Intel Group Work

In: Business and Management

Submitted By pln1975
Words 1001
Pages 5
Financial Markets
Lecture 6 Overview Futures, Options, Swaps Financial Derivatives Commodity Derivatives


Derivatives – Overview
• Financial instrument or security whose payoffs depend on another instrument or security • Price of instrument a derivative of underlying security
– Farmer who sows a crop in June, faces uncertainty over the price received at harvest time in September – Merchant/ consumer faces a price in September as well – Farmer, merchant negotiate on a price in June for settlement in September

• Chicago Board of Trade 1848 • Yodoya rice futures in 1650

• Forwards, Futures, Options, Swaps


Derivatives - Definitions
• Forwards – involves a contract initiated at one time, performance in accordance with the terms of the contract occurs at a subsequent future time • Futures – type of forward contract with standardized and closely specified contract terms
– – – – Traded in organized exchange Standardized, specific quantity, delivery date, mechanism Performance guaranteed by clearinghouse Margins – good faith deposit with the exchange

• Option – the right to purchase underlying good at a specific price until a specific date – Calls and Puts • Swaps – Agreement between two or more parties to exchange sequence of cash flows over a period in the future

Derivatives - Applications
• Price risk elimination

• Speculation • Market completeness
• Information efficiency • Trading efficiency


Derivatives - Markets
• Commodity Derivatives: underlying asset a commodity
– Agricultural products like wheat, soybeans, rapeseed, cotton – Precious metals like gold, silver – Energy products like crude oil, natural gas, coal, electricity

• Financial Derivatives
– Equities, interest rates, exchange rates – Volatility Levels – Cash settlement

• Regulatory

• Exchanges

Derivatives – Market…...

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