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　　XYZ, a clearinghouse member, has recently contributed funds with its clearinghouse. The funds are designed to give the clearinghouse the ability to meet the financial obligations of any defaulting members. The funds may not be withdrawn by XYZ as long as it remains a member of the clearinghouse. Which of the following amounts best describe XYZ’s contribution?
　　A. Variation margin.
　　B. Original margin.
　　C. Membership dues.
　　D. Guaranty deposit.
　　Answer:D
　　Clearinghouse members are required to provide not only original and variation margin to maintain their own and customer positions, but also must maintain a large guaranty deposit with the clearinghouse. The deposit, or reserve, must be maintained with the clearinghouse as long as the firm is a member of the clearinghouse. The deposit can be made with cash, securities, or letters of credit. The clearinghouse has access to the funds at all times to meet the financial needs of any defaulting member.