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It covers obligations and mechanics of futures contracts, including delivery terms, grading, approved delivery warehouses, market liquidity, and clearinghouse risk elimination. It also summarizes responsibilities for associated persons, required risk-disclosure and disclosure-document components, margin and transfer agreements, and capital and recordkeeping constraints. Additional sections address trading concepts such as support and resistance, breakout signals, chart patterns, cash-futures convergence, arbitrage, and futures pricing in normal versus inverted markets.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/crunch-time-facts-series-3-chapter-facts/394002/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/crunch-time-facts-series-3-chapter-facts/394002.png","ImageObject",300,407,{"name":92,"@type":93},"dhado","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-31","2026-09-26",true,{"@type":102,"interactionType":103,"userInteractionCount":52},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What do both parties to a futures contract have to do?","Question",{"text":112,"@type":113},"Both parties to a futures contract have obligations.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Why does the clearinghouse eliminate counter-party risk?",{"text":117,"@type":113},"The clearinghouse becomes the buyer for every seller and the seller for every buyer, thereby eliminating counter-party risk.",{"name":119,"@type":110,"acceptedAnswer":120},"What is the difference between support and resistance in the document?",{"text":121,"@type":113},"Support is the level at which prices tend to stop falling, while resistance is the level at which prices tend to stop rising.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},394002,1790871401,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":52,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":19,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":52,"preview_page_count":4},5909893218464,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","SECURITIES TRAINING CORPORATION  \nSeries 3  \nCrunch Time Facts  \nThe Crunch Time Facts are a collection of statements we believe are valuable as you engage in the final preparation to sit for your examination. These facts are not designed to raise questions, but instead to be part of your final review used with any notes created during your studies.  \nChapter Facts  \n1 Both parties to a futures contract have obligations.  \n2  \n○ Contracts call for delivery from locations and at times that are specified in exchange rules.  \n○ Contracts may allow for delivery of superior grade – for a premium; or inferior grade – at a discount.  \n○ Place of delivery and acceptable locations (referred to as “regular for delivery warehouses”) must be approved by the Exchange.  \n○ Speculators will cause higher liquidity and narrower price spreads.  \n○ Floor brokers execute orders on behalf of others.  \n○ Floor traders (also referred to as locals) trade for their own account.  \n○ The clearinghouse becomes the buyer for every seller, and the seller for every buyer, thereby eliminating counter-party risk.  \n○ Globex is an electronic platform for trading futures and options and is owned and operated by the CME.  \n○ Electronically traded CME Globex products are interchangeable with floor-traded CME products.  \n○ Side-by-side contracts trade simultaneously on CME Globex electronically and on the trading floor through open outcry.  \n○ A futures contract that is traded on the ICE (Intercontinental Exchange) in London is interchangeable with a futures contract that is traded on a futures exchange in New York.  \nAn AP is responsible for ensuring that the risk disclosure document is signed and dated at or prior to an account being opened.  \n○ For some customers, the best disclosure statement is that trading futures is too risky.  \n○ Spread positions should not be described as having little risk.  \n○ An Option Disclosure Document must include the components that make up the option premium (i.e., time value and intrinsic value), but not the actual premium.  \n○ If a customer refuses to disclose certain personal information, his account may still be opened.  \n○ A margin agreement must be signed by all clients; there is no cash account for commodities.  \n○ A transfer agreement, also referred to as a supplementary agreement, allows an FCM to transfer funds to/from a client’s securities account.  \n○ FCMs must maintain net capital that is equal to or in excess of $1,000,000 .  \n○ IBs must maintain net capital that is equal to or in excess of $45,000 .  \n○ NFA members must keep books and records for five years.  \n○ Speculative position limits only apply to speculators.  \n○ Position reporting limits apply to both speculators and hedgers.  \n○ If no transfer agreement was signed, an FCM must obtain the client’s specific, written approval for each transfer.  \n○ An AP must have two years of experience in order to handle a discretionary account (unless the APis a CTA) .  \n○ Churning is defined as excessive trading in an account in an effort to generate commissions.  \nFor more information Call [800 STC-1223](800 STC-1223 or visit www.stcusa.com)[ or visit www.stcusa.com](800 STC-1223 or visit www.stcusa.com) ©Securities Training Corporation. All Rights Reserved v1  \nSECURITIES TRAINING CORPORATION  \nSeries 3  \nCrunch Time Facts  \n○ The allocation of bunched orders is not required to be specified by the CTA at the time of order entry.  \n○ The allocation of bunched orders must be done by the CTA or the account manager before the end of the day.  \n○ The allocation of bunched orders is subject to fair, equitable, and non-preferential standards.  \n○ A CPO may use a disclosure document for 12 months from the effective date.  \n○ An associated person may have his registration held by two FCMs (dual registration) provided approval is obtained from both firms.  \n3 The support is the level at which prices tend to stop falling.  \n○ The resistance is the level at which prices tend to sto","cbCaip7Pf4SOqM13","https://ap.wps.com/l/cbCaip7Pf4SOqM13","pdf",85685,"English","# Chapter Facts\n## Futures contract obligations and delivery mechanics\n## Associated person responsibilities and disclosure requirements\n## Trading concepts: support, resistance, breakouts, and patterns\n## Pricing, convergence, arbitrage, and carry\n## Financial instrument quoting and contract specifications","[{\"question\":\"What do both parties to a futures contract have to do?\",\"answer\":\"Both parties to a futures contract have obligations.\"},{\"question\":\"Why does the clearinghouse eliminate counter-party risk?\",\"answer\":\"The clearinghouse becomes the buyer for every seller and the seller for every buyer, thereby eliminating counter-party risk.\"},{\"question\":\"What is the difference between support and resistance in the document?\",\"answer\":\"Support is the level at which prices tend to stop falling, while resistance is the level at which prices tend to stop rising.\"}]","Crunch Time Facts - Series 3 - Chapter Facts | PDF",1790397361]