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Je signale encore une fois que, même s’il n’y avait eu aucun appel antérieur de marge, les deux intimés n’ignoraient pas la condition relative au maintien d’une marge de 35% (et s’y étaient conformés dans le passé); ils savaient très bien que, vu la forte hausse des cours, leur marge était déficitaire et qu’ils étaient tenus d’effectuer des versements.
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The circumstances of this case show that the margin requirements of the appellant were not met and that it considered or deemed the covering purchases necessary for its protection. I again point out that, even if no call had been previously made, both respondents were fully aware of (and had previously complied with) the 35% maintenance requirement; knew well that because of the substantial rise in the market price they were undermargined and were obligated to make payments. However, they categorically rejected that obligation by repudiating the transactions and demanding immediate return of all moneys previously paid. A formal call may be the best way to show a “requirement”, but the contract does not so stipulate and, in fact, specifically provides that no notice or demand is required before the power may be exercised. In my opinion, a call was not required in view of the respondents’ knowledge and their actions as above indicated. Again, where customers have definitively and formally, individually and by their solicitor, repudiated their respective short sales when the market was at its height, and said, in effect, “we will have no part of these transactions, they must be treated as your own”, I find it
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