USRX Message Board - Msg: 1061380

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To: Glenn D. Rudolph who wrote (16609)	3/25/1997 2:11:00 PM
From: Janice Shell	of 18024

Glenn-- Back to that, are we? Okay, let's piss Scrapps off. I've got a textbook illustration as it applies to the futures market: We start from a position of 0 OI. A sells one contract. B buys the contract. Result: one unit of OI. Now C buys a contract from D, and OI increases to 2. E buys a contract from F; OI increases to 3. G, however, buys a contract from B, who now wants to get out of the market. OI doesn't change. Now C (who was long) and D (who was short), reverse their positions: C sells and D buys; OI decreases by 1. Okay? So basically: your contract represents one unit of open interest until you close it. I think... Janice

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