1. Theoretically speaking, what would happen if futures price and spot price are not the same at expiration of a futures contract?

   	A.	The underlying asset will be delivered late.
   	B.	Nothing happened. Those two are not related.
   	C.	The long side could refuse to pay for the contract.
   	D.	There is an arbitrage opportunity.

2. The Variation Margin is ________ the difference between Initial Margin and Maintenance Margin.

   	A.	Smaller than.
   	B.	Larger than.
   	C.	Equal to.
   	D.	Unrelated with