问题如下：
Which of the following statement regarding initial margin is most appropriate?
选项：
A. The amount of initial margin depends on the credit quality of the clearing member.
B. The amount of initial margin depends on the members' trading frequency.
C. The amount of initial margin depends on the risk characteristics of trading derivatives.
D. All of above.
解释：
C is correct.
考点：initial margin
解析：initial margin取决于交易品的风险大小。它不考虑交易成员的信用质量以及交易频率。因此不同的交易成员的初始保证金可能是相等的。
前面有题是提到day trade &spread transactions 也会影响margin level