AFM知識(shí)點(diǎn)匯總—期貨 Margin & mark-to -market

Both mark-to-market and margins are used by markets to reduce (eliminate) the risk of non-payment by purchasers of the derivative products if prices move against them.保證金和日盯式都是為了避免衍生品購(gòu)買(mǎi)方的違約風(fēng)險(xiǎn)，萬(wàn)一期貨價(jià)格逆向，無(wú)法支付虧損。

Mark-to-market closes all the open deals at the end of each day at that day’s settlement price, and opens them again at the start of the following day. The notional profit or loss on the deals is then calculated and the margin account is adjusted accordingly on a daily basis.日盯式是每日結(jié)算當(dāng)天的名義盈利和虧損，一旦期貨市場(chǎng)虧損，且保證金低于要求，則需要公司額外融資來(lái)填補(bǔ)。這會(huì)影響公司正?，F(xiàn)金流，其他活動(dòng)的資金可能不夠。

If losses are made, then the company may have to deposit extra funds with its broker if the margin account falls below the maintenance margin level. This may affect the company’s ability to plan adequately and ensure it has enough funds for other activities. On the other hanc, extra cash accuring from the notional profits can be withdrawn from the broker account of needed.如果帳戶(hù)盈余，則可以取現(xiàn)補(bǔ)充公司賬戶(hù)現(xiàn)金流。

Each time a market-traded derivative product is opened, the purchaser needs to deposit a margin (initial margin) with the broker, which consists of funds to be kept with the broker while the position is open.保證金則是 broker 需要公司在開(kāi)倉(cāng)后存 在賬戶(hù)上的一定額度的資金，低于保證金時(shí)，需要及時(shí)填補(bǔ)。

As stated above, this amount may change daily and would affect Daikon Co’s ability to plan for its cash requirements but also open positions require that funds are tied up to support these positions and cannot be used for other purposes by the company. 綜上所述，期貨是每日結(jié)算，所以會(huì)影響公司的正常現(xiàn)金流安排。只要是開(kāi)倉(cāng)狀態(tài)，也需要有一定的保證金在賬上，不可以拿這筆錢(qián)做其他用途了。