Lesson

Clearing Stress | Options Educator

Respond to margin calls, liquidity gaps, and settlement pressure without creating a disorderly liquidation.

In this lesson

The three constraints

• Name the binding constraint before you trade: margin, liquidity or settlement.
• A deadline turns settlement timing into a constraint of its own.
• Survival comes before return.

Ordering reductions

• Rank reductions by requirement released per dollar of execution cost.
• Selling a hedge raises the requirement it was holding down.
• Stop when the account is stable, then optimise.

Settlement

• Closed is not settled: proceeds arrive on the settlement date.
• Only settled cash meets a cash call due today.
• Check the settlement date of every sale you are counting on.

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