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1、2AnIntroductiontoForwardsandOptionsThischapterintroducesthebasicderivativescontracts:forwardcontracts,calloptions,andputoptions.Thesefundamentalcontractsarewidelyused,andserveasbuildingblocksformorecomplicatedderivativesthatwediscussinlaterchapters.Weexplainherehowthecontra
2、ctsworkandhowtothinkabouttheirrisk.Wealsointroduceanextremelyimportanttoolforanalyzingderivativespositions—namely,payoffandpro?tdiagrams.Theterminologyandconceptsintroducedinthischapterarefundamentalandwillbeusedthroughoutthisbook.2.1FORWARDCONTRACTSTounderstandaforwardcont
3、ract,itishelpfulto?rstconsidertheprocessofbuyingorsellingstock.Suchatransactionentailsatleastthreeseparatesteps:(1)thebuyerandselleragreetotransactandsetthepricetobepaid,(2)cashistransferredfromthebuyertotheseller,and(3)sharesaretransferredfromthesellertothebuyer.Typically,
4、steps2and3occurshortlyafterthebuyerandselleragreetotransact.1However,asalogicalmatter,apricecouldbesettodayandthetransferofsharesandcashcouldthenoccurataspeci?eddateinthefuture.Thisisinfactthede?nitionofaforwardcontract:Itsetstodaythetermsatwhichyoubuyorsellanassetorcommodi
5、tyataspeci?ctimeinthefuture.Aforwardcontractdoesthefollowing:.Speci?esthequantityandexacttypeoftheassetorcommoditythesellermustdeliver..Speci?esdeliverylogistics,suchastime,date,andplace..Speci?esthepricethebuyerwillpayatthetimeofdelivery..Obligatesthesellertosellandthebuye
6、rtobuy,subjecttotheabovespeci?cations.Thetimeatwhichthecontractsettlesiscalledtheexpirationdate.Theassetorcom-modityonwhichtheforwardcontractisbasediscalledtheunderlyingasset.Apartfromcommissionsandbid-askspreads(seeSection1.5),aforwardcontractrequiresnoinitialpaymentorprem
7、ium.Thecontractualforwardpricesimplyrepresentsthepriceatwhich1.Thecurrentindustrystandardisforsteps2and3tooccurnolaterthanthreedaysaftertheagreementtotransact.ThisiscalledT+3settlement.2526Chapter2.AnIntroductiontoForwardsandOptionsFIGURE2.1Indexfuturespricelistings.Datafro
8、mtheWallStreetJournal,April15,2010,p.C-7.consentingadultsagreetodaytotransactinthe
