A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is:
A. take delivery of the underlying asset and pay $500 to the short.
B. close out the futures position by selling the futures contract at $505.
C. take delivery of the underlying asset and pay the expiration settlement price to the short at $505 at expiration
答案:C
由于期货合约是marked to market，所以在到期日的前一天他的帐面收益是50，相当于Long方的购买价格是500（原来的价格是450，现在有50的收益），则到期日时，Long方支付的价格是500 (the price one day before the expiration day)
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