It is April 15, and a trader is entered into a short
position in two soybean meal futures contracts. The contracts expire on August
15, and call for the delivery of 100 tons of soybean meal each. Further, because
this is a futures position, it requires the posting of a $3000 initial margin
and a $1500 maintenance margin per contract. For simplicity, however, assume
that the account is marked to market on a monthly basis. Assume the following
represent the contract delivery prices (in dollars per ton) that prevail on each
settlement date:
April 15 (initiation)
May 15
June 15
July 15
August 15 (delivery)
173.00
179.75
189.00
182.50
174.25
单选题
What is the equity value of the margin account on the May 15 settlement date, including any additional equity that is required to meet a margin call?
【正确答案】
A
【答案解析】Total margin = 2 × 3000 = $6000. Total price change = 179.75 - 173.00 = $6.75 per ton. $6.75 per ton × 200 tons = $1350. Since this is a short position, the margin account will decrease by $1350. $6000- $1350= $4650.
单选题
Based on the May 15 settlement date, which of the following is TRUE? A. Since the equity value fell below the maintenance level, a variation margin is called. B. Due to the fact that the equity value falls below the initial margin, a variation margin is called to restore the equity value of the account to it's initial level. C. The equity value falls below the initial margin.
【正确答案】
C
【答案解析】The equity value falls below the initial margin, but since the equity value does not fell below the maintenance level, a variation margin is not called