文档介绍：FundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*IntroductionChapter1FundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*TheNatureofDerivativesAderivativeisaninstrumentwhosevaluedependsonthevaluesofothermorebasicunderlyingvariablesFundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*ExamplesofDerivativesFuturesContractsForwardContractsSwapsOptionsFundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*WaysDerivativesareUsedTohedgerisksTospeculate(takeaviewonthefuturedirectionofthemarket)TolockinanarbitrageprofitTochangethenatureofaliabilityTochangethenatureofaninvestmentwithoutincurringthecostsofsellingoneportfolioandbuyinganotherFundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*FuturesContractsAfuturescontractisanagreementtobuyorsellanassetatacertaintimeinthefutureforacertainpriceBycontrastinaspotcontractthereisanagreementtobuyorselltheassetimmediately(orwithinaveryshortperiodoftime)FundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*ExchangesTradingFuturesChicagoBoardofTradeChicagoMercantileExchangeEuronextEurexBM&F(SaoPaulo,Brazil)andmanymore(seelistatendofbook)FundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*FuturesPriceThefuturespricesforaparticularcontractisthepriceatwhichyouagreetobuyorsellItisdeterminedbysupplyanddemandinthesamewayasaspotpriceFundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*putermatchesbuyersandsellersFundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*ExamplesofFuturesContractsAgreementto:buy100oz.******@US$600/(NYMEX)sell£62,******@$/£inMarch(CME)sell1,000bbl.******@US$65/(NYMEX)FundamentalsofFuturesandOptionsMarkets,6thEdition,Copyright©.*TerminologyThepartythathasagreedtobuyhasalongpositionThepartythathasagreedtosellhasashortposition