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Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 Hedging Strategies Using Futures Chapter 3 Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 * Long Short Hedges A long futures hedge is appropriate when you know you will purchase an asset in the future and want to lock in the price A short futures hedge is appropriate when you know you will sell an asset in the future and want to lock in the price Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 * Arguments in Favor of Hedging Companies should focus on the main business they are in and take steps to minimize risks arising from interest rates, exchange rates, and other market variables Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 * Arguments against Hedging Shareholders are usually well diversified and can make their own hedging decisions It may increase risk to hedge when competitors do not Explaining a situation where there is a loss on the hedge and a gain on the underlying can be difficult Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 * Convergence of Futures to Spot(Hedge initiated at time t1 and closed out at time t2) Options, Futures, and Other Derivatives, 7th International Edition, Copyright ? John C. Hull 2008 * Time Spot Price Futures Price t1 t2 Basis Risk Basis is the difference between the spot and futures price Basis risk arises because of the uncertainty about the basis when the hedge is closed out Options, Futures, and Other Derivatives, 7th International