The market value of your assets is determined by the financial markets around the world. As securities are subject to fluctuations in value, Lombard loans are not granted on 100% of their market value. UBS therefore deducts a security margin from the market value of your assets to calculate their current lending value – indicating how much you are able to borrow. This is why the lending value is always lower than the market value of your assets. The security margin is set in UBS's sole discretion and subject to change at any time.