The following is an example of daily settlement (marking to market) with a features contract.

Calculate the cash flow according to each action.

On June 10 (Monday), Wayne goes LONG one IMM yen features contract at an opening price of $0.00812. The settlement prices for June 10, 11, and 12 are $0.00921, $0.00845 and $0.00887, respectively. On June 13, Wayne closes out the contract at a price of $0.00767. Initial and maintenance margin requirements for yen are $1,890 and $1,400, respectively.

Time Cash Flow	Action
Monday morning	Wayne buys one IMM Jan features that matures in three days. Price is $0.00812 for Y12,500,000
Monday closes	Futures price ups to $0.00921. Position is marked-to-market
Tuesday closes	Futures price drops to $0.00845 Position is marked-to-market
Wednesday closes	Futures price rises to $0.00887 Position is marked-to-market
Thursday closes	Futures price drops to $0.00767 Contract is marked-to-market He closes out the contract