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There are three counter parties (X, Y, and Z) in a CCP that have forward agreements on coffee. One day, the price of coffee rises

There are three counter parties (X, Y, and Z) in a CCP that have forward agreements on coffee. One day, the price of coffee rises by $1 per pound. As a result, Y receives $10,000 from the CCP and sends the CCP a $7,000 variation margin.

a. What is the variation wire involving Z? b. Is Z long or short?

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