 12.
= [0017] In some embodiments, the method further comprises:
monitoring the second account data to detect a change in assets in the second account; when the change in assets has been detected: identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and displaying the updated purchase power amount in the user interface of the computing device.
[0018] In some embodiments, the method further comprises: monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected: identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and displaying the updated purchase power amount in the user interface of the computing device.
[0019] In some embodiments, the method further comprises: monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account; if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier; determining a utilized portion of the second maintenance excess amount based on a difference between: the portion of the purchase power amount, and the product; determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and displaying the purchase limit amount in the user interface of the computing device.
[0020] In some embodiments, the second account comprises a registered savings account.
' [0021] In some embodiments, the second account comprises a Tax-Free Savings Account (TFSA).
[0022] In another broad aspect, there is provided a physical computer readable medium including computer executable instructions that, when executed by a processor of a first computing device, cause the first computing device to perform acts of a method of displaying, in a user interface of a second computing device, a purchase power amount available to a user to purchase securities for a first trading account, the user having a second account, the acts comprising: storing, in a data store accessible by the first computing device, first account data associated with the first trading account and second account data associated with the second account; identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on the second leverageable assets; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determining the purchase power amount based on the total maintenance excess amount;
and transmitting data comprising an indication of the purchase power amount to the second computing device, for display in the user interface of the second computing device.
[0023] In some embodiments, determining the second maintenance excess amount comprises: identifying a cash balance in the second account; and identifying one or more securities in the second account, and for each of the one or more securities:
if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that security; and adding the cash balance and the allowable loan value for each of the one or more leverageable securities.
[0024] In some embodiments, the acts further comprise: determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
[0025] In some embodiments, the acts further comprise: monitoring the second account data to detect a change in assets in the second account; when the change in ' assets has been detected: identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting data comprising an indication of the updated purchase power amount to the second computing device, for display in the user interface of the second computing device.
[0026] In some embodiments, the acts further comprise: monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected: identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount; determining an updated purchase power amount based on the updated total maintenance excess amount; and displaying the updated purchase power amount in the user interface of the computing device.
[0027] In some embodiments, the acts further comprise: monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account; if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier; determining a utilized portion of the second maintenance excess amount based on a difference between: the portion of the purchase power amount, and the product; determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and displaying the purchase limit amount in the user interface of the computing device.
[0028] In some embodiments, the second account comprises a registered savings account.
[0029] In some embodiments, the second account comprises a Tax-Free Savings Account (TFSA).
[0030] In another broad aspect, there is provided a method for satisfying a margin requirement for a first trading account by withdrawing assets from a second account, the method comprising: receiving a request from a user to leverage assets in the second account to execute margin trades in the first trading account; determining a purchase power amount available to the user to execute margin trades in the first trading account based on leverageable assets in the first trading account and on leverageable assets in the second account; displaying the purchase power amount in a user interface of a computing device; monitoring a margin requirement for the first trading account; if the margin requirement for the first trading account is exceeded: sending a first margin request to the user to provide additional funds to the first trading account to satisfy the margin requirement, if the additional funds to satisfy the margin requirement are not received in the first trading account: selling one or more assets in the first trading account to generate first sale proceeds and crediting the first sale proceeds against the margin requirement, determining if the first sale proceeds are sufficient to satisfy the margin requirement, if the first sale proceeds are insufficient to satisfy the margin requirement, sending a second margin request to the user to provide additional funds to the second account to satisfy the margin requirement; if the additional funds to satisfy the margin requirement are not received in the second account: selling one or more assets in the second trading account to generate second sale proceeds and crediting the second sale proceeds against the margin requirement.
[0031] In some embodiments, the method further comprises: sending an unexecuted copy of an agreement to the user; receiving an executed copy of the agreement from the user; and storing the executed copy of the agreement.
[0032] In another broad aspect, there is provided a method for executing a margin trade in a first trading account, the first trading account being associated with a second account, the method comprising: receiving a request to execute a margin trade in the first trading account; determining a margin requirement to execute the trade;
determining a first maintenance excess amount for the first trading account based on first leverageable assets ' in ' the first trading account; identifying leverageable assets in the second account, determining a second maintenance excess amount based on second leverageable assets in the second account; determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount; and if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing the trade.
[0033] These and other aspects and features of various embodiments will be described in greater detail below.
DRAWINGS
[0034] For a better understanding of embodiments of the systems and methods described herein, and to show more clearly how they may be carried into effect, reference will be made, by way of example, to the accompanying drawings in which:
[0035] Figure 1 is schematic diagram showing a system for displaying a purchase power amount available to a user to purchase securities for a first trading account according to one embodiment;
[0036] Figures 2a-e are schematic examples of account data structures for use with the system of Figure 1;
[0037] Figure 3 is a flow diagram illustrating a sequence of events for displaying a purchase power amount available to a user to purchase securities for a first trading account;
[0038] Figure 4 is a flow diagram illustrating a sequence of events for satisfying a margin requirement for a first trading account by withdrawing assets from a second account; and [0039] Figure 5 is a flow diagram illustrating a sequence of events for executing a margin trade in a first trading account.
DESCRIPTION OF VARIOUS EMBODIMENTS
[0040] Various apparatuses or processes will be described below to provide an example of each claimed invention. No example described below limits any claimed invention and any claimed invention may cover processes or apparatuses that are not ' described below. The claimed inventions are not limited to apparatuses or processes having all of the features of any one apparatus or process described below or to features common to multiple or all of the apparatuses described below. It is possible that an apparatus or process described below is not an embodiment of any claimed invention.
[0041] Furthermore, it will be appreciated that for simplicity and clarity of illustration, where considered appropriate, reference numerals may be repeated among the figures to indicate corresponding or analogous elements. In addition, numerous specific details are set forth in order to provide a thorough understanding of the example embodiments described herein. However, it will be understood by those of ordinary skill in the art that the example embodiments described herein may be practiced without these specific details. In other instances, well-known methods, procedures, and components have not been described in detail so as not to obscure the example embodiments described herein. Also, the description is not to be considered as limiting the scope of the example embodiments described herein.
[0042] The various embodiments of the methods and systems described herein may be implemented using a combination of hardware and software. These embodiments may be implemented in part using computer programs executing on programmable devices, each programmable device including at least one processor, an operating system, one or more data stores (including volatile memory or non-volatile memory or other data storage elements or a combination thereof), at least one communication interface and any other associated hardware and software that is necessary to implement the functionality of at least one of the embodiments described herein. For example, and without limitation, the computing device may be a server, a network appliance, an embedded device, a computer expansion module, a personal computer, a laptop, a personal data assistant, a cellular telephone, a smart-phone device, a tablet computer, a wireless device, or any other computing device capable of being configured to carry out the methods described herein.
The particular embodiment depends on the application of the computing device.
[0043] In some embodiments, the communication interface may be a network communication interface, a USB connection, or another suitable connection as is known by those skilled in the art. In other embodiments, the communication interface may be a = software communication interface, such as those for inter-process communication (IPC). In still other embodiments, there may be a combination of communication interfaces implemented as hardware, software, and a combination thereof.
[0044] In at least some of the embodiments described herein, program code may be applied to input data to perform at least some of the functions described herein and to generate output information. The output information may be applied to one or more output devices, for display or for further processing.
[0045] At least some of the embodiments described herein that use programs may be implemented in a high level procedural or object oriented programming and/or scripting language or both. Accordingly, the program code may be written in C, Java, SQL
or any other suitable programming language and may comprise modules or classes, as is known to those skilled in object oriented programming. However, other programs may be implemented in assembly, machine language or firmware as needed. In either case, the language may be a compiled or interpreted language.
[0046] The computer programs may be stored on a storage media (e.g. a computer readable medium such as, but not limited to, ROM, magnetic disk, optical disc) or a device that is readable by a general or special purpose computing device. The program code, when read by the computing device, configures the computing device to operate in a new, specific and predefined manner in order to perform at least one of the methods described herein.
[0047] Furthermore, some of the programs associated with the system, processes, and methods of the embodiments described herein are capable of being distributed in a computer program product comprising a computer readable medium that bears computer usable instructions for one or more processors. The medium may be provided in various forms, including non-transitory forms such as, but not limited to, one or more diskettes, compact disks, tapes, chips, and magnetic and electronic storage. In alternative embodiments the medium may be transitory in nature such as, but not limited to, wire-line transmissions, satellite transmissions, internet transmissions (e.g.
downloads), media, digital and analog signals, and the like. The computer useable instructions may also be in various formats, including compiled and non-compiled code.
[0048] As discussed above, a securities broker may allow a user (e.g. a user) to borrow funds from the broker to purchase securities for a trading account (also referred to herein as a "first trading account"), using other securities ¨ e.g. securities previously purchased by the user and held in the trading account ¨ as collateral for the borrowed funds. Purchasing securities using funds borrowed from a broker is commonly referred to as margin buying, and trading accounts in which securities are purchased using such borrowed funds are commonly referred to as margin trading accounts, or simply margin accounts.
[0049] As a condition of loaning funds to a user, a broker may set an initial margin requirement. Such an initial margin requirement is the minimum amount required to secure a loan, and may be expressed as a percentage of the investment required to be collateralized by the user. For example, if a broker has an initial margin requirement of 40%, a user may be able to purchase units of a security with a total value of $100 (e.g. 10 shares of ABC Co.'s stock at $10/share) by transferring $40 to the broker, and borrowing the remaining $60 from the broker, using the 10 shares of ABC Co. as collateral for the loan. The net value of this investment (e.g. the difference between the value of the securities and the loan used to purchase them, in this case $100-$60) is initially equal to the user's cash investment (in this case, $40).
[0050] As another condition of loaning funds to a user, a broker may set an ongoing margin requirement ¨ i.e. a minimum amount of equity that a user must maintain in their margin account ¨ that may be referred to as a maintenance requirement. The purpose of the maintenance requirement is to protect the broker against a fall in the value of the securities to the point that the user can no longer repay the loan with the proceeds from selling some or all of the securities. A maintenance requirement may be expressed as a percentage of the investment required to be collateralized by the user. For example, if the broker in the preceding example has a maintenance requirement of 20% ¨ i.e. a requirement that the market value of the collateral must exceed the value of the loan by 20% of the market value of the collateral ¨ the value of ABC Co.'s shares may be able to fall from $10/share (i.e. $100 market value for the user in the preceding example's 10 shares) to $7.5/share (i.e. $75 market value) before the market value of the ABC Co.
' shares pledged as collateral less the value of the loan (i.e. $75 - $60 = $15) reaches the maintenance requirement (i.e. $75 x 0.2 = $15).
[0051] If the current value of the equity in a user's margin account falls below the maintenance requirement, the broker may issue a margin call. A margin call is often the result of the value the account's securities holdings dropping below the level required to maintain the loan extended. For example, if the value of ABC Co.'s shares falls below $7.5/share, the broker in the preceding example may issue a margin call to the user.
[0052] In response to a margin call, a user may: (i) transfer additional funds to the broker to pay down the loan and/or provide additional equity in the margin account; and/or (ii) sell some or all of the securities positions maintained using borrowed funds and transfer the proceeds to the broker to pay down the loan and/or provide additional equity in the margin account. For example, if the value of ABC Co.'s shares falls to $7/share and the broker in the preceding example issues a margin call, the user may transfer $4 to the broker, so that the value of the loan is reduced to $56, satisfying the maintenance requirement (as the market value of the ABC Co. shares pledged as collateral (i.e. $70) less the value of the loan (i.e. $70 - $56 = $14) reaches the maintenance requirement (i.e.
$70 x 0.2 = $14).
[0053] Alternatively, instead of transferring funds to the broker, the user may choose to sell three shares of ABC. Co. stock at $7/share and use the proceeds of the share sale to reduce the value of the loan to $39, satisfying the maintenance requirement (as the market value of the remaining ABC Co. shares pledged as collateral (i.e. $49) less the value of the loan (i.e. $49 - $39 = $10) exceeds the maintenance requirement (i.e. $49 x 0.2 = $9.80).
[0054] Alternatively, the user in the preceding example may choose to transfer funds and sell shares to satisfy a margin call. For example, the user may choose to sell two shares of ABC. Co. stock at $7/share and use the proceeds of the share sale to reduce the value of the loan to $46, and transfer $2 to the broker to further reduce the value of the loan to $44, satisfying the maintenance requirement (as the market value of the remaining ABC
Co. shares pledged as collateral (i.e. $56) less the value of the loan (i.e.
$56 - $44 = $12) exceeds the maintenance requirement (i.e. $56 x 0.2 = $11.20).
. [0055] Alternatively, in some jurisdictions the broker may sell some or all of the user's securities positions to ensure that minimum maintenance requirements are satisfied without first providing notice to the user.
[0056] As another condition of loaning funds to a user, a broker may require the user to execute an agreement allowing the broker to, inter alia, sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement. Such an agreement may be part of an overall client-broker agreement executed when the client opens an account with the broker. Thus, if a user does not transfer additional funds to the broker, and/or reduce the value of the securities positions in response to a margin call, or if the broker considers it advisable (e.g. for their protection) to liquidate some or all of the user's securities without first providing notice, the broker may proceed to sell some or all of the collateralized shares and use the proceeds to satisfy the maintenance requirement.
[0057] In some jurisdictions, rules and/or regulations regarding buying securities from a broker on credit (e.g. by borrowing funds from the broker) may be subject to standards established by one or more regulatory bodies, including the securities exchange on which the securities are traded, and self-regulatory bodies such as the Investment Industry Regulatory Organization of Canada (IIROC). Also, the brokerage firm carrying the account and lending funds to the user may have their own internal risk management policies and/or protocols regarding margin accounts.
[0058] For instance, if a user desires to purchase securities instruments determined to be particularly risky in their margin account (i.e. using funds borrowed from the broker), the regulators, the exchange, or the broker may set the maintenance requirement higher than for securities deemed to be less risky, in order to reduce the broker's exposure to the risk accepted by the trader.
[0059] As an example, a broker may set a margin requirement of 50% of the market value for securities with a market price of $2.00 or more per share, a margin requirement of 60% of the market value for securities with a market price of from $1.75 to $1.99 per share, and a margin requirement of 80% of the market value for securities with a market price of from $1.50 to $1.74 per share. Also, a broker may set a margin requirement of 30% for certain securities deemed eligible for reduced margin. A broker may not accept securities = with a market price of less than $1.50 per share as collateral (e.g. the margin requirement may be 100% of the market value of the security).
[0060] It will be appreciated that a broker may set other rules and/or policies regarding a user's margin account. For example, a broker may set a margin requirement of 40% for a concentrated position in a margin account (e.g. when the market value of one position is greater than the equity in the account).
[0061] Also, a broker may agree to accept cash and/or securities held outside a user's margin account as collateral for loans extended by the broker in the user's margin account. For example, a user may have both a margin account and a second, separate account (e.g. a savings account) with the same broker. The second account may be an account type that does not permit trading on margin, such as a Canadian Tax-Free Savings Account (TFSA). While a user may not be permitted to trade on margin within this second account (e.g. where margin trading for a type of account is prohibited by regulation and/or broker policy), a user may be permitted to pledge assets in this account (e.g.
cash, securities) as collateral for loans extended by a broker for the user's margin account, which may increase the amount of credit extended by the broker.
[0062] For example, a user and a broker may execute an agreement allowing the broker to sell some or all of the collateralized shares in the user's margin account and use the proceeds to satisfy a margin call on the user's margin account, and also allow the broker to withdraw cash and/or sell some or all of the collateralized shares in the user's second account (e.g. a TFSA account) and use the proceeds to satisfy the margin call (e.g.
where the proceeds from the sale of all of the collateralized shares in the user's margin account is insufficient to satisfy the margin call).
[0063] Also, where a broker has accepted assets in a second account as collateral for loans extended in a margin account, the broker may limit the user's ability to trade with the assets in the second account. For example, if all or a portion of a cash balance in the second account is being used to satisfy a margin or maintenance requirement in a 'linked' margin account, the user may not be permitted to use that cash to purchase securities in the second account.
= [0064] As the calculation of the margin requirements, maintenance requirements, and/or loan value amounts for a margin account can be characterized as complicated, one obstacle to using assets in a user's second account (e.g. TFSA account) as collateral for loans extended by a broker in the user's margin account is technological. For example, in accounts holding multiple securities, in accounts with positions in multiple currencies (e.g.
CAD and USD), and/or accounts where assets in a second account (e.g. a TFSA
account) may be used as collateral for the margin account, it will often be difficult and/or time consuming to determine an aggregate or net amount of funds available to a user to purchase securities for their margin account in a timely manner ¨ and to display such a 'purchase power amount' to a user ¨ without using one or more computing devices.
[0065] In other words, it is impractical to determine and display, in a timely manner, a purchase power amount in respect of the user's second account (e.g. where assets in the second account are being used to satisfy a maintenance requirement in the margin account) without using one or more computing devices. The use of a processor, a data store, and other aspects of a computing device are therefore considered essential to the operation of the systems and methods disclosed herein.
[0066] Also, as the 'purchase power amount' for a margin account may vary as a result of a change in the securities held by a user in their margin account and/or their second account (e.g. following the purchase or sale of securities), a change in price of one or more securities held in the margin account and/or the second account, the value of any cash held in the margin account and/or the second account, and/or changes to the broker's margin and/or maintenance requirements, it will be difficult and/or time consuming for a user to determine an updated purchase power amount when a user purchases or sells securities in their margin account and/or their second account, and/or when a user adds funds to (or withdraws funds from) their margin account or their second account.
[0067] Embodiments of systems and methods described herein allow a user to more easily and efficiently use assets in a second account (e.g. a TFSA account) as collateral to increase the amount of credit extended by a broker in a margin account, and thus increase a purchase power amount for the user's margin account.
= [0068] Figure 1 shows a system 100 for displaying a purchase power amount available to a user according to one embodiment. More specifically, the system 100 is configured for displaying a purchase power amount available to a user to purchase securities for a first trading account, where the user has a second account and had agreed to leverage assets in the second account, in order to increase the amount of credit extended by a broker in respect of the first trading account.
[0069] The system 100 generally includes one or more application servers 40 comprising a processor 42 generally configured to receive information about one or more trade requests. The information about a trade request may include: (i) the trade request itself (e.g. a request to trade a number shares or units of a particular security), (ii) other information associated with the trade request (e.g. a notification that one or more trade requests have been received at another server, such as trading platform 30), or a combination of (i) and (ii).
[0070] As shown, the system 100 may also include one or more web servers 20 generally configured to provide customer relationship management (CRM) services (e.g.
account sign-up and modification, account deposit and withdrawals, technical support) to a user of system 100. In some embodiments, web server 20 may comprise a CRM user interface module 24 to provide CRM services.
[0071] It will be appreciated that application server 40, web server 20, and/or trading platform 30 may be provided by an account service provider, such as a brokerage.
[0072] The system 100 may also include a communications device 10, such as a terminal or any other networked computing device, which is linked to the processor 42. The communications device 10 is generally configured to display a purchase power amount available to a user to purchase securities for a first trading account, and to receive trade requests that are input by a user 7 or account holder into the communications device 10.
[0073] The communications device 10 receives information about the purchase power amount from the processor 42 preferably via one or more communication networks, such as the Internet. For example, the communications device 10 may be a terminal or a personal computer that displays data (e.g. via a web page) to the user 7 via a display 12.
-17-[0074] The user 7 may also input a trade request into the communications device 10 via an input device 14, such as a keyboard or mouse associated with the communications device 10. The communications device 10 may communicate information about the trade requests to the processor 42.
[0075] In other embodiments, other communications devices could be used to display the purchase power amount and/or input a trade request. For example, the communications device 10 may be a telephone, smart phone, or cell phone (for example, permitting voice communication between the user 7 and a broker), a wireless data device such as a tablet computing device (allowing the purchase power amount to be sent via an SMS or text message), or a computer or other device configured to receive an electronic message (e.g. an e-mail) containing the purchase power amount.
[0076] The system 100 also includes one or more data stores 50, such as databases associated with the application server 40 of the account service provider.
Application server 40 may also be in communication with a trading exchange (or marketplace) 60, in order to place trade orders and/or receive price information from the exchange.
[0077] The data stores 50 may contain information specific to accounts of particular users 7, and other related information. For example, the one or more data stores 50 may include account data where each account is associated with a corresponding user 7, such as first account data 51 associated with the first trading account for the user 7, and second account data 52 associated with the second account for the user 7.
[0078] Turning to Figures 2a-2e, the account data in a data store 50 may include various data associated with a plurality of accounts. For example, as shown in Figure 2a, account data in data store 50 may include, for each account, information such as an account number 200, an account type 202, personal information 204 about the user 7 associated with that account, and an indication of a linked account 206.
[0079] The account number 200 is a unique identifier associated with a particular account and serves to distinguish particular accounts from one another. For example, as shown a first account 201a has a first account number 001, a second account 201b has a second account number 002, a third account 201c has a third account number 003, a fourth
[0075] In other embodiments, other communications devices could be used to display the purchase power amount and/or input a trade request. For example, the communications device 10 may be a telephone, smart phone, or cell phone (for example, permitting voice communication between the user 7 and a broker), a wireless data device such as a tablet computing device (allowing the purchase power amount to be sent via an SMS or text message), or a computer or other device configured to receive an electronic message (e.g. an e-mail) containing the purchase power amount.
[0076] The system 100 also includes one or more data stores 50, such as databases associated with the application server 40 of the account service provider.
Application server 40 may also be in communication with a trading exchange (or marketplace) 60, in order to place trade orders and/or receive price information from the exchange.
[0077] The data stores 50 may contain information specific to accounts of particular users 7, and other related information. For example, the one or more data stores 50 may include account data where each account is associated with a corresponding user 7, such as first account data 51 associated with the first trading account for the user 7, and second account data 52 associated with the second account for the user 7.
[0078] Turning to Figures 2a-2e, the account data in a data store 50 may include various data associated with a plurality of accounts. For example, as shown in Figure 2a, account data in data store 50 may include, for each account, information such as an account number 200, an account type 202, personal information 204 about the user 7 associated with that account, and an indication of a linked account 206.
[0079] The account number 200 is a unique identifier associated with a particular account and serves to distinguish particular accounts from one another. For example, as shown a first account 201a has a first account number 001, a second account 201b has a second account number 002, a third account 201c has a third account number 003, a fourth
-18-' aCcount 201d has a fourth account number 004, and a fifth account 201e has a fifth account number 005.
[0080] The account type 202 serves to identify particular account types offered by a brokerage. For example, as shown accounts 201a and 201b are margin trading accounts, accounts 201c and 201d are TFSA accounts, and account 201e is a Registered Retirement Savings Plan (RRSP) account.
[0081] Personal information 204 serves to identify a user 7 (e.g.
the account holder) associated with each account. The personal information 204 may include name and address for the user associated with that account, social insurance numbers, and other information, such as information required to meet regulatory obligations. For example, in this embodiment, account 201a is associated with a user 7 named "Carl Fox", account 201b is associated with a user 7 named "John Markson", account 201c is associated with a user 7 named "Jane Doe", account 201d is associated with a user 7 named "Carl Fox", and account 201e is associated with a user 7 named "Walter Harris".
[0082] Personal information 204 may also include information about the trading history for that particular account, and whether that user 7 of that account is a preferred customer entitled to preferential treatment (such as for example reduced transaction fees for each trade or improved interest rates on margin loans). For example, customers that execute a large number of trades, that make trades having large dollar amount, or who have significant assets may pay reduced service fees and other rates.
[0083] The indication of a linked account 206 serves to identify if another account of the user 7 is linked with this account, and if so to identify that account.
For example, as shown account 201a has another account 004 linked with the first account.
[0084] Turning to Figure 2b, account data 51 associated with a margin trading account (e.g. account 002) may also include information about the holdings of the account, such as a cash balance 210, a maintenance excess amount 212, a purchase power amount 214 (which may be referred to as a buying power amount), and a market value amount 216. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For example, as
[0080] The account type 202 serves to identify particular account types offered by a brokerage. For example, as shown accounts 201a and 201b are margin trading accounts, accounts 201c and 201d are TFSA accounts, and account 201e is a Registered Retirement Savings Plan (RRSP) account.
[0081] Personal information 204 serves to identify a user 7 (e.g.
the account holder) associated with each account. The personal information 204 may include name and address for the user associated with that account, social insurance numbers, and other information, such as information required to meet regulatory obligations. For example, in this embodiment, account 201a is associated with a user 7 named "Carl Fox", account 201b is associated with a user 7 named "John Markson", account 201c is associated with a user 7 named "Jane Doe", account 201d is associated with a user 7 named "Carl Fox", and account 201e is associated with a user 7 named "Walter Harris".
[0082] Personal information 204 may also include information about the trading history for that particular account, and whether that user 7 of that account is a preferred customer entitled to preferential treatment (such as for example reduced transaction fees for each trade or improved interest rates on margin loans). For example, customers that execute a large number of trades, that make trades having large dollar amount, or who have significant assets may pay reduced service fees and other rates.
[0083] The indication of a linked account 206 serves to identify if another account of the user 7 is linked with this account, and if so to identify that account.
For example, as shown account 201a has another account 004 linked with the first account.
[0084] Turning to Figure 2b, account data 51 associated with a margin trading account (e.g. account 002) may also include information about the holdings of the account, such as a cash balance 210, a maintenance excess amount 212, a purchase power amount 214 (which may be referred to as a buying power amount), and a market value amount 216. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For example, as
-19-. shown account 002 has a CAD cash balance of $20,000, and a USD cash balance of $15,000.
[0085] Account data 51 associated with a margin trading account may also include information for one or more securities held in the account, such as a description 220 (e.g. a stock symbol), a current price 222, a quantity held 224, and a current market value 226 for each security 221, 225. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For example, as shown account 002 holds 6,000 units of ABC.TO, which has a current price of $10 CAD/unit, and therefore a market value of $60,000 CAD. Account 002 also holds 4,000 units of JKL, which has a current price of $12 USD/unit, and therefore a market value of $48,000 USD.
[0086] The information for one or more securities held in the margin account may also include a margin rate 228, and a margin requirement 230. For example, as shown the margin rate for the ABC.TO holdings 221a may be 0.3, and thus the margin requirement for this position may be $18,000 (i.e. $60,000 x 0.3). Also, as shown the margin rate for the JKL holdings 225a may be 0.3, and thus the margin requirement for this position may be $14,400 (i.e. $48,000 x 0.3). Aggregate totals 223 and 227 for each currency may also be stored in the account data.
[0087] Based on the cash balance 210 and the margin requirement 230 for each currency, maintenance excess amount 212 may be calculated for each currency (i.e. cash balance ¨ margin required = maintenance excess). For example, the maintenance excess amount for the CAD holdings 211a is $2,000, and the maintenance excess amount for the USD holdings 211b is $600.
[0088] The purchase power amount 214 (which may be referred to as a buying power amount) may be based on the maintenance excess amount. For example, a broker may allow a user 7 to borrow up to a fixed multiple of the maintenance excess amount to purchase securities intraday. For example, if the fixed multiple is 3.33, the purchase power amount 214 for account 002 based on the illustrated example may be $6,660 CAD
and $1,998 USD.
[0085] Account data 51 associated with a margin trading account may also include information for one or more securities held in the account, such as a description 220 (e.g. a stock symbol), a current price 222, a quantity held 224, and a current market value 226 for each security 221, 225. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For example, as shown account 002 holds 6,000 units of ABC.TO, which has a current price of $10 CAD/unit, and therefore a market value of $60,000 CAD. Account 002 also holds 4,000 units of JKL, which has a current price of $12 USD/unit, and therefore a market value of $48,000 USD.
[0086] The information for one or more securities held in the margin account may also include a margin rate 228, and a margin requirement 230. For example, as shown the margin rate for the ABC.TO holdings 221a may be 0.3, and thus the margin requirement for this position may be $18,000 (i.e. $60,000 x 0.3). Also, as shown the margin rate for the JKL holdings 225a may be 0.3, and thus the margin requirement for this position may be $14,400 (i.e. $48,000 x 0.3). Aggregate totals 223 and 227 for each currency may also be stored in the account data.
[0087] Based on the cash balance 210 and the margin requirement 230 for each currency, maintenance excess amount 212 may be calculated for each currency (i.e. cash balance ¨ margin required = maintenance excess). For example, the maintenance excess amount for the CAD holdings 211a is $2,000, and the maintenance excess amount for the USD holdings 211b is $600.
[0088] The purchase power amount 214 (which may be referred to as a buying power amount) may be based on the maintenance excess amount. For example, a broker may allow a user 7 to borrow up to a fixed multiple of the maintenance excess amount to purchase securities intraday. For example, if the fixed multiple is 3.33, the purchase power amount 214 for account 002 based on the illustrated example may be $6,660 CAD
and $1,998 USD.
- 20 -= [0089] It will be appreciated that the market value for securities held in an account may change, and therefore the market value, margin requirement, and purchase power amount for a margin trading account may change accordingly. The market value, margin requirement, and purchase power amount are preferably updated in real-time (or substantially real time).
[0090] For example, in the illustrated example the user 7 purchased $60,000 worth of securities with a cash balance of $20,000, and therefore borrowed $40,000 from the broker. Therefore, the user 7 may face a margin call if the price of ABC.TO
falls to or below $9.52/unit (at that point, the market value of the ABC.TO position (i.e. $9.52 x 6,000 =
$57,120 market value) pledged as collateral less the value of the loan (i.e.
$57,120 -$40,000 = $17,120) falls below the maintenance requirement (i.e. $57,120 x 0.3 =
$17,136).
[0091] Alternatively, if the price of ABC.TO rises to $10.50/unit, the maintenance excess amount will increase to $4,100 (as the market value of the ABC.TO
position (i.e.
$10.50 x 6,000 = $63,000 market value) pledged as collateral less the value of the loan (i.e.
$63,000 - $40,000 = $23,000) exceeds the maintenance requirement (i.e. $63,000 x 0.3 =
$18,900) by $4,100), and the purchase power amount may increase accordingly to $13,653 (i.e. 3.33 x 4,100).
[0092] Turning to Figure 2c, account data 52 associated with a non-margin account (e.g. TFSA account 003) may include information about the holdings of the account, such as a cash balance 210, a purchase power amount 214 (which may be referred to as a buying power amount), and a market value amount 216. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For example, as shown account 003 has a CAD
cash balance of $4,200, and a USD cash balance of $2,000.
[0093] Account data 52 associated with a non-margin account may also include information for one or more securities held in the account, such as a description 220 (e.g. a stock symbol), a current price 222, a quantity held 224, and a current market value 226 for each security 232. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For
[0090] For example, in the illustrated example the user 7 purchased $60,000 worth of securities with a cash balance of $20,000, and therefore borrowed $40,000 from the broker. Therefore, the user 7 may face a margin call if the price of ABC.TO
falls to or below $9.52/unit (at that point, the market value of the ABC.TO position (i.e. $9.52 x 6,000 =
$57,120 market value) pledged as collateral less the value of the loan (i.e.
$57,120 -$40,000 = $17,120) falls below the maintenance requirement (i.e. $57,120 x 0.3 =
$17,136).
[0091] Alternatively, if the price of ABC.TO rises to $10.50/unit, the maintenance excess amount will increase to $4,100 (as the market value of the ABC.TO
position (i.e.
$10.50 x 6,000 = $63,000 market value) pledged as collateral less the value of the loan (i.e.
$63,000 - $40,000 = $23,000) exceeds the maintenance requirement (i.e. $63,000 x 0.3 =
$18,900) by $4,100), and the purchase power amount may increase accordingly to $13,653 (i.e. 3.33 x 4,100).
[0092] Turning to Figure 2c, account data 52 associated with a non-margin account (e.g. TFSA account 003) may include information about the holdings of the account, such as a cash balance 210, a purchase power amount 214 (which may be referred to as a buying power amount), and a market value amount 216. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For example, as shown account 003 has a CAD
cash balance of $4,200, and a USD cash balance of $2,000.
[0093] Account data 52 associated with a non-margin account may also include information for one or more securities held in the account, such as a description 220 (e.g. a stock symbol), a current price 222, a quantity held 224, and a current market value 226 for each security 232. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218. For
- 21 -, example, as shown account 003 holds 500 units of ABC.TO, which has a current price of $10 CAD/unit, and therefore a market value of $5,000 CAD. Account 003 also holds 12,000 units of XYZ, which has a current price of $0.05 USD/unit, and therefore a market value of $600 USD.
[0094] The purchase power amount 214 (which may be referred to as a buying power amount) for a non-margin account is simply the cash balance amount 210 (i.e.
$4,200 CAD and $2,000 USD). Accordingly, while the market value for securities held in a non-margin account may change, the purchase power amount is not a function of the market value of the security positions. For example, if the price of ABC.TO
rises to $15/unit, while the market value of the ABC.TO position will rise accordingly (i.e. to $15 x 500 =
$7,500 market value), the CAD purchase power amount will remain at $4,200.
[0095] As noted above, while a user may not be permitted to leverage this increased market value to trade within a non-margin account (e.g. where margin trading for a type of account is prohibited by regulation and/or broker policy), a user may nonetheless be permitted to pledge assets in this account (e.g. cash, securities) as collateral for loans extended by a broker for the user's margin account. Thus, if a non-margin account is 'linked' to a margin account, an increase in market value of securities held in the non-margin (e.g. TFSA) account may lead to an increase in the amount of credit extended by the broker ¨ and thereby increase a purchase power amount ¨ for the margin account.
[0096] For example, as shown in Figure 2a, user Carl Fox has requested that his TFSA account 004 (201d) be linked to his margin account 001 (201a), and the broker has agreed. As shown in Figure 2d, account data 51 associated with a linked margin trading account (e.g. account 001), in addition to the information stored for a non-linked margin account, may also include information about a linked cash balance 240 and a linked maintenance excess amount 242. For example, as shown account 001 has a CAD
cash balance of $10,000, a USD cash balance of $10,000, a CAD linked cash balance of $4,500, a CAD linked maintenance excess of $3,500, a USD linked cash balance of $5,000, and a USD linked maintenance excess of $0. In other words, the linked account (i.e.
account 004) has a CAD cash balance of $4,500, CAD securities with a maintenance excess of $3,500
[0094] The purchase power amount 214 (which may be referred to as a buying power amount) for a non-margin account is simply the cash balance amount 210 (i.e.
$4,200 CAD and $2,000 USD). Accordingly, while the market value for securities held in a non-margin account may change, the purchase power amount is not a function of the market value of the security positions. For example, if the price of ABC.TO
rises to $15/unit, while the market value of the ABC.TO position will rise accordingly (i.e. to $15 x 500 =
$7,500 market value), the CAD purchase power amount will remain at $4,200.
[0095] As noted above, while a user may not be permitted to leverage this increased market value to trade within a non-margin account (e.g. where margin trading for a type of account is prohibited by regulation and/or broker policy), a user may nonetheless be permitted to pledge assets in this account (e.g. cash, securities) as collateral for loans extended by a broker for the user's margin account. Thus, if a non-margin account is 'linked' to a margin account, an increase in market value of securities held in the non-margin (e.g. TFSA) account may lead to an increase in the amount of credit extended by the broker ¨ and thereby increase a purchase power amount ¨ for the margin account.
[0096] For example, as shown in Figure 2a, user Carl Fox has requested that his TFSA account 004 (201d) be linked to his margin account 001 (201a), and the broker has agreed. As shown in Figure 2d, account data 51 associated with a linked margin trading account (e.g. account 001), in addition to the information stored for a non-linked margin account, may also include information about a linked cash balance 240 and a linked maintenance excess amount 242. For example, as shown account 001 has a CAD
cash balance of $10,000, a USD cash balance of $10,000, a CAD linked cash balance of $4,500, a CAD linked maintenance excess of $3,500, a USD linked cash balance of $5,000, and a USD linked maintenance excess of $0. In other words, the linked account (i.e.
account 004) has a CAD cash balance of $4,500, CAD securities with a maintenance excess of $3,500
- 22 -(e.g. an aggregate marginable security loan value of $3,500) and a USD cash balance of $5,000.
[0097] As with a non-linked margin account, account data 51 associated with a linked margin trading account may also include information for one or more securities held in the account. For example, as shown account 001 holds 6,000 units of ABC.TO, which has a current price of $10 CAD/unit, a market value of $60,000 CAD, and a margin requirement of $18,000 CAD. Account 001 also holds 4,000 units of JKL, which has a current price of $12 USD/unit, a market value of $48,000 USD, and a margin requirement of $14,400 USD.
[0098] As with a non-linked margin account, maintenance excess amount 212 may be calculated for each currency, based on the cash balance 210 and the margin requirement 230 for each currency, (i.e. cash balance ¨ margin required =
maintenance excess). For example, the maintenance excess amount for the CAD holdings 211a is -$8,000, and the maintenance excess amount for the USD holdings 211b is -$4,400. That is, there is insufficient equity (e.g. cash balance) in the margin account to support the ABC.TO
and JKL positions.
[0099] However, as this is a linked margin account, the cash balance and maintenance excess from the linked account can be used to support the positions, and avoid a margin call. For example, as shown account 001 has a CAD linked cash balance of $4,500, and a CAD linked maintenance excess of $3,500. Accordingly, the CAD
total maintenance excess amount 244 ¨ i.e. $10,000 (from the CAD cash in account 001) -$18,000 (from the ABC.TO position in account 001) + $4,500 (from the CAD cash in linked account 004) + $3,500 (from the CAD maintenance excess in linked account 004) ¨ is $0, and the USD total maintenance excess amount 244 ¨ i.e. $10,000 (from the USD
cash in account 001) -$14,400 (from the JKL position in account 001) + $5,000 (from the USD cash in linked account 004) ¨ is $600.
[00100] The purchase power amount 214 (which may be referred to as a buying power amount) for the linked margin account may be based on the total maintenance excess amount 244. For example, a broker may allow a user 7 to borrow up to a fixed multiple of the total maintenance excess amount to purchase securities intraday. For
[0097] As with a non-linked margin account, account data 51 associated with a linked margin trading account may also include information for one or more securities held in the account. For example, as shown account 001 holds 6,000 units of ABC.TO, which has a current price of $10 CAD/unit, a market value of $60,000 CAD, and a margin requirement of $18,000 CAD. Account 001 also holds 4,000 units of JKL, which has a current price of $12 USD/unit, a market value of $48,000 USD, and a margin requirement of $14,400 USD.
[0098] As with a non-linked margin account, maintenance excess amount 212 may be calculated for each currency, based on the cash balance 210 and the margin requirement 230 for each currency, (i.e. cash balance ¨ margin required =
maintenance excess). For example, the maintenance excess amount for the CAD holdings 211a is -$8,000, and the maintenance excess amount for the USD holdings 211b is -$4,400. That is, there is insufficient equity (e.g. cash balance) in the margin account to support the ABC.TO
and JKL positions.
[0099] However, as this is a linked margin account, the cash balance and maintenance excess from the linked account can be used to support the positions, and avoid a margin call. For example, as shown account 001 has a CAD linked cash balance of $4,500, and a CAD linked maintenance excess of $3,500. Accordingly, the CAD
total maintenance excess amount 244 ¨ i.e. $10,000 (from the CAD cash in account 001) -$18,000 (from the ABC.TO position in account 001) + $4,500 (from the CAD cash in linked account 004) + $3,500 (from the CAD maintenance excess in linked account 004) ¨ is $0, and the USD total maintenance excess amount 244 ¨ i.e. $10,000 (from the USD
cash in account 001) -$14,400 (from the JKL position in account 001) + $5,000 (from the USD cash in linked account 004) ¨ is $600.
[00100] The purchase power amount 214 (which may be referred to as a buying power amount) for the linked margin account may be based on the total maintenance excess amount 244. For example, a broker may allow a user 7 to borrow up to a fixed multiple of the total maintenance excess amount to purchase securities intraday. For
- 23 -example, if the fixed multiple is 3.33, the purchase power amount 214 for account 001 based on the illustrated example may be $0 CAD and $1,998 USD.
[00101] While in this example, the CAD purchase power amount is $0, it will be appreciated that the assets from the linked non-margin account 004 allowed the user to purchase the same ABC.TO and JKL positions in the linked margin account 001 that were purchased in the non-linked margin account 002 (e.g. as shown in Figure 2b) with $10,000 CAD and $10,000 USD, while the user for non-linked margin account 002 required $20,000 CAD and $15,000 to be deposited in margin account 002.
[00102] Turning to Figure 2e, account data 52 associated with a non-margin account (e.g. TFSA account 004) linked to a margin account may include, in addition to the information stored for a non-linked non-margin account, a loan value rate 246 and a marginable security loan value amount 248 for each security 232. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218.
[00103] For example, as shown account 004 holds 500 units of ABC.TO, which has a current price of $10 CAD/unit, and therefore a market value of $5,000 CAD. If the loan value rate 246 for that security is 70%, the marginable security loan value amount 248 for the position 221a is $3,500. Account 004 also holds 10,000 units of XYZ.TO, which has a current price of $0.05 CAD/unit, and therefore a market value of $500 CAD. In the illustrated example, the loan value rate 246 for that security is 0% - i.e. it is not a marginable security. Thus, the marginable security loan value amount 248 for the position 221b is $0.
[00104] Account 004 also holds 12,000 units of XYZ, which has a current price of $0.05 USD/unit, a market value of $600 USD, a loan value rate 246 of 0% ¨ i.e.
it is not a marginable security ¨ and a marginable security loan value amount 248 of $0.
[00105] Account data 52 associated with a non-margin account (e.g.
TFSA account 004) linked to a margin account may also include, in addition to the information stored for a non-linked non-margin account, information about the available maintenance excess amount 250. Available maintenance excess amount 250 represents the amount of the marginable security loan value amount 248 and the cash balance 210 that is not being
[00101] While in this example, the CAD purchase power amount is $0, it will be appreciated that the assets from the linked non-margin account 004 allowed the user to purchase the same ABC.TO and JKL positions in the linked margin account 001 that were purchased in the non-linked margin account 002 (e.g. as shown in Figure 2b) with $10,000 CAD and $10,000 USD, while the user for non-linked margin account 002 required $20,000 CAD and $15,000 to be deposited in margin account 002.
[00102] Turning to Figure 2e, account data 52 associated with a non-margin account (e.g. TFSA account 004) linked to a margin account may include, in addition to the information stored for a non-linked non-margin account, a loan value rate 246 and a marginable security loan value amount 248 for each security 232. In accounts with holdings in multiple currencies, data for holdings in each currency may be recorded separately, along with a currency identifier 218.
[00103] For example, as shown account 004 holds 500 units of ABC.TO, which has a current price of $10 CAD/unit, and therefore a market value of $5,000 CAD. If the loan value rate 246 for that security is 70%, the marginable security loan value amount 248 for the position 221a is $3,500. Account 004 also holds 10,000 units of XYZ.TO, which has a current price of $0.05 CAD/unit, and therefore a market value of $500 CAD. In the illustrated example, the loan value rate 246 for that security is 0% - i.e. it is not a marginable security. Thus, the marginable security loan value amount 248 for the position 221b is $0.
[00104] Account 004 also holds 12,000 units of XYZ, which has a current price of $0.05 USD/unit, a market value of $600 USD, a loan value rate 246 of 0% ¨ i.e.
it is not a marginable security ¨ and a marginable security loan value amount 248 of $0.
[00105] Account data 52 associated with a non-margin account (e.g.
TFSA account 004) linked to a margin account may also include, in addition to the information stored for a non-linked non-margin account, information about the available maintenance excess amount 250. Available maintenance excess amount 250 represents the amount of the marginable security loan value amount 248 and the cash balance 210 that is not being
- 24 -"
used by the linked margin account. For example, since the entire marginable security loan value amount and cash balance from account 004 are being used in linked margin account 001 (see e.g. Figure 2d), the CAD available maintenance excess amount 250 is $0.
However, since only $4,400 of the $5,000 USD cash balance in account 004 is being used by linked margin account 001 to avoid a margin call, the USD available maintenance excess amount 250 is $600.
[00106] The purchase power amount 214 (which may be referred to as a buying power amount) for a linked non-margin account is the portion (if any) of cash balance amount 210 that is not being used by the linked margin account. Accordingly, in this example, even though there is a CAD cash balance in account 004, the CAD
buying power for account 004 is $0 (as all of the cash in account 004 is being used to support a position in the linked margin account 001). However, as not all of the USD cash in account 004 is being used to support a position in the linked margin account 001, the USD
buying power for account 004 is $600.
[00107] An example embodiment for a method for displaying, in a user interface of a computing device, a purchase power amount available to a user to purchase securities for a first trading account will now be described with reference to FIGs. 1 and 3, and is shown generally as 300.
[00108] At 305, first account data associated with the first trading account and second account data associated with a second account is stored. The account data may be stored in one or more data stores 50, such as databases associated with the application server 40 of the account service provider. The account data may be based on information received from a variety of sources. For example, a user 7 may input personal information (e.g. their Social Insurance Number) to data store 50 via computing device and/or web server 20.
Other account data (e.g. market prices for one or more securities held in an account) may be received at application server 40 from exchange 60. Preferably, the first trading account comprises a margin trading account, and the second account comprises a non-margin account, such as a registered savings account (e.g. a TFSA).
used by the linked margin account. For example, since the entire marginable security loan value amount and cash balance from account 004 are being used in linked margin account 001 (see e.g. Figure 2d), the CAD available maintenance excess amount 250 is $0.
However, since only $4,400 of the $5,000 USD cash balance in account 004 is being used by linked margin account 001 to avoid a margin call, the USD available maintenance excess amount 250 is $600.
[00106] The purchase power amount 214 (which may be referred to as a buying power amount) for a linked non-margin account is the portion (if any) of cash balance amount 210 that is not being used by the linked margin account. Accordingly, in this example, even though there is a CAD cash balance in account 004, the CAD
buying power for account 004 is $0 (as all of the cash in account 004 is being used to support a position in the linked margin account 001). However, as not all of the USD cash in account 004 is being used to support a position in the linked margin account 001, the USD
buying power for account 004 is $600.
[00107] An example embodiment for a method for displaying, in a user interface of a computing device, a purchase power amount available to a user to purchase securities for a first trading account will now be described with reference to FIGs. 1 and 3, and is shown generally as 300.
[00108] At 305, first account data associated with the first trading account and second account data associated with a second account is stored. The account data may be stored in one or more data stores 50, such as databases associated with the application server 40 of the account service provider. The account data may be based on information received from a variety of sources. For example, a user 7 may input personal information (e.g. their Social Insurance Number) to data store 50 via computing device and/or web server 20.
Other account data (e.g. market prices for one or more securities held in an account) may be received at application server 40 from exchange 60. Preferably, the first trading account comprises a margin trading account, and the second account comprises a non-margin account, such as a registered savings account (e.g. a TFSA).
- 25 -[00109] At 310, first leverageable assets are identified in the first account data, and at 315 a maintenance excess amount for the first trading account is determined based on the identified first leverageable assets.
[00110] At 320, second leverageable assets are identified in the second account data, and at 325 a maintenance excess amount for the second trading account is determined based on the identified second leverageable assets. As discussed above, determining the second maintenance excess amount may comprise identifying a cash balance in the second account. Determining the second maintenance excess amount may comprise identifying one or more securities in the second account and, for each of the one or more securities, if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that security. In some embodiments, the second maintenance excess is the sum of the identified cash balance in the second account and the total allowable loan value for each of the one or more leverageable securities in the second account.
[00111] At 330, a total maintenance excess amount is determined based on the first maintenance excess amount and the second maintenance excess amount. In some embodiments, the total maintenance excess amount is the sum of the first maintenance excess amount and the second maintenance excess amount.
[00112] At 335, a purchase power amount is determined based on the total maintenance excess amount. As discussed above, in some embodiments the purchase power amount is determined by multiplying the total maintenance excess amount by a predetermined total leverage multiplier (e.g. 3.33).
[00113] At 340, the purchase power amount is displayed in a user interface of a computing device. For example, application server 40 may transmit an indication of the purchase power amount to a communications device 10, for display by the communications device 10 (e.g. via display 12).
[00114] Optionally, at 345 and/or 350 the account data is monitored to detect a change in assets. At 345, if a change in assets in the second account data has been detected, the method returns to 320, where updated second leverageable assets are identified in the second account, and an updated second maintenance excess amount is
[00110] At 320, second leverageable assets are identified in the second account data, and at 325 a maintenance excess amount for the second trading account is determined based on the identified second leverageable assets. As discussed above, determining the second maintenance excess amount may comprise identifying a cash balance in the second account. Determining the second maintenance excess amount may comprise identifying one or more securities in the second account and, for each of the one or more securities, if that security is determined to be a leverageable security, determining an allowable loan value based on a market value for that security and a leverage rate for that security. In some embodiments, the second maintenance excess is the sum of the identified cash balance in the second account and the total allowable loan value for each of the one or more leverageable securities in the second account.
[00111] At 330, a total maintenance excess amount is determined based on the first maintenance excess amount and the second maintenance excess amount. In some embodiments, the total maintenance excess amount is the sum of the first maintenance excess amount and the second maintenance excess amount.
[00112] At 335, a purchase power amount is determined based on the total maintenance excess amount. As discussed above, in some embodiments the purchase power amount is determined by multiplying the total maintenance excess amount by a predetermined total leverage multiplier (e.g. 3.33).
[00113] At 340, the purchase power amount is displayed in a user interface of a computing device. For example, application server 40 may transmit an indication of the purchase power amount to a communications device 10, for display by the communications device 10 (e.g. via display 12).
[00114] Optionally, at 345 and/or 350 the account data is monitored to detect a change in assets. At 345, if a change in assets in the second account data has been detected, the method returns to 320, where updated second leverageable assets are identified in the second account, and an updated second maintenance excess amount is
- 26 -' determined at 325 based on the updated leverageable assets. The updated second maintenance excess amount may then be used at 330 to determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount, and at 335 an updated purchase power amount may be determined based on the updated total maintenance excess amount.
The updated purchase power amount may then be displayed in the user interface of the computing device at 340. If at 345 a change in assets in the second account data is not detected, the method may proceed to 350.
[00115] At 350, if a change in assets in the first account data has been detected, the method returns to 310, where updated first leverageable assets are identified in the first account, and an updated first maintenance excess amount is determined at 315 based on the updated leverageable assets. The updated first maintenance excess amount may then be used at 330 to determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount, and at 335 an updated purchase power amount may be determined based on the updated total maintenance excess amount. The updated purchase power amount may then be displayed in the user interface of the computing device at 340. If a change in assets in the first account data has not been detected, the method optionally proceeds to 355.
[00116] At 355 the first account data is monitored to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account. If the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier, at 360 a utilized portion of the second maintenance excess amount is determined. For example, as discussed above, an available maintenance excess amount may be determined for the second account, and a purchase limit amount for the second account (e.g. based on the cash balance in the second account less the utilized portion of the second maintenance excess amount) may be determined and displayed at 365 in the user interface of the computing device. If use of the purchase power amount is not detected, the method returns to 345.
The updated purchase power amount may then be displayed in the user interface of the computing device at 340. If at 345 a change in assets in the second account data is not detected, the method may proceed to 350.
[00115] At 350, if a change in assets in the first account data has been detected, the method returns to 310, where updated first leverageable assets are identified in the first account, and an updated first maintenance excess amount is determined at 315 based on the updated leverageable assets. The updated first maintenance excess amount may then be used at 330 to determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount, and at 335 an updated purchase power amount may be determined based on the updated total maintenance excess amount. The updated purchase power amount may then be displayed in the user interface of the computing device at 340. If a change in assets in the first account data has not been detected, the method optionally proceeds to 355.
[00116] At 355 the first account data is monitored to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account. If the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier, at 360 a utilized portion of the second maintenance excess amount is determined. For example, as discussed above, an available maintenance excess amount may be determined for the second account, and a purchase limit amount for the second account (e.g. based on the cash balance in the second account less the utilized portion of the second maintenance excess amount) may be determined and displayed at 365 in the user interface of the computing device. If use of the purchase power amount is not detected, the method returns to 345.
- 27 -[00117] An example embodiment for a method for satisfying a margin requirement for a first trading account by withdrawing assets from a second account will now be described with reference to FIGs. 1 and 4, and is shown generally as 400.
[00118] At 402, a request to leverage assets in a non-margin account (e.g. a TFSA
account) is received at application server 40, e.g. via a user interface of local communications device 10 and/or a CRM user interface generated by web server 20. For example, a user 7 may login to the trading platform 30 or web server 20 via communications device 10 or otherwise transmit a request to the broker.
[00119] At 405, the user 7 may be presented with an agreement which they must accept before the leverage from the second non-margin (e.g. TFSA) account can be added to the first trading (e.g. margin) account ¨ i.e. before the accounts can be 'linked', as discussed above. In some embodiments, an unexecuted copy of the agreement may be sent to the user, and an executed copy of the agreement may be subsequently received from the user. It will be appreciated that confirmation of a user's acceptance of the agreement (e.g. an executed copy of the agreement) may be stored by the brokerage. If at 410 the user declines the agreement, they may continue to trade in the first account, but without the additional leverage of the assets in the second account.
[00120] If the user accepts the agreement, the method proceeds to 415, and the account data for the first and second account will be updated to reflect the link, and the purchase power amount for the first trading account will be updated based on the additional marginable securities loan value amount and cash balance from the second (e.g.
TFSA) account. In some embodiments, the purchase power amount for a linked margin account may labeled as 'enhanced' buying power, or otherwise presented to indicate that the purchase power amount for the margin account has been increased based on cash and/or leverageable securities from the linked non-margin account.
[00121] At 420, the user begins to trade in the first trading (e.g.
margin) account with the additional buying power from the second account.
[00122] At 425, one or more risk agents monitor the margin requirements on the first trading account. Risk monitoring is typically a substantially continuous process that recalculates metrics associated with the first trading account in real-time or substantially
[00118] At 402, a request to leverage assets in a non-margin account (e.g. a TFSA
account) is received at application server 40, e.g. via a user interface of local communications device 10 and/or a CRM user interface generated by web server 20. For example, a user 7 may login to the trading platform 30 or web server 20 via communications device 10 or otherwise transmit a request to the broker.
[00119] At 405, the user 7 may be presented with an agreement which they must accept before the leverage from the second non-margin (e.g. TFSA) account can be added to the first trading (e.g. margin) account ¨ i.e. before the accounts can be 'linked', as discussed above. In some embodiments, an unexecuted copy of the agreement may be sent to the user, and an executed copy of the agreement may be subsequently received from the user. It will be appreciated that confirmation of a user's acceptance of the agreement (e.g. an executed copy of the agreement) may be stored by the brokerage. If at 410 the user declines the agreement, they may continue to trade in the first account, but without the additional leverage of the assets in the second account.
[00120] If the user accepts the agreement, the method proceeds to 415, and the account data for the first and second account will be updated to reflect the link, and the purchase power amount for the first trading account will be updated based on the additional marginable securities loan value amount and cash balance from the second (e.g.
TFSA) account. In some embodiments, the purchase power amount for a linked margin account may labeled as 'enhanced' buying power, or otherwise presented to indicate that the purchase power amount for the margin account has been increased based on cash and/or leverageable securities from the linked non-margin account.
[00121] At 420, the user begins to trade in the first trading (e.g.
margin) account with the additional buying power from the second account.
[00122] At 425, one or more risk agents monitor the margin requirements on the first trading account. Risk monitoring is typically a substantially continuous process that recalculates metrics associated with the first trading account in real-time or substantially
- 28 -real time (e.g. with periods of several seconds). It will be appreciated that the risk agents may comprise one or more computer algorithms (e.g. risk monitor 48 running on application server 40) and/or one or more human agents.
[00123] If at 425 a user is not under margin, the user may continue to trade and the one or more risk agents will continue to monitor the leveraged accounts. If a user is under margin, they may receive a margin call notice at 430. The margin call may be made under standard rules and/or policies of the broker, which may include a requirement that the margin call must be covered within a predetermined time frame. Alternatively, risk agents may have the ability and authority to liquidate one or more the user's securities without first notifying the user.
[00124] If at 435 the user covers the margin call (e.g. by depositing additional funds, and/or reducing some or all of their leveraged position(s)), the user may continue to trade at 412. If the user fails to cover the margin call, the method proceeds to 440, where the broker will sell some or all of the securities in the first account to satisfy the margin call.
[00125] At 445, if the proceeds from the sale of some or all of the securities in the first account are sufficient to satisfy the margin call, the user may continue to trade at 412. If the proceeds are insufficient to satisfy the margin call, the method proceeds to 450, where the user may be given an opportunity to withdraw funds from their second account and/or make a deposit with the brokerage.
[00126] If at 455 the user withdraws funds and/or or sells securities from his second account to cover the outstanding portion of the margin call debit, the margin call will be covered and the user may continue to trade at 412. If the user does not cover the outstanding portion of the margin call, the method proceeds to 460, where a withdrawal will take place in the clients second (e.g. TFSA) account. That is, the broker (e.g. a risk department) can sell securities held in the second account to ensure the second account has enough cash to cover the client margin call. At 465 any funds withdrawn from the second account are deposited in the first (margin) account to satisfy the margin call.
[00127] An example embodiment for a method for executing a margin trade in a first trading account will now be described with reference to FIGs. 1 and 5, and is shown generally as 500.
[00123] If at 425 a user is not under margin, the user may continue to trade and the one or more risk agents will continue to monitor the leveraged accounts. If a user is under margin, they may receive a margin call notice at 430. The margin call may be made under standard rules and/or policies of the broker, which may include a requirement that the margin call must be covered within a predetermined time frame. Alternatively, risk agents may have the ability and authority to liquidate one or more the user's securities without first notifying the user.
[00124] If at 435 the user covers the margin call (e.g. by depositing additional funds, and/or reducing some or all of their leveraged position(s)), the user may continue to trade at 412. If the user fails to cover the margin call, the method proceeds to 440, where the broker will sell some or all of the securities in the first account to satisfy the margin call.
[00125] At 445, if the proceeds from the sale of some or all of the securities in the first account are sufficient to satisfy the margin call, the user may continue to trade at 412. If the proceeds are insufficient to satisfy the margin call, the method proceeds to 450, where the user may be given an opportunity to withdraw funds from their second account and/or make a deposit with the brokerage.
[00126] If at 455 the user withdraws funds and/or or sells securities from his second account to cover the outstanding portion of the margin call debit, the margin call will be covered and the user may continue to trade at 412. If the user does not cover the outstanding portion of the margin call, the method proceeds to 460, where a withdrawal will take place in the clients second (e.g. TFSA) account. That is, the broker (e.g. a risk department) can sell securities held in the second account to ensure the second account has enough cash to cover the client margin call. At 465 any funds withdrawn from the second account are deposited in the first (margin) account to satisfy the margin call.
[00127] An example embodiment for a method for executing a margin trade in a first trading account will now be described with reference to FIGs. 1 and 5, and is shown generally as 500.
- 29 -. [00128] At 505, a request to execute a margin trade in the first trading account is received at application server 40, e.g. at an order entry module 44. For example, a user 7 may login to the trading platform 30 or web server 20 via communications device 10 and place an order to purchase securities for their first (margin) account.
[00129] At 510, a margin requirement to execute the trade is determined.
For example, a buying power check module 46 may review the trade request (e.g. the current unit price and margin rate for the security, and the quantity of shares requested) to determine the margin required to support the position.
[00130] At 515, a first maintenance excess amount for the first trading account is determined based on first leverageable assets and/or existing margined positions in the first account data.
[00131] At 520, second leverageable assets are identified in the second account data, and a second maintenance excess amount for the second account is determined based on the identified second leverageable assets. As discussed above, determining the second maintenance excess amount may comprise identifying a cash balance in the second account, and/or a total allowable loan value for each of one or more leverageable securities in the second account.
[00132] At 525, a total maintenance excess amount is determined based on the first maintenance excess amount and the second maintenance excess amount. For example, the first and second maintenance excess amounts may be added to determine the total maintenance excess amount.
[00133] At 530, if the total maintenance excess amount exceeds the margin requirement to execute the trade determined at 510, the method proceeds to 535 where the trade is executed. If the margin requirement to execute the trade exceeds the total maintenance excess amount, the trade is not executed and the method proceeds to 540 where a message may be displayed to the user to indicate that that the total maintenance excess amount was insufficient to support the requested trade.
[00134] As used herein, the wording "and/or" is intended to represent an inclusive-or.
That is, "X and/or Y" is intended to mean X or Y or both, for example. As a further example, "X, Y, and/or Z" is intended to mean X or Y or Z or any combination thereof.
[00129] At 510, a margin requirement to execute the trade is determined.
For example, a buying power check module 46 may review the trade request (e.g. the current unit price and margin rate for the security, and the quantity of shares requested) to determine the margin required to support the position.
[00130] At 515, a first maintenance excess amount for the first trading account is determined based on first leverageable assets and/or existing margined positions in the first account data.
[00131] At 520, second leverageable assets are identified in the second account data, and a second maintenance excess amount for the second account is determined based on the identified second leverageable assets. As discussed above, determining the second maintenance excess amount may comprise identifying a cash balance in the second account, and/or a total allowable loan value for each of one or more leverageable securities in the second account.
[00132] At 525, a total maintenance excess amount is determined based on the first maintenance excess amount and the second maintenance excess amount. For example, the first and second maintenance excess amounts may be added to determine the total maintenance excess amount.
[00133] At 530, if the total maintenance excess amount exceeds the margin requirement to execute the trade determined at 510, the method proceeds to 535 where the trade is executed. If the margin requirement to execute the trade exceeds the total maintenance excess amount, the trade is not executed and the method proceeds to 540 where a message may be displayed to the user to indicate that that the total maintenance excess amount was insufficient to support the requested trade.
[00134] As used herein, the wording "and/or" is intended to represent an inclusive-or.
That is, "X and/or Y" is intended to mean X or Y or both, for example. As a further example, "X, Y, and/or Z" is intended to mean X or Y or Z or any combination thereof.
- 30 -[00135] While the above description describes features of example embodiments, it will be appreciated that some features and/or functions of the described embodiments are susceptible to modification without departing from the spirit and principles of operation of the described embodiments. Accordingly, what has been described above is intended to be illustrative of the claimed concept and non-limiting. It will be understood by persons skilled in the art that variations are possible and modifications may be made without departing from the scope of the invention as defined in the claims appended hereto.
- 31 -
Claims (42)
1.
A system for displaying a purchase power amount available to a user to purchase securities on an electronic trading exchange for a first trading account using a user computing device, the user having a second account, the system comprising:
a processor in communication with the electronic trading exchange and a trading application operating at the user computing device, the trading application defining a trading platform user interface displayable on the user computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account, wherein the purchase transactions are executable through the electronic trading exchange via the processor;
a data store coupled to the processor, the data store configured to store first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data identifies the second account as a restricted account prevented from conducting purchase transactions on margin; and wherein the processor is configured to:
identify, in the first account data, first leverageable assets in the first trading account, determine a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets;
identify, in the second account data, second leverageable assets in the second account, and determine a second maintenance excess amount for the second account based on a real-time or substantially real-time second value of the second leverageable assets, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from the electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determine a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determine the purchase power amount for the first trading account based on the total maintenance excess amount, wherein the purchase power amount defines an accessible funds value usable by the user to purchase securities for the first trading account through the trading platform user interface, wherein at least a portion of the accessible funds value includes a loan value provided by the account service provider that is based on the second maintenance excess amount;
transmit purchase power amount data to the user computing device, wherein the purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device;
receive a request to execute a margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device; and execute the margin trade through the electronic trading exchange in response to determining that the purchase power amount for the first trading account is sufficient to execute the trade.
A system for displaying a purchase power amount available to a user to purchase securities on an electronic trading exchange for a first trading account using a user computing device, the user having a second account, the system comprising:
a processor in communication with the electronic trading exchange and a trading application operating at the user computing device, the trading application defining a trading platform user interface displayable on the user computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account, wherein the purchase transactions are executable through the electronic trading exchange via the processor;
a data store coupled to the processor, the data store configured to store first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data identifies the second account as a restricted account prevented from conducting purchase transactions on margin; and wherein the processor is configured to:
identify, in the first account data, first leverageable assets in the first trading account, determine a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets;
identify, in the second account data, second leverageable assets in the second account, and determine a second maintenance excess amount for the second account based on a real-time or substantially real-time second value of the second leverageable assets, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from the electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determine a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determine the purchase power amount for the first trading account based on the total maintenance excess amount, wherein the purchase power amount defines an accessible funds value usable by the user to purchase securities for the first trading account through the trading platform user interface, wherein at least a portion of the accessible funds value includes a loan value provided by the account service provider that is based on the second maintenance excess amount;
transmit purchase power amount data to the user computing device, wherein the purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device;
receive a request to execute a margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device; and execute the margin trade through the electronic trading exchange in response to determining that the purchase power amount for the first trading account is sufficient to execute the trade.
2. The system of claim 1, wherein the processor is further configured to:
determine the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
determine the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
3. The system of any one of claims 1 to 2, wherein the processor is further configured to:
monitor the second account data to detect a change in assets in the second account;
when the change in assets has been detected, identify updated second leverageable assets in the second account, and determine an updated second maintenance excess amount based on the updated second leverageable assets;
determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount;
determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the user computing device.
monitor the second account data to detect a change in assets in the second account;
when the change in assets has been detected, identify updated second leverageable assets in the second account, and determine an updated second maintenance excess amount based on the updated second leverageable assets;
determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount;
determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the user computing device.
4. The system of any one of claims 1 to 2, wherein the processor is further configured to:
monitor the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected, identify updated first leverageable assets in the first trading account, determine an updated first maintenance excess amount based on the updated first leverageable assets;
determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount;
determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the user computing device.
monitor the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected, identify updated first leverageable assets in the first trading account, determine an updated first maintenance excess amount based on the updated first leverageable assets;
determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount;
determine an updated purchase power amount based on the updated total maintenance excess amount; and transmit updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the user computing device.
5.
The system of any one of claims 1 to 4, wherein the processor is further configured to:
monitor the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account;
if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier;
determine a utilized portion of the second maintenance excess amount based on a difference between the portion of the purchase power amount and the product;
determine a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and transmit purchase limit amount data to the user computing device, wherein the purchase limit amount data is defined to update in real-time or Date Recue/Date Received 2022-02-25 substantially real-time the purchase limit amount displayed in the trading platform user interface of the user computing device.
The system of any one of claims 1 to 4, wherein the processor is further configured to:
monitor the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account;
if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier;
determine a utilized portion of the second maintenance excess amount based on a difference between the portion of the purchase power amount and the product;
determine a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and transmit purchase limit amount data to the user computing device, wherein the purchase limit amount data is defined to update in real-time or Date Recue/Date Received 2022-02-25 substantially real-time the purchase limit amount displayed in the trading platform user interface of the user computing device.
6. The system of any one of claims 1 to 5, wherein the second account comprises a registered savings account.
7. The system of claim 6, wherein the second account comprises a Tax-Free Savings Account (TFSA).
8. The system of any one of claims 1 to 7, wherein the processor is configured to, in response to executing the margin trade, transmit trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
9. The system of any one of claims 1 to 8, wherein the processor is configured to:
determine an updated purchase power amount for the first trading account in response to executing the margin trade; and transmit updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device.
determine an updated purchase power amount for the first trading account in response to executing the margin trade; and transmit updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device.
10. A method for displaying, in a trading platform user interface of a computing device, a purchase power amount available to a user to purchase securities on an electronic trading exchange for a first trading account, the user having a second account, the method performed by a central processor in communication with the computing device and with an electronic trading exchange, the method comprising:
storing first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data Date Recue/Date Received 2022-02-25 identifies the second account as a restricted account prevented from conducting purchase transactions on margin;
identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on a real-time or substantially real-time second value of the second leverageable assets, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from the electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
Date Recue/Date Received 2022-02-25 determining the purchase power amount for the first trading account based on the total maintenance excess amount, wherein the purchase power amount defines an accessible funds value usable by the user to purchase securities for the first trading account through the trading platform user interface, wherein at least a portion of the accessible funds value includes a loan value provided by the account service provider that is based on the second maintenance excess amount;
transmitting purchase power amount data to the user computing device, wherein the purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account and the purchase transactions are executable through the electronic trading exchange via the central processor;
receiving a request to execute a margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device; and executing the margin trade through the electronic trading exchange in response to determining that the purchase power amount for the first trading account is sufficient to execute the trade.
storing first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data Date Recue/Date Received 2022-02-25 identifies the second account as a restricted account prevented from conducting purchase transactions on margin;
identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on a real-time or substantially real-time second value of the second leverageable assets, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from the electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
Date Recue/Date Received 2022-02-25 determining the purchase power amount for the first trading account based on the total maintenance excess amount, wherein the purchase power amount defines an accessible funds value usable by the user to purchase securities for the first trading account through the trading platform user interface, wherein at least a portion of the accessible funds value includes a loan value provided by the account service provider that is based on the second maintenance excess amount;
transmitting purchase power amount data to the user computing device, wherein the purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account and the purchase transactions are executable through the electronic trading exchange via the central processor;
receiving a request to execute a margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device; and executing the margin trade through the electronic trading exchange in response to determining that the purchase power amount for the first trading account is sufficient to execute the trade.
11. The method of claim 10, further comprising:
determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
12. The method of any one of claims 10 to 11, further comprising:
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and Date Recue/Date Received 2022-02-25 determining an updated second maintenance excess amount based on the updated leverageable assets;
determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the computing device.
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and Date Recue/Date Received 2022-02-25 determining an updated second maintenance excess amount based on the updated leverageable assets;
determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the computing device.
13. The method of any one of claims 10 to 11, further comprising:
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets;
determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the computing device.
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets;
determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the computing device.
14. The method of any one of claims 10 to 13, further comprising:
monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account;
Date Recue/Date Received 2022-02-25 if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier;
determining a utilized portion of the second maintenance excess amount based on a difference between:
the portion of the purchase power amount, and the product;
determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and transmitting purchase limit amount data to the computing device, wherein the purchase limit amount data is defined to update in real-time or substantially real-time the purchase limit amount displayed in the trading platform user interface of the computing device.
monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account;
Date Recue/Date Received 2022-02-25 if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier;
determining a utilized portion of the second maintenance excess amount based on a difference between:
the portion of the purchase power amount, and the product;
determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and transmitting purchase limit amount data to the computing device, wherein the purchase limit amount data is defined to update in real-time or substantially real-time the purchase limit amount displayed in the trading platform user interface of the computing device.
15. The method of any one of claims 10 to 14, wherein the second account comprises a registered savings account.
16. The method of claim 15, wherein the second account comprises a Tax-Free Savings Account (TFSA).
17. The method of any one of claims 10 to 16, further comprising transmitting, in response to executing the margin trade, trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
18. The method of any one of claims 10 to 17, further comprising:
determining an updated purchase power amount for the first trading account in response to executing the margin trade; and Date Recue/Date Received 2022-02-25 transmitting updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device.
determining an updated purchase power amount for the first trading account in response to executing the margin trade; and Date Recue/Date Received 2022-02-25 transmitting updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device.
19.
A physical computer readable medium including computer executable instructions that, when executed by a processor of a first computing device in communication with an electronic trading exchange, cause the first computing device to perform acts of a method of displaying, in a trading platform user interface of a second computing device, a purchase power amount available to a user to purchase securities on the electronic trading exchange for a first trading account, the user having a second account, the acts comprising:
storing, in a data store accessible by the first computing device, first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data identifies the second account as a restricted account prevented from conducting purchase transactions on margin;
identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on a real-time or substantially real-time second value of the second leverageable assets, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
Date Recue/Date Received 2022-02-25 identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from the electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determining the purchase power amount for the first trading account based on the total maintenance excess amount, wherein the purchase power amount defines an accessible funds value usable by the user to purchase securities for the first trading account through the trading platform user interface, wherein at least a portion of the accessible funds value includes a loan value provided by the account service provider that is based on the second maintenance excess amount;
transmitting purchase power amount data to the second computing device, wherein the purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount shown in the trading platform user interface of the second computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account and the purchase transactions are executable through the electronic trading exchange via the first computing device;
Date Recue/Date Received 2022-02-25 receiving a request to execute a margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device; and executing the margin trade through the electronic trading exchange in response to determining that the purchase power amount for the first trading account is sufficient to execute the trade.
A physical computer readable medium including computer executable instructions that, when executed by a processor of a first computing device in communication with an electronic trading exchange, cause the first computing device to perform acts of a method of displaying, in a trading platform user interface of a second computing device, a purchase power amount available to a user to purchase securities on the electronic trading exchange for a first trading account, the user having a second account, the acts comprising:
storing, in a data store accessible by the first computing device, first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data identifies the second account as a restricted account prevented from conducting purchase transactions on margin;
identifying, in the first account data, first leverageable assets in the first trading account, and determining a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets;
identifying, in the second account data, second leverageable assets in the second trading account, and determining a second maintenance excess amount for the second trading account based on a real-time or substantially real-time second value of the second leverageable assets, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
Date Recue/Date Received 2022-02-25 identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from the electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining a total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
determining the purchase power amount for the first trading account based on the total maintenance excess amount, wherein the purchase power amount defines an accessible funds value usable by the user to purchase securities for the first trading account through the trading platform user interface, wherein at least a portion of the accessible funds value includes a loan value provided by the account service provider that is based on the second maintenance excess amount;
transmitting purchase power amount data to the second computing device, wherein the purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount shown in the trading platform user interface of the second computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account and the purchase transactions are executable through the electronic trading exchange via the first computing device;
Date Recue/Date Received 2022-02-25 receiving a request to execute a margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device; and executing the margin trade through the electronic trading exchange in response to determining that the purchase power amount for the first trading account is sufficient to execute the trade.
20. The physical computer readable medium of claim 19, wherein the acts further com prise:
determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
determining the purchase power amount by multiplying the total maintenance excess amount by a predetermined total leverage multiplier.
21. The physical computer readable medium of any one of claims 19 to 20, wherein the acts further comprise:
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets;
determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the second computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the second computing device.
Date Recue/Date Received 2022-02-25
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets;
determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the second computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the second computing device.
Date Recue/Date Received 2022-02-25
22. The physical computer readable medium of any one of claims 19 to 20, wherein the acts further comprise:
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets;
determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the second computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the second computing device.
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets;
determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount;
determining an updated purchase power amount based on the updated total maintenance excess amount; and transmitting updated purchase power amount data to the second computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface of the second computing device.
23. The physical computer readable medium of any one of claims 19 to 22, wherein the acts further comprise:
monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account;
if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier;
determining a utilized portion of the second maintenance excess amount based on a difference between:
the portion of the purchase power amount, and the product;
Date Recue/Date Received 2022-02-25 determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and transmitting purchase limit amount data to the second computing device, wherein the purchase limit amount data is defined to update in real-time or substantially real-time the purchase limit amount displayed in the trading platform user interface of the second computing device.
monitoring the first account data to detect use of at least a portion of the purchase power amount to purchase securities for the first trading account;
if the portion of the purchase power amount exceeds a product of the first maintenance excess amount multiplied by a predetermined first leverage multiplier;
determining a utilized portion of the second maintenance excess amount based on a difference between:
the portion of the purchase power amount, and the product;
Date Recue/Date Received 2022-02-25 determining a purchase limit amount for the second account based on the cash balance in the second account less the utilized portion of the second maintenance excess amount; and transmitting purchase limit amount data to the second computing device, wherein the purchase limit amount data is defined to update in real-time or substantially real-time the purchase limit amount displayed in the trading platform user interface of the second computing device.
24. The physical computer readable medium of any one of claims 19 to 23, wherein the second account comprises a registered savings account.
25. The physical computer readable medium of claim 24, wherein the second account comprises a Tax-Free Savings Account (TFSA).
26. The physical computer readable medium of any one of claims 19 to 25, wherein the acts further comprise:
in response to executing the margin trade, transmitting trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution
in response to executing the margin trade, transmitting trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution
27. The physical computer readable medium of any one of claims 19 to 26, wherein the acts further comprise:
determining an updated purchase power amount for the first trading account in response to executing the margin trade; and transmitting updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device Date Recue/Date Received 2022-02-25
determining an updated purchase power amount for the first trading account in response to executing the margin trade; and transmitting updated purchase power amount data to the user computing device, wherein the updated purchase power amount data is defined to update in real-time or substantially real-time the purchase power amount displayed in the trading platform user interface displayed on the user computing device Date Recue/Date Received 2022-02-25
28.
A method for executing a margin trade on an electronic trading exchange for a first trading account associated with a user computing device, the first trading account being associated with a second account, the method comprising:
receiving, by a central processor, a request to execute the margin trade in the first trading account, wherein the request is input through a trading platform user interface on the user computing device;
determining, by the central processor, a margin requirement to execute the trade;
identifying, by the central processor, first leverageable assets in the first trading account;
determining, by the central processor, a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets in the first trading account;
identifying, by the central processor, leverageable assets in the second account, determining, by the central processor, a second maintenance excess amount based on a real-time or substantially real-time second value of second leverageable assets in the second account, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from an electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate Date Recue/Date Received 2022-02-25 defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining, by the central processor, a real-time or substantially real-time total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing, by the central processor, the trade through the electronic trading exchange; and in response to executing the trade, transmitting, by the central processor, trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
A method for executing a margin trade on an electronic trading exchange for a first trading account associated with a user computing device, the first trading account being associated with a second account, the method comprising:
receiving, by a central processor, a request to execute the margin trade in the first trading account, wherein the request is input through a trading platform user interface on the user computing device;
determining, by the central processor, a margin requirement to execute the trade;
identifying, by the central processor, first leverageable assets in the first trading account;
determining, by the central processor, a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets in the first trading account;
identifying, by the central processor, leverageable assets in the second account, determining, by the central processor, a second maintenance excess amount based on a real-time or substantially real-time second value of second leverageable assets in the second account, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from an electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate Date Recue/Date Received 2022-02-25 defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining, by the central processor, a real-time or substantially real-time total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing, by the central processor, the trade through the electronic trading exchange; and in response to executing the trade, transmitting, by the central processor, trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
29. The method of claim 28, further comprising:
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; and determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount.
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; and determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount.
30. The method of any one of claims 28 and 29, further comprising:
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
Date Recue/Date Received 2022-02-25 identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; and determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount.
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
Date Recue/Date Received 2022-02-25 identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; and determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount.
31. The method of any one of claims 28 to 30, wherein the second account comprises a registered savings account.
32. The method of claim 31, wherein the second account comprises a Tax-Free Savings Account (TFSA).
33. A physical computer readable medium including computer executable instructions that, when executed by a processor of a first computing device in communication with an electronic trading exchange, cause the first computing device to perform acts of a method for executing a margin trade on an electronic trading exchange for a first trading account associated with a user computing device, the first trading account being associated with a second account, the acts comprising:
receiving, by a central processor, a request to execute the margin trade in the first trading account, wherein the request is input through a trading platform user interface on the user computing device;
determining, by the central processor, a margin requirement to execute the trade;
identifying, by the central processor, first leverageable assets in the first trading account;
determining, by the central processor, a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets in the first trading account;
identifying, by the central processor, leverageable assets in the second account, Date Recue/Date Received 2022-02-25 determining, by the central processor, a second maintenance excess amount based on a real-time or substantially real-time second value of second leverageable assets in the second account, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from an electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining, by the central processor, a real-time or substantially real-time total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing, by the central processor, the trade through the electronic trading exchange; and in response to executing the trade, transmitting trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
Date Recue/Date Received 2022-02-25
receiving, by a central processor, a request to execute the margin trade in the first trading account, wherein the request is input through a trading platform user interface on the user computing device;
determining, by the central processor, a margin requirement to execute the trade;
identifying, by the central processor, first leverageable assets in the first trading account;
determining, by the central processor, a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets in the first trading account;
identifying, by the central processor, leverageable assets in the second account, Date Recue/Date Received 2022-02-25 determining, by the central processor, a second maintenance excess amount based on a real-time or substantially real-time second value of second leverageable assets in the second account, wherein the second maintenance excess amount is determined by:
identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from an electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining, by the central processor, a real-time or substantially real-time total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing, by the central processor, the trade through the electronic trading exchange; and in response to executing the trade, transmitting trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
Date Recue/Date Received 2022-02-25
34. The physical computer readable medium of claim 33, wherein the acts further com prise:
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; and determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount.
monitoring the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
identifying updated second leverageable assets in the second account, and determining an updated second maintenance excess amount based on the updated leverageable assets; and determining an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount.
35. The physical computer readable medium of any one of claims 33 and 34, wherein the acts further comprise:
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; and determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount.
monitoring the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identifying updated first leverageable assets in the first trading account, determining an updated first maintenance excess amount based on the updated first leverageable assets; and determining an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount.
36. The physical computer readable medium of any one of claims 33 to 35, wherein the second account comprises a registered savings account.
37. The physical computer readable medium of claim 36, wherein the second account comprises a Tax-Free Savings Account (TFSA).
Date Recue/Date Received 2022-02-25
Date Recue/Date Received 2022-02-25
38.
A system for executing a margin trade on an electronic trading exchange for a first trading account associated with a user computing device, the first trading account being associated with a second account, the system comprising:
a processor in communication with the electronic trading exchange and a trading application operating at the user computing device, the trading application defining a trading platform user interface displayable on the user computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account, wherein the purchase transactions are executable through the electronic trading exchange via the processor;
a data store coupled to the processor, the data store configured to store first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data identifies the second account as a restricted account prevented from conducting purchase transactions on margin;
wherein the processor is configured to:
receive a request to execute the margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device;
determine a margin requirement to execute the trade;
identify first leverageable assets in the first trading account;
determine a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets in the first trading account;
identify leverageable assets in the second account, determine a second maintenance excess amount based on a real-time or substantially real-time second value of second leverageable assets in the second account, wherein the second maintenance excess amount is determined by:
Date Recue/Date Received 2022-02-25 identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from an electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining a real-time or substantially real-time total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing the trade through the electronic trading exchange; and in response to executing the trade, transmitting trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
A system for executing a margin trade on an electronic trading exchange for a first trading account associated with a user computing device, the first trading account being associated with a second account, the system comprising:
a processor in communication with the electronic trading exchange and a trading application operating at the user computing device, the trading application defining a trading platform user interface displayable on the user computing device, wherein the trading platform user interface enables the user to initiate purchase transactions for securities for the first trading account, wherein the purchase transactions are executable through the electronic trading exchange via the processor;
a data store coupled to the processor, the data store configured to store first account data associated with the first trading account and second account data associated with the second account, wherein the first account data identifies the first trading account as a margin trading account capable of conducting purchase transactions on margin and the second account data identifies the second account as a restricted account prevented from conducting purchase transactions on margin;
wherein the processor is configured to:
receive a request to execute the margin trade in the first trading account, wherein the request is input through the trading platform user interface on the user computing device;
determine a margin requirement to execute the trade;
identify first leverageable assets in the first trading account;
determine a first maintenance excess amount for the first trading account based on a real-time or substantially real-time first value of the first leverageable assets in the first trading account;
identify leverageable assets in the second account, determine a second maintenance excess amount based on a real-time or substantially real-time second value of second leverageable assets in the second account, wherein the second maintenance excess amount is determined by:
Date Recue/Date Received 2022-02-25 identifying a cash balance in the second account;
identifying one or more securities in the second account;
identifying at least one of the securities in the second account as a leverageable security, and for each of the securities in the second account identified as a leverageable security:
determining a real-time or substantially real-time market value for that security from an electronic trading exchange;
determining an allowable loan value based on the market value for that security and a leverage rate for that security, wherein the leverage rate is an adjustable rate defined by an account service provider of the first account; and adding the cash balance and the allowable loan value for each of the leverageable securities in the second account;
determining a real-time or substantially real-time total maintenance excess amount based on the first maintenance excess amount and the second maintenance excess amount;
if the total maintenance excess amount exceeds the margin requirement to execute the trade, executing the trade through the electronic trading exchange; and in response to executing the trade, transmitting trade execution data to the user computing device, wherein the trade execution data is defined to update the display of the trading platform user interface on the user computing device to provide an indication of a successful trade execution.
39. The system of claim 38, wherein the processor is configured to:
monitor the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
Date Recue/Date Received 2022-02-25 identify updated second leverageable assets in the second account, and determine an updated second maintenance excess amount based on the updated leverageable assets; and determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount.
monitor the second account data to detect a change in assets in the second account;
when the change in assets has been detected:
Date Recue/Date Received 2022-02-25 identify updated second leverageable assets in the second account, and determine an updated second maintenance excess amount based on the updated leverageable assets; and determine an updated total maintenance excess amount based on the first maintenance excess amount and the updated second maintenance excess amount.
40. The system of any one of claims 38 and 39, wherein the processor is configured to:
monitor the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identify updated first leverageable assets in the first trading account, determine an updated first maintenance excess amount based on the updated first leverageable assets; and determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount.
monitor the first account data to detect a change in assets in the first trading account; and when the change in assets has been detected:
identify updated first leverageable assets in the first trading account, determine an updated first maintenance excess amount based on the updated first leverageable assets; and determine an updated total maintenance excess amount based on the updated first maintenance excess amount and the second maintenance excess amount.
41. The system of any one of claims 38 to 40, wherein the second account comprises a registered savings account.
42. The system of claim 41, wherein the second account comprises a Tax-Free Savings Account (TFSA).
Date Recue/Date Received 2022-02-25
Date Recue/Date Received 2022-02-25
Priority Applications (2)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA2845212A CA2845212C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
| CA3077849A CA3077849C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
Applications Claiming Priority (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| CA2845212A CA2845212C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
Related Child Applications (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA3077849A Division CA3077849C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
Publications (2)
| Publication Number | Publication Date |
|---|---|
| CA2845212A1 CA2845212A1 (en) | 2015-09-07 |
| CA2845212C true CA2845212C (en) | 2024-04-16 |
Family
ID=54065548
Family Applications (2)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA2845212A Active CA2845212C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
| CA3077849A Active CA3077849C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
Family Applications After (1)
| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| CA3077849A Active CA3077849C (en) | 2014-03-07 | 2014-03-07 | System and method for displaying an amount of funds available to purchase securities |
Country Status (1)
| Country | Link |
|---|---|
| CA (2) | CA2845212C (en) |
-
2014
- 2014-03-07 CA CA2845212A patent/CA2845212C/en active Active
- 2014-03-07 CA CA3077849A patent/CA3077849C/en active Active
Also Published As
| Publication number | Publication date |
|---|---|
| CA2845212A1 (en) | 2015-09-07 |
| CA3077849A1 (en) | 2015-09-07 |
| CA3077849C (en) | 2023-11-28 |
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