Question Suppose that you buy a stock index futures contract at the opening price of 452.25 on July 1. The multiplier on the contract is 500, so the price is $500(452.25)=$226,125. You hold the position open until selling it on July 16 at the opening price of $435.50. The initial margin requirement is $9000 and the maintenance margin is $6000. Assume that you deposit the initial margin and do not withdraw the excess on any given day.
Complete the table below and explain any funds deposited
|
Day
|
Beginning balance
|
Funds deposited
|
Settlement price (index point)
|
Settlement price (dollars)
|
Gain/loss
|
Ending balance
|
|
1/7
|
|
|
453.95
|
|
|
|
|
2/7
|
|
|
454.50
|
|
|
|
|
3/7
|
|
|
452.00
|
|
|
|
|
7/7
|
|
|
443.55
|
|
|
|
|
8/7
|
|
|
441.65
|
|
|
|
|
9/7
|
|
|
442.85
|
|
|
|
|
10/7
|
|
|
444.15
|
|
|
|
|
11/7
|
|
|
442.25
|
|
|
|
|
14/7
|
|
|
438.30
|
|
|
|
|
15/7
|
|
|
435.05
|
|
|
|
|
16/7
|
|
|
435.50
|
|
|
|