MOEX explains variation margin through the change in the price of a futures position and separately describes its accounting by the clearing organization.[23](#source-cm-futures)[24](#source-cm-clearing) It is not the initial payment for the underlying asset and is not a synonym for blocked collateral. The requirements and calendar of a particular market must be checked separately.
Cash-flow timing matters
An interim negative result may require money before the entire position is closed. Therefore, the same initial and final price does not prove that there was no interim liquidity need. Margin already accounted for must not be added again to the full price change as an independent profit. The initial deposit also does not automatically limit the loss. [Variation margin and collateral calculation](/guides/futures-margin-variation/) reconstructs the sequence of money using invented parameters; it does not state current rules or an account-funding deadline.
General concepts; terms of specific contracts and jurisdictions must be checked separately.
Source references and link retained: MOEX.[23](#source-cm-futures)[24](#source-cm-clearing), [Variation margin and collateral calculation](/guides/futures-margin-variation/); futures-price change, clearing accounting, initial payment, collateral, interim liquidity, double-counting, loss-limit and illustrative-parameter caveats preserved.
Educational material is not individual investment, legal or tax advice.
