This page has been robot translated, sorry for typos if any. Original content here.

International markets and foreign exchange operations - Savluk M.І.

Rozdil 13. FINANCE F'UCHERSI

Pislya vivchenny tsy rozdіlu v you can:

  • more clearly, establish the role of exchange and clearing in the organization of the financial market for financial services;
  • evaluate the variability of financial futures and the profit / loss for financial statements;
  • fixed currency currency contracts for hedging foreign exchange transactions

13.1. Understanding the financial functions and the primary risks of the financial markets

The contract for the supply of a singing asset on an open date on Maybutny is called a futures contract, as if it were a vrakhova song vimogi:

  • Strengthen the standardization contract (established by the exchange);
  • parties to the contract to make a penny deposit and to pay the necessary deposit to the date of the payment of the contract, by which we guarantee the second payment;
  • Visa to the contract is through the rozrahunkovo- klіringovuyu chamber bіrzhі abo rozrahunkovo-klіringoviy bank.

The day of the termination of the futures contract is called the day, with some of the guilty parties, think over the contract.

An asset that is delivered on a weekend the day before the futures contract is called the underlying asset. All the other material assets: naphtha, gas, electricity, gold, medium, platinum, grain, olya skinny. At tsyuyu vipadu toss right with the commodity futures. If it’s possible with a contract to deliver a financial asset, then such a futures contract is called a financial futures . The butt of financial futures є currency futures , a contract, which will be delivered every day on a singing day of foreign currency.

Costly parties to the futures contract. The party, such as the goiter is obliged to complete the delivery of the underlying asset, is called the seller of the futures contract. The party, like a goiter, is obliged to overpower pennies against deliveries to an asset, to be called a buyer. Respect, but the buyer of the futures contract loan є davgu position , and the seller is short .

Dovga is a bit short of a position that can be closed for the other, the unequivocal one for the oath, and the covert one, for the underlying asset, so called offset . Offset is to please the forefront of the position, that is, the goiter’s performance is good for buying / selling the asset on the day of the weekend. But for the whole time I’m looking at courses / benefits, as well as on the basis of price and closed liability.

Contracts, like ending with deliveries of the underlying asset, are called futures with deliveries . Financial funds may not be able to transfer the delivery of financial assets, but only to freeze the parties on the day of the contract. For the umpteenth time a day, a weekend of clearing is set to close all positive positions with offset pleas for the price, which is the most valuable asset. The freeze-ups of the winnings can be checked at the rate with the exchange rate / zbitkoys in good condition of the asset and the value of the asset on the day of the weekend, as well as an oversight. Such contracts are called rozrahunkovymi futures.

Strengthen the singing futures contract (type of asset liability, delivery date and date) to become established. Buyers and sellers of contracts to wait until one parameter of the contract is the price. Uzgodzhennya zdі zdіjsnyuєt vіdpovіdno to the rules of bargaining, as a matter of fact, rzniznayutsya on the open birzhah. The structure of the market for futures will look at the motivations of the approval of the two types of osib - hedgers and speculators . Hedgers buy and sell futures with the method of insurance position on the market for the underlying asset, as in the process of the main business the stink is viral but the victorious base asset. Speculators buy and sell financial instruments with the method of deceiving a favor for the purchase price and sale. The stink is not victorious and does not violate the underlying asset.

Butt of specifics of contractual contracts. Due to the largest market for currency trading services, the ика зь зь а товар Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago Chicago. Nizhche introduced (without change) the specific contract for the brand name with our comments.

Crimean US dollar and Nimetsky brands, the most widely currencies on the market 'futures є British pound, Swiss and French francs, Canadian dollar, Japanese є euro.

A similar view may also exist for specific contracts for financial instruments, so I need to induce them. The period of the exchange of currency futures in the Ukrainian Bank of Ukraine (UICE) is similar to the specific specification of bullets for contracts for the US dollar and the German brand.

Table 13.1

SPECIFIC F'UCHERS CONTRACT ON THE NAME MARK

Specificity

Comments

Deutsche mark

Name of contract

125.000 Deutsche Mark

Number of underlying assets, subject to contract

RTH: 7:20 AM - 2:00 PM Jan, Mar, Apr, Jun, Jul, Sep, Oct, Dec & Spot Month

Hours spent voting at parties and weekly contracts

Globex 2:30 PM - 7:05 AM 5:30 PM - 7:05 AM Sun + Hol. First Four March Quarterly Months

Hours of trading in electronic systems and months

0.0001 (1pt) ($ 12.50 / pt) ($ 12.50)

Minimal croc quoting contract that minimum

Certain transactions: 0.00005 (1 / 2pt = $ 6.25)

Vartіst of the service birzhі, tobіd vіdkritty odnіzі positsії koshtoє 6.25 dollars.

No limit between 7:20 AM - 7:35 AM

Expanding Limits: See Rule 3004

At persh 15 hvilin birzhovі rules do not establish obmezhnyu on kolivannya the price of voice trades

Globex: 400 points

Set up a regular exchange on the price in the electronic system by extending one session

Last Trading Day 12:00 Noon of the third Wednesday

Optionally, the third of the middle month, for a bulletin’s contract, bidding is done, the day is the day of the end of the contract

Meta specific_polyaga in standardization of goods of a different kind.

Statistical information market. For quiet, you want to stay behind the infamous information market (you should take part in the auction, ask for information about the price of the property, put it down for a long time, and pay attention to the table below).

Table 13.2

TYPE OF FORM OF INFORMATION INFORMATION ABOUT RESULTS OF TORGIES TO F'UCHERSNY MARKET

The name of the contract is the date and the date of the bidding

Life time

Month

Open

High

Low

Settle

Change

High

Low

Open interest

Dec

Jan 2001

March

May

Julay

At first graphs of such tables, insure months, on the basis of contract trading contracts. A friend of the graph (Open) presented a message about the price of trading sessions, the third (High) - an order to find the price by extending the trading session, the fourth (Low) - the minimum price. The mark of the Count (Settle) is the meaning of the Rosrachunk’s price, the sense of what I see more clearly. Shosta count (Change) on occasion of the amount of the rose of the price of the day is appreciated of the rose of the day. Syoma and the eighth graf donate the lowest price and the best price by the stretch of the hour for the cob of credit and bargain sales contract. In the first place, the graph’s open interest is a sign-up representative, there are a few contracts, and a month has ended, and we have been registered for a short business trip.