**No stop**

Number of shares x share price x margin percentage

E.g. 1000 Vodafone shares at a price of £1.94:

1000 x 1.94 x 5% = £97 margin

**Stop**

(Margin for equivalent trade with no stop x slippage factor) + value per point* x stop distance

E.g. 1000 Vodafone shares at price of £1.94, with a non-guaranteed stop 3 points away:

(£97 x 30% + (£10 x 3) = £59.10 margin

* Note: 100 UK shares = £1 per point, 100 US shares = $1 per point, 100 Euro shares = €1 per point etc

**Guaranteed stop**

The **larger figure** of the two calculations below:

- Value per point x stop distance (in points) + limited risk premium
- Number of shares x share price x margin percentage (%)

Eg 1000 Vodafone at a price of £1.94, with a guaranteed stop 11 points away and 0.3% limited risk premium.

**Calculation 1:** (£10 x 11) + (1000 x £1.94 x 0.003) = £115.82 margin

**Calculation 2: **1000 x £1.94 x 5% = £97 margin

So margin requirement is **£115.82** (the larger figure of the two).