Required margin is the upfront estimate you see for the basket before you execute it. Final margin is what's actually needed once the orders execute one after another — it can come out lower than the initial estimate if an earlier leg in the sequence hedges a later one.
Why would the final margin be different from the required margin?
Margin for some positions — like an option or future — can depend on what else you already hold. If your basket has, say, a hedged option strategy, placing one leg first can reduce the margin needed for the next leg once it goes on top of an existing position. Since your basket's orders execute one at a time in the sequence you set, the margin actually charged updates leg by leg rather than staying fixed at the amount first estimated.
Does the order sequence matter?
Yes. Placing buy option orders first, before the rest of the basket, is generally the cheaper path — it tends to lower the required margin for the options orders that follow, compared to executing them first. Use the Reorder option in the basket to control which leg goes first.
Things to keep in mind
- The required margin shown before execution is an estimate for the basket as configured — treat it as a starting point, not a guarantee of what you'll be charged.
- Make sure you have enough available margin to cover the higher of the two figures before executing, so a mid-sequence shortfall doesn't stop the basket partway through.