At the end of day 0, you go short in 10 futures contracts; each contract is for a single unit of an underlying commodity with a futures settlement price at the end of day 0 of $260. This is the futures price for you at the end of day 0, therefore there is no marking to the market for you on that day. The initial margin is $13 per contract and the maintenance margin is $11. Over the following three trading days, this futures has end-of-day settlement prices of $263 at t=1, $259 at t-2 $261 at t=3. If there s a margin call during the three days, what s the variation margin and on which day do you have to pay it? $40 on the morning of day 2 $40 on the morning of day 3 $30 on the morning of day 2 $30 on the morning of day 3 No margin call occurred At the end of day 0, you go short in 10 futures contracts; each contract is for a single unit of an underlying commodity with a futures settlement price at the end of day 0 of $260. This is the futures price for you at the end of day 0, therefore there is no marking to the market for you on that day. The initial margin is $13 per contract and the maintenance margin is $11. Over the following three trading days, this futures has end-of-day settlement prices of $263 at t=1, $259 at t-2 $261 at t=3. If there s a margin call during the three days, what s the variation margin and on which day do you have to pay it? $40 on the morning of day 2 $40 on the morning of day 3 $30 on the morning of day 2 $30 on the morning of day 3 No margin call occurred