Open Grefer opened 4 years ago
The clearinghouse acts as buyer to every seller and seller to every buyer, thus virtually eliminating default risk. It also collects margin payments from clearing members (brokers). Determining which contracts will trade is a function of the exchange, not the clearinghouse.
If the initial margin deduct the change of value is less than the maintenance margin, then the variation margin is equal to the changed value, else 0.
A market-if-touched order executes at the best available price once a trade occurs at the specified or better price. A stop order executes at the best available price once a bid/offer occurs at the specified or worse price. A discretionary order allows a broker to delay execution of the order to get a better price. A fill-or-kill order executes the order immediately or not at all.
https://www.melonsblog.cn/2019/11/reading-35-futures-markets-and-central.html#more