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Question 1(a) You have a share of stock worth $65, and all market indicators point towards an impending fall in stock prices in the next two to three months' time. A 3-month ATM put option on the stock is available. A 3-month ATM call option on the same stock is also available. Both options cost $3 each. Describe how you can use these options to protect yourself from a loss in stock value without spending your own money. (5 marks) Question 1(b) Briefly describe the role of margin requirements and clearing houses in reducing credit risk in futures trading. (100 - 150 words)