                                            701

    ,        -
 ,   ,    (..   -
) .

    ,     -
    .    -
           , 
 .          , 
      .   ,  
     ,      -
,        .

21.3.9    

 ,        (Commodity
Futures Trading Commission, CFTC),    
  . ,       -
     $4      $0,20,  
         , -
    $3,80  $4,20.       -
  ,        $4,25,  
 : (1)          -
,   ; (2)     
 $4,20; (3)       $4,20   
,       $4  $4,40.

       $4,20   , ,
,        .   
          $4,20  -
   ,      . -
,      (,   -
  ,        -
       ),    -
             .

    ,   , 
       ,   
   ,       . -
 ,       , -
   ,    .  -
     $0,20    5000   
   $1000 ($0,20  5000).  ,   
    ,     
  $1000.  ,     (  -
)     ,   $1000.   ,  
    ,    .  , 
      (     
      ).

21.4



      (..    
)     (..  , 
  )   (basis)  :

 =      .                  (21.1)