### Comment:
Explain. What bearing does margin maintenance have on the notion that all transactions in the options market are zero sum?

### REPLY:
1st what you're saying is not counterparty risk, which is addressed by margins and collateral in otcs 
  
 2nd if you buy options to hedge (like many corporates do) it doesn't matter whether you gain or lose, it matters that it smoothes your quarterly income

### END.