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Lecture Financial markets and institutions: Chapter 10 - Anthony Saunders, Marcia Millon Cornett

Chapter 10 - Derivative securities markets. In this chapter, we introduced the major derivative securities and the markets in which they trade. Derivative securities (forwards, futures, options, and swaps) are securities whose value depends on the value of an underlying asset but whose payoff is not guaranteed with cash flows from these assets. | 8- McGraw-Hill/Irwin Chapter Ten Derivative Securities Markets 10- McGraw-Hill/Irwin Derivatives A derivative security is an agreement between two parties to exchange a standard quantity of an asset at a predetermined price at a specific date in the future Derivative securities markets are the markets in which derivative securities trade Derivatives involve the buying and selling (i.e., the transfer of) risk, which results in a positive impact on the economic system Derivatives are used for hedging and for speculation 10- McGraw-Hill/Irwin Derivatives The first wave of modern derivatives were foreign currency futures introduced by the International Monetary Market (IMM) following the Smithsonian Agreements of 1971 and 1973 The second wave of modern derivatives were interest rate futures introduced by the Chicago Board of Trade (CBT) after the Fed started to target nonborrowed reserves in the late 1970s The third wave of modern derivatives occurred in the 1990s with the advent of credit derivatives 10- McGraw-Hill/Irwin Forwards and Futures A spot contract is an agreement to transact involving the immediate exchange of assets and funds A forward contract is a nonstandardized agreement to transact involving the future exchange of a set amount of assets at a set price A futures contract is a standardized exchange traded agreement to transact involving the future exchange of a set amount of assets for a price that is settled daily 10- McGraw-Hill/Irwin Futures Markets Futures contracts are usually traded on organized exchanges Exchanges indemnify counterparties against credit (i.e., default) risk Futures are market to market daily marked to market describes the prices on outstanding futures contracts that are adjusted each day to reflect current futures market conditions The five major U.S. exchanges are the CBOT, CME, NYFE, MACE, and KCBOT The principal regulator of futures markets is the Commodity Futures Trading Commission (CFTC) | 8- McGraw-Hill/Irwin Chapter Ten Derivative Securities Markets 10- McGraw-Hill/Irwin Derivatives A derivative security is an agreement between two parties to exchange a standard quantity of an asset at a predetermined price at a specific date in the future Derivative securities markets are the markets in which derivative securities trade Derivatives involve the buying and selling (i.e., the transfer of) risk, which results in a positive impact on the economic system Derivatives are used for hedging and for speculation 10- McGraw-Hill/Irwin Derivatives The first wave of modern derivatives were foreign currency futures introduced by the International Monetary Market (IMM) following the Smithsonian Agreements of 1971 and 1973 The second wave of modern derivatives were interest rate futures introduced by the Chicago Board of Trade (CBT) after the Fed started to target nonborrowed reserves in the late 1970s The third wave of modern derivatives occurred in the 1990s with