Forward contract - Wikipedia

Forward și comparație de opțiuni. Diferența dintre opțiuni și garanții (cu graficul de comparație) - - Blogul

Origin[ edit ] The Dutch pioneered several financial instruments and helped lay the foundations of the modern financial system.

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Among the most notable of these early futures contracts were the tulip futures that developed during the height of the Dutch Tulipmania in This contract was based on grain trading, and started a trend that saw contracts created on a number of different commodities as well as a number of futures exchanges set up in countries around the world.

In this vein, the futures exchange requires both parties to put up initial cash, or a performance bond, known as the margin. Margins, sometimes set as a percentage of the value of the futures contract, must be maintained throughout the life of the contract to guarantee the agreement, as over this time the price of the contract can vary as a function of supply and demand, causing one side of forex card de credit exchange to lose money at the expense of the other.

To mitigate the risk of default, the product is marked to market on a forward și comparație de opțiuni basis where the difference between the initial agreed-upon price and the actual daily futures price is re-evaluated daily. This is sometimes known as the variation margin, where the futures exchange will draw money out of the losing party's margin account and put it into that of the other party, ensuring the correct loss or profit is reflected daily.

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If the margin account goes below a certain value set by the exchange, then a margin call is made and the account owner must replenish the margin account. On the delivery date, the amount exchanged is not the specified price on the contract but the spot valuesince any gain or loss has already been previously settled by marking to market.

forward și comparație de opțiuni

Main article: Margin finance To minimize counterparty risk to traders, trades executed on regulated futures exchanges are guaranteed by a clearing house. The clearing house becomes the buyer to each seller, and the seller to each buyer, so that in the event of a counterparty default the clearer assumes the risk of loss.

This enables traders to transact without performing due diligence on their counterparty.

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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.

Clearing margin are financial safeguards to ensure that companies or corporations perform on their customers' open futures and options contracts.

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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.

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Also referred to as performance bond margin. Initial margin is the equity required to initiate a futures position. This is a type of performance bond.

The maximum exposure is not limited to the amount of the initial margin, however the forward și comparație de opțiuni margin requirement is calculated based on the maximum estimated change in contract value within a trading day.

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Initial margin is set by the exchange. If a position involves an exchange-traded product, the amount or percentage of initial margin is set by the exchange concerned.

forward și comparație de opțiuni

In case of loss or if the value of the initial margin is being eroded, the broker will make a margin call in order to restore the amount of initial margin available. Calls for margin are usually expected to be paid and received on the same day. If not, the broker has the right to close sufficient positions to meet the amount called by way of margin. Some U. 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.

A futures account is marked to market daily.

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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 their margin account.

forward și comparație de opțiuni

Margin-equity ratio is a term used by speculatorsrepresenting the amount of their trading capital that is being held as margin at any particular time. The low margin requirements of futures results in substantial leverage of the investment.

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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 does not 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.

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Physical delivery is common with commodities and bonds. In practice, it occurs only on a minority of contracts. Most are cancelled out by purchasing a covering position—that is, buying a contract to cancel out an earlier sale covering a shortor selling a contract to liquidate an earlier purchase covering a long.

A futures contract might also opt to settle against an index based on trade in a related spot market. ICE Brent futures use this method. Expiry or Expiration in the U. For many equity index and Interest rate future contracts as well as for most equity optionsthis happens on forward și comparație de opțiuni third Friday of certain trading months.

forward și comparație de opțiuni

On this day the back month futures contract becomes the front month futures contract. During a short period perhaps 30 minutes the underlying cash price and the futures prices sometimes struggle to converge.

forward și comparație de opțiuni

At this moment the futures and the underlying assets are extremely liquid and any disparity 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.

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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[ edit ] When the deliverable asset exists in plentiful supply, or may be freely created, then the price of a futures contract is determined via arbitrage arguments.

forward și comparație de opțiuni

This is typical for stock index futurestreasury bond futuresand futures on forward și comparație de opțiuni commodities when they are in supply e. However, when the deliverable commodity is not in plentiful supply or when it does not yet exist — for example on crops before forward și comparație de opțiuni 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.