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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.

保证金帐户与盯住市场
清算公司为降低其所面对的风险,会要求双方签订期货交易合同来存放公司的资金。这种做法被称为将保证金存放于保证金账户中。而这些保证金存款则是用来确保当合同到期时,双方能够履行其应有的义务。然而在签订合同时,清算公司不仅仅需要收取原始押金,还需要将合同中涉及的对象的每日盈亏统计写于保证金账户合同中。这一过程被称为盯住市场。
盯住市场和玩扑克游戏类似。在每一局的最后,下注的金额会从输家转移到赢家。从金融学角度说,就是每一位玩家的账目都被已经被市场盯住。财务的替代方法十分复杂,盯是很困难的,要去识别,那些已经没有能力继续玩下去的玩家,他们应当被免除继续游戏。相似的,清算公司每天都要注意市场中的期货交易,这样做是为了确保卖家有资源供应,而买家有资金可以支付。正如扑克游戏中,如果有人的保证金账户中资金不足,清算公司就会将其合同卖出,来终止其参与市场中的活动。
举个例子来帮助大家理解盯住市场是如何进行的,我们以一个以每盎司7美元的单价来购买1000盎司的白银的期货合同为例。合约将明确指出买家要在长仓时的交易中支付7000美元购买1000盎司的白银。我们可以想象这7000美元以及对短仓时1000盎司的白银也可以卖出7000美元。现在我们来想象一下,若白银的价格产生了变动,当白银价格变为每盎司8美元时,卖家需要支付给买家1000美金来确保买家在购买1000盎司白银时能够仅支付7000美金。相反的,当白银价格变为每盎司6美元时,期货的买家需要交付1000美元给卖家来确保卖家在卖出1000盎司白银时可以收到7000美金。盯住市场就是在每天内将资金做出转移,从而确保买家和卖家能够得到如合同内保证的资金。
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第1个回答  2010-05-10
保证金帐户和标志市场
为了减少其面临的风险,结算公司,需要双方的期货合约,便可在公司本身的存款。这种做法被称为张贴于保证金账户保证金。保证金存款保证,有关合约到期时,双方将能够履行其义务。但结算公司收集并超过初始保证金为合同签订时。它还职位日增重和关于对有关当事方的保证金帐户的合同损失。这一过程被称为标记,以市场。
标记,以市场类似于什么扑克游戏时发生。在每一手结束时,下注的金额从输家转移到赢家。在金融的说法,每个玩家帐户被标记为市场。会计替代方法过于复杂,这标志着难以确定谁应该从游戏免除球员,因为他们已没有新的资源。出于同样的原因,标志着期货结算公司的帐户,每天向市场。这样做可确保卖家总是有男性提供资源,买主总是能够支付。如扑克,如果某人的保证金帐户低于最低下降,结算公司将出售的合同,结束了人在市场中的参与。
一个例子将帮助您了解如何标记,以市场工程。以每盎司7美元,每对为1000盎司白银期货合约的购买情况。该合同规定,合同,长期的立场,将支付1000两银子交换7,000元买家。该合同的,短的位置,卖方收到7000美元,并提供银1000盎司。我们可以想一想,保证了7000美元空头头寸的能力,为7000美元出售1000万盎司白银。现在考虑会发生什么时,白银价格变化。如果价格上涨到8美元每盎司,卖方必须给予买方1,000元,令买方支付的银千盎司仅为7,000元。相反,如果价格跌至6美元一盎司,该期货合约的买方需要支付1000美元,以确保卖方,卖方收到出售的银一零零零盎司7000美元。标记,以市场是资金在每一天,确保买方和卖方的合同得到什么承诺年底转移。
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