●Clearinghouse ●Counterparty risk ●Initial Margin ●Maintenance Margin ●Variation margin ●Marked to market ●Daily Price Limits ●Position Limits 3.问题与应用（能力要求） What's the Role of the Clearinghouse? 第2节Futures versus Forward Contracts 1.主要内容 Compare Futures with Forward Contracts Risk and Retum Characteristics of Futures Leveraging Aspect of Futures 2.基本概念和知识点 ●Forward contract ●Exchanges ●Credit risk Long Futures ●Short Futures ●Futures price 3.问题与应用（能力要求） What's Short Futures? 3 Pricing of Futures Contracts and Valuing a Forward Contract 1.主要内容 Theoretical Futures Price Based on Arbitrage Model Futures Price Convergence Measuring Interest Rates Some of the factors for the difference of the actual price from the theoretical price Valuing a Forward Contract 。以支付宝借呗、京东金条等互联网消费信贷为例，讨论互联网消费信贷资金使用 的真实成本，分析借入者对展示利率可能存在的认识误区及其产生原因，让学生认清13 ⚫ Clearinghouse ⚫ Counterparty risk ⚫ Initial Margin ⚫ Maintenance Margin ⚫ Variation Margin ⚫ Marked to market ⚫ Daily Price Limits ⚫ Position Limits 3. 问题与应用（能力要求） ⚫ What’s the Role of the Clearinghouse? 第 2 节 Futures versus Forward Contracts 1. 主要内容 ⚫ Compare Futures with Forward Contracts ⚫ Risk and Return Characteristics of Futures ⚫ Leveraging Aspect of Futures 2. 基本概念和知识点 ⚫ Forward contract ⚫ Exchanges ⚫ Credit risk ⚫ Long Futures ⚫ Short Futures ⚫ Futures price 3. 问题与应用（能力要求） ⚫ What’s Short Futures? 第 3 节 Pricing of Futures Contracts and Valuing a Forward Contract 1. 主要内容 ⚫ Theoretical Futures Price Based on Arbitrage Model ⚫ Futures Price Convergence ⚫ Measuring Interest Rates ⚫ Some of the factors for the difference of the actual price from the theoretical price ⚫ Valuing a Forward Contract ⚫ 以支付宝借呗、京东金条等互联网消费信贷为例，讨论互联网消费信贷资金使用 的真实成本，分析借入者对展示利率可能存在的认识误区及其产生原因，让学生认清