Hợp đồng trao đổi giao dịch thường được tiêu chuẩn hóa nhưng thực hiện bảo lãnh của nhà thanh toán bù trừ liên quan đến trao đổi. Có ba loại chính của sản phẩm phái sinh: chuyển tiếp và tương lai; giao dịch hoán đổi và các tùy chọn. | 34 Derivatives Demystified funding storage insurance etc. Although futures contracts operate in a slightly different way to forwards it is conventional to extend this so-called cash-and-carry method to the calculation of certain theoretical or fair futures prices. We also saw in Chapter 2 that the method works well with financial assets and some commodities but not with others. In the oil market for example the spot price is often higher than the futures prices although the simple cash-and-carry method suggests that the situation should be the reverse. When this happens the market is said to be in backwardation. When the futures prices are higher than the spot price the market is said to be in contango. It is an important aspect generally of trading futures that the basis - the relationship between the spot price of the underlying and the price of a futures contract - is not constant. This means day-to-day that a futures does not exactly track movements in the price of the underlying. Changes in the basis are determined not only by changes in carry costs such as interest rates and storage costs but also by speculative trading activity. In some markets the futures price of an asset can be more volatile than the cash price. As a futures contract approaches its delivery date however its price must converge on the spot price of the underlying because on the actual delivery date the futures contract becomes just another spot market transaction. On the delivery day the basis - the difference between the spot price and the futures price - must be zero. This fact allows hedgers to use contracts such as FCOJ futures to manage the risks associated with volatile commodity prices. A foodprocessing company that is concerned about increases in the price of orange juice can buy FCOJ futures. If the price of the commodity does rise it can sell the futures back into the exchange shortly before the due delivery date and realize a profit in cash that will offset the increased cost of
