September 2012
Beginner
328 pages
7h 42m
English
Content preview from Key Financial Market Concepts, 2nd Edition
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STIR Futures Contract and Margin
Definition
A STIR (short-term interest rate) futures contract is an agreement on a recognised futures exchange to deposit a notional standard principal amount, at an agreed interest rate, for a standard period starting on a standard future date. The deposit is non-deliverable and cash settlements are made instead, calculated on the standard period and the notional standard principal amount.
Variation margin, which is settled daily between the counterparties, is profit or loss arising on a futures position between the close of business one day and the close of business the next day.
Initial margin is collateral lodged with the exchange clearing house or the broker before trading a futures contract, to protect ...
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