Answers: B, C, D

In the international futures market, the implementation of the margin system generally has the following characteristics:

First, for traders Margin requirements correspond to the risks they face. Generally speaking, the greater the risk a trader faces, the greater the margin required. For example, in the U.S. futures market, the margin required for speculators is greater than the margin required for hedgers and arbitrageurs.

Second, the exchange sets minimum margin standards based on contract characteristics, and can adjust margin levels based on market risk conditions, etc. For example, the greater the price fluctuations of a contract, the greater the risk that traders face, and the higher the minimum margin standard is set; when excessive speculation occurs, the exchange can increase the margin level, increase traders' entry costs, and curb speculation. behavior to control market risks.

Third, the deposit collection is carried out in stages. Generally speaking, exchanges or clearing institutions only collect margins from their members, while futures companies that are members collect margins from their customers. The two are called member margins and customer margins respectively. The hierarchical collection and management of margins are of great significance to the hierarchical sharing and management of risks in the futures market.