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1、FinalPDFtoprinterCHAPTERTWENTY-TWO22FuturesMarketsFUTURESANDFORWARDcontractsarelikewithhighlystandardized,exchange-tradedoptionsinthattheyspecifypurchaseorsalesecurities.ofsomeunderlyingsecurityatsomefutureWhilefuturesmarketshavetheirrootsindate.Thekeydifferenceisthattheholde
2、ragriculturalproductsandcommodities,theofanoptionisnotcompelledtobuyorsell,marketstodayaredominatedbytradinginandwillnotdosoifthetradeisunprofitable.financialfuturessuchasthoseonstockindexes,Afuturesorforwardcontract,however,car-interest-rate-dependentsecuritiessuchasgov-ries
3、theobligationtogothroughwiththeernmentbonds,andforeignexchange.Theagreed-upontransaction.marketsthemselvesalsohavechanged,withAforwardcontractisnotaninvestmenttradingtodaylargelytakingplaceinelectronicinthestrictsensethatfundsarepaidforanmarkets.asset.Itisonlyacommitmenttoday
4、totransactThischapterdescribestheworkingsofinthefuture.Forwardarrangementsarepartfuturesmarketsandthemechanicsoftradingofourstudyofinvestments,however,becauseinthesemarkets.Weshowhowfuturescon-theyofferpowerfulmeanstohedgeothertractsareusefulinvestmentvehiclesforbothinvestmen
5、tsandgenerallymodifyportfoliohedgersandspeculatorsandhowthefuturescharacteristics.pricerelatestothespotpriceofanasset.WeForwardmarketsforfuturedeliveryofalsoshowhowfuturescanbeusedinseveralvariouscommoditiesgobackatleasttorisk-managementapplications.ThischapterancientGreece.O
6、rganizedfuturesmarkets,dealswithgeneralprinciplesoffuturemar-though,arearelativelymoderndevelop-kets.Chapter23describesspecificfuturesment,datingonlytothe19thcentury.Futuresmarketsingreaterdetail.marketsreplaceinformalforwardcontractsPARTVIbod61671_ch22_770-798.indd7707/27/13
7、1:48AMFinalPDFtoprinterCHAPTER22FuturesMarkets77122.1TheFuturesContractToseehowfuturesandforwardsworkandhowtheymightbeuseful,considertheport-foliodiversificationproblemfacingafarmergrowingasinglecrop,letussaywheat.Theentireplantingseason’srevenuedependscriticallyonthehighlyvo
8、latilecropprice.Thefarmercan’teasilydiversifyhispositionbecausevirtu
