微积分网课代修|导数代写Derivatives theory代考|GRA6535 MARGINS AND MARKING-TO-MARKET

微积分网课代修|导数代写Derivatives theory代考|GRA6535 MARGINS AND MARKING-TO-MARKET

简单的说,学好微积分(数学分析)是一个毁灭自己的先天直觉然后重新塑造一个后天直觉。

转变思维永远不是简单,但是不转变,贪图一时的捷径只是饮鸩止渴罢了。高中的时候,我一个同学很背单词的时候喜欢用汉字去拼那些单词的发音,还喜欢学各种解题技巧,这个时候我和他的成绩是一样的。

国外的老师较为看重学生homework的完成情况,对于同学们来说,完成一门科目作业并获得不错的成绩是尤为重要的事情。但对于不少同学来说,在自身英语说存在局限的情况下,当数学基础较为薄弱时,微积分作业的难度一下子就提升了,很难独立完成微积分作业。Calculus-do™提供的专业微积分代写能为大家解决所有的学术困扰,我们不仅会帮大家完成作业,还提供相应的数学知识辅导课程,以此来提高同学们学习能力。

我们提供的econ代写服务范围广, 其中包括但不限于:

  • 单变量微积分
  • 多变量微积分
  • 傅里叶级数
  • 黎曼积分
  • ODE
  • 微分学
微积分网课代修|导数代写Derivatives theory代考|GRA6535 MARGINS AND MARKING-TO-MARKET

微积分网课代修|AP微积分代写AP calculus辅导|MARGINS AND MARKING-TO-MARKET

Margin payments provide financial protection in case one of the counterparties to the futures contract defaults. Consider a futures contract on oil (e.g. on ‘West Texas Intermediate WTI, Light, Sweet Crude Oil’). The contract size is for delivery of 1,000 barrels. If in Chicago the oil futures price is $F_{0}=\$ 98$ (per barrel) then the value of one futures contract is $\$ 98,000$. If, for example, the futures price increases by $\$ 0.3$ (e.g. from 98 to $98.3$ ) the value of one long futures contract changes by $\$ 300$ and the value of one short futures position decreases by $\$ 300$.

Assume the initial margin is $\$ 2,000$ per contract and the maintenance margin is $\$ 1,500$ per contract. ${ }^{1}$ The initial margin is not a payment for the futures contract. It is a ‘good faith’ deposit to ensure that the terms of the futures contract are honoured. Often a competitive interest rate is paid on the balance in the margin account, so funds in the margin account do not represent a cost. If the balance in the margin account falls below the maintenance margin of $\$ 1,500$ per contract then the trader has to deposit extra funds known as the variation margin to restore the balance to the initial margin (of $\$ 2,000$ per contract). The variation margin ensures that the balance in the margin account never becomes negative. As a ball-park estimate, the maintenance margin is set at around $75 \%$ of the initial margin.

The initial margin can be in cash but T-bills/bonds are often accepted (at $90 \%$ of their face value) and sometimes shares are accepted (at about $50 \%$ of their market value). The variation margin can usually only be paid in cash. Margin requirements are also referred to as ‘performance bonds’. The investor in the futures contract is allowed to withdraw any balance in the margin account in excess of the initial margin.

Suppose at 12 a.m. on 5 June Ms Long buys $N_{F}=2$ December-futures contracts on oil at $F_{0}=\$ 98$ and closes out the contracts 4 days later at $1 \mathrm{p} . \mathrm{m}$. on 9 June by selling two December contracts at a price of $F_{3}=\$ 98.3$. Ms Long makes a profit on the two contracts of $\$ 600$ $(=2 \times \$ 0.3 \times 1000$ barrels). Let us see how the margin account achieves the same result as the above simple ‘differences’ calculation.

微积分网课代修|AP微积分代写AP calculus辅导|Price and Position Limits

If the balance in the margin account falls below the maintenance margin, then the investor must top up her account (i.e. she pays a ‘variation margin’) to equal the initial margin by the end of the next day. If the investor does not do this, the broker closes out the position by selling/ buying the contracts. Clearly it is possible for the futures price to fall (or rise) so dramatically over one day that the margin account is depleted. To prevent this happening the exchange sets daily price limits. If the price falls (or rises) in one day by as much as the ‘limit down’ (‘limit up’), then trading (usually) ceases for that day. These circuit breakers limit the daily payments/receipts to and from the margin account so that the balance in the margin account does not fall below zero and can be replenished before trading begins the next day. Often the initial margin is set equal to the value of the contract’s daily price limit and therefore the initial margin can be small relative to the value of the futures contract.

The exchange also imposes position limits, that is the maximum number of contracts a speculator may hold (e.g. a maximum of $y$ contracts with no more than $z[<y]$ in any one delivery month). This prevents speculators from having undue influence on the market. Bona-fide hedgers are not subject to position limits.

微积分网课代修|导数代写Derivatives theory代考|GRA6535 MARGINS AND MARKING-TO-MARKET

微积分网课代修| AP微积分代写AP calculus辅导| MARGINS AND MARKING-TO-MARKET


保证金支付为期货合约的合约交易对手之一违约提供财务保护。考虑一份石油期货合约 (例如,“西德克萨斯中级WTI,轻质,低硫原油”) 。合同规模为 1 ,000桶的交付量。 如果在芝加哥,石油期货价格是 $F_{0}=\$ 98$ (每桶) 那么一份期货合约的价值为 $\$ 98,000$. 例如,如果期货价格上涨 $\$ 0.3$ (例如,从 98 到 $98.3$ ) 一个多头期货合约的 价值变 化 $\$ 300$ 一个空头期货头寸的价值减少 $\$ 300$.
假设初始保证金为 $\$ 2,000$ 每张合约,维持保证金为 $\$ 1,500$ 每份合同。 ${ }^{1}$ 初始保证金不 是期货合约的付款。这是一种“善意”存款,以确保期货合约的条款得到遵守。通常,保 证金账户中的余额会支付有竞争力的利率,因此保证金账户中的资金并不代表成本。如 果保证金账户中的余额低于维持保证金 $\$ 1,500$ 根据每张合约,交易者必须存入额外的 资金,称为变化保证金,以将余额恢复到初始保证金 $(\$ 2,000$ 每份合同 $)$ 。变动保证 金确保保证金账户中的余额永远不会变为负数。作为球场估计,维护边际设定在左右 $75 \%$ 的初始边距。
初始保证金可以是现金,但通常接受国库券/债券(在 $90 \%$ 其面值),有时股票被接受 (大约 $50 \%$ 的市场价值) 。变动保证金通常只能以现金支付。保证金要求也被称为“履 约保证金”。期货合约的投资者可以提取保证金账户中超过初始保证金的任何余额。
假设在6月5日上午 12 点,龙女士买入 $N_{F}=212$ 月石油期货合约 $F_{0}=\$ 98$ 并在 4 天后 关闭合同 $1 \mathrm{p} . \mathrm{m} .6$ 月9日,以 $F_{3}=\$ 98.3$.龙女士在两份合同中获利 $\$ 600$ $(=2 \times \$ 0.3 \times 1000$ 桶) 。让我们看看保证金账户如何获得与上述简单“差异”计算相 同的结果。


微积分网课代修| AP微积分代写AP calculus辅导| Price and Position Limits


如果保证金账户中的余额低于维持保证金,则投资者必须在第二天结束时为其账户充值 (即她支付“变动保证金”) 以等于初始保证金。如果投资者不这样做,经纪人通过卖出/ 购买合约来平仓。显然,期货价格有可能在一天内大幅下跌(或上涨),以至于保证金 账户耗尽。为了防止这种情况发生,交易所设定了每日价格限制。如果价格在一天内下 跌 (或上涨) 与“”限价下跌” (“限价上涨”) 一样多,则交易(通常) 在那一天停止。这 些断路器限制保证金账户的每日付款/收款,以便保证金账户中的余额不会低于零,并且 可以在第二天交易开始之前补充。通常,初始保证金设置为等于合约每日价格限制的价 值,因此初始保证金相对于期货合约的价值可能很小。
交易所还施加了头寸限制,即投机者可以持有的最大合约数量(例如,最大 $y$ 不超过的 合同 $z[<y]$ 在任何一个交货月份)。这可以防止投机者对市场产生不适当的影响。真正 的套期保值者不受头寸限制。

微积分网课代修|导数代写Derivatives theory代考|GRA6535 MARGINS AND MARKING-TO-MARKET
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