For haircut margin, the maintenance margin will change with the index level. Is it MTM? So we still need to have a cushion for the margin change.
I am still using ameritrade as my option broker. I found many people use TOS or IB here. Can anyone tell me the difference? Currently I am looking to have streaming option quotes (Level II), and streaming greeks, and want to have a DDE link to excel. If I can get a historial IV for individual stocks, that will be great.
Tradestation is a good all around broker for futures and charting combined. Thinkorswim now has great charts along with futures trading and I think you can trade off the charts now as well.
Haircuts are obtained by being a member of a JBO (joint back office). You can either start your own JBO or join one. It's pretty cost intensive to start and maintain your own JBO so the better route is to join one. Some prop firms have JBO status, some do not. If you join a prop firm that has a JBO setup, you need to become a member of both that JBO and the exchange in which they are affiliated with.
I run the Chicago office for a prop firm based out of SF. There is quite a bit of info on ET if you do a search for haircuts and prop firms. You can also google it.
Mav talks a lot about Joint Back Offices. Unfortunatley I found out he mainly smokes joints in the back office . Sorry Mav, too easy to pass up..
Haircuts are calculated daily. So yes, like span, they change as the underlying moves up and down and as times goes by. The problem with span is that the margin levels themselves can change and quite dramatically around volatile events or volatile markets. They can double or triple overnight. So if you use span too aggressively, you could be in a situation where you have no control over your position.
Cache & Richard, thanks for your responses/inputs. Hopefully the no 25 bp crank is built in and the SPX won't go too crazy after 8/8.