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衍生品与风险管理英语教学课件PPT the structure of forward and futures markets.ppt.ppt
Chapter 2 The Structure of Forward and Futures Markets Ref. Don.M.Chance, Chapter 7 Learning objectives: To define forward and futures contracts To describe the institutional characteristics of forward and futures markets, especially the daily settlement procedure in futures markets and the delivery process To provide information on the futures contracts available for trading To describe the process of placing an order to trade a futures contract To illustrate the role of the clearinghouse in futures trading To show how to access futures prices To present information on the magnitude and effects of transaction costs in futures trading To discuss the regulatory structure of futures and forward markets 1. Definition A forwawrd contract is an agreement between two parties, buyer and a seller, that calls for the delivery of an asset at a future point in time with a price agreed upon today. A futures contract is a forward contract that has standardized terms, is traded on an organized exchange, and follows a daily settlement procedure in which the losses of one party to the contract are paid to the other party. Both have an obligation not the right. Like an exchange-listed option, however, a futures contract can be sold in the market prior to expiration. Like an over-the-counter option, a forward contract can be offset by creating a new forward contract. 2. The development of forward and futures markets The development of organized markets Chicago Board of Trade (CBOT，芝加哥交易所), 1848 Chicago Mercantile Exchange (CME，芝加哥商品交易所），1898 Its predecessor: Chicago Produce Exchange (1874) → Chicago Butter and Egg Board It was the 2nd largest futures exchange in the US. In 2006, CBOT and CME were merged, and became the biggest futures exchange in the world. The 1990s saw an explosion in the development of futues exchanges around the world. The Development of Financial Futures 1972, Futures contracts on foreign currencies International Monetary Market (IMM) 1975, the 1st interest ra
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