.

.

.

.

50
75.

.%50
50-75

=
50

= %50

25
25
100%
25 -
25 -75
=
25

= %100

25

.

50
25 %100
.

( )Initial Margin %50

( )Maintenance Level
%25 .

(.)Initial Margin



95 1992 :
%100 )1
.
%100 )2 .
%90 )3 .
%70 )4
.


.

:
16,000
8,000 8,000.
12,000
( 4,000=12,000-8,000)
.
%40
4,800 %40
12,000 4,000
( )Margin Call
800

.
/

( )Maintenance Level ()Margin Call

.

.

- 1 .
- 2
.
- 3 /
/
.
- 4

. .

.

.
(
)

.