The dollar amount of equity in an investor's brokerage margin account that is in excess of what is necessary for meeting either initial margin or maintenance margin requirements. An investor with $30,000 of unmargined securities has an excess initial margin of $15,000 (with Regulation T margin of 50%) and an excess maintenance margin of $22,500 (if the maintenance requirement is 25%). Excess margin may be withdrawn or used to purchase more securities. See also special miscellaneous account.
