Money , Banking, and the Financial System - anvari精品管理文档.pptVIP

* In greater detail, the spot price must equal the futures price on the settlement date because if there were a difference between the two prices, arbitrage profits would be possible. In using settlement by offset, rather than actually delivering wheat, she would close her position at the CBOT by buying two futures contracts, thereby offsetting the two contracts she sold in March. She sold the contracts for $20,000 (= $2.00 per bushel × 10,000 bushels). By buying them back for $18,000 (= $1.80 per bushel × 10,000 bushels), she earns a profit of $2,000 in the futures market. In the spot market,