Add training workflow, datasets, and runbook

training_data/curated/text/1e1460520c54ce0a862bcb0667a9a74565dd8b1816a311391e309b3091c2626e.txt

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+668 Part V: Index Options and Futures 
+SPAN "margin" applies to futures contracts as well, although volatility consid­
+erations don't mean anything in terms of evaluating the actual futures risk As a first 
+example, consider how SPAN would evaluate the risk of a futures contract. 
+Example: The S&P 500 futures will be used for this example. Suppose that the 
+Chicago Mercantile Exchange determines that the required maintenance margin for 
+the futures is $10,000, which represents a 20-point move by the futures (recall that 
+S&P futures are worth $500 per point). Moreover, the exchange determines that an 
+"extreme" move is 14 points, or $7,000 of risk 
+Scenario 
+Futures unchanged; volatility up 
+Futures unchanged; volatility down 
+Futures up one-third of range; volatility up 
+Futures up one-third of range; volatility down 
+Futures down one-third of range; volatility up 
+Futures down one-third of range; volatility down 
+Futures up two-thirds of range; volatility up 
+Futures up two-thirds of range; volatility down 
+Futures down two-thirds of range; volatility up 
+Futures down two-thirds of range; volatility down 
+Futures up three-thirds of range; volatility up 
+Futures up three-thirds of range; volatility down 
+Futures down three-thirds of range; volatility up 
+Futures down three-thirds of range; volatility down 
+Futures up "extreme" move 
+Futures down "extreme" move 
+Long 1 
+Future 
+Potential 
+Pit/Loss 
+0 
+0 
++ 3,330 
++ 3,330 
+- 3,330 
+- 3,330 
++ 6,670 
++ 6,670 
+- 6,670 
+- 6,670 
++ 10,000 
++ l 0,000 
+-10,000 
+- 10,000 
++ 7,000 
+- 7,000 
+The 16 array items are always displayed in this order. Note that since this array 
+is for a futures contract, the "volatility up" and "volatility down" scenarios are always 
+the same, since the volatility that is referred to is the one that is used as the input to 
+an option pricing model. 
+Notice that the actual price of the futures contract is not needed in order to 
+generate the risk array. The SPAN requirement is always the largest potential loss 
+from the array. Thus, if one were long one S&P 500 futures contract, his SPAN mar­
+gin requirement would be $10,000, which occurs under the "futures down three­
+thirds" scenarios. This will always be the maintenance margin for a futures contract.