Equity with Loan Value, abbreviated as either ELV or EWL, forms the basis for determining whether a client has the necessary assets to either initiate or maintain security positions.
The ELV formula for the securities segment of the Universal Account is as follows:
Cash + stock value + bond value + mutual fund value + European and Asian options value (excludes market value U.S. securities & futures options and cash maintained in futures segment).
Note
- EWL does not mean you have a margin loan.