Problem:
Assume Monday's settlement price on a CME pound futures contract is $1.6080/£. You have a long position in one contract (£62,500). The initial margin is $2,000, the maintenance margin is $1,000. Your margin account on Monday evening (after any adjustment for margin calls) has a balance of $1,700. Over the next three days' settlement prices are Tuesday: $1.6000/£; Wednesday: $1.6073/£; Thursday: $1.5900/£.
Required:
Question: What margin calls, if any, will you get on Tuesday, Wednesday or Thursday evening?
Note: Explain all steps comprehensively.