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Hedger ·ÕèÁÕËØ鹺ÅÙªÔ¾ÁÙŤèÒ 1 ÅéÒ¹ºÒ· ãªéà§Ô¹ 100,000 ºÒ· (margin) à¾×èÍ “short Index Futures” 2 ÊÑ­­Ò (ÊÁÁØµÔ short ·ÕèÃдѺÃÒ¤Ò 500) ËÒ¡ SET50 ¢Öé¹ 10% à¢Ò¨Ðä´é¼ÅµÍºá·¹¨Ò¡ËØé¹ 100,000 ºÒ· (10%¢Í§¾ÍÃìµ 1 ÅéÒ¹) áµèÁռŢҴ·Ø¹¨Ò¡¡Òà “short” ¨Ó¹Ç¹ 100,000 ºÒ· (2 ÊÑ­­ÒæÅÐ 50 ¨Ø´æÅÐ 1,000 ºÒ·) «Öè§ã¹¤ÇÒÁà»ç¹¨ÃÔ§ Hedger ÊÒÁÒö limit loss ä´éâ´ÂäÇ àÁ×èÍ short áÅéÇ »ÃÒ¡¯ÇèÒ ËØé¹à´Ô¹Ë¹éÒ »ÃѺµÑÇ¢Öé¹µèÍà¹×èͧ ….. ¢³Ð·Õè Speculator à¡ç§ÇèÒËØ鹨ТÖé¹á¹èæ à¢Ò¨Ö§ÇÒ§à§Ô¹ margin 100,000 ºÒ· à¢éÒÃѺ¤ÇÒÁàÊÕ觢ͧ Hedger ´éÇ¡Òà “long Index Futures” 2 ÊÑ­­Ò áÅÐàÁ×è͵ÅÒ´¢Öé¹ä» µÒÁ·Õèà¡ç§äÇé Speculator ¼Ùé¹Õé¨Ðä´é¡Óäèҡ¡Òà “long” ¨Ó¹Ç¹ 100,000 ºÒ· (2 ÊÑ­­ÒæÅÐ 50 ¨Ø´æÅÐ 1,000 ºÒ·) ËÃ×ÍàÃÕ¡§èÒÂæÇèÒ Speculator à¡ç§¶Ù¡ ·Ó¡ÓäÃä´é 100% ¨Ò¡à§Ô¹ margin

ã¹·Ò§µÃ§¢éÒÁ ËÅѧ¨Ò¡ Hedger “short” áÅéÇ µÅÒ´»ÃѺŧ 10% ÁÙŤèÒ¾ÍÃ쵢ͧ Hedger ¡çË´ËÒÂä»´éÇ 10% àªè¹¡Ñ¹ áµèä´é¡Óäèҡ “short position” ¨Ó¹Ç¹ 100,000 ºÒ· (2 ÊÑ­­ÒæÅÐ 50 ¨Ø´æÅÐ 1,000 ºÒ·) ã¹·Ò§»¯ÔºÑµÔ ËÒ¡à»ç¹¡ÒûÃѺµÑÇŧªÑèǤÃÒÇ ËØé¹ã¹¾ÍÃìµ ÂѧÁÕâÍ¡ÒÊ¿×é¹ ¤×¹ÁÒ·Ó¡ÓäÃä´éÍÕ¡ ã¹Çѹ¢éҧ˹éÒ ….. ¢³Ð·Õè Speculator à¡ç§ÇèÒËØ鹨ТÖé¹á¹èæ à¢Ò¨Ö§ÇÒ§à§Ô¹ margin 100,000 ºÒ· à¾×èÍÃѺ¤ÇÒÁàÊÕ觢ͧ Hedger ´éÇ¡Òà “long Index Futures” 2 ÊÑ­­Ò áÅÐàÁ×èÍà¡ç§¼Ô´¾ÅÒ´ µÅÒ´»ÃѺµÑÇŧ Speculator ¼Ùé¹Õé¨Ð¢Ò´·Ø¹¨Ò¡¡Òà “long” ¨Ó¹Ç¹ 100,000 ºÒ· (2 ÊÑ­­ÒæÅÐ 50 ¨Ø´æÅÐ 1,000 ºÒ·) ËÃ×ÍàÃÕ¡§èÒÂæÇèÒ Speculator à¡ç§¼Ô´ ¢Ò´·Ø¹·Ñ¹·Õ 100% ¨Ò¡à§Ô¹ margin «Öè§ã¹¤ÇÒÁà»ç¹¨ÃÔ§ Speculator ÊÒÁÒö limit loss ä´éâ´ÂäÇ àÁ×èÍ long áÅéÇ »ÃÒ¡¯ÇèÒ ËØé¹»ÃѺŧËÑÇ·ÔèÁÍÂèÒ§µèÍà¹×èͧ

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