金融学教学课件chpt14-15.ppt

Who pays what to whom If the spot price on the contract maturity date is higher than the forward price, the party who is long makes money. But if the spot price on the contract maturity date is lower than the forward price, the party who is short makes money. An illustration Based on table 13.1. You place an order to take a long position in a July wheat futures contract on June 22, 2006. the broker requires you to deposit money in your account, say $1,500, as margin. On June 23, the future price closes 2.25cents per bushel lower, thus you have lost 1.25*5,000=$112.50 that day. The broker takes