9. (15 points) The following table shows data about futures on Swiss franc (fr) traded on the Chicago Mercantile Exchange (CME). The rates in the table (are in terms of $/fr and) were recorded several hours before the expiration of the September contracts (i.e. on the day of maturity, earlier that day). Each contract is for 125,000 Swiss franc, and is deliverable. Month Last Change Prior Settle Open High Low Volume Hi / Low Limit SEP 2019 1.0094 +0.0018 1.0076 1.0072 1.0122 1.0055 43,656 1.0476 / 0.9676 DEC 2019 1.0171 +0.0016 1.0155 1.0149 1.0200 1.0134 29,510 1.0555 / 0.9755 MAR 2020 1.0228 -0.0011 0.0011 1.0239 1.0228 1.0228 1.0228 11.0639 / 0.9839 JUN 2020 1.0300 -0.0011 1.0311 1.0300 1.0300 1.0300 1 1.0711 / 0.9911 A trader took a short position in Swiss franc by selling ten Sep-2019 futures (at the last traded price shown in the table) and held the position until the expiration later that day. (a) What are the incoming and outgoing cash flows? (include amounts and currencies for each cash flow) (b) Calculate the Profit/Loss if by the end of the day, the spot rate at maturity turns out to be $1.005/fr. 9. (15 points) The following table shows data about futures on Swiss franc (fr) traded on the Chicago Mercantile Exchange (CME). The rates in the table (are in terms of $/fr and) were recorded several hours before the expiration of the September contracts (i.e. on the day of maturity, earlier that day). Each contract is for 125,000 Swiss franc, and is deliverable. Month Last Change Prior Settle Open High Low Volume Hi / Low Limit SEP 2019 1.0094 +0.0018 1.0076 1.0072 1.0122 1.0055 43,656 1.0476 / 0.9676 DEC 2019 1.0171 +0.0016 1.0155 1.0149 1.0200 1.0134 29,510 1.0555 / 0.9755 MAR 2020 1.0228 -0.0011 0.0011 1.0239 1.0228 1.0228 1.0228 11.0639 / 0.9839 JUN 2020 1.0300 -0.0011 1.0311 1.0300 1.0300 1.0300 1 1.0711 / 0.9911 A trader took a short position in Swiss franc by selling ten Sep-2019 futures (at the last traded price shown in the table) and held the position until the expiration later that day. (a) What are the incoming and outgoing cash flows? (include amounts and currencies for each cash flow) (b) Calculate the Profit/Loss if by the end of the day, the spot rate at maturity turns out to be $1.005/fr