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Lecture Financial institutions, instruments and markets (4/e): Chapter 18 - Christopher Viney

Chapter 18 - Futures contracts and forward rate agreements. In this chapter you will learn: Outline features of futures contracts, identify futures market instruments and participants, understand the different types of risks that can be hedged using futures, overview of forward rate agreements. | Chapter 18 Futures Contracts and Forward Rate Agreements Website: http://www.sfe.com.au Learning Objectives Outline features of futures contracts Identify futures market instruments and participants Understand the different types of risks that can be hedged using futures Overview of forward rate agreements Chapter Organisation 18.1 Introduction 18.2 General Principles of Hedging Using Futures 18.3 Main Features of Futures Transactions 18.4 Futures Market Instruments 18.5 Futures Market Participants Chapter Organisation (cont.) 18.6 Hedging: Risk Management Using Futures 18.7 Risks in Using Futures Markets for Hedging 18.8 Forward Rate Agreements (FRAs) 18.9 Summary 18.1 Introduction Futures contracts and FRAs are called derivatives because they derive their price from an underlying physical market product Two main types of derivative contracts Commodity (e.g. gold, wheat and cattle) Financial (e.g. shares, government securities and money market instruments) 18.1 Introduction (cont.) . | Chapter 18 Futures Contracts and Forward Rate Agreements Website: http://www.sfe.com.au Learning Objectives Outline features of futures contracts Identify futures market instruments and participants Understand the different types of risks that can be hedged using futures Overview of forward rate agreements Chapter Organisation 18.1 Introduction 18.2 General Principles of Hedging Using Futures 18.3 Main Features of Futures Transactions 18.4 Futures Market Instruments 18.5 Futures Market Participants Chapter Organisation (cont.) 18.6 Hedging: Risk Management Using Futures 18.7 Risks in Using Futures Markets for Hedging 18.8 Forward Rate Agreements (FRAs) 18.9 Summary 18.1 Introduction Futures contracts and FRAs are called derivatives because they derive their price from an underlying physical market product Two main types of derivative contracts Commodity (e.g. gold, wheat and cattle) Financial (e.g. shares, government securities and money market instruments) 18.1 Introduction (cont.) Derivative contracts enable investors and borrowers to protect assets and liabilities against the risk of changes in interest rates, exchange rates and share prices Chapter Organisation 18.1 Introduction 18.2 General Principles of Hedging Using Futures 18.3 Main Features of Futures Transactions 18.4 Futures Market Instruments 18.5 Futures Market Participants 18.2 General Principles of Hedging Using Futures Hedging involves transferring the risk of unanticipated changes in prices, interest rates or exchange rates to another party A futures contract is the right to buy or sell a specific item at a specified future date at a price determined today 18.2 General Principles of Hedging Using Futures (cont.) The change in the market price of a commodity or security is offset by a profit or loss on the futures contract Example: a farmer wants to sell wheat in a couple of months. He is concerned that the price is going to fall in the meantime. How can he hedge this price risk? 18.2 General .