期货保证金制度的主要作用是什么？

Core Viewpoint - The futures margin system is a fundamental component of the futures trading framework, essential for ensuring the smooth execution of futures contracts and mitigating default risks [1][2][3] Group 1: Functions of the Margin System - The primary function of the futures margin system is to ensure the smooth execution of futures contracts and reduce default risks by requiring traders to deposit a certain amount of funds as a performance guarantee [1] - The margin system plays a crucial role in controlling excessive speculation and maintaining market stability by allowing exchanges to adjust margin requirements based on market volatility and characteristics [2] - The margin system enhances market liquidity by enabling traders to control larger contract values with less capital, thus attracting a diverse range of participants and increasing trading volume [2] Group 2: Operational Aspects - The margin system provides stability for clearing institutions, which manage the margin deposits and act as the central counterparty in futures transactions, ensuring that default risks do not spread throughout the market [3] - There are two types of margins: initial margin, which is the minimum amount required to open a position, and maintenance margin, which is the minimum balance that must be maintained during the holding period [3] - The revised regulations for 2025 mandate that clearing institutions regularly review the implementation of the margin system to ensure compliance with established rules [3]