Download Financial Futures Markets by Brendan Brown PDF

By Brendan Brown

In 'Financial Futures Markets' the authors clarify in as transparent a manner as attainable this very complicated marketplace. They element the character of monetary futures buying and selling, highlighting the most important channels which hyperlink the normal money markets and the recent monetary futures markets. This publication can pay specific awareness to the sensible information of the monetary futures markets, in order that the reader who desires to develop into informed in funding administration has the ""full facts"" instead of an ""abridged version".

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In extreme cases, other dealers will close off the bank's access to the market entirely. 4. The term 'butterfly' refers to the configuration of the three yields in question. In this case, the body of the butterfly is the anomaly and will be sold. Concepts and ·Techniques 29 5. The amount of open interest on a position versus the outstanding cash position is also a matter of concern in the listed share options markets. See, for example, C. R. Geisst, A Guide to the Financial Markets (London: Macmillan, 1982) ch.

If this is the case, the contract can have moved several full per cent of its value. A PRACTICAL EXAMPLE With all of these concepts and mechanics in mind, we shall recapitulate this entire process thus far by giving an example of how one opens a hedge position. In this particular case, the simplest example will be used since more difficult strategies will be mentioned in later chapters. Imagine that you are an investor, probably a fund manager or corporate treasurer, whose cash flows indicate that you will have $10 million to invest in six months' time.

If it bought forward the currency from its own bank no margin would be required; indeed the bank's loans outstanding to the company would have been reduced in risk. But if the company deals with an IMM member, the latter perceives an increase of its risk-bearing by dealing with the company, despite the overall riskiness of the company having decreased; the need for a margin payment arises from the splitting of the company's foreign exchange business from its normal credit business. The difficulty encountered by an IMM member in appraising the creditworthiness of his client handicaps the procedure for physical delivery of currency, and IMM procedures are more cumbersome here than are those of the traditional foreign exchange market.

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