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Daily changes in futures prices means one party (hedger or speculator) has gained while another lost money on the contract. How are the exchanges able

Daily changes in futures prices means one party (hedger or speculator) has gained while another lost money on the contract. How are the exchanges able to keep the "daily" loser in the contract and prevent default?

by the threat of bankruptcy

by guarantees by third parties

by loans

by daily margin calls if needed

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