Hi A conversion, long stock and short synthetic stock, it is a debit strategy. I am confused about a coupple of things, margin requirement and the impact that the strategy has in the Equity with loan. E.g. A conversion in Xle for which I pay 72.00 _ My Equity with loan increases , what is the reason ? _ The initial margin required by the broker is 2,200.00 and the maintenance margin is 1,100.00 But, why is the margin so high, What are the real risks for that strategy ? It seems a strategy with no risk. I don't understand why that margin. thanks.