> If you hold onto the /MES position through the futures market close, then there will be two different sweeps. The first is M2M (mark to market). M2M accounts for profits and losses during that day using the futures settlement price. Initially M2M will compare your trade price to the futures settlement price. If a profit is made, then we will move the excess profit from the futures cash balance to your cash & sweep vehicle. If it's a loss, then we will take cash from your cash & sweep vehicle and sweep it to the futures cash. If you were to hold /MES through more than one day, then it will compare today's settlement vs yesterday's settlement price.
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> The second cash sweep that will happen actually happens overnight. You will see this listed as "Cash Sweep" in ThinkorSwim. This overnight sweep is used to get the futures cash balance high enough to cover the exchange's initial requirement which is posted by the CME. As of today, for /MES the exchange initial requirement is 2,412.3 per contract for longs, however this does change every day. The overnight sweep moves the cash, so the futures cash balance equals the exchange initial requirement.
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### Representing bonds with futures
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The /10Y futures represents the current 10-year treasury yield. From what I understand about bonds, if the current yield is rising, it means newer bonds are worth more than older bonds. i.e. the returns on newly issued bonds are greater than older issued bonds. The inverse should also be true.
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ETFs like BND contain a mix of different types of bonds, but should be mostly older issued bonds. So what we should see is an inverse correlation of the /10Y future with the BND price. This indeed looks true based on graphs: