题目
Assume you enter into 5 long futures contracts to buy July gold for $1,400 per ounce. A gold futures contract size is 100 troy ounces. The initial margin is $14,000 per contract and the maintenance margin is 75% of the initial margin. Which of the following choices about the futures price will lead to a margin call?
选项
A.$35 drop
B.$90 drop
C.$225 drop
D.$375 drop
答案
A
解析
The maintance margin = 75%*$14,000 = $10,500 per contract; the margin call occurs when the loss is $3, 500 per contract or $35 per ounce.That is, if gold drops from $1,400 to $1,365 then value of margin account, per contract, drop $3, 500($35*100) which is 25% of the initial margin.每份合约的维持= 75%* 14,000元= 10,500元;追加保证金通知发生在每笔合约损失3,500美元或每盎司损失35美元时。也就是说，如果黄金从1,400美元跌至1,365美元，那么每份合约的保证金账户价值就会下跌3,500美元(35美元*100美元)，相当于初始保证金的25%。