This ppt is prepared to provide detailed information regarding Forwards and Futures contracts of Derivatives the topics covered under this are Meaning of Forwards contracts, Underlying Assets of Forwards contracts, FEATURES OF FORWARD CONTRACTS, Tailored made, Why Forwards contracts, FUTURES CONTRACT, What is A Futures Contract, Characteristics of Futures contracts, Mechanism of Trading in Futures Market, Margin requirement, Marking-to-market (M2M), SETTLING A FUTURE POSITION, OFFSETTING, CASH DELIVERY, by Sundar, Assistant Professor of commerce.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
This ppt is prepared to provide detailed information regarding Forwards and Futures contracts of Derivatives the topics covered under this are Meaning of Forwards contracts, Underlying Assets of Forwards contracts, FEATURES OF FORWARD CONTRACTS, Tailored made, Why Forwards contracts, FUTURES CONTRACT, What is A Futures Contract, Characteristics of Futures contracts, Mechanism of Trading in Futures Market, Margin requirement, Marking-to-market (M2M), SETTLING A FUTURE POSITION, OFFSETTING, CASH DELIVERY, by Sundar, Assistant Professor of commerce.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. What are Derivatives?
A derivative is a financial instrument whose value is
derived from the value of another asset, which is known as
the underlying.
When the price of the underlying changes, the value of the
derivative also changes.
A Derivative is not a product. It is a contract that derives
its value from changes in the price of the underlying.
Example :
The value of a gold futures contract is derived from the
value of the underlying asset i.e. Gold.
3. Traders in Derivatives Market
There are 3 types of traders in the Derivatives Market :
HEDGER
A hedger is someone who faces risk associated with price
movement of an asset and who uses derivatives as means of
reducing risk.
They provide economic balance to the market.
SPECULATOR
A trader who enters the futures market for pursuit of profits,
accepting risk in the endeavor.
They provide liquidity and depth to the market.
4. ARBITRAGEUR
A person who simultaneously enters into transactions in
two or more markets to take advantage of the discrepancies
between prices in these markets.
Arbitrage involves making profits from relative mispricing.
Arbitrageurs also help to make markets liquid, ensure
accurate and uniform pricing, and enhance price stability
They help in bringing about price uniformity and discovery.
5. OTC and Exchange Traded Derivatives.
1. OTC
Over-the-counter (OTC) or off-exchange trading is to trade
financial instruments such as stocks, bonds, commodities or
derivatives directly between two parties without going
through an exchange or other intermediary.
• The contract between the two parties are privately negotiated.
• The contract can be tailor-made to the two parties’ liking.
• Over-the-counter markets are uncontrolled, unregulated and
have very few laws. Its more like a freefall.
6. 2. Exchange-traded Derivatives
Exchange traded derivatives contract (ETD) are those
derivatives instruments that are traded via specialized
Derivatives exchange or other exchanges. A derivatives
exchange is a market where individuals trade standardized
contracts that have been defined by the exchange.
The world's largest derivatives exchanges (by number of
transactions) are the Korea Exchange.
There is a very visible and transparent market price for the
derivatives.
7. Economic benefits of derivatives
Reduces risk
Enhance liquidity of the underlying asset
Lower transaction costs
Enhances liquidity of the underlying asset
Enhances the price discovery process.
Portfolio Management
Provides signals of market movements
Facilitates financial markets integration
8. What is a Forward?
A forward is a contract in which one party commits to
buy and the other party commits to sell a specified
quantity of an agreed upon asset for a pre-determined
price at a specific date in the future.
It is a customised contract, in the sense that the terms
of the contract are agreed upon by the individual
parties.
Hence, it is traded OTC.
9. Forward Contract Example
I agree to sell
500kgs wheat at
Rs.40/kg after 3
months.
Farmer Bread
Maker
3 months Later
Farmer
Bread
Maker
500kgs wheat
Rs.20,000
10. Risks in Forward Contracts
Credit Risk – Does the other party have the means to
pay?
Operational Risk – Will the other party make delivery?
Will the other party accept delivery?
Liquidity Risk – Incase either party wants to opt out of
the contract, how to find another counter party?
11. Terminology
Long position - Buyer
Short position - seller
Spot price – Price of the asset in the spot
market.(market price)
Delivery/forward price – Price of the asset at the
delivery date.
12. What are Futures?
A future is a standardised forward contract.
It is traded on an organised exchange.
Standardisations-
- quantity of underlying
- quality of underlying(not required in financial
futures)
- delivery dates and procedure
- price quotes
13. Futures Contract Example
A
B C
L $10
S $12
S $10
L $14
L $12
S $14
Profit $2
Loss $4 Profit $2
Market
Price/Spot
Price
D1
$10
D2
$12
D3
$14
14. Types of Futures Contracts
Stock Futures Trading (dealing with shares)
Commodity Futures Trading (dealing with gold
futures, crude oil futures)
Index Futures Trading (dealing with stock market
indices)
15. Closing a Futures Position
Most futures contracts are not held till expiry, but
closed before that.
If held till expiry, they are generally settled by delivery.
(2-3%)
By closing a futures contract before expiry, the net
difference is settled between traders, without physical
delivery of the underlying.
16. Terminology
Contract size – The amount of the asset that has to be
delivered under one contract. All futures are sold in
multiples of lots which is decided by the exchange board.
Eg. If the lot size of Tata steel is 500 shares, then one futures
contract is necessarily 500 shares.
Contract cycle – The period for which a contract trades.
The futures on the NSE have one (near) month, two (next)
months, three (far) months expiry cycles.
Expiry date – usually last Thursday of every month or
previous day if Thursday is public holiday.
17. Terminology
Strike price – The agreed price of the deal is called the
strike price.
Cost of carry – Difference between strike price and
current price.
18. Margins
A margin is an amount of a money that must be
deposited with the clearing house by both buyers and
sellers in a margin account in order to open a futures
contract.
It ensures performance of the terms of the contract.
Its aim is to minimise the risk of default by either
counterparty.
19. Margins
Initial Margin - Deposit that a trader must make before
trading any futures. Usually, 10% of the contract size.
Maintenance Margin - When margin reaches a minimum
maintenance level, the trader is required to bring the
margin back to its initial level. The maintenance margin is
generally about 75% of the initial margin.
Variation Margin - Additional margin required to bring an
account up to the required level.
Margin call – If amt in the margin A/C falls below the
maintenance level, a margin call is made to fill the gap.
20. Marking to Market
This is the practice of periodically adjusting the
margin account by adding or subtracting funds based
on changes in market value to reflect the investor’s
gain or loss.
This leads to changes in margin amounts daily.
This ensures that there are o defaults by the parties.
21. COMPARISON FORWARD FUTURES
• Trade on organized exchanges No Yes
• Use standardized contract terms No Yes
• Use associate clearinghouses to
guarantee contract fulfillment No Yes
• Require margin payments and daily
settlements No Yes
• Markets are transparent No Yes
• Marked to market daily No Yes
• Closed prior to delivery No Mostly
• Profits or losses realised daily No Yes
22. What are Options?
Contracts that give the holder the option to
buy/sell specified quantity of the underlying assets
at a particular price on or before a specified time
period.
The word “option” means that the holder has the
right but not the obligation to buy/sell underlying
assets.
23. Types of Options
Options are of two types – call and put.
Call option give the buyer the right but not the
obligation to buy a given quantity of the
underlying asset, at a given price on or before a
particular date by paying a premium.
Puts give the buyer the right, but not obligation to
sell a given quantity of the underlying asset at a
given price on or before a particular date by paying
a premium.
24. Types of Options
The other two types are – European style options
and American style options.
European style options can be exercised only on
the maturity date of the option, also known as the
expiry date.
American style options can be exercised at any
time before and on the expiry date.
25. Call Option Example
Right to buy 100
Reliance shares at
a price of Rs.300
per share after 3
months.
CALL OPTION
Strike
Price
Premium =
Rs.25/share
Amt to buy Call
option = Rs.2500
Current Price =
Rs.250
Suppose after a month,
Market price is Rs.400,
then the option is
exercised i.e. the shares
are bought.
Net gain = 40,000-30,000-
2500 = Rs.7500
Suppose after a month,
market price is Rs.200, then
the option is not exercised.
Net Loss = Premium amt
= Rs.2500
Expiry
date
26. Put Option Example
Right to sell 100
Reliance shares at
a price of Rs.300
per share after 3
months.
PUT OPTION
Strike
Price
Premium =
Rs.25/share
Amt to buy Call
option = Rs.2500
Current Price =
Rs.250
Suppose after a month,
Market price is Rs.200,
then the option is
exercised i.e. the shares
are sold.
Net gain = 30,000-20,000-
2500 = Rs.7500
Suppose after a month,
market price is Rs.300, then
the option is not exercised.
Net Loss = Premium amt
= Rs.2500
Expiry
date
27. Features of Options
A fixed maturity date on which they expire. (Expiry date)
The price at which the option is exercised is called the
exercise price or strike price.
The person who writes the option and is the seller is
referred as the “option writer”, and who holds the option
and is the buyer is called “option holder”.
The premium is the price paid for the option by the buyer
to the seller.
A clearing house is interposed between the writer and the
buyer which guarantees performance of the contract.
28. Options Terminology
Underlying: Specific security or asset.
Option premium: Price paid.
Strike price: Pre-decided price.
Expiration date: Date on which option expires.
Exercise date: Option is exercised.
Open interest: Total numbers of option contracts
that have not yet been expired.
Option holder: One who buys option.
Option writer: One who sells option.
29. Options Terminology
Option class: All listed options of a type on a
particular instrument.
Option series: A series that consists of all the
options of a given class with the same expiry date
and strike price.
Put-call ratio: The ratio of puts to the calls traded
in the market.
30. Options Terminology
Moneyness: Concept that refers to the potential
profit or loss from the exercise of the option. An
option maybe in the money, out of the money, or
at the money.
In the money
At the money
Out of the
money
Call Option Put Option
Spot price > strike
price
Spot price = strike
price
Spot price < strike
price
Spot price < strike
price
Spot price = strike
price
Spot price > strike
price
31. What are SWAPS?
In a swap, two counter parties agree to enter into a
contractual agreement wherein they agree to exchange
cash flows at periodic intervals.
Most swaps are traded “Over The Counter”.
Some are also traded on futures exchange market.
32. Types of Swaps
There are 2 main types of swaps:
Plain vanilla fixed for floating swaps
or simply interest rate swaps.
Fixed for fixed currency swaps
or simply currency swaps.
33. What is an Interest Rate Swap?
A company agrees to pay a pre-determined fixed
interest rate on a notional principal for a fixed
number of years.
In return, it receives interest at a floating rate on the
same notional principal for the same period of time.
The principal is not exchanged. Hence, it is called a
notional amount.
34. Floating Interest Rate
LIBOR – London Interbank Offered Rate
It is the average interest rate estimated by leading
banks in London.
It is the primary benchmark for short term interest
rates around the world.
Similarly, we have MIBOR i.e. Mumbai Interbank
Offered Rate.
It is calculated by the NSE as a weighted average of
lending rates of a group of banks.
35. Interest Rate Swap Example
Co.A Co.BSWAPS
BANK
Bank A
Fixed 7%
Variable LIBOR
Bank B
Fixed 10%
Variable LIBOR + 1%
Aim -
VARIABLE
Aim - FIXED
LIBOR LIBOR
8% 8.5%
7%5m 5m LIBOR
+ 1%
Notional Amount =
£ 5 million
36. Using a Swap to Transform a Liability
Firm A has transformed a fixed rate liability into a
floater.
A is borrowing at LIBOR – 1%
A savings of 1%
Firm B has transformed a floating rate liability into a
fixed rate liability.
B is borrowing at 9.5%
A savings of 0.5%.
Swaps Bank Profits = 8.5%-8% = 0.5%
37. What is a Currency Swap?
It is a swap that includes exchange of principal and
interest rates in one currency for the same in another
currency.
It is considered to be a foreign exchange transaction.
It is not required by law to be shown in the balance
sheets.
The principal may be exchanged either at the
beginning or at the end of the tenure.
38. However, if it is exchanged at the end of the life of the
swap, the principal value may be very different.
It is generally used to hedge against exchange rate
fluctuations.
39. Direct Currency Swap Example
Firm A is an American company and wants to borrow
€40,000 for 3 years.
Firm B is a French company and wants to borrow
$60,000 for 3 years.
Suppose the current exchange rate is €1 = $1.50.
40. Direct Currency Swap Example
Firm A Firm B
Bank A Bank B
€ 6%
$ 7%
€ 5%
$ 8%
Aim - EURO
Aim - DOLLAR
7%
5%
7% 5%$60th €40t
h
41. Comparative Advantage
Firm A has a comparative advantage in borrowing
Dollars.
Firm B has a comparative advantage in borrowing
Euros.
This comparative advantage helps in reducing
borrowing cost and hedging against exchange rate
fluctuations.