股票指标期货 例子:以5&万500为标的物的股指期货, 份期货合约等于250美元乘以指数 股指期货以现金结算
◼ 股票指标期货 ◼ 例子：以S&P500为标的物的股指期货，一 份期货合约等于250美元乘以指数 ◼ 股指期货以现金结算
保证金制度 operation of margins 例子 个投资者在2000年6月3日通知其经纪人,在 纽约商品交易所购买2000年12月的黄金期货合 约两份。假设现时的期货价格为400美元/盎司 合约规模为100盎司
◼ 保证金制度operation of margins ◼ 例子 ◼ 一个投资者在2000年6月3日通知其经纪人，在 纽约商品交易所购买2000年12月的黄金期货合 约两份。假设现时的期货价格为400美元/盎司。 合约规模为100盎司
保证金帐户 margin account ■初始保证金 c initial margin 每份合约2000美元 盯市 marking to market 在当天交易结束时价格由400美元变为397美元 维持保证金 maintenance margin 每份合约1500美元 margin call
◼ 保证金帐户margin account ◼ 初始保证金initial margin ◼ 每份合约2000美元 ◼ 盯市marking to market ◼ 在当天交易结束时价格由400美元变为397美元 ◼ 维持保证金maintenance margin ◼ 每份合约1500美元 ◼ margin call
argin Futures Daily gain emulative Account Margin Price (Loss) Gain ( Loss) Balance Call Day(dollars) (dollars) (dollars) (dollars)(dollars) 400.00 4,000 39700 (600 3400 June4396.10 (180) (780) 3,220 June5398.20 420 (360) 3,640 Junc6397.10 (220) (580) 3,420 June739670(80) 3,340 june039540 260) 920) 3,080 June11393.30 (420) (1,340) 2.660 1,340 june2393.60 (1,280) 4,060 June339180(360) (1,640 3,700 June4392.70 180 (1460) 3880 June7387.00 (2600)2,740 1,260 june8387.00 0 (2600) 4,000 June19388.10220 (2,380) 4,220 June20388.70 120 (2,260) 4,340 June21391.00 4160 (1800) 4800 June24392.30 260 (1,540) 5,060
◼ Margin ◼ Futures Daily Gain Cumulative Account Margin ◼ Price (Loss) Gain(Loss) Balance Call ◼ Day (dollars) (dollars) (d01lars) (do11ars) (do11ars) ◼ 400.00 4,000 ◼ June 3 397.00 (600) (600) 3,400 ◼ June4 396.10 (180) (780) 3,220 ◼ June5 398.20 420 (360) 3,640 ◼ Junc6 397.10 (220) (580) 3,420 ◼ June7 396.70 (80) (660) 3,340 ◼ Junel0 395.40 (260) (920) 3,080 ◼ June11 393.30 (420) (1,340) 2,660 1,340 ◼ Junel2 393.60 60 (1,280) 4,060 ◼ Junel3 391.80 (360) (1,640) 3,700 ◼ Junel4 392.70 180 (1,460) 3,880 ◼ Junel7 387.00 (1,140) (2,600) 2,740 1,260 ◼ Junel8 387.00 0 (2,600) 4,000 ◼ June19 388.10 220 (2,380) 4,220 ◼ June20 388.70 120 (2,260) 4,340 ◼ June21 391.00 460 (1,800) 4,800 ◼ June24 392.30 260 (1,540) 5,060
The effect of the marking to market is that a futures contract is settled daily rather than all at the end of its life at the end of each day the investor's gain(loss is add to(subtracted from) the margin account. This brings the value of the contract back to zero a futures contract is, in effect closed out and rewritten at a new price each day
◼ The effect of the marking to market is that a futures contract is settled daily rather than all at the end of its life. At the end of each day, the investor’s gain(loss) is add to (subtracted from) the margin account. This brings the value of the contract back to zero. A futures contract is, in effect, closed out and rewritten at a new price each day