                                            697

          -
 (,   )      .
         .

      ,   
 .   ,       -
  $5  ,       
 $5000,      $1000   . -
         
.

21.3.3   

   ,     
    S         -
 5000    $4  .  ,    
      $4,10  .   
S  $500       $4  $4,10  ,   
   $500 ($0,10  5000).  ,    S  
$500,       $500.      -
   $1000,   S  $500,  - $1500.  
          -
    (marking to market).  ,   -
         -
    ,     -
 ,    .

 ,     ,   : (1) 
  (2)         -
 .     ( )   ,
       .

 ,        -
     (..      $4,10)  $3,95,    $750
[5000  ($4,10  $3,95)],  S  $ 750   .     
       $1500  $750,    S   $500  $1250.

21.3.4    

       .   -
        , 
     .    
 65%,     ,   ,  65%
 .     ,   
   .      -
    (      )   -
       (variation margin). 
   (   )  ,   
        .

,     S,     -
       $4  .  
   $1000    .     -
      $4,10  ,   $20 500.
 ,       $1500,    S   $500.
     65%  ,   ,  S -