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investments and portfolio management Option Futures Markets推荐.docx

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investments and portfolio management Option Futures Markets推荐

Chapter22: Futures MarketsChapter Openerp. 755PART??VIFUTURES AND FORWARD contracts are like options in that they specify purchase or sale of some underlying security at some future date. The key difference is that the holder of an option is not compelled to buy or sell, and will not do so if the trade is unprofitable. A futures or forward contract, however, carries the obligation to go through with the agreed-upon transaction.???A forward contract is not an investment in the strict sense that funds are paid for an asset. It is only a commitment today to transact in the future. Forward arrangements are part of our study of investments, however, because they offer powerful means to hedge other investments and generally modify portfolio characteristics.???Forward markets for future delivery of various commodities go back at least to ancient Greece. Organized futures markets, though, are a relatively modern development, dating only to the 19th century. Futures markets replace informal forward contracts with highly standardized, exchange-traded securities.???While futures markets have their roots in agricultural products and commodities, the markets today are dominated by trading in financial futures such as those on stock indices, interest-rate-dependent securities such as government bonds, and foreign exchange. The markets themselves also have changed, with trading today largely taking place in electronic markets.???This chapter describes the workings of futures markets and the mechanics of trading in these markets. We show how futures contracts are useful investment vehicles for both hedgers and speculators and how the futures price relates to the spot price of an asset. We also show how futures can be used in several risk-management applications. This chapter deals with general principles of future markets. Chapter 23 describes specific futures markets in greater detail.22.1 The Futures Contractp. 756To see how futures and forwards work and how they might be useful,