金融市场与商品作为FRM P1考试当中占比百分之30的考试科目，可以说是大家备考的重中之重！正保会计网校的老师给大伙整理了金融市场与商品科目里面的重点知识，要点搭配例题，帮助大伙更好的吸收！今日一块儿学习期货保证金计算吧！
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▶要点：期货保证金计算◀
Futures margin requirements
▪ Daily settlement or marking to market
▪Initial margin
▪Maintenance margin
▪Margin call
▪Variation margin：Appended to the initial margin level
常考试知识点：
1. 进行期货买卖要缴纳初始保证金。
2. 进行期货买卖的过程中要一直维持保证金在保持保证金以上。
3. 一旦保证金低于保持保证金，会收到margin call，需要缴纳保证金到初始保证金以上（而不是到保持保证金以上）。
例题：
To utilize the cash position of assets under management, a portfolio manager enters into a long futures position on the SP 500 index with a multiplier of 250. The cash position is $15 million which at the current futures value of 1,000, requires the manager to be long 60 contracts. If the current initial margin is $12,500 per contract, and the current maintenance margin is $10,000 per contract, what variation margin does the portfolio manager have to advance if the futures contract value falls to 995 at the end of the first day of the position being placed?
A.$30,000
B.$0
C.$300,000
D.$75,000
【正确答案】B
【答案分析】Step1: compute initial margin 12,500×60=750,000 ;
Maintenance margin 10,000×60=600,000
Step2: The first day lose=(1000-995) ×250×60=$75,000
so the first day value=750,000-75,000=675,000＞600000 will not require a variation margin to bring the position to the proper margin level.
以上就是FRM P1金融市场与商品重点知识—期货保证金计算的有关内容，后期我们会持续给大伙更新有关重点知识，小伙伴们可以关注【备考经验】栏目查询！