1558:—as any deviation from the theoretical price will afford investors a riskless profit opportunity and should be arbitraged away. We define the forward price to be the strike K such that the contract has 0 value at the present time. Assuming interest rates are constant the forward price of the futures is equal to the forward price of the forward contract with the same strike and maturity. It is also the same if the underlying asset is uncorrelated with interest rates. Otherwise, the difference between the forward price on the futures (futures price) and the forward price on the asset, is proportional to the covariance between the underlying asset price and interest rates. For example, a futures contract on a zero-coupon bond will have a futures price lower than the forward price. This is called the futures "convexity correction".
1773:. Storage costs are costs involved in storing a commodity to sell at the futures price. Investors selling the asset at the spot price to arbitrage a futures price earns the storage costs they would have paid to store the asset to sell at the futures price. Convenience yields are benefits of holding an asset for sale at the futures price beyond the cash received from the sale. Such benefits could include the ability to meet unexpected demand, or the ability to use the asset as an input in production. Investors pay or give up the convenience yield when selling at the spot price because they give up these benefits. Such a relationship can be summarized as:
1441:− the amount specified of the underlying asset of the contract is delivered by the seller of the contract to the exchange, and by the exchange to the buyers of the contract. Physical delivery is common with commodities and bonds. In practice, it occurs only on a minority of contracts. Most are canceled out by purchasing a covering position—that is, buying a contract to cancel out an earlier sale (covering a short), or selling a contract to liquidate an earlier purchase (covering a long). The majority of energy contracts on the
1500:
rolling over positions to the next contract or, in the case of equity index futures, purchasing underlying components of those indexes to hedge against current index positions. On the expiry date, a
European equity arbitrage trading desk in London or Frankfurt will see positions expire in as many as eight major markets almost every half an hour. Exchanges implement strict limits on how much exposure an entity may have closer to expiration as an effort to avoid any volatility around final settlement.
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immediate delivery (also called spot or cash market) or for forward delivery. These forward contracts were private contracts between buyers and sellers and became the forerunner to today's exchange-traded futures contracts. Although contract trading began with traditional commodities such as grains, meat, and livestock, exchange trading has expanded to include metals, energy, currency and currency indexes, equities and equity indexes, government interest rates, and private interest rates.
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1409:, representing the amount of their trading capital that is being held as margin at any particular time. The low margin requirements of futures results in substantial leverage of the investment. However, the exchanges require a minimum amount that varies depending on the contract and the trader. The broker may set the requirement higher, but may not set it lower. A trader, of course, can set it above that, if he does not want to be subject to margin calls.
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36:
1460:. The parties settle by paying/receiving the loss/gain related to the contract in cash when the contract expires. Cash settled futures are those that, as a practical matter, could not be settled by delivery of the referenced item—for example, it would be impossible to deliver an index. A futures contract might also opt to settle against an index based on trade in a related spot market.
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means that the "mark-to-market" calculation would require the holder of one side of the futures to pay $ 2 (0h 10m) (0h 10m) on day 51 to track the changes of the forward price ("post $ 2 (0h 10m) (0h 10m) of margin"). This money goes, via margin accounts, to the holder of the other side of the future. That is the loss party wires cash to the other party.
1422:(ROM) is often used to judge performance because it represents the gain or loss compared to the exchange's perceived risk as reflected in the required margin. ROM may be calculated (realized return) / (initial margin). The Annualized ROM is equal to (ROM+1)-1. For example, if a trader earns 10% on margin in two months, that would be about 77% annualized.
1283:. Margins, sometimes set as a percentage of the value of the futures contract, must be maintained throughout the life of the contract to guarantee the agreement, as over this time the price of the contract can vary as a function of supply and demand, causing one side of the exchange to lose money at the expense of the other.
1309:
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To mitigate the risk of default, the product is marked to market on a daily basis where the difference between the initial agreed-upon price and the actual daily futures price is re-evaluated daily. This is sometimes known as the variation margin, where the futures exchange will draw money out of the
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Investment fund managers at the portfolio and the fund sponsor level can use financial asset futures to manage portfolio interest rate risk, or duration, without making cash purchases or sales using bond futures. Invest firms that receive capital calls or capital inflows in a different currency than
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use this method of settlement upon expiration. The vast majority of contracts do not end up settling for physical delivery; holders will either close out the position by reversing their exposure, or, for some physical traders, settle via an EFP (Exchange For
Physical) arrangement with a counterparty
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The original use of futures contracts mitigates the risk of price or exchange rate movements by allowing parties to fix prices or rates in advance for future transactions. This could be advantageous when (for example) a party expects to receive payment in foreign currency in the future and wishes to
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A forward-holder, however, may pay nothing until settlement on the final day, potentially building up a large balance; this may be reflected in the mark by an allowance for credit risk. So, except for tiny effects of convexity bias (due to earning or paying interest on margin), futures and forwards
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Consider a futures contract with a $ 100 (8h 21m) (8h 21m) price: Let's say that on day 50, a futures contract with a $ 100 (8h 21m) (8h 21m) delivery price (on the same underlying asset as the future) costs $ 88 (7h 20m) (7h 20m). On day 51, that futures contract costs $ 90 (7h 30m) (7h 30m). This
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Again, this differs from futures which get 'trued-up' typically daily by a comparison of the market value of the futures to the collateral securing the contract to keep it in line with the brokerage margin requirements. This true-ing up occurs by the "loss" party providing additional collateral; so
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in the U.S.) is the time and the day that a particular delivery month of a futures contract stops trading, as well as the final settlement price for that contract. For many equity index futures and interest rate futures as well as for most equity (index) options, this happens on the third Friday of
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is the equity required to initiate a futures position. This is a type of performance bond. The maximum exposure is not limited to the amount of the initial margin, however, the initial margin requirement is calculated based on the maximum estimated change in contract value within a trading day. The
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The margining of futures eliminates much of this credit risk by forcing the holders to update daily to the price of an equivalent forward purchased that day. This means that there will usually be very little additional money due on the final day to settle the futures contract: only the final day's
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In a forward though, the spread in exchange rates is not trued up regularly but, rather, it builds up as unrealized gain (loss) depending on which side of the trade being discussed. This means that entire unrealized gain (loss) becomes realized at the time of delivery (or as what typically occurs,
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of market participants for each market segment that has more than 20 participants. These reports are released every Friday (including data from the previous
Tuesday) and contain data on open interest split by reportable and non-reportable open interest as well as commercial and non-commercial open
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Investors can either take on the role of option seller (or "writer") or the option buyer. Option sellers are generally seen as taking on more risk because they are contractually obligated to take the opposite futures position if the buyer of the option exercises their right to the futures position
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began in Japan in the 18th century with the trading of rice and silk, and similarly in
Holland with tulip bulbs. Trading in the US began in the mid 19th century when central grain markets were established and a marketplace was created for farmers to bring their commodities and sell them either for
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cash price and the futures prices sometimes struggle to converge. At this moment the futures and the underlying assets are extremely liquid and any disparity between an index and an underlying asset is quickly traded by arbitrageurs. At this moment also, the increase in volume is caused by traders
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In case of loss or if the value of the initial margin is being eroded, the broker will make a margin call in order to restore the amount of initial margin available. Often referred to as "variation margin", margin called, for this reason, is usually done on a daily basis, however, in times of high
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position holder. As both parties risk their counter-party reneging if the price goes against them, the contract may involve both parties lodging as security a margin of the value of the contract with a mutually trusted third party. For example, in gold futures trading, the margin varies between 2%
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Forwards do not have a standard. More typical would be for the parties to agree to true up, for example, every quarter. The fact that forwards are not margined daily means that, due to movements in the price of the underlying asset, a large differential can build up between the forward's delivery
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often "equitizes" unintended cash holdings or cash inflows in an easy and cost-effective manner by investing in (opening long) S&P 500 stock index futures. This gains the portfolio exposure to the index which is consistent with the fund or account investment objective without having to buy an
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in that a trader who predicts that the price of an asset will move in a particular direction can contract to buy or sell it in the future at a price which (if the prediction is correct) will yield a profit. In particular, if the speculator is able to profit, then the underlying commodity that the
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In a perfect market, the relationship between futures and spot prices depends only on the above variables; in practice, there are various market imperfections (transaction costs, differential borrowing, and lending rates, restrictions on short selling) that prevent complete arbitrage. Thus, the
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Forwards have credit risk, but futures do not because a clearing house guarantees against default risk by taking both sides of the trade and marking to market their positions every night. Forwards are basically unregulated, while futures contracts are regulated at the central government level.
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often sell futures contracts for the crops and livestock they produce to guarantee a certain price, making it easier for them to plan. Similarly, livestock producers often purchase futures to cover their feed costs, so that they can plan on a fixed cost for feed. In modern (financial) markets,
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Those that buy or sell commodity futures need to be careful. If a company buys contracts hedging against price increases, but in fact, the market price of the commodity is substantially lower at the time of delivery, they could find themselves disastrously non-competitive (for example see:
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contract related to the asset "on paper", while they have no practical use for or intent to actually take or make delivery of the underlying asset. In other words, speculators are seeking exposure to the asset in long futures contracts or the opposite effect via short futures contracts.
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are financial safeguards to ensure that companies or corporations perform on their customers' open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of futures and options contracts are required to deposit with brokers.
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Margin calls are usually expected to be paid and received on the same day. If not, the broker has the right to close sufficient positions to meet the amount called by way of margin. After the position is closed out the client is liable for any resulting deficit in the client's account.
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for forwards, but not so much for futures. Simply put, the risk of a forward contract is that the supplier will be unable to deliver the referenced asset, or that the buyer will be unable to pay for it on the delivery date or the date at which the opening party closes the contract.
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Although futures contracts are oriented towards a future time point, their main purpose is to mitigate the risk of default by either party in the intervening period. In this vein, the futures exchange requires both parties to put up initial cash, or a performance bond, known as the
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The amount of money deposited by both a buyer and seller of a futures contract or an options seller to ensure the performance of the term of the contract. Margin in commodities is not a payment of equity or down payment on the commodity itself, but rather it is a security deposit.
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losing party's margin account and put it into that of the other party, ensuring the correct loss or profit is reflected daily. If the margin account goes below a certain value set by the exchange, then a margin call is made and the account owner must replenish the margin account.
2751:), though many hybrid types and unique styles exist. With many investors pouring into the futures markets in recent years controversy has risen about whether speculators are responsible for increased volatility in commodities like oil, and experts are divided on the matter.
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in the performance of the fund/account. When it is economically feasible (an efficient amount of shares of every individual position within the fund or account can be purchased), the portfolio manager can close the contract and make purchases of each individual stock.
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with equal delivery prices result in the same total loss or gain, but holders of futures experience that loss/gain in daily increments which track the forward's daily price changes, while the forward's spot price converges to the settlement price. Thus, while under
2147:. Markets are said to be normal when futures prices are above the current spot price and far-dated futures are priced above near-dated futures. The reverse, where the price of a commodity for future delivery is lower than the expected spot price is known as
2256:(CME) and these instruments became hugely successful and quickly overtook commodities futures in terms of trading volume and global accessibility to the markets. This innovation led to the introduction of many new futures exchanges worldwide, such as the
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Some U.S. exchanges also use the term "maintenance margin", which in effect defines how much the value of the initial margin can reduce before a margin call is made. However, most non-US brokers only use the term "initial margin" and "variation margin".
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A variety of trades have developed that involve an exchange of a futures contract for either a over-the-counter, physical commodity, or cash asset position that meets certain criteria such as scale and correspondence to the underlying commodity risk.
3011:. A forward is like a futures in that it specifies the exchange of goods for a specified price at a specified future date. However, a forward is not traded on an exchange and thus does not have the interim partial payments due to marking to market.
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With an exchange-traded future, the clearing-house interposes itself on every trade. Thus there is no risk of counterparty default. The only risk is that the clearing house defaults (e.g. become bankrupt), which is considered very unlikely.
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A futures account is marked to market daily. If the margin drops below the margin maintenance requirement established by the exchange listing the futures, a margin call will be issued to bring the account back up to the required level.
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Where as futures often matures on a quarterly or monthly basis, their options expires more frequent (i.e. daily). Examples are options on futures with the underlying in gold (XAU), index (Nasdaq, S&P 500) or commodities (oil,
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When the deliverable commodity is not in plentiful supply (or when it does not yet exist) rational pricing cannot be applied, as the arbitrage mechanism is not applicable. Here the price of the futures is determined by today's
3936:
1328:. The clearing house becomes the buyer to each seller, and the seller to each buyer, so that in the event of a counterparty default the clearer assumes the risk of loss. This enables traders to transact without performing
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futures (in which the supposed underlying instrument is to be created upon the delivery date)—the futures price cannot be fixed by arbitrage. In this scenario, there is only one force setting the price, which is simple
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specified in the option. The price of an option is determined by supply and demand principles and consists of the option premium, or the price paid to the option seller for offering the option and taking on risk.
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when they are in supply (e.g. agricultural crops after the harvest). However, when the deliverable commodity is not in plentiful supply or when it does not yet exist—for example on crops before the harvest or on
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appropriate proportion of each of the individual 500 stocks just yet. This also preserves balanced diversification, maintains a higher degree of the percent of assets invested in the market and helps reduce
2115:), the market clearing price for the futures may still represent the balance between supply and demand but the relationship between this price and the expected future price of the asset can break down.
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By contrast, in a shallow and illiquid market, or in a market in which large quantities of the deliverable asset have been deliberately withheld from market participants (an illegal action known as
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if the buyer of the contract incurs a drop in value, the shortfall or variation margin would typically be shored up by the investor wiring or depositing additional cash in the brokerage account.
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speculator traded would have been saved during a time of surplus and sold during a time of need, offering the consumers of the commodity a more favorable distribution of commodity over time.
2614:
Most futures contract codes are five characters. The first two characters identify the contract type, the third character identifies the month and the last two characters identify the year.
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There are many different kinds of futures contracts, reflecting the many different kinds of "tradable" assets about which the contract may be based such as commodities, securities (such as
1984:
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1360:
Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations.
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the commission regulates all transactions, each exchange can have its own rule, and under contract can fine companies for different things or extend the fine that the CFTC hands out.
2821:. For options on futures, where the premium is not due until unwound, the positions are commonly referred to as a fution, as they act like options, however, they settle like futures.
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The
Initial Margin requirement is established by the Futures exchange, in contrast to other securities' Initial Margin (which is set by the Federal Reserve in the U.S. Markets).
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with respect to the risk-neutral probability. With this pricing rule, a speculator is expected to break even when the futures market fairly prices the deliverable commodity.
2275:(CBOT and CME) – Currencies, Various Interest Rate derivatives (including US Bonds); Agriculture (Corn, Soybeans, Soy Products, Wheat, Pork, Cattle, Butter, Milk); Indices (
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are responsible for overseeing customer margin accounts. Margins are determined on the basis of market risk and contract value. Also referred to as performance bond margin.
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markets, third (month) futures contract codes are: Contracts expire after the listing month. Therefore traders must roll over their positions into the next month code.
1550:") apply when the deliverable asset exists in plentiful supply or may be freely created. Here, the forward price represents the expected future value of the underlying
943:
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In the case of physical delivery, the forward contract specifies to whom to make the delivery. The counterparty for delivery on a futures contract is chosen by the
1149:. Stock futures are one of the high risk trading instruments in the market. Stock market index futures are also used as indicators to determine market sentiment.
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the time the contract is closed prior to expiration)—assuming the parties must transact at the underlying currency's spot price to facilitate receipt/delivery.
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2151:. Similarly, markets are said to be inverted when futures prices are below the current spot price and far-dated futures are priced below near-dated futures.
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over the holding period; for a futures this gain or loss is realized daily, while for a forward contract the gain or loss remains unrealized until expiry.
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In addition, the daily futures-settlement failure risk is borne by an exchange, rather than an individual party, further limiting credit risk in futures.
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The first futures contracts were negotiated for agricultural commodities, and later futures contracts were negotiated for natural resources such as oil.
1219:(CBOT) listed the first-ever standardized 'exchange traded' forward contracts in 1864, which were called futures contracts. This contract was based on
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contracts, at the expiration of the
December contract, the March futures become the nearest contract. During a short period (perhaps 30 minutes) the
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to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The
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4020:"CFTC Orders INTL FCStone Financial Inc. and FCStone Merchant Services LLC to Pay Penalty for Unlawful Exchange for Related Position Transactions"
2385:(pronounced 'LIFE') was merged. (LIFFE had taken over London Commodities Exchange ("LCE") in 1996)- softs: grains and meats. Inactive market in
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Fama, Eugene F.; French, Kenneth R. (1987). "Commodity
Futures Prices: Some Evidence on Forecast Power, Premiums, and the Theory of Storage".
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2678:. Hedgers have an interest in the underlying asset (which could include an intangible such as an index or interest rate) and are seeking to
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https://www.bloomberg.com/news/2011-06-05/commodity-bubbles-caused-by-speculators-need-intervention-un-agency-says.html%7Ctitle=Commodity
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When the deliverable asset exists in plentiful supply or may be freely created, then the price of a futures contract is determined via
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In an efficient market, supply and demand would be expected to balance out at a futures price that represents the present value of an
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If a position involves an exchange-traded product, the amount or percentage of the initial margin is set by the exchange concerned.
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is the specified futures price at which the futures is traded if the option is exercised. Futures are often used since they are
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are known, as the extraneous yield paid by investors selling at spot to arbitrage the futures price. Dividend or income yields
100:
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2168:), currencies or intangibles such as interest rates and indexes. For information on futures markets in specific underlying
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as well as a number of futures exchanges set up in countries around the world. By 1875 cotton futures were being traded in
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The expectation-based relationship will also hold in a no-arbitrage setting when we take expectations with respect to the
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3085:(FIA) estimates that 6.97 billion futures contracts were traded in 2007, an increase of nearly 32% over the 2006 figure.
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are both contracts to deliver an asset on a future date at a prearranged price, they are different in two main respects:
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instruments. Calls and options on futures may be priced similarly to those on traded assets by using an extension of the
3314:
3298:
3082:
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4045:"CFTC Orders Morgan Stanley & Co. LLC to Pay $ 5 Million Civil Monetary Penalty for Unlawful Noncompetitive Trades"
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3097:, whereas forwards always trade over-the-counter, or can simply be a signed contract between two parties. Therefore:
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the risk of price changes. Speculators, by contrast, seek to make a profit by predicting market moves and opening a
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whose investment objective is to track the performance of a stock index such as the S&P 500 stock index. The
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3490:(September 1989). "Forwards and futures in Tokugawa-period Japan: A new perspective on the Dōjima rice market".
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Thus, assuming constant rates, for a simple, non-dividend paying asset, the value of the futures/forward price,
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Futures are highly standardized, being exchange-traded, whereas forwards can be unique, being over-the-counter.
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Bubbles Caused by
Speculators Need Intervention, UN Agency Says|date= June 5, 2011| Access-date= July 2, 2011
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A set minimum margin per outstanding futures contract that a customer must maintain in their margin account.
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2268:(TOCOM). Today, there are more than 90 futures and futures options exchanges worldwide trading to include:
5752:
5684:
5638:
4940:
4788:
4773:
4738:
4681:
3242:
3217:
2870:
2833:). The stock exchanges and their clearing houses provide overviews of these products (CME, COMEX, NYMEX).
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of a commodity or the owner of an asset or assets subject to certain influences such as an interest rate.
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Derivatives: A Comprehensive
Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities
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their base currency could use currency futures to hedge the currency risk of that inflow in the future.
2449:
2316:
719:
330:
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4081:. Financial Management Association Survey and Synthesis Series. Boston: Harvard Business School Press.
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holding the opposite position. Some
Treasuries contracts on the CBOT also settle via physical delivery.
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The following definition from Björk describes a futures contract with delivery of item J at time T:
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3227:
2930:
2712:
2514:) also known in French as Bourse De Montreal: Interest Rate and Cash Derivatives: Canadian 90 Days
1119:, which act as a marketplace between buyers and sellers. The buyer of a contract is said to be the
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guard against an unfavorable movement of the currency in the interval before payment is received.
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2560:– National Stock Exchange, India – the largest derivates exchange in terms of number of contracts
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987:
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205:
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products will use financial futures or equity index futures to reduce or remove the risk on the
152:
1108:. Because it derives its value from the value of the underlying asset, a futures contract is a
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On the delivery date, the amount exchanged is not the specified price on the contract but the
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893:
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180:
93:
2139:
The situation where the price of a commodity for future delivery is higher than the expected
1456:, such as a short-term interest rate index such as 90 Day T-Bills, or the closing value of a
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the contract, and can be done in one of two ways, as specified per type of futures contract:
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2415:, also operates the SOFFEX | Swiss Options and Financial Futures Exchange (SOFFEX) and the
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5077:
5072:
5026:
4862:
4857:
4803:
4713:
4621:
4594:
4534:
4529:
4499:
4448:
4433:
4350:
4330:
4005:
3902:
3168:
The situation for forwards, however, where no daily true-up takes place, in turn, creates
3150:
price and the settlement price, and in any event, an unrealized gain (loss) can build up.
2780:
2671:
2519:
2386:
2188:
2010:
of the price of the asset at the delivery date. This relationship can be represented as::
1336:
1255:
1212:
who—being paid in rice—needed a stable conversion to coin after a series of bad harvests.
1157:
1124:
948:
873:
864:
822:
787:
779:
587:
476:
390:
171:
3347:"Understanding Derivatives: Markets and Infrastructure – Federal Reserve Bank of Chicago"
3140:
of a forward with the same agreed-upon delivery price and the underlying asset (based on
1538:
for the asset in the future, as expressed by supply and demand for the futures contract.
5699:
5288:
5251:
5196:
5161:
5082:
5067:
4867:
4778:
4728:
4705:
4686:
4514:
4456:
4423:
4418:
4398:
4322:
4044:
4019:
3487:
3370:
3192:
3142:
2854:
2768:
2728:
2720:
2529:
2443:
2229:
2007:
1990:
futures price in fact varies within arbitrage boundaries around the theoretical price.
1453:
1263:
1120:
855:
693:
385:
355:
270:
237:
4170:
The Futures: The Rise of the Speculator and the Origins of the World's Biggest Markets
2898:
5741:
5326:
5311:
5062:
5031:
4872:
4798:
4758:
4753:
4589:
4461:
4408:
4403:
4385:
4282:
4262:
4075:
3503:
3212:
2865:
2842:
2748:
2523:
2370:
2148:
1344:
1329:
1173:
922:
878:
654:
616:
596:
481:
442:
195:
2775:
The social utility of futures markets is considered to be mainly in the transfer of
1431:
5465:
5386:
5381:
5376:
5206:
4882:
4656:
4584:
4564:
4524:
4393:
4365:
4355:
4297:
3551:
2806:
2495:
2363:, heating oil, gas oil (diesel), refined petroleum products, electric power, coal,
2193:
1294:, since any gain or loss has already been previously settled by marking to market.
1104:. The specified time in the future when delivery and payment occur is known as the
1029:
847:
817:
677:
375:
252:
225:
5118:
1223:
trading, and started a trend that saw contracts created on a number of different
17:
5475:
5470:
5346:
5261:
4763:
4631:
4602:
4598:
4549:
4340:
4335:
3162:
3067:
2857:
and other punishments on individuals or companies that break rules. Although by
2818:
2802:
2755:
2572:
2440:– TFX – (Euroyen Futures, OverNight CallRate Futures, SpotNext RepoRate Futures)
2364:
2304:
2300:
2202:
1889:
are more easily observed or estimated, and can be incorporated in the same way:
1551:
1464:
1184:
1133:
437:
302:
247:
242:
185:
35:
3433:
5531:
5226:
5181:
5087:
4723:
4718:
4484:
4370:
4125:
Financial Derivatives: An Introduction to Futures, Forwards, Options and Swaps
3137:
2798:
2744:
2675:
2564:
2483:
2284:
2172:, follow the links. For a list of tradable commodities futures contracts, see
2140:
1526:
1496:
1406:
1291:
672:
511:
447:
3441:
5709:
5572:
5506:
5460:
5296:
5216:
5149:
4277:
4096:
3835:
3521:
3417:
3318:
3288:
2889:, which is known as the futures price at time t for delivery of J at time T.
2810:
2618:
2511:
2457:
2402:
2360:
2292:
2272:
2240:
1509:
1340:
1224:
1172:
have played an increasingly large role in the overall futures markets. Even
1089:
977:
938:
621:
410:
405:
3598:
3449:
5102:
1012:
5577:
5423:
5331:
5236:
5221:
5201:
4847:
4569:
4466:
4287:
3542:
Inter-Ministerial task force (chaired by Wajahat Habibullah) (May 2003).
2696:
2568:
2394:
2374:
2332:
2296:
2144:
1081:
425:
285:
5713:
5490:
5485:
5480:
5321:
5301:
5256:
3648:
3196:
2390:
2312:
2252:
Contracts on financial instruments were introduced in the 1970s by the
1240:
1209:
1069:
144:
5582:
5536:
5521:
5516:
5408:
5403:
5336:
5306:
5231:
5191:
5186:
5176:
4199:
2707:
2662:
Example: CLX14 is a Crude Oil (CL), November (X) 2014 (14) contract.
2563:
EverMarkets Exchange (EMX) – slated for launch in late 2018 – global
2491:
2487:
2469:
2453:
2398:
2328:
1228:
297:
3464:"Futures Contract Definition: Types, Mechanics, and Uses in Trading"
3393:"Stock futures trade lower ahead of jobless claims, retail earnings"
2797:
are traded on futures, sometimes called simply "futures options". A
2743:
Speculators typically fall into three categories: position traders,
3640:
5704:
5541:
5393:
5356:
5351:
5276:
5266:
3177:
gain or loss, not the gain or loss over the life of the contract.
2779:, and increased liquidity between traders with different risk and
2754:
An example that has both hedge and speculative notions involves a
2551:
2545:
2499:
2408:
2382:
2261:
1442:
1220:
1201:
1085:
516:
466:
5567:
5551:
5526:
5450:
5418:
5413:
5398:
5371:
5366:
5361:
5341:
5241:
2776:
2465:
2461:
2308:
1236:
1231:
in India and within a few years this had expanded to futures on
1176:
have been proposed to increase the supply of transplant organs.
1145:
is a cash-settled futures contract on the value of a particular
842:
809:
420:
360:
5122:
4203:
2670:
Futures traders are traditionally placed in one of two groups:
2593:(SHFE) – primarily serves metal and foodstuff commodity markets
2482:(ICE Futures U.S.) – formerly New York Board of Trade – softs:
1873:
The convenience yield is not easily observable or measured, so
1254:
was the world's first financial futures exchange, and launched
5546:
5271:
5246:
5211:
2858:
2830:
2805:
is the option to buy a futures contract. For both, the option
2473:
753:
29:
4146:(3rd ed.). Basingstoke, Hampshire, UK: Macmillan Press.
3371:"The Gold Futures Market | Guide & Information from"
2446:
OSE (JGB Futures, TOPIX Futures, Nikkei Futures, RNP Futures)
2864:
The CFTC publishes weekly reports containing details of the
1335:
Margin requirements are waived or reduced in some cases for
1307:
3873:"CME Equity Index Options on Futures Bloomberg Cheat Sheet"
2379:
London International Financial Futures and Options Exchange
2892:
The price of entering a futures contract is equal to zero.
2599:(ZCE) – primarily agricultural products and petrochemicals
1096:. The predetermined price of the contract is known as the
2260:
in 1982 (now Euronext. liffe), Deutsche Terminbörse (now
2101:{\displaystyle F(t)=E_{t}\left\{S(T)\right\}e^{(r)(T-t)}}
4196:
Federal Reserve Bank of Chicago, Financial Markets Group
3544:"Convergence of Securities and Commodity Markets report"
2119:
Relationship between arbitrage arguments and expectation
1243:. In the 1930s two thirds of all futures was in wheat.
1183:
However, futures contracts also offer opportunities for
1123:
position holder and the selling party is said to be the
3937:"Understanding Derivatives: Markets and Infrastructure"
3165:
than futures, and that funding is charged differently.
2581:
FEX Global – Financial and Energy Exchange of Australia
1378:
volatility, a broker can make a margin call intra-day.
2587:(DCE) – primarily agricultural and industrial products
1347:
who have offsetting contracts balancing the position.
4194:
Understanding Derivatives: Markets and Infrastructure
3577:. Illinois: University of Chicago Press. p. 71.
2933:
2901:
2869:
interest. This type of report is referred to as the '
2019:
1898:
1782:
1688:
1590:
2554:– National Commodity and Derivatives Exchange, India
2135:
Contango, backwardation, normal and inverted markets
1761:
This relationship may be modified for storage costs
5647:
5631:
5595:
5560:
5499:
5443:
5436:
5285:
5169:
5160:
5055:
4974:
4931:
4827:
4704:
4612:
4475:
4384:
4321:
4255:
4246:
60:. Unsourced material may be challenged and removed.
4106:Dynamic Asset Allocation with Forwards and Futures
4074:
2975:
2919:
2851:independent agency of the United States government
2100:
1978:
1862:
1750:
1663:
2983:. (this reflects instantaneous marking to market)
1565:, will be found by compounding the present value
1452:− a cash payment is made based on the underlying
1426:Settlement − physical versus cash-settled futures
3959:: CS1 maint: bot: original URL status unknown (
3919:, Cambridge University Press, 2nd Edition, 2004
3341:
3339:
2801:is the option to sell a futures contract, and a
2605:(CFFEX) – primarily index futures and currencies
1156:were introduced in 1972, and in recent decades,
2258:London International Financial Futures Exchange
1664:{\displaystyle F(t,T)=S(t)\times (1+r)^{(T-t)}}
2783:, from a hedger to a speculator, for example.
2526:Index Futures, and various other Index Futures
5134:
4215:
3976:"Understanding EFRP Transactions – CME Group"
3635:(1). The University of Chicago Press: 55–73.
3418:"Efficiency and the futures market in organs"
3195:accounting, for both assets the gain or loss
1979:{\displaystyle F(t,T)=S(t)e^{(r+u-q)(T-t)}\,}
1863:{\displaystyle F(t,T)=S(t)e^{(r+u-y)(T-t)}\,}
1049:
8:
4144:An Introduction to Global Financial Markets
1339:who have physical ownership of the covered
934:International Financial Reporting Standards
899:Separation of investment and retail banking
5440:
5166:
5141:
5127:
5119:
4252:
4222:
4208:
4200:
3942:. Archived from the original on 2014-07-20
3666:(9th ed.). Pearson. pp. 122–123.
2885:There exists in the market a quoted price
1056:
1042:
927:
860:
698:
500:
167:
131:
3815:"Swaps, Forwards, and Futures Strategies"
3780:"Swaps, Forwards, and Futures Strategies"
3758:"Swaps, Forwards, and Futures Strategies"
2932:
2900:
2853:. The commission has the right to impose
2540:Singapore International Monetary Exchange
2071:
2039:
2018:
1975:
1936:
1897:
1859:
1820:
1781:
1747:
1726:
1687:
1643:
1589:
1320:to traders, trades executed on regulated
1168:, and cryptocurrency inverse futures and
120:Learn how and when to remove this message
4104:Lioui, Abraham; Poncet, Patrice (2005).
3161:The result is that forwards have higher
2998:should be the spot price of J at time T.
2994:and is entitled to receive J. Note that
2695:Hedgers typically include producers and
2003:for the underlying asset in the future.
1487:futures contract. For example, for most
1479:certain trading months. On this day the
1204:, is considered by some to be the first
5047:Power reverse dual-currency note (PRDC)
4987:Constant proportion portfolio insurance
3799:{{web site|author=Dreibus, Tony C.|url=
3694:Options, Futures, and Other Derivatives
3679:Options, Futures, and Other Derivatives
3664:Options, Futures, and Other Derivatives
3335:
2349:, Dubai Platts, and Singapore Fuel Oil.
2127:. In other words: a futures price is a
1751:{\displaystyle F(t,T)=S(t)e^{r(T-t)}\,}
1371:initial margin is set by the exchange.
863:
740:
701:
595:
564:
503:
310:
260:
170:
143:
4001:
3991:
3952:
3898:
3888:
3365:
3363:
2548:– Rosario (Argentina) Futures Exchange
2422:South African Futures Exchange – SAFEX
1467:futures use this method of settlement.
3696:(9th ed.). Pearson. p. 125.
3681:(9th ed.). Pearson. p. 112.
3279:U.S. Futures exchanges and regulators
3065:Thus futures have significantly less
7:
4982:Collateralized debt obligation (CDO)
3840:"CME Options on Futures: The Basics"
3416:Albertsen, Andreas (December 2023).
3294:Commodity Futures Trading Commission
2847:Commodity Futures Trading Commission
2355:(ICE Futures Europe) – formerly the
58:adding citations to reliable sources
3917:Arbitrage theory in continuous time
3126:Further information on Margin:
3599:"Leo Melamed – Biographical Notes"
3548:Forward Markets Commission (India)
973:Private equity and venture capital
884:Bank for International Settlements
25:
2927:, the holder receives the amount
2291:(CME Group) – energy and metals:
2287:, etc.); Metals (Gold, Silver).
1018:Business and Economics portal
5101:
3492:Journal of Banking & Finance
3093:Futures are always traded on an
3007:A closely related contract is a
2877:Definition of a futures contract
2841:All futures transactions in the
2603:China Financial Futures Exchange
2558:National Stock Exchange of India
2389:shipping. Index futures include
2357:International Petroleum Exchange
1577:by the rate of risk-free return
1023:
1011:
606:Base erosion and profit shifting
151:
34:
2873:', COT-Report, or simply COTR.
2155:Futures contracts and exchanges
1522:futures on physical commodities
1512:arguments. This is typical for
1200:, first established in 1697 in
45:needs additional citations for
4809:Year-on-year inflation-indexed
2970:
2958:
2949:
2937:
2914:
2902:
2417:European Energy Exchange (EEX)
2093:
2081:
2078:
2072:
2059:
2053:
2029:
2023:
1970:
1958:
1955:
1937:
1929:
1923:
1914:
1902:
1854:
1842:
1839:
1821:
1813:
1807:
1798:
1786:
1742:
1730:
1719:
1713:
1704:
1692:
1656:
1644:
1640:
1627:
1621:
1615:
1606:
1594:
366:Collateralised debt obligation
276:Bull (stock market speculator)
1:
5618:List of commodities exchanges
4819:Zero-coupon inflation-indexed
3760:. CFA Institute. pp. 7–8
3113:Exchange for Related Position
3071:, and have different funding.
2976:{\displaystyle F(s,T)-F(t,T)}
2871:Commitments of Traders Report
1483:futures contract becomes the
1248:International Monetary Market
1208:market, to meet the needs of
712:Final consumption expenditure
27:Standardised forward contract
4887:
3616:Cash settlement on Wikinvest
3504:10.1016/0378-4266(89)90028-9
3315:New York Mercantile Exchange
3299:National Futures Association
3083:Futures Industry Association
3028:, while forwards are traded
2837:Futures contract regulations
2702:For example, in traditional
2597:Zhengzhou Commodity Exchange
2504:JFX Jakarta Futures Exchange
2277:Dow Jones Industrial Average
1765:, dividend or income yields
1362:Futures Commission Merchants
5680:Commodity status of animals
5670:Commodification of the womb
5022:Foreign exchange derivative
4414:Callable bull/bear contract
3817:. CFA Institute. p. 23
3782:. CFA Institute. p. 17
3285:Chicago Mercantile Exchange
3133:
3059:
2254:Chicago Mercantile Exchange
1280:
1252:Chicago Mercantile Exchange
5774:
5727:List of traded commodities
3813:Valbuzzi, Barbara (2019).
3778:Valbuzzi, Barbara (2019).
3756:Valbuzzi, Barbara (2019).
3518:"timeline-of-achievements"
3434:10.1007/s40592-023-00180-0
3391:Martin, Ken (2020-11-19).
3324:Minneapolis Grain Exchange
3304:Kansas City Board of Trade
3233:Fuel price risk management
3125:
3062:, while forwards are not.
2760:separately managed account
2538:– SGX – into which merged
2174:List of traded commodities
1877:is often calculated, when
1301:
1268:stock market index futures
1166:stock market index futures
1080:) is a standardized legal
944:Professional certification
542:Enterprise risk management
326:Offshore financial centres
5722:
5665:Commodification of nature
5623:List of futures exchanges
5096:
4923:Stock market index future
4237:
4127:. London: Prentice-Hall.
4073:Arditti, Fred D. (1996).
3974:Group, CME (2021-02-26).
3871:Group, CME (2022-04-25).
2895:During any time interval
2591:Shanghai Futures Exchange
2585:Dalian Commodity Exchange
2480:Intercontinental Exchange
2353:Intercontinental Exchange
2343:Dubai Mercantile Exchange
2216:Stock market index future
1769:, and convenience yields
1430:Settlement is the act of
1266:, and in 1982 they added
1258:. In 1976, the IMM added
1246:The 1972 creation of the
1128:and 20% depending on the
889:Financial Stability Board
5690:Heritage commodification
5675:Commodification of water
5042:Mortgage-backed security
5037:Interest rate derivative
5012:Equity-linked note (ELN)
4997:Credit-linked note (CLN)
3223:Contract for future sale
3049:and face a non-exchange
2438:Tokyo Financial Exchange
2432:Tokyo Commodity Exchange
2359:trades energy including
2266:Tokyo Commodity Exchange
2125:risk-neutral probability
1115:Contracts are traded at
1088:transacted is usually a
578:Mergers and acquisitions
4992:Contract for difference
4293:Risk-free interest rate
4142:Valdez, Steven (2000).
4123:Redhead, Keith (1997).
3629:The Journal of Business
3575:Diet for a large planet
3422:Monash Bioethics Review
3309:New York Board of Trade
3273:Seasonal spread trading
3003:Futures versus forwards
2666:Futures contracts users
2427:Sydney Futures Exchange
2185:Foreign exchange market
1994:Pricing via expectation
1413:Performance bond margin
1332:on their counterparty.
1233:edible oilseeds complex
5685:Fictitious commodities
5639:Commodity Exchange Act
4774:Forward Rate Agreement
4168:Emily Lambert (2010).
4108:. New York: Springer.
3692:Hull, John C. (2015).
3677:Hull, John C. (2015).
3662:Hull, John C. (2015).
3243:List of finance topics
3218:Commodity Exchange Act
2977:
2921:
2102:
1980:
1864:
1752:
1677:continuous compounding
1665:
1546:Arbitrage arguments ("
1313:
1217:Chicago Board of Trade
380:certificate of deposit
5748:Derivatives (finance)
5002:Credit default option
4346:Employee stock option
3573:Otter, Chris (2020).
3248:London Metal Exchange
3045:, while forwards are
2978:
2922:
2845:are regulated by the
2815:Black-Scholes formula
2747:, and swing traders (
2450:London Metal Exchange
2345:(DME) – most notably
2103:
1981:
1865:
1753:
1666:
1518:treasury bond futures
1312:Changes in US futures
1311:
1260:interest rate futures
1162:interest rate futures
331:Conduit and sink OFCs
4956:Inflation derivative
4941:Commodity derivative
4913:Single-stock futures
4903:Normal backwardation
4893:Interest rate future
4734:Conditional variance
4240:Derivative (finance)
2931:
2899:
2220:Single-stock futures
2207:Interest rate future
2198:Interest rate future
2166:single-stock futures
2113:cornering the market
2017:
2008:unbiased expectation
1896:
1780:
1686:
1588:
1324:are guaranteed by a
1198:Dōjima Rice Exchange
1094:financial instrument
557:Financial statements
537:Credit rating agency
462:Repurchase agreement
54:improve this article
5456:Compressed hydrogen
5207:Frozen orange juice
5108:Business portal
4961:Property derivative
3852:on October 27, 2011
3554:on January 12, 2010
3228:Freight derivatives
3136:daily to the daily
3089:Exchange versus OTC
2713:interest rate swaps
2516:Bankers' Acceptance
2510:(MX) (owned by the
1542:Arbitrage arguments
1514:stock index futures
1403:Margin-equity ratio
1239:and jute goods and
993:Accounting scandals
983:Stock market bubble
703:Government spending
660:Employment contract
612:Corporate tax haven
371:Credit default swap
5387:Pork belly futures
4966:Weather derivative
4951:Freight derivative
4933:Exotic derivatives
4853:Commodities future
4540:Intermarket spread
4303:Synthetic position
4231:Derivatives market
4004:has generic name (
3901:has generic name (
3603:www.leomelamed.com
3428:(Suppl 1): 66–81.
3014:While futures and
2990:, the holder pays
2973:
2917:
2787:Options on futures
2536:Singapore Exchange
2518:Futures, Canadian
2098:
1976:
1860:
1748:
1661:
1531:Federal funds rate
1458:stock market index
1405:is a term used by
1397:Maintenance margin
1314:
1147:stock market index
1076:(sometimes called
988:Stock market crash
838:Investment banking
828:Fractional-reserve
793:Warrant of payment
742:Government revenue
665:Financial planning
583:Structured finance
69:"Futures contract"
5735:
5734:
5591:
5590:
5500:Industrial metals
5432:
5431:
5116:
5115:
5017:Equity derivative
5007:Credit derivative
4975:Other derivatives
4946:Energy derivative
4908:Perpetual futures
4789:Overnight indexed
4739:Constant maturity
4700:
4699:
4647:Finite difference
4580:Protective option
3925:978-0-19-927126-9
3584:978-0-226-69710-9
3268:Prediction market
3263:Perpetual futures
3258:Onion Futures Act
3253:Oil-storage trade
3238:Grain Futures Act
3037:Thus futures are
3016:forward contracts
2764:portfolio manager
2717:equity derivative
2704:commodity markets
2508:Montreal Exchange
2373:– which absorbed
2234:Perpetual futures
2170:commodity markets
2001:supply and demand
1536:supply and demand
1439:Physical delivery
1322:futures exchanges
1318:counterparty risk
1170:perpetual futures
1154:Financial futures
1117:futures exchanges
1066:
1065:
956:
955:
906:
905:
894:Deposit insurance
800:
799:
634:
633:
532:Corporate finance
527:Capital structure
522:Capital budgeting
457:Performance bonds
338:
337:
321:Financial centres
281:Financial planner
181:Asset (economics)
130:
129:
122:
104:
18:Financial futures
16:(Redirected from
5765:
5613:Futures exchange
5608:Futures contract
5603:Commodity market
5441:
5437:Hard commodities
5167:
5162:Soft commodities
5143:
5136:
5129:
5120:
5106:
5105:
4878:Forwards pricing
4652:Garman–Kohlhagen
4253:
4224:
4217:
4210:
4201:
4183:
4157:
4138:
4119:
4100:
4080:
4060:
4059:
4057:
4056:
4041:
4035:
4034:
4032:
4031:
4016:
4010:
4009:
4003:
3999:
3997:
3989:
3987:
3986:
3971:
3965:
3964:
3958:
3950:
3948:
3947:
3941:
3933:
3927:
3913:
3907:
3906:
3900:
3896:
3894:
3886:
3884:
3883:
3868:
3862:
3861:
3859:
3857:
3851:
3845:. Archived from
3844:
3832:
3826:
3825:
3823:
3822:
3810:
3804:
3797:
3791:
3790:
3788:
3787:
3775:
3769:
3768:
3766:
3765:
3753:
3747:
3746:
3744:
3743:
3732:
3726:
3725:
3723:
3721:
3712:
3704:
3698:
3697:
3689:
3683:
3682:
3674:
3668:
3667:
3659:
3653:
3652:
3624:
3618:
3613:
3607:
3606:
3595:
3589:
3588:
3570:
3564:
3563:
3561:
3559:
3550:. Archived from
3539:
3533:
3532:
3530:
3528:
3514:
3508:
3507:
3498:(4–5): 487–513.
3484:
3478:
3477:
3475:
3474:
3460:
3454:
3453:
3413:
3407:
3406:
3404:
3403:
3388:
3382:
3381:
3379:
3378:
3367:
3358:
3357:
3355:
3354:
3349:. Chicagofed.org
3343:
3128:Margin (finance)
3031:over-the-counter
3009:forward contract
2982:
2980:
2979:
2974:
2926:
2924:
2923:
2920:{\displaystyle }
2918:
2781:time preferences
2577:cryptocurrencies
2281:NASDAQ Composite
2230:Cryptocurrencies
2225:Commodity market
2178:futures exchange
2107:
2105:
2104:
2099:
2097:
2096:
2066:
2062:
2044:
2043:
1985:
1983:
1982:
1977:
1974:
1973:
1869:
1867:
1866:
1861:
1858:
1857:
1757:
1755:
1754:
1749:
1746:
1745:
1670:
1668:
1667:
1662:
1660:
1659:
1548:rational pricing
1420:Return on margin
1304:Margin (finance)
1256:currency futures
1206:futures exchange
1158:currency futures
1074:futures contract
1058:
1051:
1044:
1030:Money portal
1028:
1027:
1026:
1016:
1015:
966:Economic history
928:
861:
759:Deficit spending
733:Transfer payment
699:
627:Transfer pricing
573:Leveraged buyout
547:Enterprise value
501:
416:Letter of credit
401:Futures contract
234:
232:Over-the-counter
221:Foreign exchange
168:
155:
132:
125:
118:
114:
111:
105:
103:
62:
38:
30:
21:
5773:
5772:
5768:
5767:
5766:
5764:
5763:
5762:
5758:Futures markets
5738:
5737:
5736:
5731:
5718:
5660:Commoditization
5655:Commodification
5643:
5627:
5587:
5561:Precious metals
5556:
5512:Aluminium alloy
5495:
5428:
5289:animal products
5287:
5281:
5156:
5154:commoditization
5147:
5117:
5112:
5100:
5092:
5078:Great Recession
5073:Government debt
5051:
5027:Fund derivative
4970:
4927:
4888:Futures pricing
4863:Dividend future
4858:Currency future
4841:
4823:
4696:
4672:Put–call parity
4608:
4595:Vertical spread
4530:Diagonal spread
4500:Calendar spread
4471:
4380:
4317:
4242:
4233:
4228:
4190:
4180:
4172:. Basic Books.
4167:
4164:
4162:Further reading
4154:
4141:
4135:
4122:
4116:
4103:
4089:
4072:
4069:
4064:
4063:
4054:
4052:
4043:
4042:
4038:
4029:
4027:
4018:
4017:
4013:
4000:
3990:
3984:
3982:
3973:
3972:
3968:
3951:
3945:
3943:
3939:
3935:
3934:
3930:
3914:
3910:
3897:
3887:
3881:
3879:
3870:
3869:
3865:
3855:
3853:
3849:
3842:
3834:
3833:
3829:
3820:
3818:
3812:
3811:
3807:
3798:
3794:
3785:
3783:
3777:
3776:
3772:
3763:
3761:
3755:
3754:
3750:
3741:
3739:
3734:
3733:
3729:
3719:
3717:
3710:
3706:
3705:
3701:
3691:
3690:
3686:
3676:
3675:
3671:
3661:
3660:
3656:
3626:
3625:
3621:
3614:
3610:
3597:
3596:
3592:
3585:
3572:
3571:
3567:
3557:
3555:
3541:
3540:
3536:
3526:
3524:
3516:
3515:
3511:
3488:Schaede, Ulrike
3486:
3485:
3481:
3472:
3470:
3462:
3461:
3457:
3415:
3414:
3410:
3401:
3399:
3390:
3389:
3385:
3376:
3374:
3369:
3368:
3361:
3352:
3350:
3345:
3344:
3337:
3332:
3281:
3209:
3130:
3124:
3115:
3091:
3025:exchange-traded
3005:
2929:
2928:
2897:
2896:
2879:
2839:
2791:In many cases,
2789:
2741:
2711:"producers" of
2693:
2668:
2612:
2520:government bond
2387:Baltic Exchange
2367:, and emissions
2250:
2189:Currency future
2176:. See also the
2162:
2157:
2137:
2121:
2067:
2049:
2045:
2035:
2015:
2014:
1996:
1932:
1894:
1893:
1816:
1778:
1777:
1722:
1684:
1683:
1639:
1586:
1585:
1544:
1506:
1450:Cash settlement
1428:
1358:Customer margin
1351:Clearing margin
1306:
1300:
1276:
1274:Risk mitigation
1194:
1062:
1024:
1022:
1010:
998:
997:
968:
958:
957:
949:Fund governance
925:
908:
907:
874:Banking license
865:Bank regulation
852:
823:Deposit account
812:
802:
801:
788:Non-tax revenue
784:
763:
729:
696:
686:
685:
682:
646:
636:
635:
588:Venture capital
552:Risk management
498:
488:
487:
486:
477:Syndicated loan
453:
350:
340:
339:
230:
165:
126:
115:
109:
106:
63:
61:
51:
39:
28:
23:
22:
15:
12:
11:
5:
5771:
5769:
5761:
5760:
5755:
5750:
5740:
5739:
5733:
5732:
5730:
5729:
5723:
5720:
5719:
5717:
5716:
5707:
5702:
5700:Exchange value
5697:
5695:Economic value
5692:
5687:
5682:
5677:
5672:
5667:
5662:
5657:
5651:
5649:
5645:
5644:
5642:
5641:
5635:
5633:
5629:
5628:
5626:
5625:
5620:
5615:
5610:
5605:
5599:
5597:
5593:
5592:
5589:
5588:
5586:
5585:
5580:
5575:
5570:
5564:
5562:
5558:
5557:
5555:
5554:
5549:
5544:
5539:
5534:
5529:
5524:
5519:
5514:
5509:
5503:
5501:
5497:
5496:
5494:
5493:
5488:
5483:
5478:
5473:
5468:
5463:
5458:
5453:
5447:
5445:
5438:
5434:
5433:
5430:
5429:
5427:
5426:
5421:
5416:
5411:
5406:
5401:
5396:
5391:
5390:
5389:
5379:
5374:
5369:
5364:
5359:
5354:
5349:
5344:
5339:
5334:
5329:
5324:
5319:
5314:
5309:
5304:
5299:
5293:
5291:
5283:
5282:
5280:
5279:
5274:
5269:
5264:
5259:
5254:
5249:
5244:
5239:
5234:
5229:
5224:
5219:
5214:
5209:
5204:
5199:
5197:Cottonseed oil
5194:
5189:
5184:
5179:
5173:
5171:
5164:
5158:
5157:
5148:
5146:
5145:
5138:
5131:
5123:
5114:
5113:
5111:
5110:
5097:
5094:
5093:
5091:
5090:
5085:
5083:Municipal debt
5080:
5075:
5070:
5068:Corporate debt
5065:
5059:
5057:
5053:
5052:
5050:
5049:
5044:
5039:
5034:
5029:
5024:
5019:
5014:
5009:
5004:
4999:
4994:
4989:
4984:
4978:
4976:
4972:
4971:
4969:
4968:
4963:
4958:
4953:
4948:
4943:
4937:
4935:
4929:
4928:
4926:
4925:
4920:
4915:
4910:
4905:
4900:
4895:
4890:
4885:
4880:
4875:
4870:
4868:Forward market
4865:
4860:
4855:
4850:
4844:
4842:
4840:
4839:
4834:
4828:
4825:
4824:
4822:
4821:
4816:
4811:
4806:
4801:
4796:
4791:
4786:
4781:
4776:
4771:
4766:
4761:
4756:
4751:
4749:Credit default
4746:
4741:
4736:
4731:
4726:
4721:
4716:
4710:
4708:
4702:
4701:
4698:
4697:
4695:
4694:
4689:
4684:
4679:
4674:
4669:
4664:
4659:
4654:
4649:
4644:
4634:
4629:
4624:
4618:
4616:
4610:
4609:
4607:
4606:
4592:
4587:
4582:
4577:
4572:
4567:
4562:
4557:
4552:
4547:
4545:Iron butterfly
4542:
4537:
4532:
4527:
4522:
4517:
4515:Covered option
4512:
4507:
4502:
4497:
4492:
4487:
4481:
4479:
4473:
4472:
4470:
4469:
4464:
4459:
4454:
4453:Mountain range
4451:
4446:
4441:
4436:
4431:
4426:
4421:
4416:
4411:
4406:
4401:
4396:
4390:
4388:
4382:
4381:
4379:
4378:
4373:
4368:
4363:
4358:
4353:
4348:
4343:
4338:
4333:
4327:
4325:
4319:
4318:
4316:
4315:
4310:
4305:
4300:
4295:
4290:
4285:
4280:
4275:
4270:
4265:
4259:
4257:
4250:
4244:
4243:
4238:
4235:
4234:
4229:
4227:
4226:
4219:
4212:
4204:
4198:
4197:
4189:
4188:External links
4186:
4185:
4184:
4179:978-0465018437
4178:
4163:
4160:
4159:
4158:
4152:
4139:
4133:
4120:
4114:
4101:
4087:
4068:
4065:
4062:
4061:
4036:
4011:
3966:
3928:
3915:Björk, Tomas.
3908:
3863:
3827:
3805:
3792:
3770:
3748:
3727:
3699:
3684:
3669:
3654:
3641:10.1086/296385
3619:
3608:
3590:
3583:
3565:
3534:
3509:
3479:
3455:
3408:
3383:
3373:. BullionVault
3359:
3334:
3333:
3331:
3328:
3327:
3326:
3321:
3317:, now part of
3312:
3306:
3301:
3296:
3291:
3287:, now part of
3280:
3277:
3276:
3275:
3270:
3265:
3260:
3255:
3250:
3245:
3240:
3235:
3230:
3225:
3220:
3215:
3208:
3205:
3193:mark to market
3143:mark to market
3123:
3120:
3114:
3111:
3110:
3109:
3106:clearing house
3102:
3090:
3087:
3075:
3074:
3073:
3072:
3056:
3055:
3054:
3004:
3001:
3000:
2999:
2984:
2972:
2969:
2966:
2963:
2960:
2957:
2954:
2951:
2948:
2945:
2942:
2939:
2936:
2916:
2913:
2910:
2907:
2904:
2893:
2890:
2878:
2875:
2838:
2835:
2788:
2785:
2769:tracking error
2740:
2737:
2729:VeraSun Energy
2692:
2689:
2667:
2664:
2660:
2659:
2656:
2653:
2650:
2647:
2644:
2641:
2638:
2635:
2632:
2629:
2626:
2611:
2608:
2607:
2606:
2600:
2594:
2588:
2582:
2579:
2561:
2555:
2549:
2543:
2533:
2530:Korea Exchange
2527:
2524:S&P/TSX 60
2505:
2502:
2477:
2447:
2444:Osaka Exchange
2441:
2435:
2429:
2424:
2419:
2413:Deutsche Börse
2406:
2368:
2350:
2340:
2249:
2246:
2237:
2236:
2227:
2222:
2209:
2200:
2191:
2161:
2158:
2156:
2153:
2136:
2133:
2120:
2117:
2109:
2108:
2095:
2092:
2089:
2086:
2083:
2080:
2077:
2074:
2070:
2065:
2061:
2058:
2055:
2052:
2048:
2042:
2038:
2034:
2031:
2028:
2025:
2022:
1995:
1992:
1987:
1986:
1972:
1969:
1966:
1963:
1960:
1957:
1954:
1951:
1948:
1945:
1942:
1939:
1935:
1931:
1928:
1925:
1922:
1919:
1916:
1913:
1910:
1907:
1904:
1901:
1871:
1870:
1856:
1853:
1850:
1847:
1844:
1841:
1838:
1835:
1832:
1829:
1826:
1823:
1819:
1815:
1812:
1809:
1806:
1803:
1800:
1797:
1794:
1791:
1788:
1785:
1759:
1758:
1744:
1741:
1738:
1735:
1732:
1729:
1725:
1721:
1718:
1715:
1712:
1709:
1706:
1703:
1700:
1697:
1694:
1691:
1672:
1671:
1658:
1655:
1652:
1649:
1646:
1642:
1638:
1635:
1632:
1629:
1626:
1623:
1620:
1617:
1614:
1611:
1608:
1605:
1602:
1599:
1596:
1593:
1556:risk-free rate
1543:
1540:
1505:
1502:
1469:
1468:
1454:reference rate
1447:
1427:
1424:
1368:Initial margin
1345:spread traders
1326:clearing house
1302:Main article:
1299:
1296:
1275:
1272:
1264:treasury bills
1193:
1190:
1102:delivery price
1064:
1063:
1061:
1060:
1053:
1046:
1038:
1035:
1034:
1033:
1032:
1020:
1008:
1000:
999:
996:
995:
990:
985:
980:
975:
969:
964:
963:
960:
959:
954:
953:
952:
951:
946:
941:
936:
926:
914:
913:
910:
909:
904:
903:
902:
901:
896:
891:
886:
881:
876:
868:
867:
859:
858:
856:Lists of banks
851:
850:
845:
840:
835:
830:
825:
820:
814:
813:
808:
807:
804:
803:
798:
797:
796:
795:
790:
785:
783:
782:
777:
766:
764:
762:
761:
756:
750:
745:
744:
738:
737:
736:
735:
730:
728:
727:
725:Redistribution
722:
716:
714:
706:
705:
697:
692:
691:
688:
687:
684:
683:
681:
680:
675:
669:
667:
662:
657:
647:
642:
641:
638:
637:
632:
631:
630:
629:
624:
619:
614:
609:
600:
599:
593:
592:
591:
590:
585:
580:
575:
567:
566:
562:
561:
560:
559:
554:
549:
544:
539:
534:
529:
524:
519:
514:
506:
505:
499:
494:
493:
490:
489:
485:
484:
479:
474:
469:
464:
459:
452:
451:
445:
440:
430:
429:
428:
423:
418:
413:
408:
403:
398:
393:
388:
383:
373:
368:
363:
358:
352:
351:
346:
345:
342:
341:
336:
335:
334:
333:
328:
323:
315:
314:
308:
307:
306:
305:
300:
295:
294:
293:
283:
278:
273:
271:Angel investor
265:
264:
258:
257:
256:
255:
250:
245:
240:
238:Private equity
235:
228:
223:
218:
213:
208:
203:
198:
193:
188:
183:
175:
174:
166:
161:
160:
157:
156:
148:
147:
141:
140:
128:
127:
42:
40:
33:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
5770:
5759:
5756:
5754:
5753:Margin policy
5751:
5749:
5746:
5745:
5743:
5728:
5725:
5724:
5721:
5715:
5711:
5708:
5706:
5703:
5701:
5698:
5696:
5693:
5691:
5688:
5686:
5683:
5681:
5678:
5676:
5673:
5671:
5668:
5666:
5663:
5661:
5658:
5656:
5653:
5652:
5650:
5648:Miscellaneous
5646:
5640:
5637:
5636:
5634:
5630:
5624:
5621:
5619:
5616:
5614:
5611:
5609:
5606:
5604:
5601:
5600:
5598:
5596:Organizations
5594:
5584:
5581:
5579:
5576:
5574:
5571:
5569:
5566:
5565:
5563:
5559:
5553:
5550:
5548:
5545:
5543:
5540:
5538:
5535:
5533:
5530:
5528:
5525:
5523:
5520:
5518:
5515:
5513:
5510:
5508:
5505:
5504:
5502:
5498:
5492:
5489:
5487:
5484:
5482:
5479:
5477:
5474:
5472:
5469:
5467:
5464:
5462:
5459:
5457:
5454:
5452:
5449:
5448:
5446:
5442:
5439:
5435:
5425:
5422:
5420:
5417:
5415:
5412:
5410:
5407:
5405:
5402:
5400:
5397:
5395:
5392:
5388:
5385:
5384:
5383:
5380:
5378:
5375:
5373:
5370:
5368:
5365:
5363:
5360:
5358:
5355:
5353:
5350:
5348:
5345:
5343:
5340:
5338:
5335:
5333:
5330:
5328:
5327:Feeder cattle
5325:
5323:
5320:
5318:
5315:
5313:
5310:
5308:
5305:
5303:
5300:
5298:
5295:
5294:
5292:
5290:
5286:Animals &
5284:
5278:
5275:
5273:
5270:
5268:
5265:
5263:
5260:
5258:
5255:
5253:
5250:
5248:
5245:
5243:
5240:
5238:
5235:
5233:
5230:
5228:
5225:
5223:
5220:
5218:
5215:
5213:
5210:
5208:
5205:
5203:
5200:
5198:
5195:
5193:
5190:
5188:
5185:
5183:
5180:
5178:
5175:
5174:
5172:
5168:
5165:
5163:
5159:
5155:
5151:
5144:
5139:
5137:
5132:
5130:
5125:
5124:
5121:
5109:
5104:
5099:
5098:
5095:
5089:
5086:
5084:
5081:
5079:
5076:
5074:
5071:
5069:
5066:
5064:
5063:Consumer debt
5061:
5060:
5058:
5056:Market issues
5054:
5048:
5045:
5043:
5040:
5038:
5035:
5033:
5032:Fund of funds
5030:
5028:
5025:
5023:
5020:
5018:
5015:
5013:
5010:
5008:
5005:
5003:
5000:
4998:
4995:
4993:
4990:
4988:
4985:
4983:
4980:
4979:
4977:
4973:
4967:
4964:
4962:
4959:
4957:
4954:
4952:
4949:
4947:
4944:
4942:
4939:
4938:
4936:
4934:
4930:
4924:
4921:
4919:
4916:
4914:
4911:
4909:
4906:
4904:
4901:
4899:
4896:
4894:
4891:
4889:
4886:
4884:
4881:
4879:
4876:
4874:
4873:Forward price
4871:
4869:
4866:
4864:
4861:
4859:
4856:
4854:
4851:
4849:
4846:
4845:
4843:
4838:
4835:
4833:
4830:
4829:
4826:
4820:
4817:
4815:
4812:
4810:
4807:
4805:
4802:
4800:
4797:
4795:
4792:
4790:
4787:
4785:
4784:Interest rate
4782:
4780:
4777:
4775:
4772:
4770:
4767:
4765:
4762:
4760:
4757:
4755:
4752:
4750:
4747:
4745:
4742:
4740:
4737:
4735:
4732:
4730:
4727:
4725:
4722:
4720:
4717:
4715:
4712:
4711:
4709:
4707:
4703:
4693:
4690:
4688:
4685:
4683:
4680:
4678:
4677:MC Simulation
4675:
4673:
4670:
4668:
4665:
4663:
4660:
4658:
4655:
4653:
4650:
4648:
4645:
4642:
4638:
4637:Black–Scholes
4635:
4633:
4630:
4628:
4625:
4623:
4620:
4619:
4617:
4615:
4611:
4604:
4600:
4596:
4593:
4591:
4590:Risk reversal
4588:
4586:
4583:
4581:
4578:
4576:
4573:
4571:
4568:
4566:
4563:
4561:
4558:
4556:
4553:
4551:
4548:
4546:
4543:
4541:
4538:
4536:
4533:
4531:
4528:
4526:
4523:
4521:
4520:Credit spread
4518:
4516:
4513:
4511:
4508:
4506:
4503:
4501:
4498:
4496:
4493:
4491:
4488:
4486:
4483:
4482:
4480:
4478:
4474:
4468:
4465:
4463:
4460:
4458:
4455:
4452:
4450:
4447:
4445:
4444:Interest rate
4442:
4440:
4439:Forward start
4437:
4435:
4432:
4430:
4427:
4425:
4422:
4420:
4417:
4415:
4412:
4410:
4407:
4405:
4402:
4400:
4397:
4395:
4392:
4391:
4389:
4387:
4383:
4377:
4374:
4372:
4369:
4367:
4366:Option styles
4364:
4362:
4359:
4357:
4354:
4352:
4349:
4347:
4344:
4342:
4339:
4337:
4334:
4332:
4329:
4328:
4326:
4324:
4320:
4314:
4311:
4309:
4306:
4304:
4301:
4299:
4296:
4294:
4291:
4289:
4286:
4284:
4283:Open interest
4281:
4279:
4276:
4274:
4271:
4269:
4266:
4264:
4263:Delta neutral
4261:
4260:
4258:
4254:
4251:
4249:
4245:
4241:
4236:
4232:
4225:
4220:
4218:
4213:
4211:
4206:
4205:
4202:
4195:
4192:
4191:
4187:
4181:
4175:
4171:
4166:
4165:
4161:
4155:
4153:0-333-76447-1
4149:
4145:
4140:
4136:
4134:0-13-241399-X
4130:
4126:
4121:
4117:
4115:0-387-24107-8
4111:
4107:
4102:
4098:
4094:
4090:
4088:0-87584-560-6
4084:
4079:
4078:
4071:
4070:
4066:
4050:
4046:
4040:
4037:
4025:
4021:
4015:
4012:
4007:
3995:
3981:
3977:
3970:
3967:
3962:
3956:
3938:
3932:
3929:
3926:
3922:
3918:
3912:
3909:
3904:
3892:
3878:
3874:
3867:
3864:
3848:
3841:
3837:
3831:
3828:
3816:
3809:
3806:
3802:
3796:
3793:
3781:
3774:
3771:
3759:
3752:
3749:
3737:
3736:"Month Codes"
3731:
3728:
3716:
3709:
3703:
3700:
3695:
3688:
3685:
3680:
3673:
3670:
3665:
3658:
3655:
3650:
3646:
3642:
3638:
3634:
3630:
3623:
3620:
3617:
3612:
3609:
3604:
3600:
3594:
3591:
3586:
3580:
3576:
3569:
3566:
3553:
3549:
3545:
3538:
3535:
3523:
3519:
3513:
3510:
3505:
3501:
3497:
3493:
3489:
3483:
3480:
3469:
3465:
3459:
3456:
3451:
3447:
3443:
3439:
3435:
3431:
3427:
3423:
3419:
3412:
3409:
3398:
3394:
3387:
3384:
3372:
3366:
3364:
3360:
3348:
3342:
3340:
3336:
3329:
3325:
3322:
3320:
3316:
3313:
3310:
3307:
3305:
3302:
3300:
3297:
3295:
3292:
3290:
3286:
3283:
3282:
3278:
3274:
3271:
3269:
3266:
3264:
3261:
3259:
3256:
3254:
3251:
3249:
3246:
3244:
3241:
3239:
3236:
3234:
3231:
3229:
3226:
3224:
3221:
3219:
3216:
3214:
3213:1256 Contract
3211:
3210:
3206:
3204:
3200:
3198:
3194:
3188:
3185:
3181:
3178:
3174:
3171:
3166:
3164:
3159:
3155:
3151:
3147:
3145:
3144:
3139:
3135:
3129:
3121:
3119:
3112:
3107:
3103:
3100:
3099:
3098:
3096:
3088:
3086:
3084:
3079:
3070:
3069:
3064:
3063:
3061:
3057:
3052:
3048:
3044:
3040:
3036:
3035:
3034:
3032:
3027:
3026:
3021:
3020:
3019:
3017:
3012:
3010:
3002:
2997:
2993:
2989:
2985:
2967:
2964:
2961:
2955:
2952:
2946:
2943:
2940:
2934:
2911:
2908:
2905:
2894:
2891:
2888:
2884:
2883:
2882:
2876:
2874:
2872:
2867:
2866:open interest
2862:
2860:
2856:
2852:
2848:
2844:
2843:United States
2836:
2834:
2832:
2826:
2822:
2820:
2817:, namely the
2816:
2812:
2808:
2804:
2800:
2796:
2795:
2786:
2784:
2782:
2778:
2773:
2770:
2765:
2761:
2757:
2752:
2750:
2749:swing trading
2746:
2738:
2736:
2732:
2730:
2724:
2722:
2718:
2714:
2709:
2705:
2700:
2698:
2690:
2688:
2685:
2681:
2677:
2673:
2665:
2663:
2657:
2654:
2651:
2649:September = U
2648:
2645:
2642:
2639:
2636:
2633:
2630:
2627:
2624:
2623:
2622:
2620:
2615:
2609:
2604:
2601:
2598:
2595:
2592:
2589:
2586:
2583:
2580:
2578:
2574:
2570:
2566:
2562:
2559:
2556:
2553:
2550:
2547:
2544:
2541:
2537:
2534:
2531:
2528:
2525:
2521:
2517:
2513:
2509:
2506:
2503:
2501:
2497:
2493:
2489:
2485:
2481:
2478:
2475:
2471:
2467:
2463:
2459:
2455:
2451:
2448:
2445:
2442:
2439:
2436:
2433:
2430:
2428:
2425:
2423:
2420:
2418:
2414:
2410:
2407:
2404:
2400:
2396:
2392:
2388:
2384:
2380:
2376:
2372:
2371:NYSE Euronext
2369:
2366:
2362:
2358:
2354:
2351:
2348:
2344:
2341:
2338:
2334:
2330:
2326:
2322:
2318:
2314:
2310:
2306:
2302:
2298:
2294:
2290:
2286:
2282:
2278:
2274:
2271:
2270:
2269:
2267:
2263:
2259:
2255:
2247:
2245:
2242:
2235:
2231:
2228:
2226:
2223:
2221:
2217:
2213:
2212:Equity market
2210:
2208:
2204:
2201:
2199:
2195:
2192:
2190:
2186:
2183:
2182:
2181:
2179:
2175:
2171:
2167:
2159:
2154:
2152:
2150:
2149:backwardation
2146:
2142:
2134:
2132:
2130:
2126:
2118:
2116:
2114:
2090:
2087:
2084:
2075:
2068:
2063:
2056:
2050:
2046:
2040:
2036:
2032:
2026:
2020:
2013:
2012:
2011:
2009:
2004:
2002:
1993:
1991:
1967:
1964:
1961:
1952:
1949:
1946:
1943:
1940:
1933:
1926:
1920:
1917:
1911:
1908:
1905:
1899:
1892:
1891:
1890:
1888:
1884:
1880:
1876:
1851:
1848:
1845:
1836:
1833:
1830:
1827:
1824:
1817:
1810:
1804:
1801:
1795:
1792:
1789:
1783:
1776:
1775:
1774:
1772:
1768:
1764:
1739:
1736:
1733:
1727:
1723:
1716:
1710:
1707:
1701:
1698:
1695:
1689:
1682:
1681:
1680:
1679:
1678:
1653:
1650:
1647:
1636:
1633:
1630:
1624:
1618:
1612:
1609:
1603:
1600:
1597:
1591:
1584:
1583:
1582:
1580:
1576:
1572:
1568:
1564:
1559:
1557:
1553:
1549:
1541:
1539:
1537:
1532:
1528:
1523:
1519:
1515:
1511:
1503:
1501:
1498:
1494:
1490:
1486:
1482:
1477:
1473:
1466:
1463:
1459:
1455:
1451:
1448:
1444:
1440:
1437:
1436:
1435:
1433:
1425:
1423:
1421:
1417:
1414:
1410:
1408:
1404:
1400:
1398:
1394:
1390:
1387:
1383:
1379:
1375:
1372:
1369:
1365:
1363:
1359:
1355:
1352:
1348:
1346:
1342:
1338:
1333:
1331:
1330:due diligence
1327:
1323:
1319:
1310:
1305:
1297:
1295:
1293:
1288:
1284:
1282:
1273:
1271:
1269:
1265:
1261:
1257:
1253:
1250:(IMM) by the
1249:
1244:
1242:
1238:
1234:
1230:
1226:
1222:
1218:
1213:
1211:
1207:
1203:
1199:
1191:
1189:
1186:
1181:
1177:
1175:
1174:organ futures
1171:
1167:
1163:
1159:
1155:
1150:
1148:
1144:
1143:
1137:
1135:
1131:
1126:
1122:
1118:
1113:
1111:
1107:
1106:delivery date
1103:
1099:
1098:forward price
1095:
1091:
1087:
1083:
1079:
1075:
1071:
1059:
1054:
1052:
1047:
1045:
1040:
1039:
1037:
1036:
1031:
1021:
1019:
1014:
1009:
1007:
1004:
1003:
1002:
1001:
994:
991:
989:
986:
984:
981:
979:
976:
974:
971:
970:
967:
962:
961:
950:
947:
945:
942:
940:
937:
935:
932:
931:
930:
929:
924:
923:Financial law
921:
917:
912:
911:
900:
897:
895:
892:
890:
887:
885:
882:
880:
879:Basel Accords
877:
875:
872:
871:
870:
869:
866:
862:
857:
854:
853:
849:
846:
844:
841:
839:
836:
834:
831:
829:
826:
824:
821:
819:
816:
815:
811:
806:
805:
794:
791:
789:
786:
781:
778:
775:
771:
768:
767:
765:
760:
757:
755:
752:
751:
749:
748:
747:
746:
743:
739:
734:
731:
726:
723:
721:
718:
717:
715:
713:
710:
709:
708:
707:
704:
700:
695:
690:
689:
679:
676:
674:
671:
670:
668:
666:
663:
661:
658:
656:
652:
649:
648:
645:
640:
639:
628:
625:
623:
620:
618:
617:Tax inversion
615:
613:
610:
607:
604:
603:
602:
601:
598:
594:
589:
586:
584:
581:
579:
576:
574:
571:
570:
569:
568:
563:
558:
555:
553:
550:
548:
545:
543:
540:
538:
535:
533:
530:
528:
525:
523:
520:
518:
515:
513:
510:
509:
508:
507:
502:
497:
492:
491:
483:
482:Synthetic CDO
480:
478:
475:
473:
470:
468:
465:
463:
460:
458:
455:
454:
449:
446:
444:
441:
439:
435:
432:
431:
427:
424:
422:
419:
417:
414:
412:
409:
407:
404:
402:
399:
397:
394:
392:
389:
387:
384:
381:
377:
374:
372:
369:
367:
364:
362:
359:
357:
354:
353:
349:
344:
343:
332:
329:
327:
324:
322:
319:
318:
317:
316:
313:
309:
304:
301:
299:
296:
292:
291:institutional
289:
288:
287:
284:
282:
279:
277:
274:
272:
269:
268:
267:
266:
263:
259:
254:
251:
249:
246:
244:
241:
239:
236:
233:
229:
227:
224:
222:
219:
217:
214:
212:
209:
207:
204:
202:
199:
197:
196:Capital asset
194:
192:
189:
187:
184:
182:
179:
178:
177:
176:
173:
169:
164:
159:
158:
154:
150:
149:
146:
142:
138:
134:
133:
124:
121:
113:
102:
99:
95:
92:
88:
85:
81:
78:
74:
71: –
70:
66:
65:Find sources:
59:
55:
49:
48:
43:This article
41:
37:
32:
31:
19:
5607:
5382:Pork bellies
5377:Pet industry
4883:Forward rate
4836:
4794:Total return
4682:Real options
4585:Ratio spread
4565:Naked option
4525:Debit spread
4356:Fixed income
4298:Strike price
4169:
4143:
4124:
4105:
4076:
4053:. Retrieved
4051:. 2012-06-05
4048:
4039:
4028:. Retrieved
4026:. 2017-11-14
4023:
4014:
3983:. Retrieved
3979:
3969:
3944:. Retrieved
3931:
3916:
3911:
3880:. Retrieved
3876:
3866:
3854:. Retrieved
3847:the original
3830:
3819:. Retrieved
3808:
3795:
3784:. Retrieved
3773:
3762:. Retrieved
3751:
3740:. Retrieved
3730:
3718:. Retrieved
3715:nseindia.com
3714:
3702:
3693:
3687:
3678:
3672:
3663:
3657:
3632:
3628:
3622:
3611:
3602:
3593:
3574:
3568:
3556:. Retrieved
3552:the original
3537:
3525:. Retrieved
3512:
3495:
3491:
3482:
3471:. Retrieved
3468:Investopedia
3467:
3458:
3425:
3421:
3411:
3400:. Retrieved
3396:
3386:
3375:. Retrieved
3351:. Retrieved
3201:
3189:
3183:
3182:
3179:
3175:
3169:
3167:
3160:
3156:
3152:
3148:
3141:
3132:Futures are
3131:
3116:
3092:
3080:
3076:
3066:
3058:Futures are
3051:counterparty
3050:
3046:
3042:
3041:and face an
3039:standardized
3038:
3029:
3023:
3022:Futures are
3013:
3006:
2995:
2991:
2987:
2886:
2880:
2863:
2840:
2827:
2823:
2807:strike price
2792:
2790:
2774:
2753:
2742:
2733:
2725:
2701:
2694:
2679:
2669:
2661:
2658:December = Z
2655:November = X
2628:February = G
2616:
2613:
2496:orange juice
2251:
2238:
2194:Money market
2163:
2143:is known as
2138:
2122:
2110:
2005:
1997:
1988:
1886:
1882:
1878:
1874:
1872:
1770:
1766:
1762:
1760:
1675:
1673:
1578:
1574:
1573:to maturity
1570:
1566:
1562:
1560:
1545:
1507:
1484:
1480:
1475:
1471:
1470:
1449:
1438:
1432:consummating
1429:
1419:
1418:
1412:
1411:
1402:
1401:
1396:
1395:
1391:
1388:
1384:
1380:
1376:
1373:
1367:
1366:
1357:
1356:
1350:
1349:
1334:
1316:To minimize
1315:
1289:
1285:
1277:
1245:
1214:
1195:
1182:
1178:
1153:
1151:
1142:stock future
1140:
1138:
1114:
1105:
1101:
1097:
1077:
1073:
1067:
919:
848:Money supply
833:Full-reserve
818:Central bank
678:Student loan
653: /
565:Transactions
400:
376:Time deposit
262:Participants
191:Asset growth
116:
107:
97:
90:
83:
76:
64:
52:Please help
47:verification
44:
5476:Natural gas
5471:Heating oil
5347:Hide (skin)
5337:Live cattle
5262:Soybean oil
5150:Commodities
4814:Zero Coupon
4744:Correlation
4692:Vanna–Volga
4550:Iron condor
4336:Bond option
4002:|last=
3899:|last=
3738:. CME Group
3397:FOXBusiness
3170:credit risk
3163:credit risk
3068:credit risk
2849:(CFTC), an
2819:Black model
2756:mutual fund
2745:day traders
2739:Speculators
2676:speculators
2652:October = V
2625:January = F
2573:commodities
2377:into which
2365:natural gas
2305:natural gas
2301:heating oil
2285:S&P 500
2241:commodities
2239:Trading on
2203:Bond market
1529:Futures or
1485:front-month
1407:speculators
1225:commodities
1185:speculation
1134:spot market
386:Credit line
348:Instruments
243:Real estate
206:Derivatives
5742:Categories
5532:Molybdenum
5227:Peanut oil
5088:Tax policy
4804:Volatility
4714:Amortising
4555:Jelly roll
4490:Box spread
4485:Backspread
4477:Strategies
4313:Volatility
4308:the Greeks
4273:Expiration
4067:References
4055:2024-04-13
4030:2024-04-13
3985:2024-04-13
3946:2020-01-12
3882:2024-04-13
3856:8 February
3821:2020-05-18
3786:2020-05-18
3764:2020-05-18
3742:2015-11-09
3473:2024-04-07
3402:2020-12-02
3377:2015-11-09
3353:2015-11-09
3138:spot price
3047:customized
2684:derivative
2646:August = Q
2565:currencies
2522:futures,
2452:– metals:
2411:– part of
2347:Oman Crude
2264:) and the
2141:spot price
2129:martingale
1552:discounted
1527:Eurodollar
1497:underlying
1481:back month
1476:Expiration
1292:spot value
1130:volatility
1110:derivative
916:Regulation
720:Operations
673:Retirement
512:Accounting
396:Derivative
303:Speculator
135:Part of a
110:March 2022
80:newspapers
5710:Use value
5573:Palladium
5507:Aluminium
5461:Crude oil
5424:Wool tops
5414:Whalebone
5297:Ambergris
5217:Olive oil
4779:Inflation
4729:Commodity
4687:Trinomial
4622:Bachelier
4614:Valuation
4495:Butterfly
4429:Commodore
4278:Moneyness
3980:CME Group
3877:CME Group
3836:CME Group
3558:August 5,
3527:August 5,
3522:CME Group
3442:1836-6716
3319:CME Group
3289:CME Group
3122:Margining
2953:−
2811:delta one
2697:consumers
2680:hedge out
2634:April = J
2631:March = H
2619:CME Group
2512:TMX Group
2476:and steel
2458:aluminium
2403:AEX index
2361:crude oil
2337:palladium
2293:crude oil
2273:CME Group
2248:Exchanges
2180:article.
2088:−
1965:−
1950:−
1849:−
1834:−
1737:−
1674:or, with
1651:−
1625:×
1510:arbitrage
1341:commodity
1090:commodity
978:Recession
939:ISO 31000
622:Tax haven
496:Corporate
411:Insurance
406:Indemnity
312:Locations
201:Commodity
5578:Platinum
5332:Lean Hog
5322:Feathers
5312:Cashmere
5237:Rapeseed
5232:Potatoes
5222:Palm oil
5202:Flaxseed
4918:Slippage
4848:Contango
4832:Forwards
4799:Variance
4759:Dividend
4754:Currency
4667:Margrabe
4662:Lattices
4641:equation
4627:Binomial
4575:Strangle
4570:Straddle
4467:Swaption
4449:Lookback
4434:Compound
4376:Warrants
4351:European
4331:American
4323:Vanillas
4288:Pin risk
4268:Exercise
4097:32895048
3994:cite web
3955:cite web
3891:cite web
3450:37688713
3207:See also
3184:Example:
3134:margined
3095:exchange
3060:margined
3043:exchange
2986:At time
2643:July = N
2640:June = M
2569:equities
2395:FTSE 100
2375:Euronext
2333:aluminum
2325:platinum
2297:gasoline
2160:Contract
2145:contango
1569:at time
1082:contract
754:Taxation
644:Personal
597:Taxation
472:Security
426:Mortgage
286:Investor
5714:utility
5491:Uranium
5486:Thorium
5481:Propane
5466:Ethanol
5404:Sponges
5302:Bristle
5257:Soybean
5170:General
4837:Futures
4457:Rainbow
4424:Cliquet
4419:Chooser
4399:Barrier
4386:Exotics
4248:Options
3649:2352947
3311:now ICE
3197:accrues
2794:options
2708:farmers
2691:Hedgers
2672:hedgers
2637:May = K
2542:(SIMEX)
2391:EURIBOR
2313:propane
1554:at the
1504:Pricing
1337:hedgers
1241:bullion
1210:samurai
1132:of the
1078:futures
1070:finance
1006:Outline
810:Banking
774:balance
772: (
504:General
436: (
391:Deposit
211:Domains
163:Markets
145:Finance
94:scholar
5583:Silver
5537:Nickel
5522:Copper
5517:Cobalt
5444:Energy
5409:Tallow
5352:Horses
5307:Butter
5252:Rubber
5192:Cotton
5187:Coffee
5177:Barley
4898:Margin
4764:Equity
4657:Heston
4560:Ladder
4510:Condor
4505:Collar
4462:Spread
4409:Binary
4404:Basket
4176:
4150:
4131:
4112:
4095:
4085:
3923:
3647:
3581:
3448:
3440:
2996:F(T,T)
2992:F(T,T)
2887:F(t,T)
2492:cotton
2488:coffee
2470:nickel
2454:copper
2399:CAC 40
2329:copper
2321:silver
2232:– see
2214:– see
2205:– see
2196:– see
2187:– see
1563:F(t,T)
1520:, and
1472:Expiry
1298:Margin
1281:margin
1262:on US
1235:, raw
1229:Bombay
1192:Origin
918:
770:Budget
694:Public
651:Credit
608:(BEPS)
443:exotic
434:Option
298:Retail
216:Equity
172:Assets
137:series
96:
89:
82:
75:
67:
5705:Price
5542:Steel
5394:Sheep
5357:Ivory
5342:Goats
5317:Civet
5277:Wheat
5267:Sugar
5182:Cocoa
4769:Forex
4724:Basis
4719:Asset
4706:Swaps
4632:Black
4535:Fence
4394:Asian
4256:Terms
3940:(PDF)
3850:(PDF)
3843:(PDF)
3720:2 May
3711:(PDF)
3708:"NSE"
3645:JSTOR
3330:Notes
2855:fines
2610:Codes
2552:NCDEX
2546:ROFEX
2532:– KRX
2500:sugar
2484:cocoa
2434:TOCOM
2409:Eurex
2383:LIFFE
2289:NYMEX
2262:Eurex
1465:Brent
1443:NYMEX
1221:grain
1202:Osaka
1125:short
1086:asset
517:Audit
467:Stock
253:Stock
226:Money
101:JSTOR
87:books
5632:Laws
5568:Gold
5552:Zinc
5527:Lead
5451:Coal
5419:Wool
5399:Silk
5372:Musk
5367:Milk
5362:Lard
5242:Rice
5152:and
4603:Bull
4599:Bear
4341:Call
4174:ISBN
4148:ISBN
4129:ISBN
4110:ISBN
4093:OCLC
4083:ISBN
4049:CFTC
4024:CFTC
4006:help
3961:link
3921:ISBN
3903:help
3858:2011
3722:2023
3579:ISBN
3560:2010
3529:2010
3446:PMID
3438:ISSN
3081:The
2803:call
2777:risk
2721:swap
2674:and
2575:and
2466:zinc
2462:lead
2335:and
2317:gold
2309:coal
2218:and
1881:and
1567:S(t)
1493:CBOT
1491:and
1474:(or
1237:jute
1215:The
1196:The
1121:long
1072:, a
843:Loan
780:Debt
655:Debt
438:call
421:Loan
361:Cash
356:Bond
248:Spot
186:Bond
73:news
5547:Tin
5272:Tea
5247:Rye
5212:Oat
4371:Put
3637:doi
3500:doi
3430:doi
3146:).
2859:law
2831:VIX
2799:put
2758:or
2731:).
2715:or
2617:On
2474:tin
2381:or
1489:CME
1462:ICE
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