adm futures options self-study guide pdf

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1、CommodityproduCtsself-studyGuidetoHedgingwithGrainandoilseedFuturesandoptionsInaworldofincreasingvolatility,CMEGroupiswheretheworldcomestomanageriskacrossallmajorassetclasses–interestrates,equityindexes,foreignexchange,energy,agriculturalcommodities,metals,andalternativeinvestmentslikeweatherand

2、realestate.BuiltontheheritageofCME,CBOTandNYMEX,CMEGroupistheworld’slargestandmostdiversederivativesexchangeencompassingthewidestrangeofbenchmarkproductsavailable.CMEGroupbringsbuyersandsellerstogetherontheCMEGlobexelectronictradingplatformandontradingfloorsinChicagoandNewYork.Weprovideyouwithth

3、etoolsyouneedtomeetyourbusinessobjectivesandachieveyourfinancialgoals.AndCMEClearingmatchesandsettlesalltradesandguaranteesthecreditworthinessofeverytransactionthattakesplaceinourmarkets.COMMODITYPRODUCTSMORECOMMODITYFUTURESANDOPTIONS.GREATEROPPORTUNITY.CMEGroupoffersthewidestrangeofcommodityder

4、ivativesofanyexchange,withtradingavailableonavarietyofgrains,oilseeds,livestock,dairy,lumberandotherproducts.Representingthestaplesofeverydaylife,theseproductsofferyouliquidity,transparentpricingandextraordinaryopportunitiesinaregulatedcentralizedmarketplacewithequalaccessforallparticipants.Self

5、-StudyGuidetoHedgingwithGrainandOilseedFuturesandOptionsINTHISGUIDEINTRODUCTION3CHAPTER1:THEMARkETS4TheFuturesContract5ExchangeFunctions5MarketParticipants6FinancialIntegrityofMarkets6CHAPTER2:HEDGINGWITHFUTURESANDBASIS9TheShortHedge9TheLongHedge10Basis:TheLinkBetweenCashandFuturesPrices11Basisa

6、ndtheShortHedger11BasisandtheLongHedger12ImportanceofHistoricalBasis14CHAPTER3:FUTURESHEDGINGSTRATEGIESFORBUYINGANDSELLINGCOMMODITIES17BuyingFuturesforProtectionAgainstRisingPrices17SellingFuturesforProtectionAgainstFallingPrices20CHAPTER4:THEBASICSOFAGOPTIONS24WhatIsanOption?24HowAreOptionsTrad

7、ed?25OptionPricing27IntrinsicValue27TimeValue30OptionPricingModels33WhatCanHappentoanOptionPosition33cmegroup.comCHAPTER5:OPTIONHEDGINGSTRATEGIESFORBUYERSOFCOMMODITIES37IntroductiontoRiskManagementStrategies37WhyBuyorSellOpt