One main thing with options is premium can become zero in one day, suppose you have 1 lakh worth stock, after haircut you got 90k as collateral. Imagine if you bought options on expiry day worth of 90k, it can easily become zero, and at same time if pledged stock has fallen 20%, the risk of client losing more money than what he pledged is immense, this can result in major defaults and can result in systemic risk.
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