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Lecture Business finance - Chapter 18: Futures contracts

Chapter 18 - Futures contracts. In this chapter you will learn: Understand what a futures contract is and how futures markets are organised; understand the system of deposits, margins and marking-to-market used by futures exchanges; have some understanding of the determinants of futures price;. | Chapter 18 Futures Contracts 2 2 2 2 2 2 2 2 2 2 2 Learning Objectives Understand what a futures contract is and how futures markets are organised. Understand the system of deposits, margins and marking-to-market used by futures exchanges. Have some understanding of the determinants of futures price. 2 2 2 2 2 2 2 2 2 2 2 Learning Objectives (cont.) Understand and be able to explain that speculation and hedging with futures contracts may be imperfect. Understand and explain the features of the major financial futures contracts traded on the Sydney Futures Exchange. Explain speculation and hedging strategies using the major financial futures contracts traded on the Sydney Futures Exchange. 3 3 3 3 3 3 3 3 3 3 3 Learning Objectives (cont.) Understand the valuation of 90-day bank-accepted bill futures contracts and share-price index futures contracts. Understand and explain the uses of forward-rate agreements. 4 4 4 4 4 4 Futures Contracts A futures contract is an agreement which | Chapter 18 Futures Contracts 2 2 2 2 2 2 2 2 2 2 2 Learning Objectives Understand what a futures contract is and how futures markets are organised. Understand the system of deposits, margins and marking-to-market used by futures exchanges. Have some understanding of the determinants of futures price. 2 2 2 2 2 2 2 2 2 2 2 Learning Objectives (cont.) Understand and be able to explain that speculation and hedging with futures contracts may be imperfect. Understand and explain the features of the major financial futures contracts traded on the Sydney Futures Exchange. Explain speculation and hedging strategies using the major financial futures contracts traded on the Sydney Futures Exchange. 3 3 3 3 3 3 3 3 3 3 3 Learning Objectives (cont.) Understand the valuation of 90-day bank-accepted bill futures contracts and share-price index futures contracts. Understand and explain the uses of forward-rate agreements. 4 4 4 4 4 4 Futures Contracts A futures contract is an agreement which provides that something will be sold in the future at a fixed price. The price is decided today, but the transaction is to occur later. Australian futures contracts are traded on the Sydney Futures Exchange (SFE). 5 5 5 5 5 5 7 6 17 17 Forward Contracts A forward contract will have the following features: The forward price is decided now but the transaction is to occur on a nominated future date. The details of the commodity which is the subject of the contract are spelt out. The contract is a private contract between you and I. I cannot pass on to anyone else my responsibility to deliver the commodity and, likewise, you cannot pass on to anyone else your responsibility to accept delivery of the commodity. 6 6 6 6 6 Futures Contracts A futures contract on gold will also have features 1 and 2 of a forward contract. However, feature 3 is not true of a futures contract. A futures contract is not a personalised agreement. It is essentially a forward contract which can be traded .