博迪投资学第八版课件Chap022.pptVIP

CHAPTER 22 Futures Markets 22-* Bodie, Kane and Marcus Slides by Susan Hine McGraw-Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Forward - an agreement calling for a future delivery of an asset at an agreed-upon price Futures - similar to forward but feature formalized and standardized characteristics Key difference in futures Secondary trading - liquidity Marked to market Standardized contract units Clearinghouse warrants performance Futures and Forwards Futures price - agreed-upon price at maturity Long position - agree to purchase Short position - agree to sell Profits on positions at maturity Long = spot minus original futures price Short = original futures price minus spot Key Terms for Futures Contracts Figure 22.1 Futures Listings Figure 22.2 Profits to Buyers and Sellers of Futures and Option Contracts Table 22.1 Sample of Future Contracts Clearinghouse - acts as a party to all buyers and sellers Obligated to deliver or supply delivery Closing out positions Reversing the trade Take or make delivery Most trades are reversed and do not involve actual delivery Open Interest Trading Mechanics Figure 22.3 Panel A, Trading without a Clearinghouse. Panel B, Trading with a Clearinghouse Initial Margin - funds deposited to provide capital to absorb losses Marking to Market - each day the profits or losses from the new futures price are reflected in the account Maintenance or variation margin - an established value below which a trader’s margin may not fall Margin and Trading Arrangements Margin call - when the maintenance margin is reached, broker will ask for additional margin funds Convergence of Price - as maturity approaches the spot and futures price converge Delivery - Actual commodity of a certain grade with a delivery location or for some contracts cash settlement Cash Settlement – some contracts are settled in cash rather than delivery of the underlying assets Margin and Trading Arrangements Continued Speculation - s