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## 金融代写|利率理论代写portfolio theory代考|Margin Requirements for Short Sales

Margin for short sales is calculated as a percentage of the market value of the short. For short sales, margin is defined as
$$\text { Margin }=\frac{\text { Value of the assets }-\text { Market value of securities sold short }}{\text { Market value of securities sold short }}$$
For example, assume an investor just opened an account and short sold $\$ 10,000$worth of shares and the initial margin requirement was$50 \%$. The investor would have to put up$\$5,000$ in cash. The account would then look like this:
\begin{tabular}{lccr}
ASSETS & & \multicolumn{2}{c}{ LIABILITIES } \
Cash from the short sale & $\$ 10,000$& Market value of securities &$\$10,000$ \
Cash from investor & $\$ 5,000$& Neld whort &$\$5,000$ \
& $\$ 15,000$& &$\$15,000$
\end{tabular}
and the account would meet the initial margin requirement because
$$\text { Margin }=\frac{15,000-10,000}{10,000}=50 \%$$
The amount of money that must be added to the account for additional short sales depends on what happened to share price subsequent to the short sales. If the stock price falls, then an account will be above the initial margin requirement, and additional shares can be sold short without putting up as much additional money, or perhaps no money at all. If the margin is below the initial margin, then the investor must bring the account up to the initial margin for additional short selling; therefore additional short sales involve more than a normal cash contribution. Short sales, like long purchases, require a minimum margin to be exceeded at all times; this is called a maintenance margin. Many accounts have both short sales and long purchases. These accounts would need to meet margin requirements for both types of trades.

## 金融代写|利率理论代写portfolio theory代考|Characteristics of Markets

There are a number of ways to classify markets. First, markets can be classified as primary or secondary. Primary markets are security markets where new issues of securities are initially sold. The Federal Reserve auctions off on a weekly basis new government bills and on a less frequent basis government bonds. This auction market is considered a primary market. A secondary market is a market where securities are resold. The New York Stock Exchange (NYSE) is a secondary market.

A second way to classify markets is as call or continuous markets. In a call markets, trading takes place at specified time intervals. One structure for a call market has prices announced verbally. In a verbal market, prices are announced, and the participants indicate the amount they are willing to sell or purchase at that price. This price is changed until a price is determined that most closely matches intended sales with intended purchases, at which time transactions are executed at that price.

A second structure for a call market uses a computer. Prices at which investors wish to buy or sell are entered into the computer, and a preliminary price is displayed. Investors can change their orders or enter new orders until a specified execution time when the price that best matches buys and sells is determined. If there is no price that completely matches buys and sells, an allocation method is needed. One method is first come, first served, which fills the oldest orders on the side with the surplus first.

Some call markets have a provision that limits the movement from the prior price. This is to prevent a temporary order imbalance from dramatically moving the price. Market orders are allowed in most call markets, and all market orders are filled at the clearing price. There is a greater price uncertainty for market orders in a call market than there is in a continuous market. In particular, the price movement between calls is likely to be greater than the price change in a continuous market from the time an order is placed until it is executed. Also, the trade need not be executed if the market has price limits and the clearing price exceeds the price limits. The NYSE opens the market with a trade very much like those found in a call market, though it then becomes a continuous market. Stock markets in Austria and Belgium are call markets, and Germany and Israel have call markets at some point in the day.

# 利率理论代考

## 金融代写|利率理论代写portfolio theory代考|Margin Requirements for Short Sales

$$\text { Margin }=\frac{\text { Value of the assets }-\text { Market value of securities sold short }}{\text { Market value of securities sold short }}$$

$$\text { Margin }=\frac{15,000-10,000}{10,000}=50 \%$$

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## MATLAB代写

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