In 2005 profit before interest and tax was around EURO398m on sales of EURO2.4 billion, with a gross trading margin of more than 50%, about the highest in the business.

2005年未扣除利息和税负的利润大约是3.98亿欧元，销售额是24亿欧元。毛销售利润率超过50%，这大概是行业最高的。

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However, the higher volatility in futures markets in recent months has prompted the major futures exchanges to increase trading margin requirements.

然而，近几个月来期货市场的高波动性已经促使主要的期货交易所增加了保证金要求。

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China's Zhengzhou Commodity Exchange said on Wednesday it will cut the trading margin and daily trading limits for cotton futures traded on the bourse starting from Friday's settlement.

中国郑商所周三表示，棉花期货交易保证金将降低，日常的交易限制也将被逐步减少，这一规定将从周五的结算价开始正式实行。

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The caveats: transaction costs can add up, and trading on margin, as most people do, is risky.

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Futures trading has become one of the hottest businesses in recent years, fueled by demand from hedge funds and Wall Street banks looking to charge trading revenue by diversifying beyond lower-margin stock trading.

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But none of that has anything to do with high volume or low margin trading activities.

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