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This article is about the term as it is used in the jargon of bourses. For discussion of the term “margin” as a concept of economic theory, see Margin (economics). In finance, margin is collateral that the holder of a financial instrument has to deposit with a counterparty (most often their broker or an exchange) to cover some or all of the credit risk the holder poses for the counterparty. This risk can arise if the holder has done any of the following: Borrowed cash from the counterparty to buy financial instruments, Borrowed financial instruments to sell them short, Entered into a derivative contract. The collateral for a margin account can be the cash deposited in the account or securities provided, and represents the funds available to the account holder for further share trading. On United States futures exchanges, margins were formerly called performance bonds. Most of the exchanges today use SPAN ("Standard Portfolio Analysis of Risk") methodology, whic...

約翰尼斯堡 約翰尼斯堡市 順時針方向，由上 約翰尼斯堡美術館 （ 英语 ： Johannesburg Art Gallery ） ，Hillbrow晚間天際線，桑頓 納爾遜·曼德拉廣場 （ 英语 ： Nelson Mandela Square ） ， 約翰尼斯堡中心商業區 （ 英语 ： Johannesburg CBD ） ，金山大學東部校區 旗幟 徽章 綽號： Jo'burg; Jozi; Joni (Tsonga version); Egoli ( Place of Gold ); Gauteng ( Place of Gold ); Maboneng ( City of Light ) 格言："Unity in development" [1] 約翰尼斯堡  約翰尼斯堡在南非的位置 坐标： 26°12′16″S 28°02′30″E  /  26.20436°S 28.04164°E  / -26.20436; 28.04164 國家   南非 省 豪登省 地方政府 約翰尼斯堡市 始建 1886 [2] 政府  • 市长 赫尔曼马沙巴 （ 英语 ： Herman Mashaba ） （民主联盟 (南非)） 面积 [3]  • 城市 334.81 平方公里（129.27 平方英里）  • 都會區 1,644.96 平方公里（635.12 平方英里） 海拔 1,753 米（5,751 英尺） 人口 （2011） [3]  • 城市 957,441  • 密度 2,900/平方公里（7,400/平方英里）  • 都會區 [4] 4,434,827  • 都會區密度 2,700/平方公里（7,000/平方英里） 居民称谓 Johannesburger Joburger 民族 （2011） [3]  •  非洲黑人 64.2%  •  有色人種 （ 英语 ： Coloured ） 13.9%  •  印度裔 （ 英语 ： Indian South Afri...

This article may be too technical for most readers to understand . Please help improve it to make it understandable to non-experts, without removing the technical details. (November 2012) (Learn how and when to remove this template message) Example of pair trade graphical representation The pairs trade or pair trading is a market neutral trading strategy enabling traders to profit from virtually any market conditions: uptrend, downtrend, or sideways movement. This strategy is categorized as a statistical arbitrage and convergence trading strategy. [1] The pair trading was pioneered by Gerry Bamberger and later led by Nunzio Tartaglia’s quantitative group at Morgan Stanley in the 1980s. [2] Contents 1 Overview 2 A simplified example 3 Examples of potentially correlated pairs 4 Model-based pairs trading 5 Market neutrality 6 Algorithmic pairs trading 7 Drift and risk management 8 References Overview The strategy monitors perfo...