1.   The second term is the return on the futures position.

2.   If the long position makes a profit on his futures position.

3.   If the short makes a loss on his futures position.

4.   Suppose that, on average, hedgers hold long cash market positions and short futures positions.

5.   Brokerages covered futures positions on speculation that government money may help support the market, traders said.

6.   Futures traders were selling the July contract and buying the August contract, as well as buying and selling the underlying stocks to hedge their new futures positions.

7.   Industry executives speculated that Leeson had sold the straddles to raise cash for margin calls on his deteriorating futures positions in stocks and interest rates.

8.   It would also probably examine the futures positions of other traders, and the timing of buy or sell orders.

9.   Most investors, however, liquidate their futures positions before the last trading day with an offsetting transaction.

10.   Philip McBride Johnson, a former CFTC chairman, said the agency would probably examine the futures positions of Cargill before and after the purchase became public.