On a recent day, the September 2016 S&P index futures contract closed at 2000, down 40 points on the day. The value of the contract is Serap 250 x the index.
1. How much value did each contract lose on that day?
2. When contract was bought, initial margin of $25,000 was put up while maintenance margin is. $12,500. At what contract price will you get a call? Can you explain