It should not be forgotten that these assertions follow from the assumptions enumerated above. What is notable is that, by contrast with 1929, the crash of 1987 is not associated with a subsequent recession. Large Gucci Duchessa. Speculators are often assumed to be risk-neutral, though an element of risk aversion is not incompatible with their activities. Gucci Pump Black. With a loss of about ?2 million on each contract, as the index fell from about 19,600 to 17,600 the loss on 20,000 contracts amounted to about ?40 billion. Large Gucci Duchessa. Two of the main determinants of futures prices are speculation (explored in section 15.1) and hedging (section 15.2). Gucci Babouska Guccissima Boston Bag. Positions remaining open at the contract's delivery date are, however, not settled by delivering the requisite package of shares: cash settlement is mandatory. Large Gucci Duchessa. The funds lodged in margin accounts reflect the gains or losses on the futures position as a consequence of marking the contracts to market in the usual way.