请高手帮忙翻译为中文:
ps:谷歌、163,金山词霸等在线翻译或机器翻译的就免了,请高手帮忙下,谢谢了!
Margin Accounts and Marking Market
To reduce the risk it faces, the clearing corporation requires both parties to a futures contract to place a deposit with the corporation itself. This practice is called posting margin in a margin account. The margin deposits guarantee that when the contract comes due, the parties will be able to meet their obligations. But the clearing corporation does more than collect the initial margin when a contract is signed. It also posts daily gains and losses on the contract to the margin accounts of the parties involved. This process is called marking to market.
Marking to market is analogous to what happens during a poker game. At the end of each hand, the amount wagered is transferred from the losers to the winner. In financial parlance, the account of each player is marked to market. Alternative methods of accounting are too complicated, marking it difficult to identify players who should be excused from the game because they have run out of resources. For similar reasons, the clearing corporation marks futures accounts to market every day. Doing so ensures that sellers always have the resources to male delivery and that buyers always can pay. As in poker, if someone’s margin account falls below the minimum, the clearing corporation will sell the contracts, ending the person’s participation in the market.
An example will help you understand how marking to market works. Take the case of a futures contract for the purchase of 1,000 ounces of silver at $7 per ounce. The contract specifies that the buyer of the contract, the long position, will pay $7,000 in exchange for 1,000 ounces of silver. The seller of the contract, the short position, receives the $7,000 and delivers the 1,000 ounces of silver. We can think about this $7,000 and guaranteeing the short position the ability to sell 1,000 ounces of silver for $7,000. Now consider what happens when the price of silver changes. If the price rises to $8 per ounce, the seller needs to give the buyer $1,000 so that the buyer pays only $7,000 for the 1,000 ounces of silver. By contrast, if the price falls to $6 an ounce, the buyer of the futures contract needs to pay $1,000 to the seller to make sure that the seller receives $7,000 for selling the 1,000 ounces of silver. Marking to market is the transfer of funds at the end of each day that ensures the buyers and sellers get what the contract promises.