An Intraday Margin Deficit (IMD) could occur when a maintenance margin deficiency exists at the time of, or immediately after, any of the following transactions in a margin account:
- Any purchase or sale effected in the account, including as the result of the exercise or assignment of an option, that has the effect of reducing the account’s excess liquidity
- The expiration of any option long in the account that has the effect of reducing the account’s excess liquidity
- Any withdrawal of cash or securities from the account.