Futures margin mechanics

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Futures margin mechanics발음듣기

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Lets think a little bit about how margin works for futures contract.발음듣기

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So lets say that the terms of the contract are a 1,000 pounds of apples for delivery on November 15th.발음듣기

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And we're assuming that this is some date in the future.발음듣기

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And right now on the futures exchange the market delivery price, so the price in which the apples will change hand in the future is 200 dollars.발음듣기

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And I've written here what the exchange specifies for the initial and maintenance margin.발음듣기

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And we'll talk about that more in a second but this essentially means that both the buyer and the seller for, the initial margin, have to put up 20 dollars.발음듣기

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Sometimes it will be specified as an absolute dollar amount, like I've just done, sometimes it might just be a percentage of the actual delivery price.발음듣기

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So they both have to put up $20, and this guy has agreed to buy a thousand pounds of apples from this guy on November 15th for 200 dollars.발음듣기

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So its essentially 20 cents a pound.발음듣기

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Now lets say that a day goes by and the next day - these guys have this contract - this price right here is fixed in their minds.발음듣기

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But lets say the next day the same contract between 2 other parties, between 2 other parties, the same contract, trades with the delivery price of $190.발음듣기

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Now all of a sudden this guy over here feels silly!발음듣기

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He's like: "man I'm agreeing to buy something for $200 dollars in the future, which some other dude, all of a sudden, has agreed to buy for $190 dollars".발음듣기

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This guy over here feels really smart, he agreed to sell something for $200 the day before, and now people are selling it for a $190, so he's kind of $10 better than the people participating in the futures market today.발음듣기

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The way mark to market works with futures contracts is that the exchange says "well, you know what?발음듣기

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I'm afraid that this guy, if things keep moving against him, he's not even going to want to put up the money to buy at $200 dollars if he can buy at the market for $190 dollars or something lower, so I'm going to reset their futures contract to a delivery price of $190".발음듣기

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But, to make things fair, this guy is gonna be $10 in the hole.발음듣기

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He's getting a $10 deal, if I take the delivery price from $200 to $190 dollars I need to take $10 from this guy, because he's getting a $10 dollars better deal.발음듣기

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So from his margin account I take it from 20 dollars to $10 dollars and then I place the $10 in this guy's margin account.발음듣기

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If he's going to get a $10 less of a good price on the delivery date then let me give him the $10 dollars right now, so his margin account will go to $30 dollars, now if this number was $18, $17, $16 or $15 this guy wouldn't have to do anything.발음듣기

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But right here he has triggered his maintenance margin, and actually, he's right at our maintenance margin.발음듣기

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So lets say that he goes, that the next day this happens a little bit more, he goes down to $185 and we have to do the process again: This guy losses $5, he goes down to $5.발음듣기

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This guy will be given $5, so he goes to $35 dollars in order for him to essentially reset the futures price, he's been given another $5.발음듣기

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Now this guy has only $5 in his margin account and the maintenance margin is $10, so it triggers a margin call, and this guy is got to find some place to put another $15 dollars in his margin call.발음듣기

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Every time you get below the maintenance margin, it triggers a margin call and you have to refill your margin account to the initial margin.발음듣기

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So he has to add $15 so he gets back to $20.발음듣기

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