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1、CHAPTER1IntroductionNotesfortheInstructorThischapterintroducesthemarketsforfutures,forward,andoptionscontractsandexplainstheactivitiesofhedgers,speculators,andarbitrageurs.Issuesconcerningfuturescontractssuchasmarginrequirements,settlementprocedures,theroleoftheclearinghouse,etcarecoveredinChapter2.
2、SomeinstructorsprefertoavoidanymentionofoptionsuntilthematerialonlinearproductsinChapters1to7hasbeencovered.Iliketointroducestudentstooptionsinthefirstclass,eventhoughtheyarenotmentionedagainforseveralclasses.ThisisbecausemoststudentsfindoptionstobethemostinterestingofthederivativescoveredandIlikest
3、udentstobeenthusiasticaboutthecourseearlyon.ThewayinwhichthematerialinChapter1iscoveredislikelytodependonthebackgroundsofthestudents.Ifacourseininvestmentsisaprerequisite,Chapter1canberegardedasareviewofmaterialalreadyfamiliartothestudentsandcanbecoveredfairlyquickly.Ifaninvestmentscourseisnotaprere
4、quisite,moretimemayberequired.Increasinglysomeaspectsofderivativesmarketsarebeingcoveredinintroductorycorp0--•ratefinancecourses,accountingcourses,strategycourses,etc.Inmanyinstancesstudentsare,therefore,likelytohavehadsomeexposuretothematerialinChapterLIdonotrequireaninvestmentselectiveasaprerequis
5、iteformyelectiveonfuturesandoptionsmarketsandfindthat1~to2hoursisnecessaryformetointroducethecourseandcoverthematerialinChapter1.Tomotivatestudentsattheoutsetofthecourse,Idiscussthegrowingimportanceofderivatives,howmuchwellexpertsinthefieldarepaid,etc.Itisnotuncommonforstudentswhojoinderivativesgrou
6、ps,andaresuccessful,toearn(includingbonus)severalhundredthousanddollarsayear~oreven$1millionperyear~threeorfouryearsaftergraduating..TowardstheendofthefirstclassIusuallyproduceacurrentnewspaperandde-•scribeseveraltradedfuturesandoptions.Ithenaskstudentstoguessthequotedprice..Sometimesvotesaretaken.T
7、hisisanenjoyableexerciseandforcesstudentstothinkactivelyaboutthenatureofthecontractsandthedeterminantsofprice.Itusuallyleadstoapreliminarydiscussionofsuchissuesastherelationshipbetweenafuturespriceand