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In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. In Economics, a financial market is a mechanism that allows people to easily buy and sell ( Trade) financial Securities (such as stocks and bonds The bond market (also known as the debt, credit, or fixed income market) is a Financial market where participants buy and sell Debt Fixed income refers to any type of Investment that yields a regular (or fixed return A Corporate Bond is a bond issued by a Corporation. The term is usually applied to longer-term debt instruments generally with a maturity date falling at least a A government bond is a bond issued by a national government denominated in the country's own Currency. In the United States, a municipal bond (or muni) is a bond issued by a city or other local government or their agencies Bond valuation is the process of determining the Fair price of a bond. In Finance, a high yield bond ( non-investment grade bond, speculative grade bond or junk bond) is a bond that is rated below A stock market, or (equity market is a private or public market for the trading of company Stock and derivatives of company Software for Fixed assets management and Stock control developed in 2004. Preferred stock, also called preferred shares or preference shares, is typically a higher ranking stock than Voting shares, and its terms are negotiated A voting share (also called common stock or ordinary share) is a share of Stock giving the Stockholder the right to vote on matters A Registered share is a Stock that is registered on the name of the exact owner A voting share (also called common stock or ordinary share) is a share of Stock giving the Stockholder the right to vote on matters A stock exchange, share market or bourse is a Corporation or Mutual organization which provides "trading" facilities for Stock The foreign exchange ( currency or forex or FX) market refers to the market for currencies. The derivatives markets are the Financial markets for derivatives The market can be divided into two that for exchange traded derivatives and that for In Finance, a credit derivative is a derivative whose value derives from the Credit risk on an underlying bond loan or other financial asset '"Hybrid securities"' often referred as "hybrids" are a broad group of securities that combine the elements of the two broader groups of securities Debt and Options are financial instruments that convey the right but not the obligation to engage in a future transaction on some Underlying security, or in a Futures A forward contract is an agreement between two parties to buy or sell an asset at a specified point of time in the future For the Thoroughbred horse racing champion see Swaps (horse. In finance a swap is a derivative in which two counterparties Commodity markets are markets where raw or primary products are exchanged In Finance, the money market is the global Financial market for short-term borrowing and lending Over-the-counter ( OTC) trading is to Trade Financial instruments such as Stocks bonds, commodities or derivatives Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom The spot market or cash market is a Commodities or Securities market in which goods are sold for Cash and delivered immediately The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In Economics, a financial market is a mechanism that allows people to easily buy and sell ( Trade) financial Securities (such as stocks and bonds There are two basic financial market participant categories Investor vs Corporate finance is an area of Finance dealing with the financial decisions Corporations make and the tools and analysis used to make these decisions Personal finance is the application of the principles of Finance to the monetary decisions of an individual or family unit Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Financial regulations are a form of Regulation or supervision which subjects Financial institutions to certain requirements restrictions and guidelines aiming to The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law A futures exchange is a central financial exchange where people can trade standardized Futures contracts; that is a contract to buy specific quantities of a Commodity In finance the underlying of a derivative is an Asset, basket of assets, index, or even another derivative such that the cash flows of the Financial instruments are cash evidence of an ownership interest in an entity or a contractual right to receive or deliver cash or another financial instrument The future date is called the delivery date or final settlement date. The pre-set price is called the futures price. The price of the underlying asset on the delivery date is called the settlement price.

A futures contract gives the holder the obligation to buy or sell, which differs from an options contract, which gives the holder the right, but not the obligation. Options are financial instruments that convey the right but not the obligation to engage in a future transaction on some Underlying security, or in a Futures In other words, the owner of an options contract may exercise the contract, but both parties of a "futures contract" must fulfill the contract on the settlement date. The seller delivers the commodity to the buyer, or, if it is a cash-settled future, then cash is transferred from the futures trader who sustained a loss to the one who made a profit. To exit the commitment prior to the settlement date, the holder of a futures position has to offset their position by either selling a long position or buying back a short position, effectively closing out the futures position and its contract obligations. In Finance, a position may be A commitment to buy or sell a given amount of securities or commodities The amount of securities or commodities held In finance a long position in a security such as a Stock or a bond, or equivalently to be long in a security means the holder of the position owns the In Finance, short selling or "shorting" is the practice of selling a Financial instrument that the seller borrows first (does not own and then

Futures contracts, or simply futures, are exchange traded derivatives. Derivatives are Financial instruments whose values depend on the value of other underlying financial instruments The exchange's clearinghouse acts as counterparty on all contracts, sets margin requirements, and crucially also provides a mechanism for settlement. In Banking and Finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled (see settlement A counterparty (sometimes contraparty) is a legal and financial term In finance a margin is collateral that the holder of a position in securities, options, or Futures contracts has to deposit to cover [1]

Contents

Futures vs. Forwards

While futures and forward contracts are both a contract to deliver a commodity on a future date at a prearranged price, they are different in several respects:

Nonconvergence

Some exchanges tolerate 'nonconvergence', the failure of futures contracts and the value of the physical commodities they represent to reach the same value on 'contract settlement' day at the designated delivery points. An example of this is the CBOT (Chicago Board of Trade)Soft Red Winter wheat (SRW) futures. SRW futures have settled more than 20¢ apart on settlement day and as much as $1. 00 difference between settlement days. Only a few participants holding CBOT SRW futures contracts are qualified by the CBOT to make or receive delivery of commodities to settle futures contracts. Therefore, it's impossible for almost any individual producer to 'hedge' efficiently when relying on the final settlement of a futures contract for SRW. The trend is the CBOT continuing to restrict those entities who can actually participate in settling contracts with commodity to only those that can ship or receive large quantities of railroad cars and multiple barges at a few selected sites. The CFTC (Commodity Futures Trading Commission - a regulatory agency headed by a political appointee), which has oversight of the futures market, has made no comment as to why this trend is allowed to continue since economic theory and CBOT publications maintain that convergence of contracts with the price of the underlying commodity they represent is the basis of integrity for a futures market. It follows that the function of 'price discovery', the ability of the markets to discern the appropriate value of a commodity reflecting current conditions, is degraded in relation to the discrepancy in price and the inability of producers to enforce contracts with the commodities they represent. [2]

Standardization

Futures contracts ensure their liquidity by being highly standardized, usually by specifying:

Margin

To minimize credit risk to the exchange, traders must post margin or a performance bond, typically 5%-15% of the contract's value. Credit risk is the risk of loss due to a debtor's non-payment of a Loan or other line of credit (either the principal or Interest (coupon or both Faced In finance a margin is collateral that the holder of a position in securities, options, or Futures contracts has to deposit to cover A performance bond is a Surety bond issued by an Insurance company or a Bank to guarantee satisfactory completion of a project by a contractor

Margin requirements are waived or reduced in some cases for hedgers who have physical ownership of the covered commodity or spread traders who have offsetting contracts balancing the position. In Finance, a hedge is an investment that is taken out specifically to reduce or cancel out the Risk in another investment In finance a spread trade refers to the act of buying one security or Futures contract and selling another related one in an attempt to profit from the change in

Clearing margin are financial safeguards to ensure that companies or corporations perform on their customers' open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of futures and options contracts are required to deposit with brokers.

Customer margin Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations. Futures Commission Merchants are responsible for overseeing customer margin accounts. Margins are determined on the basis of market risk and contract value. Also referred to as performance bond margin.

Initial margin is paid by both buyer and seller. It represents the loss on that contract, as determined by historical price changes, that is not likely to be exceeded on a usual day's trading. The Initial Margin requirement is established by the Futures exchange, in contrast to other securities Initial Margin which is set by the Federal Reserve in the U. S. Markets.

A futures account is marked to market daily. If the margin drops below the margin maintenance requirement established by the exchange listing the futures, a margin call will be issued to bring the account back up to the required level.

Maintenance margin A set minimum margin per outstanding futures contract that a customer must maintain in his margin account.

Margin-equity ratio is a term used by speculators, representing the amount of their trading capital that is being held as margin at any particular time. Speculation, in a financial context is making an investment that increases the overall risk in a portfolio The low margin requirements of futures results in substantial leverage of the investment. However, the exchanges require a minimum amount that varies depending on the contract and the trader. The broker may set the requirement higher, but may not set it lower. A trader, of course, can set it above that, if he doesn't want to be subject to margin calls.

Performance bond margin The amount of money deposited by both a buyer and seller of a futures contract or an options seller to ensure performance of the term of the contract. Margin in commodities is not a payment of equity or down payment on the commodity itself, but rather it is a security deposit.

Return on margin (ROM) is often used to judge performance because it represents the gain or loss compared to the exchange’s perceived risk as reflected in required margin. ROM may be calculated (realized return) / (initial margin). The Annualized ROM is equal to (ROM+1)(year/trade_duration)-1. For example if a trader earns 10% on margin in two months, that would be about 77% annualized.

Settlement

Settlement is the act of consummating the contract, and can be done in one of two ways, as specified per type of futures contract:

Expiry is the time when the final prices of the future is determined. For many equity index and interest rate futures contracts (as well as for most equity options), this happens on the third Friday of certain trading month. On this day the t+1 futures contract becomes the t futures contract. For example, for most CME and CBOT contracts, at the expiry on December, the March futures become the nearest contract. The Chicago Board of Trade ( CBOT) established in 1848 is the world's oldest futures and options exchange. This is an exciting time for arbitrage desks, as they will try to make rapid gains during the short period (normally 30 minutes) where the final prices are averaged from. At this moment the futures and the underlying assets are extremely liquid and any mispricing between an index and an underlying asset is quickly traded by arbitrageurs. At this moment also, the increase in volume is caused by traders rolling over positions to the next contract or, in the case of equity index futures, purchasing underlying components of those indexes to hedge against current index positions. On the expiry date, a European equity arbitrage trading desk in London or Frankfurt will see positions expire in as many as eight major markets almost every half an hour.

Pricing

The situation where the price of a commodity for future delivery is higher than the spot price, or where a far future delivery price is higher than a nearer future delivery, is known as contango. The spot price or spot rate of a Commodity, a security or a Currency is the Price that is quoted for immediate (spot settlement Contango is a term used in the Futures market to describe an upward sloping forward curve (as in the normal Yield curve) The reverse, where the price of a commodity for future delivery is lower than the spot price, or where a far future delivery price is lower than a nearer future delivery, is known as backwardation. Backwardation is a Futures market term the situation in which and the amount by which the price of a commodity for future delivery is lower than the Spot

When the deliverable asset exists in plentiful supply, or may be freely created, then the price of a future is determined via arbitrage arguments. In Economics and Finance, arbitrage is the practice of taking advantage of a price differential between two or more Markets striking a combination of matching The forward price represents the expected future value of the underlying discounted at the risk free rate—as any deviation from the theoretical price will afford investors a riskless profit opportunity and should be arbitraged away; see rational pricing of futures. Discounts and allowancesIn Finance and Economics, discounting is the process of finding the present value of an amount of cash at some future date and along with The risk-free interest rate is the Interest rate that it is assumed can be obtained by investing in Financial instruments with no Default risk Rational pricing is the assumption in Financial economics that asset prices (and hence asset pricing models will reflect the Arbitrage-free price of the asset as

Thus, for a simple, non-dividend paying asset, the value of the future/forward, F(t), will be found by compounding the present value S(t) at time t to maturity T by the rate of risk-free return r.

F(t) = S(t)\times (1+r)^{(T-t)}

or, with continuous compounding

F(t) = S(t)e^{r(T-t)} \,

This relationship may be modified for storage costs, dividends, dividend yields, and convenience yields. Compound interest is the concept of adding accumulated Interest back to the principal so that interest is earned on interest from that moment on

In a perfect market the relationship between futures and spot prices depends only on the above variables; in practice there are various market imperfections (transaction costs, differential borrowing and lending rates, restrictions on short selling) that prevent complete arbitrage. Thus, the futures price in fact varies within arbitrage boundaries around the theoretical price.

The above relationship, therefore, is typical for stock index futures, treasury bond futures, and futures on physical commodities when they are in supply (e. g. on corn after the harvest). However, when the deliverable commodity is not in plentiful supply or when it does not yet exist, for example on wheat before the harvest or on Eurodollar Futures or Federal funds rate futures (in which the supposed underlying instrument is to be created upon the delivery date), the futures price cannot be fixed by arbitrage. In the United States, the federal funds rate is the Interest rate at which private Depository institutions (mostly banks lend balances ( Federal funds In this scenario there is only one force setting the price, which is simple supply and demand for the future asset, as expressed by supply and demand for the futures contract.

In a deep and liquid market, this supply and demand would be expected to balance out at a price which represents an unbiased expectation of the future price of the actual asset and so be given by the simple relationship

F(t) = E_t\left\{S(T)\right\}.

In fact, this relationship will hold in a no-arbitrage setting when we take expectations with respect to the risk-neutral probability. In Mathematical finance, a risk-neutral measure is the Probability measure that results when one assumes that the current value of all financial assets is equal to In other words: a futures price is martingale with respect to the risk-neutral probability. In Probability theory, a martingale is a Stochastic process (i

With this pricing rule, a speculator is expected to break even when the futures market fairly prices the deliverable commodity.

In a shallow and illiquid market, or in a market in which large quantities of the deliverable asset have been deliberately withheld from market participants (an illegal action known as cornering the market), the market clearing price for the future may still represent the balance between supply and demand but the relationship between this price and the expected future price of the asset can break down. In Finance, to corner the market is to purchase enough of a particular Commodity to allow the price to be manipulated whether undertaken by an individual or a company

Futures contracts and exchanges

There are many different kinds of futures contracts, reflecting the many different kinds of tradable assets of which they are derivatives. Derivatives are Financial instruments whose values depend on the value of other underlying financial instruments For information on futures markets in specific underlying commodity markets, follow the links. Commodity markets are markets where raw or primary products are exchanged For a list of tradable commodities futures contracts, see List of traded commodities. Agricultural (Grains and Food and Fiber Livestock & Meat Energy Precious metals Industrial metals Rare

Trading on commodities began in Japan in the 18th century with the trading of rice and silk, and similarly in Holland with tulip bulbs. The foreign exchange ( currency or forex or FX) market refers to the market for currencies. In Finance, the money market is the global Financial market for short-term borrowing and lending The bond market (also known as the debt, credit, or fixed income market) is a Financial market where participants buy and sell Debt In Finance, an equity derivative is a class of Financial instruments whose value is at least partly derived from one or more Underlying Commodity markets are markets where raw or primary products are exchanged A commodity is anything for which there is demand but which is supplied without qualitative differentiation across a market Trading in the US began in the mid 19th century, when central grain markets were established and a marketplace was created for farmers to bring their commodities and sell them either for immediate delivery (also called spot or cash market) or for forward delivery. These forward contracts were private contracts between buyers and sellers and became the forerunner to today's exchange-traded futures contracts. Although contract trading began with traditional commodities such grains, meat and livestock, exchange trading has expanded to include metals, energy, currency and currency indexes, equities and equity indexes, government interest rates and private interest rates.

Contracts on financial instruments was introduced in the 1970s by the Chicago Mercantile Exchange(CME) and these instruments became hugely successful and quickly overtook commodities futures in terms of trading volume and global accessibility to the markets. This innovation led to the introduction of many new futures exchanges worldwide, such as the London International Financial Futures Exchange in 1982 (now Euronext.liffe), Deutsche Terminbörse (now Eurex) and the Tokyo Commodity Exchange (TOCOM). This article is about the LIFFE until the takeover by Euronext The London International Financial Futures and Options Exchange ( LIFFE Euronext NV is a pan- European Stock exchange based in Paris and with subsidiaries in Belgium, France, Netherlands Eurex is a major futures and options exchange for European Benchmark Derivatives featuring open and low-cost electronic access globally The Tokyo Commodity Exchange (TOCOM is a non-profit organization and regulates trading of Futures contracts and option products of all commodities in Today, there are more than 75 futures and futures options exchanges worldwide trading to include:

Who trades futures?

Futures traders are traditionally placed in one of two groups: hedgers, who have an interest in the underlying commodity and are seeking to hedge out the risk of price changes; and speculators, who seek to make a profit by predicting market moves and buying a commodity "on paper" for which they have no practical use. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock The Tokyo Commodity Exchange (TOCOM is a non-profit organization and regulates trading of Futures contracts and option products of all commodities in The (Hercules 8697 is the second largest Securities exchange in Japan, in terms of amount of business handled The London Metal Exchange or LME is the Futures exchange with the world's largest market in options and Futures contracts on base and Copper (ˈkɒpɚ is a Chemical element with the symbol Cu (cuprum and Atomic number 29 WikipediaNaming Characteristics Lead has a dull luster and is a dense, Ductile, very soft highly Zinc (ˈzɪŋk from Zink is a Metallic Chemical element with the symbol Zn and Atomic number 30 Nickel (ˈnɪkəl is a metallic Chemical element with the symbol Ni and Atomic number 28 Tin is a Chemical element with the symbol Sn (stannum and Atomic number 50 The New York Board of Trade (NYBOT is a wholly-owned subsidiary of IntercontinentalExchange (ICE Cocoa is the dried and fully fermented fatty seed of the cacao tree from which Chocolate is made CoFFEE is an Open source Software for computer supported collaborative learning (CSCL in a digital classroom Cotton is a soft staple Fibre that grows around the seeds of the cotton plant ( Gossypium sp Orange juice is a Fruit juice obtained by squeezing pressing or otherwise crushing the interior of an orange. Sugar is a class of edible Crystalline substances mainly Sucrose, Lactose, and Fructose. The New York Mercantile Exchange (NYMEX is the World 's largest physical Commodity Futures exchange, located in New York City. Petroleum ( L petroleum, from Greek πετρέλαιον, lit Heating oil, or oil heat, also known in the United States as No Natural gas is a Gaseous Fossil fuel consisting primarily of Methane but including significant quantities of Ethane, Propane, Propane is a three- Carbon Alkane, normally a gas but compressible to a liquid that is transportable Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 Silver (ˈsɪlvɚ is a Chemical element with the symbol " Ag " (argentum from the Ancient Greek: ἀργήντος - argēntos gen Platinum (ˈplætɪnəm is a Chemical element with the Atomic symbol Pt and an Atomic number of 78 Copper (ˈkɒpɚ is a Chemical element with the symbol Cu (cuprum and Atomic number 29 WikipediaNaming Palladium (pronounced \pəˈleɪdiəm\ is a rare and lustrous silvery-white metal that was discovered in 1803 by William Hyde Wollaston, who named it palladium after the Located within the Dubai International Financial Centre the Dubai Mercantile Exchange (DME is the first energy Futures exchange in the Middle East. Single-stock futures (SSF's are Futures contracts with the underlying asset being one particular stock usually in batches of 100 In Finance, a hedge is an investment that is taken out specifically to reduce or cancel out the Risk in another investment Speculation, in a financial context is making an investment that increases the overall risk in a portfolio

Hedgers typically include producers and consumers of a commodity. Consumers refers to individuals or households that use goods and services generated within the economy.

For example, in traditional commodities markets, farmers often sell futures contracts for the crops and livestock they produce to guarantee a certain price, making it easier for them to plan. Commodity markets are markets where raw or primary products are exchanged A farmer is a person who raises living organisms for food or raw materials Similarly, livestock producers often purchase futures to cover their feed costs, so that they can plan on a fixed cost for feed. In modern (financial) markets, "producers" of interest rate swaps or equity derivative products will use financial futures or equity index futures to reduce or remove the risk on the swap. In Finance, an equity derivative is a class of Financial instruments whose value is at least partly derived from one or more Underlying

The social utility of futures markets is considered to be mainly in the transfer of risk, and increase liquidity between traders with different risk and time preferences, from a hedger to a speculator for example. Risk is a Concept that denotes the precise probability of specific eventualities

Options on futures

In many cases, options are traded on futures. Options are financial instruments that convey the right but not the obligation to engage in a future transaction on some Underlying security, or in a Futures A put is the option to sell a futures contract, and a call is the option to buy a futures contract. Example of a put option on a stock Buy a Put A Buyer thinks price of a stock will decrease Example of a call option on a stock Buy a call The buyer expects that the price may go up For both, the option strike price is the specified futures price at which the future is traded if the option is exercised. In options, the strike price, or exercise price is a key variable in a derivatives contract between two parties See the Black model, which is the most popular method for pricing these option contracts. The Black model (sometimes known as the Black-76 model) is a variant of the Black-Scholes option pricing model

Futures Contract Regulations

All futures transactions in the United States are regulated by the Commodity Futures Trading Commission (CFTC), an independent agency of the United States Government. The United States of America —commonly referred to as the The Commodity Futures Trading Commission (CFTC is an Independent agency of the United States Government. Independent agencies of the United States government are those that exist outside of the departments of the Executive branch. The federal government of the United States is the central United States Governmental body established by the United States Constitution. The Commission has the right to hand out fines and other punishments for an individual or company who breaks any rules. Fines is a Municipality of Almería province, in the autonomous community of Andalusia, Spain. Although by law the commission regulates all transactions, each exchange can have its own rule, and under contract can fine companies for different things or extend the fine that the CFTC hands out. Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society

The CFTC publishes weekly reports containing details of the open interest of market participants for each market-segment, which has more than 20 participants. Open interest (also known as open contracts or open commitments) denotes the total number of derivative contracts like futures and options These reports are released every Friday (including data from the previous Tuesday) and contain data on open interest split by reportable and non-reportable open interest as well as commercial and non-commercial open interest. This type of report is referred to as 'Commitments-Of-Traders'-Report, COT-Report or simply COTR.

See also

Notes

  1. ^ Hull, John C. Topics in Finance include Fundamental financial concepts Finance an overview Arbitrage Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture Freight derivative s which includes Forward Freight Agreement (FFA and options based on these are Financial instruments for trading in future levels of Freight rates Seasonal spread traders are spread traders that take advantage of Seasonal patterns by holding long and short positions in Futures contracts Prediction markets are speculative markets created for the purpose of making predictions (2005), Options, Futures and Other Derivatives (excerpt by Fan Zhang) (6th ed. ), Prentice-Hall, ISBN 0131499084, <http://fan.zhang.gl/ecref/futures> 
  2. ^ Henriques, D Mysterious discrepancies in grain prices baffle experts, International Herald Tribune, March 23, 2008. Events 1174 - Jocelin, Abbot of Melrose, is elected Bishop of Glasgow. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Accessed April 12, 2008

References

Futures Exchanges & Regulators

External links

The Chicago Board of Trade ( CBOT) established in 1848 is the world's oldest futures and options exchange. The Commodity Futures Trading Commission (CFTC is an Independent agency of the United States Government. The National Futures Association ( NFA) is an independent Self-regulatory organization and watchdog of the commodities and futures industry in the United The Kansas City Board of Trade (KCBT located at 4800 Main Street in Kansas City Missouri, is a Commodity futures and options exchange regulated The New York Board of Trade (NYBOT is a wholly-owned subsidiary of IntercontinentalExchange (ICE
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