piggymouse | [quote,finance] QotD (Reply)

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(e) Exceptions to Rule

The foregoing requirements of this Rule are subject to the following exceptions:

(1) Offsetting Long and Short Positions. — When a security carried in a "long" position is exchangeable or convertible within a reasonable time, without restriction other than the payment of money, into a security carried in a "short" position for the same customer, the margin to be maintained on such positions shall be 10% of the current market value of the "long" securities. When the same security is carried "long" and "short" the margin to be maintained on such positions shall be 5% of the current market value of the "long" securities. In determining such margin requirements "short" positions shall be marked to the market.