AFM知识点汇总—期货 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.保证金和日盯式都是为了避免衍生品购买方的违约风险，万一期货价格逆向，无法支付亏损。

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.日盯式是每日结算当天的名义盈利和亏损，一旦期货市场亏损，且保证金低于要求，则需要公司额外融资来填补。这会影响公司正常现金流，其他活动的资金可能不够。

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 On the other hanc, extra cash accuring from the notional profits can be withdrawn from the broker account of needed.如果帐户盈余，则可以取现补充公司账户现金流。

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.保证金则是 broker 需要公司在开仓后存 在账户上的一定额度的资金，低于保证金时，需要及时填补。

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. 综上所述，期货是每日结算，所以会影响公司的正常现金流安排。只要是开仓状态，也需要有一定的保证金在账上，不可以拿这笔钱做其他用途了。