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1、WhatIsAStockIndexFuturesContract?
2、第1内容加载中...lunodity.ButodityunderlyinganSIFcontractisaportfolioofstocksreplicatingthespecifiedindex.Thebesteansistoseehohisviearketmovements.Inthisarticle,exMSCISingaporeStockIndexFutures(orSiMSCIFuturesforshort)forillustration. TheexactspecificationsofSiMSCIFuture
3、sareyettobefinalised.SCISingaporeFreeIndexstoodat190.9on8May1998.ThecorrespondingSiMSCIFutureses190.9.Inthisseries,ethattheinitialmarginandthemaintenancemarginforthiscontractare$5,000and$4,000,respectively.Notethattheyaretemarginaccount,nottsofmoney. SCIFuturesonths,beingthetonthsandthenearestMarc
4、hquarterlymonths(meaning,inAugust98,thefolloonths:September98,December98,March99,June99).Asanearcontract(say,September98)matures,adistantcontract(i.e.,September99)arketmovementandaportfoliobroadenoughtorepresenttheoverallmarketillionsofdollars,quitepossiblybeyondhisbudget.Ifheselectsjustafeaynotmov
5、eintandemarket. Ontheotherhand,abearishinvestoroneyarketdoarketvieeoftheshareshehassoldbuckthemarkettrend. rTanbelievesthattheMSCISingaporeFreeIndexber(thelastSEStradingdayforSeptember)andbuysaSiMSCIFuturesSeptembercontracton24Augustataprice,say,180.0.MrTanisnousthave$5,000inhismarginaccountforhi
6、slongposition,assumingthattheinitialmarginandthemaintenancemarginhisbrokerrequiresofhimare$5,000and$4,000,respectively.(Tan'sbrokercannotloarginsbeloinimumlevelssetbySimex.Thebroker,hoposehighermarginrequirements.) Attheendofeachtradingday,theexchangeinethesettlementpriceforeachcontract.Supposethe
7、settlementpricesodeterminedatthecloseof24Augusttradingis182.4.paredeansa2.4-pointgain,or$480profit(sinceeachpointiserelyonpaper(i.e.,notrealised)unlessthesharesaresold,futurespositionsare"markedtomarket"onadailybasis,entpricetakenasthemarketprice.Assuch,MrTan'smarginaccountent,resultingina$5,480bal
8、anceinhismarginaccount.（PartoneoftentofFinanceandAccounting,NUSaresourcepanelistofSPH'sChineseNeargin）是5000元、维持保证金（maintenancemargin）是4000元。（此两个数字并不代表两笔保证金，而是一只期货合约的保证金户头的两个水平。） 当两方买卖指数期货，买方是根据其研究、信息等，判断特定
