MAINTENANCE MARGIN: This is the minimum amount of equity, or margin-sufficient securities that must be maintained in an account to maintain a particular position. If a customer's equity in his/her account drops to, or under, the maintenance margin level, the account may be frozen or liquidated until the customer deposits more money or margin-sufficient securities in the account to bring the equity above the maintenance margin level.

March Cycle:  Expirations in March, June, September, December (third month). Some options may have contracts in every month of the year, such as ETFs on the S&P 500. Options such as these are often used to hedge because they represent a group of stocks, the security is more constant.

MARGIN ACCOUNT: This is a brokerage account in which the broker lends the customer cash to purchase securities. The Federal Reserve limits margin borrowing to at most 50% of the amount invested. Some brokerages have even stricter requirements, especially for volatile stocks. 

MARGIN BALANCE: The amount a customer has borrowed, using equity or margin-sufficient securities as collateral, in his/her margin account.

MARGIN CALL: A broker's demand of an investor for additional equity in order to bring the margin deposits up to its required minimum level. Also called a "fed call" or "maintenance call" If the customer fails to deliver more equity to the account, their positions may be liquidated.

MARGIN REQUIREMENT: The minimum amount of equity required for an investor to deposit in an account to begin or maintain a position in stock or options. 

MARGIN: The amount of equity added by a customer as a percentage of the current market value of the stocks or option positions held in the customer's margin account. 

MARGIN-ELIGIBLE SECURITIES: These are securities that can be used as collateral in a margin account. Options are not margin-eligible securities.

MARKET (PRICE) ORDER: A buy or sell order in which the broker is to execute the order at the best price currently available. This is also called at the market. The Market order differs from other orders such as a limit order or stop order, because these orders specify requirements for the price or time of execution.

MARKET ARBITRAGE: This is the instantaneous purchase and sale of the same security in different markets to take advantage of price disparity between the two markets.

MARKET IF TOUCHED (MIT): This is a type of order that becomes a market order if and when a specific price is reached. A buy MIT order is placed below the market; and a sell MIT order is placed above the market. The order is submitted at the first available price after the specified price is reached.

MARKET MAKER: This is a term for a trader at an exchange who trades for his own account. They compete with each other to provide the best bid and ask prices for options to the public. 

MARKET ON CLOSE (MOC): A buy or sell order for stock or options at the end of the trading session. This order is to be executed at a price within the closing range of prices. Market on close orders must be placed at least 45 minutes before the close of that trading day.

MARKET: This is a quote that is a bid and ask price for a stock or option

MARK-TO-MARKET: This is the daily recording of the price or value of a security, portfolio, or account, to calculate profits and losses or to confirm that margin requirements are being met. 

MARRIED PUT: This is an option strategy to purchase a put option and the underlying stock on the same day. This is done to protect against depreciation in the stock's price. 

MERGER: This is the act of combining two or more corporations into one corporate entity. 

MINIMUM PRICE FLUCTUATION: This is the smallest possible increment of price movement for a stock or option. This can often be referred to as a "tick".

MODEL: A variety of option pricing models used to calculate the value of an option and calculate the "Greeks". Models normally use six factors in their calculations:  the volatility of the stock, the strike price, dividends, and the amount of time until the option expires interest rates, and the primary stock price. 

MONEY MARKET FUND: This is a type of mutual fund that invests low-risk, short-term, fixed-income securities. Note:  Although money market funds might consist of guaranteed securities money market funds are not federally insured. 

MULTIPLE LISTED: Having the same stock or option listed on two or more different financial exchanges. 

MULTIPLIER: Referring to a number used to calculate combined strike prices and premiums for options. The multiplier will affects profit and/or loss calculations on options positions.

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