NO.PZ201601050100000301
问题如下：
For Subscriber 1, the most significant factor to consider would be:
选项：
A.margin requirements.
B.transaction costs of using futures contracts.
C.different quoting conventions for future contracts.
解释：
A is correct.
Exchange-traded futures contract not only have initial margin requirements, they also have daily mark-to-market and, as a result, can be subject to daily margin calls. Market participants must have sufficient liquidity to meet margin calls, or have their positions involuntarily liquidated by their brokers. Note that the risk of daily margin calls is not a feature of most forwards contracts; nor is initial margin. (However, this is changing among the largest institutional players in FX markets as many forward contracts now come with what are known as Collateral Support Annexes—CSAs—in which margin can be posted. Posting additional margin would typically not be a daily event, however, except in the case of extreme market moves.)
B is incorrect because futures contracts have low transactions costs. C is incorrect because whether the EUR is the price or the base currency in the quote will not affect the hedging process. In fact, on the CME the quote would be the market-standard USD/EUR quote, with the EUR as the base currency.
中文解析：
根据题干信息可知，subscriber 1是一个法国人，现在持有外币美元资产，想使用期货合约（futures）来保护自己的外币资产头寸。
使用期货合约来进行外汇管理的时候，最需要考虑的是保证金的问题，因为期货合约是每日盯市每日结算的，一旦保证金不足，就有可能被强制平仓掉。所以A选项是正确的。
B选项提及的交易成本问题并不是期货合约需要考虑的，期货合约是场内交易的标准化合约，交易成本很低。
C选项提及的报价形式更不是我们使用期货合约需要考虑的问题，属于凑选项的。
rt
