What is Financial Market :
Mechanism that allows people to buy and sell financial securities (such as stocks and bonds) and items of value at low transaction cost.
Markets work by placing many interested buyers and sellers in one “place”, thus making easier for them to find each other.
Financial markets bring together savers and investors through financial intermediaries like banks. Investing carries risk but also potential returns that can fuel economic growth. Common financial assets include bonds, stocks, and mutual funds. Bonds are loans that pay interest, while stocks are shares of company ownership. Investors consider risk versus return when choosing assets. Well-established stock markets let people trade assets, but crashes like in 1929 can have severe economic impacts.
This document summarizes money market funds and the money market. It discusses what money market funds are, the types of short-term securities they invest in, and regulations around maintaining a stable net asset value. It also describes events in September 2008 when the Reserve Primary Fund "broke the buck" after writing off debt from the Lehman Brothers bankruptcy, contributing to turmoil in financial markets.
FINANCE, FINANCIAL SYSTEM, FINANCIAL INSTRUMENTS, FINANCIAL MARKETS, CORPORATE FINANCE, INTRODUCTION TO CORPORATE FINANCE, REAL VERSUS FINANCIAL ASSETS, GLOBAL FINANCIAL COMMUNITY, etc.
The document discusses debt markets in Pakistan, including an overview of bond markets globally and their importance for economic development. It then provides details on the bond market in Pakistan, including the types of bonds issued by the government and private sector as well as the current small size of the domestic bond market. Challenges and opportunities for expanding the bond market in Pakistan are also examined.
Financial markets facilitate various types of financial transactions that help businesses grow and investors earn money. They include capital markets, stock markets, bond markets, money markets, derivatives markets, foreign exchange markets, insurance markets, and commodity markets. Financial markets allow companies and governments to raise funds by issuing stocks, bonds, and other financial instruments, while also enabling investors to buy and sell existing securities. They play a vital role in the economy by connecting those who need to borrow money with those who have money to lend.
What is Financial Market :
Mechanism that allows people to buy and sell financial securities (such as stocks and bonds) and items of value at low transaction cost.
Markets work by placing many interested buyers and sellers in one “place”, thus making easier for them to find each other.
Financial markets bring together savers and investors through financial intermediaries like banks. Investing carries risk but also potential returns that can fuel economic growth. Common financial assets include bonds, stocks, and mutual funds. Bonds are loans that pay interest, while stocks are shares of company ownership. Investors consider risk versus return when choosing assets. Well-established stock markets let people trade assets, but crashes like in 1929 can have severe economic impacts.
This document summarizes money market funds and the money market. It discusses what money market funds are, the types of short-term securities they invest in, and regulations around maintaining a stable net asset value. It also describes events in September 2008 when the Reserve Primary Fund "broke the buck" after writing off debt from the Lehman Brothers bankruptcy, contributing to turmoil in financial markets.
FINANCE, FINANCIAL SYSTEM, FINANCIAL INSTRUMENTS, FINANCIAL MARKETS, CORPORATE FINANCE, INTRODUCTION TO CORPORATE FINANCE, REAL VERSUS FINANCIAL ASSETS, GLOBAL FINANCIAL COMMUNITY, etc.
The document discusses debt markets in Pakistan, including an overview of bond markets globally and their importance for economic development. It then provides details on the bond market in Pakistan, including the types of bonds issued by the government and private sector as well as the current small size of the domestic bond market. Challenges and opportunities for expanding the bond market in Pakistan are also examined.
Financial markets facilitate various types of financial transactions that help businesses grow and investors earn money. They include capital markets, stock markets, bond markets, money markets, derivatives markets, foreign exchange markets, insurance markets, and commodity markets. Financial markets allow companies and governments to raise funds by issuing stocks, bonds, and other financial instruments, while also enabling investors to buy and sell existing securities. They play a vital role in the economy by connecting those who need to borrow money with those who have money to lend.
This document provides summaries of major market instruments, including treasury bills, banker's acceptances, commercial paper, and certificates of deposit. It also discusses mutual funds. Treasury bills are short-term debt obligations issued by the US government with maturities of less than one year. Banker's acceptances are short-term debt instruments issued by a firm and guaranteed by a commercial bank. Commercial paper is a short-term unsecured debt instrument issued by large companies to raise funds. Certificates of deposit are guaranteed savings certificates issued by banks with a minimum value of $100,000 that cannot be resold before maturity. Mutual funds pool investments from investors and are managed by professional fund managers to help investors achieve financial goals.
This document provides an overview of financial markets and intermediaries. It discusses the primary and secondary markets where securities are issued and traded. It also describes different types of financial institutions like banks, insurance companies, and brokerage firms that operate as intermediaries between companies, investors, and depositors. Examples are given to illustrate the flow of cash from companies and intermediaries to investors. The functions of financial markets and intermediaries in transferring risk, providing liquidity and information are outlined. The document also summarizes the causes and response to the 2007-2009 financial crisis, including government bailouts.
This document summarizes various money market instruments and investment avenues. It discusses traditional money market instruments like treasury bills, certificates of deposit, and commercial paper. It also discusses modern money market instruments like repo instruments, money market mutual funds, and inter-corporate deposits. Equity investments discussed include stocks, limited partnerships, private placements, and American/global depository receipts. Preferred stocks and hybrid securities are also summarized. Real estate investments are noted to provide capital appreciation, income from rents, and tax benefits.
Indian companies are increasingly raising funds from overseas sources such as foreign banks, multilateral institutions, and international capital markets. There are multiple sources of overseas finance for Indian corporates including equity instruments like American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), as well as debt instruments denominated in foreign currencies like US dollar-denominated Yankee bonds and Japanese yen-denominated Samurai bonds. While overseas financing provides benefits like lower interest rates, it also exposes companies to risks related to foreign exchange rates and the economic conditions in other countries. Strict regulations apply to overseas bond issuances to protect investors.
The document discusses the functions and roles of commercial banks, including defining banks and describing their primary functions of accepting deposits and lending money. It also covers commercial banks' sources of funds such as deposit accounts, borrowed funds, and long-term sources, as well as their uses of funds like cash, loans, securities investments, and fixed assets.
The document discusses the functions and roles of commercial banks, including defining banks and describing their primary functions of accepting deposits and lending money. It also outlines various types of accounts offered by commercial banks for deposits, sources of funds for banks including deposit accounts, borrowed funds, and long-term sources, and how banks utilize their funds through loans, investments, cash reserves, and other means.
Selecting Investments in a Global Market ch03.pptxFamiFamz1
Questions to be answered:
What distinguishes a derivative security such as a forward, futures, or option contract, from more fundamental securities, such as stocks and bonds?
What are the important characteristics of forward, futures, and option contracts, and in what sense can the be interpreted as insurance policies?
The document provides an overview of the Indian financial system. It discusses the key components of the financial system including financial assets, institutions, markets, and their various functions. It describes the major financial institutions in India like banks, mutual funds, insurance companies. It also explains various financial instruments in the money market and capital market that enable raising and deployment of funds. The document presents diagrams to illustrate the structure and flow of funds within the Indian financial system.
This chapter introduces key concepts in corporate finance including:
- Finance is the study of how savings are allocated between lenders and borrowers.
- Financial assets represent claims individuals have lent to others, unlike real assets.
- Financial systems channel funds from savers to borrowers through direct, indirect, or market intermediation.
- Major financial intermediaries that pool funds include banks, insurance companies, pension funds, and mutual funds.
- There are two main categories of financial instruments - debt and equity - that can be traded in money and capital markets.
- Global financial markets provide an important source of funds for borrowers and investment opportunities for investors.
MONEY MARKET FUND REFORM: AN ALTERNATIVE TO THE SEC’S PROPOSALMercatus Center
Money market fund reform remains one of the most prominent unsettled issues in financial markets regulation after the 2008 crisis. The Securities and Exchange Commission’s most recent effort which aims at balancing reforms with a desire to preserve the major benefits of money market funds has not achieved that objective. The Mercatus Center at George Mason University invites you to join Hester Peirce and Robert Greene for a Regulation University program that examines the need for money market fund reform, identifies potential problems with the SEC’s proposal, and offers recommendations for meaningful reform.
This program will highlight the key findings from Ms. Peirce and Mr. Greene’s recent public interest comment, Money Market Fund Reform; Amendments to Form PF, and provide specific suggestions for money market fund reform.
This document discusses various methods of investing, including stocks, bonds, and mutual funds. It begins by explaining the reasons for investing, such as outpacing inflation, achieving financial goals, and gaining wealth and security for retirement. The main types of investments covered are stocks, bonds, and mutual funds. Stocks represent ownership in a company and are traded on a stock exchange. Bonds are a type of loan issued by companies and governments. Mutual funds allow investors to pool their money and invest in a variety of securities. Other alternative investments mentioned include real estate and owning a business.
Financial markets facilitate the buying and selling of financial instruments between savers and investors. They act as intermediaries that allow households to deposit surplus funds with banks or purchase securities from businesses, and allow businesses to access funds from households. Financial markets have several key functions, including mobilizing savings, facilitating price discovery, providing liquidity to financial assets, and reducing transaction costs. The major financial markets in India are the money market, stock market, and bond market. The money market deals in short-term debt instruments with maturities of up to one year and includes sub-markets for call money, treasury bills, commercial paper, and certificates of deposit.
This document provides an agenda on various topics related to capital markets and financial instruments. It discusses money markets, capital markets, primary vs secondary markets, debt vs equity, various types of bonds and debentures, shares and stocks, derivatives, mutual funds, hedge funds, participatory notes, foreign capital raising instruments like ECB, ADR, GDR, FCCB, and regulation of financial markets. It also briefly touches on needs for starting a business and obtaining funds.
FDSeminar Financiering na Basel III Bram Delmotte - Monard D'HulstFDMagazine
This document discusses alternative sources of debt financing beyond traditional bank loans. It outlines various types of bonds like retail bonds, private placements, and mini-bonds. It also discusses alternative bank financing options like asset-based lending, leasing, and invoice financing. Finally, it explores alternative non-bank financing such as crowdfunding, credit from suppliers or insurers, and funds from private equity, hedge funds or government initiatives. Throughout it considers various criteria for determining the appropriate financial structure and legal considerations around these alternative financing options.
Investment banks act as underwriters or agents for corporations and municipalities issuing securities. They maintain markets for previously issued securities and offer advisory services to investors. Unlike traditional banks, investment banks do not accept deposits or provide loans. Investment banking facilitates mergers and acquisitions, private equity placements, and corporate restructuring.
This document provides an overview of institutional finance and the financial system in India. It describes the key roles of financial intermediaries like commercial banks, insurance companies, mutual funds, and non-banking financial companies. It also explains the money market and its instruments, including treasury bills, commercial paper, commercial bills, call/notice money, and certificates of deposit. Finally, it outlines the primary and secondary capital markets and their functions in facilitating the exchange of financial securities.
This file is a presentation of a Indiana University capstone project which examined the roll of government regulations in the collapse of the mortgage financial industry.
This document provides an introduction to investment terminology and concepts. It defines key terms like finance, investment, investor, and differentiates investment from speculation and gambling. It also outlines the major participants in the financial system including households, businesses, governments, banks, insurers, pension funds, and mutual funds. Finally, it describes different types of financial securities and markets.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
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This document provides summaries of major market instruments, including treasury bills, banker's acceptances, commercial paper, and certificates of deposit. It also discusses mutual funds. Treasury bills are short-term debt obligations issued by the US government with maturities of less than one year. Banker's acceptances are short-term debt instruments issued by a firm and guaranteed by a commercial bank. Commercial paper is a short-term unsecured debt instrument issued by large companies to raise funds. Certificates of deposit are guaranteed savings certificates issued by banks with a minimum value of $100,000 that cannot be resold before maturity. Mutual funds pool investments from investors and are managed by professional fund managers to help investors achieve financial goals.
This document provides an overview of financial markets and intermediaries. It discusses the primary and secondary markets where securities are issued and traded. It also describes different types of financial institutions like banks, insurance companies, and brokerage firms that operate as intermediaries between companies, investors, and depositors. Examples are given to illustrate the flow of cash from companies and intermediaries to investors. The functions of financial markets and intermediaries in transferring risk, providing liquidity and information are outlined. The document also summarizes the causes and response to the 2007-2009 financial crisis, including government bailouts.
This document summarizes various money market instruments and investment avenues. It discusses traditional money market instruments like treasury bills, certificates of deposit, and commercial paper. It also discusses modern money market instruments like repo instruments, money market mutual funds, and inter-corporate deposits. Equity investments discussed include stocks, limited partnerships, private placements, and American/global depository receipts. Preferred stocks and hybrid securities are also summarized. Real estate investments are noted to provide capital appreciation, income from rents, and tax benefits.
Indian companies are increasingly raising funds from overseas sources such as foreign banks, multilateral institutions, and international capital markets. There are multiple sources of overseas finance for Indian corporates including equity instruments like American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), as well as debt instruments denominated in foreign currencies like US dollar-denominated Yankee bonds and Japanese yen-denominated Samurai bonds. While overseas financing provides benefits like lower interest rates, it also exposes companies to risks related to foreign exchange rates and the economic conditions in other countries. Strict regulations apply to overseas bond issuances to protect investors.
The document discusses the functions and roles of commercial banks, including defining banks and describing their primary functions of accepting deposits and lending money. It also covers commercial banks' sources of funds such as deposit accounts, borrowed funds, and long-term sources, as well as their uses of funds like cash, loans, securities investments, and fixed assets.
The document discusses the functions and roles of commercial banks, including defining banks and describing their primary functions of accepting deposits and lending money. It also outlines various types of accounts offered by commercial banks for deposits, sources of funds for banks including deposit accounts, borrowed funds, and long-term sources, and how banks utilize their funds through loans, investments, cash reserves, and other means.
Selecting Investments in a Global Market ch03.pptxFamiFamz1
Questions to be answered:
What distinguishes a derivative security such as a forward, futures, or option contract, from more fundamental securities, such as stocks and bonds?
What are the important characteristics of forward, futures, and option contracts, and in what sense can the be interpreted as insurance policies?
The document provides an overview of the Indian financial system. It discusses the key components of the financial system including financial assets, institutions, markets, and their various functions. It describes the major financial institutions in India like banks, mutual funds, insurance companies. It also explains various financial instruments in the money market and capital market that enable raising and deployment of funds. The document presents diagrams to illustrate the structure and flow of funds within the Indian financial system.
This chapter introduces key concepts in corporate finance including:
- Finance is the study of how savings are allocated between lenders and borrowers.
- Financial assets represent claims individuals have lent to others, unlike real assets.
- Financial systems channel funds from savers to borrowers through direct, indirect, or market intermediation.
- Major financial intermediaries that pool funds include banks, insurance companies, pension funds, and mutual funds.
- There are two main categories of financial instruments - debt and equity - that can be traded in money and capital markets.
- Global financial markets provide an important source of funds for borrowers and investment opportunities for investors.
MONEY MARKET FUND REFORM: AN ALTERNATIVE TO THE SEC’S PROPOSALMercatus Center
Money market fund reform remains one of the most prominent unsettled issues in financial markets regulation after the 2008 crisis. The Securities and Exchange Commission’s most recent effort which aims at balancing reforms with a desire to preserve the major benefits of money market funds has not achieved that objective. The Mercatus Center at George Mason University invites you to join Hester Peirce and Robert Greene for a Regulation University program that examines the need for money market fund reform, identifies potential problems with the SEC’s proposal, and offers recommendations for meaningful reform.
This program will highlight the key findings from Ms. Peirce and Mr. Greene’s recent public interest comment, Money Market Fund Reform; Amendments to Form PF, and provide specific suggestions for money market fund reform.
This document discusses various methods of investing, including stocks, bonds, and mutual funds. It begins by explaining the reasons for investing, such as outpacing inflation, achieving financial goals, and gaining wealth and security for retirement. The main types of investments covered are stocks, bonds, and mutual funds. Stocks represent ownership in a company and are traded on a stock exchange. Bonds are a type of loan issued by companies and governments. Mutual funds allow investors to pool their money and invest in a variety of securities. Other alternative investments mentioned include real estate and owning a business.
Financial markets facilitate the buying and selling of financial instruments between savers and investors. They act as intermediaries that allow households to deposit surplus funds with banks or purchase securities from businesses, and allow businesses to access funds from households. Financial markets have several key functions, including mobilizing savings, facilitating price discovery, providing liquidity to financial assets, and reducing transaction costs. The major financial markets in India are the money market, stock market, and bond market. The money market deals in short-term debt instruments with maturities of up to one year and includes sub-markets for call money, treasury bills, commercial paper, and certificates of deposit.
This document provides an agenda on various topics related to capital markets and financial instruments. It discusses money markets, capital markets, primary vs secondary markets, debt vs equity, various types of bonds and debentures, shares and stocks, derivatives, mutual funds, hedge funds, participatory notes, foreign capital raising instruments like ECB, ADR, GDR, FCCB, and regulation of financial markets. It also briefly touches on needs for starting a business and obtaining funds.
FDSeminar Financiering na Basel III Bram Delmotte - Monard D'HulstFDMagazine
This document discusses alternative sources of debt financing beyond traditional bank loans. It outlines various types of bonds like retail bonds, private placements, and mini-bonds. It also discusses alternative bank financing options like asset-based lending, leasing, and invoice financing. Finally, it explores alternative non-bank financing such as crowdfunding, credit from suppliers or insurers, and funds from private equity, hedge funds or government initiatives. Throughout it considers various criteria for determining the appropriate financial structure and legal considerations around these alternative financing options.
Investment banks act as underwriters or agents for corporations and municipalities issuing securities. They maintain markets for previously issued securities and offer advisory services to investors. Unlike traditional banks, investment banks do not accept deposits or provide loans. Investment banking facilitates mergers and acquisitions, private equity placements, and corporate restructuring.
This document provides an overview of institutional finance and the financial system in India. It describes the key roles of financial intermediaries like commercial banks, insurance companies, mutual funds, and non-banking financial companies. It also explains the money market and its instruments, including treasury bills, commercial paper, commercial bills, call/notice money, and certificates of deposit. Finally, it outlines the primary and secondary capital markets and their functions in facilitating the exchange of financial securities.
This file is a presentation of a Indiana University capstone project which examined the roll of government regulations in the collapse of the mortgage financial industry.
This document provides an introduction to investment terminology and concepts. It defines key terms like finance, investment, investor, and differentiates investment from speculation and gambling. It also outlines the major participants in the financial system including households, businesses, governments, banks, insurers, pension funds, and mutual funds. Finally, it describes different types of financial securities and markets.
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3. INVESTMENTS | BODIE, KANE, MARCUS
2-3
The Money Market
• Subsector of the fixed-income market:
Securities are short-term, liquid, low
risk, and often have large
denominations
• Money market mutual funds allow
individuals to access the money
market.
4. INVESTMENTS | BODIE, KANE, MARCUS
2-4
Table 2.1 Major Components of
the Money Market
5. INVESTMENTS | BODIE, KANE, MARCUS
2-5
Money Market Securities
• Treasury bills: Short-term debt of U.S.
government
– Bid and asked price
• Certificates of Deposit: Time deposit with a
bank
• Commercial Paper: Short-term, unsecured
debt of a company
6. INVESTMENTS | BODIE, KANE, MARCUS
2-6
Money Market Securities
• Bankers’ Acceptances: An order to a bank
by a bank’s customer to pay a sum of
money on a future date
• Eurodollars: dollar-denominated time
deposits in banks outside the U.S.
• Repos and Reverses: Short-term loan
backed by government securities.
• Fed Funds: Very short-term loans between
banks
7. INVESTMENTS | BODIE, KANE, MARCUS
2-7
Yields on Money Market Instruments
• Except for Treasury bills, money market
securities are not free of default risk
• Both the premium on bank CDs and the
TED spread (T-bill and Euro Deposit) have
often become greater during periods of
financial crisis
• During the credit crisis of 2008, the federal
government offered insurance to money
market mutual funds after some funds
experienced losses
8. INVESTMENTS | BODIE, KANE, MARCUS
2-8
The Bond Market
• Treasury Notes and Bonds
• Inflation-Protected Treasury
Bonds
• Federal Agency Debt
• International Bonds
9. INVESTMENTS | BODIE, KANE, MARCUS
2-9
The Bond Market
• Municipal Bonds
• Corporate Bonds
• Mortgages and Mortgage-Backed
Securities
10. INVESTMENTS | BODIE, KANE, MARCUS
2-10
Treasury Notes and Bonds
• Maturities
– Notes – maturities up to 10 years
– Bonds – maturities from 10 to 30
years
• Par Value - $1,000
• Interest paid semiannually
• Quotes – percentage of par
11. INVESTMENTS | BODIE, KANE, MARCUS
2-11
The Bond Market
• Inflation-Protected Treasury Bonds
– TIPS: Provide inflation protection
• Federal Agency Debt
– Debt of mortgage-related agencies such as
Fannie Mae and Freddie Mac
• International Bonds
– Eurobonds and Yankee bonds (dollar
denominated bond issued in the US by a
foreign company or government)
12. INVESTMENTS | BODIE, KANE, MARCUS
2-12
Municipal Bonds
• Issued by state and local governments
• Interest is exempt from federal income
tax and sometimes from state and local
tax
13. INVESTMENTS | BODIE, KANE, MARCUS
2-13
Municipal Bonds
• Types
– General obligation bonds: Backed by taxing
power of issuer
– Revenue bonds: backed by project’s
revenues or by the municipal agency
operating the project.
14. INVESTMENTS | BODIE, KANE, MARCUS
2-14
Municipal Bond Yields
• To choose between taxable and tax-exempt
bonds, compare after-tax returns on each
bond.
• Let t equal the investor’s marginal tax
bracket
• Let r equal the before-tax return on the
taxable bond and r m denote the municipal
bond rate.
• If r (1 - t ) > r m then the taxable bond gives
a higher return; otherwise, the municipal
bond is preferred.
15. INVESTMENTS | BODIE, KANE, MARCUS
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Table 2.2 Tax-Exempt Yield Table
The equivalent taxable yield is simply the tax-free
rate, rm , divided by (1-t).
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Corporate Bonds
• Issued by private firms
• Semi-annual interest payments
• Subject to larger default risk than
government securities
• Options in corporate bonds
– Callable
– Convertible
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• Proportional ownership of a mortgage
pool or a specified obligation secured by
a pool
• Produced by securitizing mortgages
– Mortgage-backed securities are called
pass-throughs because the cash flows
produced by homeowners paying off their
mortgages are passed through to
investors.
Mortgage-Backed Securities
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Mortgage-Backed Securities
• Most mortgage-backed securities were
issued by Fannie Mae and Freddie Mac.
• Traditionally, pass-throughs were
comprised of conforming mortgages,
which met standards of credit worthiness.
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Mortgage-Backed Securities
• Eventually, “Private-label” issuers
securitized large amounts of subprime
mortgages, made to financially weak
borrowers.
• Finally, Fannie and Freddie were allowed
and even encouraged to buy subprime
mortgage pools.
• September, 2008: Fannie and Freddie got
taken over by the federal government.
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Equity Securities
• Common stock: Ownership
– Residual claim
– Limited liability
• Preferred stock: Perpetuity
– Fixed dividends
– Priority over common
– Tax treatment
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Stock Market Indexes
• Dow Jones Industrial Average
– Includes 30 large blue-chip
corporations
– Computed since 1896
– Price-weighted average
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Example 2.2 Price-Weighted Average
Portfolio: Initial value $25 + $100 = $125
Final value $30 + $ 90 = $120
Percentage change in portfolio value
= 5/125 = -.04 = -4%
Index: Initial index value (25+100)/2 = 62.5
Final index value (30 + 90)/2 = 60
Percentage change in index -2.5/62.5
= -.04 = -4%
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• S&P 500
– Broadly based index of 500 firms
– Market-value-weighted index
• Investors can base their portfolios
on an index:
– Buy an index mutual fund
– Buy exchange traded funds (ETFs)
Standard & Poor’s Indexes
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Other Indexes
U.S. Indexes
• NYSE Composite
• NASDAQ Composite
• Wilshire 5000
Foreign Indexes
• Nikkei (Japan)
• FTSE (U.K.; pronounced
“footsie”)
• DAX (Germany),
• Hang Seng (Hong Kong)
• TSX (Canada)
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Derivatives Markets
• Options and futures provide payoffs that
depend on the values of other assets such
as commodity prices, bond and stock
prices, or market index values.
• A derivative is a security that gets its value
from the values of another asset.
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Options
• Call: Right to buy underlying asset at the
strike or exercise price.
– Value of calls decrease as strike price
increases
• Put: Right to sell underlying asset at the
strike or exercise price.
– Value of puts increase with strike price
• Value of both calls and puts increase with
time until expiration.
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Futures Contracts
• A futures contract calls for delivery of an
asset (or in some cases, its cash value) at
a specified delivery or maturity date for an
agreed-upon price, called the futures
price, to be paid at contract maturity.
• Long position: Take delivery at maturity
• Short position: Make delivery at maturity
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Comparison
Option
• Right, but not obligation,
to buy or sell; option is
exercised only when it is
profitable
• Options must be
purchased
• The premium is the price
of the option itself.
Futures Contract
• Obliged to make or take
delivery. Long position
must buy at the futures
price, short position must
sell at futures price
• Futures contracts are
entered into without cost
