Фьючерсийн гэрээ, түүний үнийн бүтэц

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, . - 1800 , 1973 .

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5/25/2012MACE5 - Margin , . , .

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5/25/2012MACE6 & TimeBuyerSellerVolumeOpen InterestFutures priceContract valueDaily profit or lossMargin Cash FlowABCDABCD1AB113.0015000-750-7502CA213.0315150150-150750-7503CD322.9614800350-350-750-7504BC412.96148007507505DC503.0015000200-200750750Total150200-150-20000005/25/2012MACE7Table 1. Example of trading in futures and associated cash flowsMargin deposits are required from both the buyer and the seller. We assume a constant margin deposit of $750 (5%)2012 09 2012-5-02- 1 2208 . =10 .

2012-5-22- 2107 =(2107-2208)*10=-1010 . 5/25/2012MACE85/22/2012 Hard White Wheat (WT)ProductOpenHighLowSettleNetChgWT2092126212620942107-155/02/2012 Hard White Wheat (WT)ProductOpenHighLowSettleNetChgWT2092218222222042208-10 . (futures price), (spot price) .Ft = St

. = + = (Ft-St) + (St-Sit)Ft = St + BB (, , , ) +

, , .5/25/2012MACE9Ft=St . Ft < St , . Ft > St , , . 9 . .

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5/25/2012MACE10

5/25/2012MACE11