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YI YU · 2024年08月06日

Initial Margin

NO.PZ2020020601000015

问题如下:

A trader contacts a broker to enter into a futures contract to purchase 5,000 bushels of wheat for 600 cents per bushel. The initial margin is USD 3,000, and the maintenance margin is USD 2,000. Under what circumstance is the trader required to provide more margin? How much mar-gin is required? Under what circumstances can USD 500 be withdrawn from the margin account?

选项:

解释:

The trader is required to provide more margin if more than USD 1,000 is lost from the margin account. This will happen if the price of wheat falls by more than 20 cents because variation margin will then have reduced the margin balance by more than 5,000 * 20 cents = USD 1,000. The trader is required to bring the balance in the margin account up to the initial margin level of USD 3,000. USD 500 can be withdrawn from the margin account if the price rises by 10 cents or more (5,000 * 610 cents = USD 30,500, which is USD 500 more than the required initial margin of USD 30,000).

老师好。

答案说当 价格increase10 cents, 就会高于initial margin 30,000. 但是initial margin不是3,000么?

1 个答案

pzqa27 · 2024年08月06日

嗨,爱思考的PZer你好:


解析的意思是当小麦的价格上涨10美分时,我们可以保证金账户里的钱会多出500美金,这样保证金账户里有3500美金,超过了IM3000美金,其中500美金可以从保证金账户里取出。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2020020601000015 问题如下 A trar contacts a broker to enter into a futures contrato purchase 5,000 bushels of whefor 600 cents per bushel. The initimargin is US3,000, anthe maintenanmargin is US2,000. Unr whcircumstanis the trar requireto provi more margin? How mumar-gin is require Unr whcircumstances cUS500 withawn from the margin account? The trar is requireto provi more margin if more thUS1,000 is lost from the margin account. This will happen if the priof whefalls more th20 cents because variation margin will then have recethe margin balanmore th5,000 * 20 cents = US1,000. The trar is requireto bring the balanin the margin account up to the initimargin level of US3,000. US500 cwithawn from the margin account if the pririses 10 cents or more (5,000 * 610 cents = US30,500, whiis US500 more ththe requireinitimargin of US30,000). 题干中是Purchase futuresUnr whcircumstances cUS500 withawn from the margin account?的答案中的价格上涨10美分,应该是价格下降吧?US500 cwithawn from the margin account if the pririses 10 cents or more (5,000 * 610 cents = US30,500, whiis US500 more ththe requireinitimargin of US30,000).谢谢老师解答。

2023-02-01 14:24 1 · 回答

The trar is requireto provi more margin if more thUS1,000 is lost from the margin account.  This will happen if the priof whefalls more th20 cents because variation margin will then have recethe margin balanmore th5,000 * 20 cents = US1,000.  ——不是很理解,明明是持有futures to sell,是一个空头,为什么跌的时候还不挣钱。 而且wheat跌20cent,现货实际也只跌了1000,futures是保证金交易,保证金的变动应该远少于这1000才对。 就比如用股指期货交易,当合约亏很大时,期货的保证金变动是按比例算的;当保证金变动很大时,期货的合约变动就极其巨大了。 这道题不懂,盼复,谢谢。

2020-03-22 21:17 1 · 回答