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1、Chapter10Directives:Forwards,Futures, OptionsandSwapsOneofthemoststrikingdevelopmentsinfinancialmarketsoverthepastdecadeshasbeentheestablishmentandgrowthoffinancialderivativesmarkets.Theterm“derivative”infinancialmarketsreferstoanyinstrumentorcontractthatderivesitsvaluefr
2、omanotherunderlyingasset,instrument,orcontract.Thefastestgrowingderivativesincludefinancialforwards,futures,optionsandswaps.2021/10/92Chapter10Directives:Forwards,Futures,OptionsandSwapsTheinitialpurposeofderivativeswastoallowtraderstohedgeriskswhichtheyfacedinthecashmark
3、etsasapartoftheirnormalbusinessactivitybyoffsettingonetypeofriskwiththeoppositeriskinaderivativesmarket.Clearly,however,thesemarketsprovideadditionalpossibilitiesforspeculatorstotakeonriskintheexpectationthattheywillbeabletooutguessthemarket.2021/10/93Chapter10Directives:
4、Forwards,Futures,OptionsandSwapsAforward,orforwardcontract,isanagreementbetweenabuyerandasellertoexchangeacommodityorfinancialinstrumentforaspecifiedamountofcashonaprearrangedfuturedate.Forwardcontractsareprivateagreementsbetweentwoparties.1.Forwards2021/10/94Chapter10Dir
5、ectives:Forwards,Futures,OptionsandSwapsWecansummarizethemainfeaturesofaforwardcontractasfollows:Twopartiesagreetoexchangesomeiteminthefutureatadeliverypricespecifiednow.Theforwardpriceisdefinedasthedeliverypricethatmakesthecurrentmarketvalueofthecontractzero.Nomoneyispai
6、dinthepresentbyeitherpartytotheother.Thefacevalueofthecontractisthequantityoftheitemspecifiedinthecontracttimestheforwardprice.Thepartywhoagreestobuythespecifieditemissaidtotakealongposition,andthepartywhoagreestoselltheitemissaidtotakeashortposition.2021/10/95Chapter10Di
7、rectives:Forwards,Futures,OptionsandSwaps2.FuturesIncontrasttoaforward,afuture,orfuturescontract,isaforwardcontractthathasbeenstandardizedandsoldthroughanorganizedexchange.Afuturescontractspecifiesthattheseller—whohastheshortposition—willdeliversomequantityofacommodityorf
8、inancialinstrumenttothebuyer—whohasthelongposition—onaspecificdate,calledthesettlementordelivery
