# What Prevents Cross-Margining between a SPAN Account and a Portfolio Margin Account? ▴ Question

**Published:** 2025-08-14
**Categories:** Question

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## Concept

The inability to cross-margin between a SPAN (Standard Portfolio Analysis of Risk) account and a [Portfolio Margin](https://prime.greeks.live/area/portfolio-margin/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (PM) account stems from their fundamentally divergent origins and risk-assessment philosophies. These systems were engineered to solve different problems for different asset classes under disparate regulatory bodies. A SPAN account, predominantly used for futures and options on futures, operates under a prescriptive, scenario-based framework developed by the Chicago Mercantile Exchange (CME). It calculates potential losses by applying a standardized set of hypothetical market scenarios ▴ or [risk arrays](https://prime.greeks.live/area/risk-arrays/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ to a portfolio.

This method is computationally efficient and provides a consistent, predictable [margin requirement](https://prime.greeks.live/question/how-does-the-bilateral-margin-requirement-for-uncleared-derivatives-impact-the-loss-allocation-waterfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) based on predefined parameters of price and volatility shifts. Its design prioritizes the unique risk characteristics of futures contracts, such as daily settlement cycles and the nature of leveraged derivatives.

Conversely, a [Portfolio Margin account](https://prime.greeks.live/question/can-a-portfolio-margin-account-ever-require-more-margin-than-a-traditional-account/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which is available for equities and equity options, employs a holistic, risk-based methodology. Instead of using standardized scenarios, PM systems like the Theoretical Intermarket Margining System (TIMS) used by the Options Clearing Corporation (OCC) perform a full revaluation of the entire portfolio under a wide range of simulated market conditions. This approach is designed to capture the net risk of a portfolio by recognizing the complex correlations and offsetting characteristics between related securities. The margin requirement is set to the largest potential loss calculated across these numerous stress tests.

This dynamic and comprehensive [risk assessment](https://prime.greeks.live/area/risk-assessment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides a more accurate, and often lower, margin requirement for well-hedged portfolios, reflecting the true economic risk of the combined positions. The core distinction lies in their design focus ▴ SPAN is built for the specific structure of futures markets, while PM is tailored to the interconnected risk profiles of equity and derivative securities.

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## Strategy

The strategic barriers preventing the amalgamation of SPAN and Portfolio Margin frameworks are rooted in regulatory and methodological chasms. Each system operates within a distinct regulatory domain, creating a formidable firewall. SPAN margining for futures falls under the purview of the [Commodity Futures Trading Commission](https://prime.greeks.live/question/how-does-the-role-of-a-futures-commission-merchant-differ-from-a-bilateral-swap-counterparty/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CFTC), while Portfolio Margin for securities is governed by the [Securities and Exchange Commission](https://prime.greeks.live/area/securities-and-exchange-commission/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SEC) and Financial Industry Regulatory Authority (FINRA). These agencies have established separate rules for customer protection, asset segregation, and clearinghouse operations that are tailored to the specific risks of the asset classes they oversee.

For instance, the treatment and distribution of customer property in the event of a firm’s default are handled differently under [CFTC](https://prime.greeks.live/area/cftc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) rules for futures accounts compared to SEC rules (and SIPA protection) for securities accounts. Overcoming this requires complex legal agreements and specific regulatory exemptions, which have been granted only in limited, highly controlled [cross-margining](https://prime.greeks.live/area/cross-margining/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) programs between specific clearinghouses for closely related products.

> The fundamental incompatibility arises because SPAN uses a static, formulaic risk assessment, while Portfolio Margin employs a dynamic, holistic simulation.

Methodologically, the two systems are akin to speaking different languages of risk. SPAN’s reliance on a fixed set of 16 scenarios provides a standardized, but less nuanced, view of risk. Portfolio Margin’s approach, which can involve thousands of pricing scenarios, offers a far more granular and portfolio-specific risk assessment.

This difference is not merely a matter of degree; it reflects a fundamental disagreement on how risk should be modeled. Merging them would be akin to trying to average a prescriptive formula with a dynamic simulation ▴ the result would be logically incoherent and fail to meet the stringent risk management standards of either regulator.

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## Comparative Risk Calculation Frameworks

The table below outlines the core differences in the calculation methodologies, highlighting the technical and philosophical divides that prevent a straightforward integration.

| Feature | SPAN Margin | Portfolio Margin |
| --- | --- | --- |
| Primary Asset Class | Futures and Options on Futures | Equities and Equity Options |
| Regulatory Body | Commodity Futures Trading Commission (CFTC) | Securities and Exchange Commission (SEC) |
| Risk Methodology | Standardized Scenario Analysis (Risk Arrays) | Stress Testing & Full Portfolio Revaluation |
| Core Calculation | Calculates potential loss based on 16 predefined scenarios of price and volatility shifts. | Simulates thousands of market outcomes to find the greatest potential one-day loss. |
| Offset Recognition | Limited to specific, predefined inter-commodity and inter-month spread credits. | Broad recognition of offsets between any correlated products within the approved classes. |
| Computational Approach | Prescriptive and formula-based. | Dynamic and simulation-based. |

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## The Regulatory Divide

The separation of regulatory oversight creates operational silos that are difficult to bridge. A broker-dealer must adhere to completely different sets of rules for holding customer funds and positions for securities versus futures. The legal frameworks governing these accounts are distinct, impacting everything from reporting requirements to bankruptcy proceedings.

- **Securities Accounts (Portfolio Margin)** ▴ Governed by [SEC](https://prime.greeks.live/area/sec/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) rules, including Rule 15c3-3 (Customer Protection Rule), and protected by the Securities Investor Protection Corporation (SIPC). These rules have specific requirements for segregating customer securities and cash. 

- **Futures Accounts (SPAN)** ▴ Governed by CFTC regulations, which mandate segregation of customer funds under Part 190 of the Bankruptcy Code. The protections and legal standing of customers are different from those under SIPA. 

- **Cross-Margining Programs** ▴ Approved cross-margining arrangements, such as the one between OCC and CME, require special legal structures, like joint clearing accounts, and often are limited to sophisticated market participants who may have to agree to specific terms, such as opting out of SIPA protection for the cross-margined portfolio. 

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## Execution

On an operational level, the execution of margin calculations for SPAN and Portfolio Margin accounts reveals their profound incompatibility. The data inputs, computational logic, and risk outputs are so fundamentally different that they cannot be merged into a single, coherent calculation. A SPAN calculation begins with a set of parameters provided by the exchange, known as the SPAN risk array. This array contains values representing how a specific contract will gain or lose value under 16 standardized scenarios of price movement and volatility changes.

The system scans the portfolio, applies these values, calculates the loss for each of the 16 scenarios, and the largest calculated loss becomes the margin requirement. The process is deterministic and uniform for all participants holding that contract.

> A unified margin system is prevented by the foundational conflict between SPAN’s standardized risk arrays and Portfolio Margin’s dynamic, full-portfolio stress tests.

In contrast, the execution of a Portfolio Margin calculation is a far more intensive and customized process. The system does not rely on a simple set of predefined loss values. Instead, it takes the actual positions in the account and re-prices every single one across a vast grid of potential market scenarios. For an equity options portfolio, this means calculating the theoretical price of each option contract at various underlying price points (e.g. from -20% to +20%) and at different levels of implied volatility.

The system then aggregates the profit or loss for the entire portfolio in each scenario. The final margin requirement is the single largest loss identified across this entire matrix of outcomes. This method captures the unique, non-linear risk profile of the specific portfolio, including complex inter-relationships that SPAN’s standardized model is not designed to see.

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## Operational Mechanics of Risk Assessment

The following table breaks down the step-by-step process of each margin calculation, illustrating the divergent paths they take from data input to final requirement. This operational chasm is the ultimate barrier to cross-margining at the account level without a specific, regulator-approved bridging program.

| Operational Step | SPAN Margin Execution | Portfolio Margin Execution |
| --- | --- | --- |
| 1. Initial Data Input | Receives exchange-provided SPAN risk parameter files (risk arrays) for each contract. | Ingests real-time position data, market prices, and implied volatilities for all securities in the account. |
| 2. Risk Scenario Definition | Applies 16 fixed scenarios ▴ price scans (e.g. +/- 33%, +/- 66%, +/- 100% of a scanning range) combined with volatility shifts. | Generates a grid of thousands of scenarios, typically shocking the underlying price (e.g. in 1% increments) and implied volatility. |
| 3. Portfolio Valuation | Looks up the pre-calculated profit/loss value from the risk array for each position and each of the 16 scenarios. | Performs a full re-pricing of every option and stock position for each of the thousands of scenarios using an options pricing model (e.g. Black-Scholes). |
| 4. Offset Calculation | Applies explicit, pre-defined spread credits for recognized combinations (e.g. calendar spreads, intercommodity spreads). | Implicitly calculates offsets as the net profit/loss of the entire portfolio is aggregated in each scenario. No explicit credits are needed. |
| 5. Final Margin Determination | The margin requirement is the largest loss found among the 16 scenarios, after applying spread credits. | The margin requirement is the single worst-case net loss identified across the entire grid of thousands of simulated scenarios. |

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## A Tale of Two Portfolios

Consider a hypothetical portfolio containing two positions:

- **Position A** ▴ Short 10 S&P 500 futures contracts (governed by SPAN). 

- **Position B** ▴ Long 1000 SPY (S&P 500 ETF) call options (governed by Portfolio Margin). 

These positions are highly correlated and economically offsetting; a rise in the S&P 500 would cause losses in the short futures position but gains in the long call options. A true risk assessment would recognize this hedge. However, in separate SPAN and PM accounts, this offset is invisible.

- **The SPAN Account** ▴ The SPAN system would look only at the short futures. It would apply its standard risk arrays and demand a significant margin deposit to cover the potential loss if the market were to rally sharply. It has no visibility into the offsetting options position held in the securities account. 

- **The Portfolio Margin Account** ▴ The PM system would analyze the long call options. While the risk on a long option position is limited to the premium paid, the account would still be margined based on its own risk characteristics, completely ignorant of the futures hedge sitting in another regulatory silo. 

The inability to view these two positions as a single, hedged portfolio forces the trader to post two separate, and significantly larger, margin requirements. The [capital efficiency](https://prime.greeks.live/area/capital-efficiency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that cross-margining promises is lost due to the operational and regulatory walls between the two systems. Bridging this gap requires a third, overarching framework ▴ a specific cross-margin agreement ▴ that has been sanctioned by both the SEC and CFTC to look into both accounts simultaneously and apply a unified risk logic, such as the [STANS](https://prime.greeks.live/area/stans/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) model used by the OCC for its approved programs. Without this explicit bridge, the two accounts remain isolated islands of risk.

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## References

- Federal Deposit Insurance Corporation. “The Future of Portfolio Margining.” 2012.

- Interactive Brokers. “Overview of Margin Methodologies.” IBKR Guides, 2024.

- Options Clearing Corporation. “OCC – Cross Margin Programs.” Accessed 2024.

- Cboe Global Markets. “Portfolio Margining.” Accessed 2024.

- Fixed Income Clearing Corporation & Chicago Mercantile Exchange. “FICC-CME Customer Position Cross-Margining Structure.” 2014.

- Donohue, C. (2010). The OCC. The Journal of Corporation Law, 35(4), 849-860.

- Kroszner, R. S. (2006). The-Role-of-Clearinghouses-Regulatory-and-Oversight-Issues-and-the-Way-Forward. The Federal Reserve Board.

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## Reflection

Understanding the division between SPAN and Portfolio Margin moves beyond a technical comparison of risk models. It prompts a deeper consideration of an entire operational framework. The existence of these separate, non-communicating systems is a direct reflection of a [market structure](https://prime.greeks.live/area/market-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) built on historical asset class distinctions rather than on a holistic view of portfolio risk. For an institution, recognizing this structural boundary is the first step.

The subsequent, more critical step is to architect a capital and risk management strategy that accounts for these divisions. The knowledge that these systems are incompatible is not an endpoint; it is the foundational data point upon which a more sophisticated, and ultimately more efficient, operational design can be built. The ultimate objective is to structure activities in a way that either works optimally within these silos or selectively utilizes the specific, sanctioned bridges that have been painstakingly constructed between them.

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## Glossary

<a href="https://prime.greeks.live/area/portfolio-margin/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Portfolio Margin

Meaning ▴ Portfolio Margin is a risk-based margin calculation methodology that assesses the aggregate risk of a client's entire portfolio, rather than treating each position in isolation. </a><a href="https://prime.greeks.live/area/risk-arrays/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Risk Arrays

Meaning ▴ A Risk Array constitutes a structured, multidimensional data construct designed to encapsulate and present a comprehensive view of risk parameters across a portfolio or specific trading positions within the institutional digital asset derivatives domain. </a><a href="https://prime.greeks.live/question/how-does-the-bilateral-margin-requirement-for-uncleared-derivatives-impact-the-loss-allocation-waterfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Margin Requirement

Bilateral margin requirements re-architect the loss waterfall by inserting a senior, pre-funded collateral layer that ensures rapid recovery and minimizes systemic contagion. </a><a href="https://prime.greeks.live/question/can-a-portfolio-margin-account-ever-require-more-margin-than-a-traditional-account/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Portfolio Margin Account

A portfolio margin account's risk-based stress tests can demand more capital than traditional rules for highly concentrated, volatile positions. </a><a href="https://prime.greeks.live/area/risk-assessment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Risk Assessment

Meaning ▴ Risk Assessment represents the systematic process of identifying, analyzing, and evaluating potential financial exposures and operational vulnerabilities inherent within an institutional digital asset trading framework. </a><a href="https://prime.greeks.live/question/how-does-the-role-of-a-futures-commission-merchant-differ-from-a-bilateral-swap-counterparty/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Commodity Futures Trading Commission

An FCM is a regulated agent for standardized, exchange-traded derivatives; a swap counterparty is a principal in a private, bespoke OTC contract. </a><a href="https://prime.greeks.live/area/securities-and-exchange-commission/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Securities and Exchange Commission

Meaning ▴ The Securities and Exchange Commission, or SEC, operates as a federal agency tasked with protecting investors, maintaining fair and orderly markets, and facilitating capital formation within the United States. </a><a href="https://prime.greeks.live/area/cross-margining/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Cross-Margining

Meaning ▴ Cross-margining constitutes a risk management methodology where margin requirements are computed across a portfolio of offsetting positions, instruments, or accounts, typically within a single clearing entity or prime brokerage framework. </a><a href="https://prime.greeks.live/area/cftc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Cftc

Meaning ▴ The Commodity Futures Trading Commission (CFTC) functions as an independent agency of the United States government, vested with the authority to regulate the U.S. </a><a href="https://prime.greeks.live/area/sec/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Sec

Meaning ▴ The Securities and Exchange Commission, or SEC, constitutes the primary federal regulatory authority responsible for administering and enforcing federal securities laws in the United States. </a><a href="https://prime.greeks.live/area/capital-efficiency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Capital Efficiency

Meaning ▴ Capital Efficiency quantifies the effectiveness with which an entity utilizes its deployed financial resources to generate output or achieve specified objectives. </a><a href="https://prime.greeks.live/area/stans/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Stans

Meaning ▴ STANS, an acronym for Systemic Transaction Analytics Network Service, defines a core computational module engineered for the real-time ingestion, normalization, and analytical processing of trade execution data across diverse digital asset venues. </a><a href="https://prime.greeks.live/area/market-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Market Structure

Meaning ▴ Market structure defines the organizational and operational characteristics of a trading venue, encompassing participant types, order handling protocols, price discovery mechanisms, and information dissemination frameworks. </a>

**Tags:** [SPAN Margin](https://options.greeks.live/area/span-margin/), [Options Margining](https://options.greeks.live/area/options-margining/), [Securities and Exchange Commission](https://options.greeks.live/area/securities-and-exchange-commission/), [Cross-Margining](https://options.greeks.live/area/cross-margining/), [STANS](https://options.greeks.live/area/stans/), [Capital Efficiency](https://options.greeks.live/area/capital-efficiency/)	

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- 
### [Bitcoin Breaches $126k All-Time High amid Political Stalemate](https://options.greeks.live/news/bitcoin-breaches-126k-all-time-high-amid-political-stalemate/)
![A metallic ring, symbolizing a tokenized asset or cryptographic key, rests on a dark, reflective surface with water droplets. This visualizes a Principal's operational framework for High-Fidelity Execution of Institutional Digital Asset Derivatives. It embodies an RFQ Protocol ensuring precise Price Discovery, Atomic Settlement, and optimal Capital Efficiency within a robust Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

This pricing event signals a systemic shift in asset allocation, positioning Bitcoin as a primary safe-haven protocol for institutional capital.

- 
### [What Are the Core Differences between Margin Systems in Crypto versus Traditional Financial Markets?](https://options.greeks.live/question/what-are-the-core-differences-between-margin-systems-in-crypto-versus-traditional-financial-markets/)
![A sophisticated teal and black device with gold accents symbolizes a Principal's operational framework for institutional digital asset derivatives. It represents a high-fidelity execution engine, integrating RFQ protocols for atomic settlement. This intelligence layer optimizes price discovery, managing portfolio margin and ensuring best execution in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

Crypto margin is a real-time, automated liquidation protocol; traditional margin is a periodic, human-intervened request for collateral.

- 
### [How Does the TIMS Calculation Differ from the SPAN Methodology for Futures?](https://options.greeks.live/question/how-does-the-tims-calculation-differ-from-the-span-methodology-for-futures/)
![An abstract visual depicts a central intelligent execution hub, symbolizing the core of a Principal's operational framework. Two intersecting planes represent multi-leg spread strategies and cross-asset liquidity pools, enabling private quotation and aggregated inquiry for institutional digital asset derivatives. Underlying blocks signify robust portfolio margin and atomic settlement infrastructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

TIMS values a portfolio's holistic risk via dynamic simulation, while SPAN uses standardized scenarios for capital-efficient futures margining.

- 
### [How Can a DeFi Protocol Replicate the Capital Efficiency of a Traditional Portfolio Margin Account?](https://options.greeks.live/question/how-can-a-defi-protocol-replicate-the-capital-efficiency-of-a-traditional-portfolio-margin-account/)
![Geometric planes, light and dark, interlock around a central hexagonal core. This abstract visualization depicts an institutional-grade RFQ protocol engine, optimizing market microstructure for price discovery and high-fidelity execution of digital asset derivatives including Bitcoin options and multi-leg spreads within a Prime RFQ framework, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-architecture.jpg)

A DeFi protocol replicates portfolio margin efficiency via a risk engine that nets multi-asset exposures to reduce collateral requirements.

- 
### [Which Margin System Offers Greater Capital Efficiency for a Complex Options Spreads Portfolio?](https://options.greeks.live/question/which-margin-system-offers-greater-capital-efficiency-for-a-complex-options-spreads-portfolio/)
![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

For complex options spreads, a risk-based system like Portfolio Margin or SPAN offers superior capital efficiency by assessing net portfolio risk.

- 
### [What Are the Primary Differences in the Technological Stack for Equity versus Crypto Options Execution?](https://options.greeks.live/question/what-are-the-primary-differences-in-the-technological-stack-for-equity-versus-crypto-options-execution/)
![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

The core technological divergence is between an intermediated, standardized stack for equities and a vertically integrated, API-driven one for crypto.

- 
### [What Are the Core Components of a FINRA-Compliant Portfolio Margin Risk Methodology?](https://options.greeks.live/question/what-are-the-core-components-of-a-finra-compliant-portfolio-margin-risk-methodology/)
![A geometric abstraction depicts a central multi-segmented disc intersected by angular teal and white structures, symbolizing a sophisticated Principal-driven RFQ protocol engine. This represents high-fidelity execution, optimizing price discovery across diverse liquidity pools for institutional digital asset derivatives like Bitcoin options, ensuring atomic settlement and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-prime-os.jpg)

A FINRA-compliant portfolio margin methodology is a risk-based system calculating margin from the greatest simulated loss across various scenarios.

- 
### [How Does SPAN’s Portfolio Approach Enhance Capital Efficiency for Hedged Strategies?](https://options.greeks.live/question/how-does-spans-portfolio-approach-enhance-capital-efficiency-for-hedged-strategies/)
![Sleek, abstract system interface with glowing green lines symbolizing RFQ pathways and high-fidelity execution. This visualizes market microstructure for institutional digital asset derivatives, emphasizing private quotation and dark liquidity within a Prime RFQ framework, enabling best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives.jpg)

SPAN's portfolio approach enhances capital efficiency by calculating margin on the net risk of an entire portfolio, not the sum of its parts.

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---

**Original URL:** https://options.greeks.live/question/what-prevents-cross-margining-between-a-span-account-and-a-portfolio-margin-account/
