Restriction Rules
Each rule presents metrics and settings used to define the threshold that will trigger action on an order. You can specify whether rules will "Restrict" or "Allow" trading, and whether "Any" or "All" rules must be met to trigger a restriction. The associated time in force specifies how long the rule will remain active. Add rules in the second step of creating a restriction. You can add the following rules to a restriction:
Minimum Holding Period (Special Restriction)
The Holding Period rule will prevent users from placing CLOSING ORDERS earlier than dictated by the applied Minimum Holding Period restriction. The holding period is defined by a specific number of calendar days from the trading day, and may also specify the type of position (long, short, or all) and the entity to restrict (Underlying or Issuer).
Note that while other restrictions allow you to choose from nine or more available rules and to apply them to either restrict trading or notify only, the special Minimum Holding Period rule only allows the Holding Period rule to be applied, and it always restricts trading.
Net Margin
Choose to set a threshold for Excess Liquidity or Margin (via the Margin Cushion metric). This rule will be met if an order would cause the selected metric to fall below the specified threshold.
Liquidation/Closing Only
Restricts trades to either liquidating or position-closing trades only. This rule will be met if an order would result in establishing a new or increasing an existing position.
Issuer of Symbol
This rule will be met if an order on the specified issuer is submitted on the selected order side (Buy, Sell, Sell Short or All).
If you select a stock or index, all of its derivatives are also restricted (options, futures, etc). For bonds, the ISIN listed may be just one of many matches.
For supported products, you can check "Make Non-Marginable" to restrict them from being used as collateral, for example to cover open option positions, or be leveraged to provide the account with additional buying power.
Symbol (Underlying)
This condition will be met if an order on the specified symbol is submitted on the selected order side. If you select a stock or index, all of its derivatives are also restricted (options, futures, etc).
Limit Initial Margin
This condition will be met if an order would cause the amount of initial margin to exceed the specified Amount/Percentage of NLV.
Product or Security Type
This condition will be met if an order uses the specified product or security type.
Security types include: Stock, Options, Futures, Forex, Bonds, Futures Options, Commodity (Metals), Mutual Funds, Forward Contracts, Bills, Structure Products (iOPT), Warrants, and Combinations.
Product types include: US OTC (Penny) Securities, Foreign (Non US) Securities, American Depository Receipts (ADRs), Exchange Traded Funds (ETFs), Inverse ETFs, Leveraged ETFs,
For supported products, you can check "Make Non-Marginable" to restrict them from being used as collateral, for example to cover open option positions, or be leveraged to provide the account with additional buying power.
The associated time in force specifies how long the rule will remain active.
Custom Trading Hours
This condition will be met if an order is submitted within the specified time range. The associated time in force specifies how long the rule will remain active
Orders by Side
This condition will be met if an order using the specified order side (Buy, Sell, Sell Short or All) is submitted.
No Negative Cash
Negative trade day cash balance is not allowed.
Days to Expiration
This condition will be met if the number of days to expiration for the contract meets the specified "relation" criteria, e.g. if criteria states number of days to expiration is less than 5, and the contract expires in 4 days, trade will be rejected.