Futures
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Futures contracts allow a farmer and bread manufacturer to lock in a future price for wheat to protect themselves from price fluctuations. The farmer expects wheat prices to fall to Rs. 90 in 3 months, while the manufacturer expects a rise to Rs. 120. They agree to a contract where the farmer will sell wheat at Rs. 110 in 3 months. This protects both parties - the farmer from a price drop, and the manufacturer from a price increase. If prices instead rise to Rs. 120, the farmer misses out on Rs. 10 profit but has had 3 months of protected income, while the manufacturer profits Rs. 10 through correct forecasting aided by the futures contract.
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Prof simply simple futures.pptx
A futures contract allows a farmer and bread manufacturer to lock in the price of wheat for delivery in 3 months when their price expectations differ. The farmer expects prices to fall to Rs. 90 while the manufacturer expects a rise to Rs. 120. Their contract sets the price at Rs. 110. If prices instead rise to Rs. 120, the farmer loses Rs. 10 but the manufacturer gains Rs. 10. Both parties' business interests are protected from price fluctuations through this mutually beneficial futures agreement.
Futures
Futures contracts allow parties with opposing views on future price movements of a commodity to enter an agreement to buy or sell the commodity at a fixed price on a future date. In the example, a farmer agrees to sell wheat to a bread manufacturer in 3 months at Rs. 110 per unit through a futures contract. When the price rises to Rs. 120, the farmer sells at the agreed lower price but the manufacturer benefits from securing the input at a below market price. Both parties' needs are met through the contract even if their price predictions differed, showing how futures trading helps businesses hedge risks from price fluctuations.
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Commodity hedging
The document discusses commodity hedging, which involves taking an opposite position in the futures market to reduce risk from volatile commodity prices. It provides an example of a wheat farmer who sells wheat futures at current prices before harvest to protect against falling prices. If prices do decline, the loss from selling the physical crop is offset by gains in the futures market. The document also gives a detailed example of a corn farmer who hedges by selling corn futures at a higher price before prices drop, allowing him to offset losses and effectively secure a higher selling price than if he had not hedged.
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The document discusses options contracts, using the example of a farmer and bread manufacturer. [1] In an options contract, the farmer has the option to either execute a futures contract at a pre-agreed price of Rs. 110 or exit the contract and sell in the open market. [2] The farmer must pay the bread manufacturer a premium for this option. [3] Both parties can benefit - if prices rise to Rs. 120, the farmer exits and sells for more, while the manufacturer receives the Rs. 2 premium, making the effective price Rs. 118.
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Prof simply simple futures.pptx
A futures contract allows a farmer and bread manufacturer to lock in the price of wheat for delivery in 3 months when their price expectations differ. The farmer expects prices to fall to Rs. 90 while the manufacturer expects a rise to Rs. 120. Their contract sets the price at Rs. 110. If prices instead rise to Rs. 120, the farmer loses Rs. 10 but the manufacturer gains Rs. 10. Both parties' business interests are protected from price fluctuations through this mutually beneficial futures agreement.
Futures
Futures contracts allow parties with opposing views on future price movements of a commodity to enter an agreement to buy or sell the commodity at a fixed price on a future date. In the example, a farmer agrees to sell wheat to a bread manufacturer in 3 months at Rs. 110 per unit through a futures contract. When the price rises to Rs. 120, the farmer sells at the agreed lower price but the manufacturer benefits from securing the input at a below market price. Both parties' needs are met through the contract even if their price predictions differed, showing how futures trading helps businesses hedge risks from price fluctuations.
Niraj On International Finance Theory
This document summarizes five theories of international finance:
1) Interest Rate Parity relates spot and forward exchange rates to interest rate differentials between two countries. It states that interest rate differences should equal the forward premium or discount.
2) Purchasing Power Parity argues that exchange rates should adjust so that equivalent goods cost the same across countries after accounting for exchange rates and price levels. Relative PPP focuses on how inflation rate differences impact exchange rate changes.
3) The Fisher Effect describes the relationship between nominal interest rates, real interest rates, and inflation. It posits that nominal rates will adjust one-for-one with expected inflation so that real rates remain unchanged.
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The document discusses commodity hedging, which involves taking an opposite position in the futures market to reduce risk from volatile commodity prices. It provides an example of a wheat farmer who sells wheat futures at current prices before harvest to protect against falling prices. If prices do decline, the loss from selling the physical crop is offset by gains in the futures market. The document also gives a detailed example of a corn farmer who hedges by selling corn futures at a higher price before prices drop, allowing him to offset losses and effectively secure a higher selling price than if he had not hedged.
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The document discusses options contracts, using the example of a farmer and bread manufacturer. [1] In an options contract, the farmer has the option to either execute a futures contract at a pre-agreed price of Rs. 110 or exit the contract and sell in the open market. [2] The farmer must pay the bread manufacturer a premium for this option. [3] Both parties can benefit - if prices rise to Rs. 120, the farmer exits and sells for more, while the manufacturer receives the Rs. 2 premium, making the effective price Rs. 118.
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The document discusses options contracts and compares them to futures contracts. In an options contract:
1) One party, in this case the farmer, has the option to either execute or exit the contract, while the other party, the bread manufacturer, must honor whatever choice the farmer makes.
2) The farmer pays a premium for this option privilege, regardless of whether the option is ultimately exercised.
3) Here, if wheat prices rise above the agreed price, the farmer will exit the contract to sell at the higher open market price, while still compensating the manufacturer somewhat through the previously paid premium.
Call Option
The document provides an example to explain a call option contract between a farmer and bread manufacturer. In a call option:
1) The farmer agrees to sell wheat to the manufacturer at a fixed price of Rs. 110 in 3 months.
2) The manufacturer pays the farmer a premium for the option to either execute the contract or exit without obligation.
3) If wheat prices fall to Rs. 90, the manufacturer can exit while the farmer receives the premium as compensation for participating.
The call option gives the manufacturer flexibility while still protecting both parties' interests through the option premium paid.
Lecturas
Chicago became a commercial center in the 1840s with railroads and telegraph connecting it to the East. The McCormick reaper led to higher wheat production in the Midwest. Farmers brought wheat to Chicago to sell to dealers who shipped it nationwide. In 1848, a central market opened where farmers and dealers could trade wheat for immediate cash delivery, which evolved into the first futures contracts where parties would agree to prices and amounts of wheat to exchange in the future. Speculators with no intention of delivery began trading the contracts, hoping to profit from price changes.
Call option
The document explains the concept of a call option using an example of a farmer and bread manufacturer. In a call option contract, the bread manufacturer has the option to either execute the contract to buy wheat from the farmer at a pre-agreed price of Rs. 110 or exit the contract and buy wheat from the open market. If the bread manufacturer exits the contract, they must pay the farmer a premium of Rs. 5. This compensates the farmer while still allowing the bread manufacturer flexibility. The key distinction of a call option is that it gives flexibility to the purchaser of the commodity rather than the seller.
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Futures contracts obligate buyers and sellers to transact an underlying asset at a predetermined price and date. Weekly options contracts on stock indices like Nifty and Bank Nifty have grown in popularity as they allow traders to better participate in short-term price movements with lower premiums and gamma risk than monthly contracts. Top holdings in the Nifty 50 index are HDFC Bank at 11.21%, Reliance Industries at 11.17%, and HDFC at 7.23%, demonstrating their heavy weighting.
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This document discusses key concepts related to derivatives and risk management. It defines cash, futures, and forward markets. Cash markets involve immediate delivery, while futures are exchange-traded contracts to buy/sell an asset at a predetermined price on a predetermined date. Forwards are over-the-counter contracts between two parties with customized terms. Key differences between these markets include physical delivery requirements, margin requirements, regulation, and counterparty risk. The document also explains concepts like open interest, volume, and lifetime highs and lows.
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1. Futures contracts allow for unlimited profits and losses for both buyers and sellers. Payoffs can be combined with options and the underlying asset to create complex payoffs.
2. For a long futures contract, the buyer profits if the underlying asset price rises and loses money if it falls. For a short futures contract, the seller profits if the price falls and loses money if it rises.
3. Hedging with futures can help protect against future price changes. Long hedges protect positions that will require purchasing the asset, while short hedges protect existing long positions. Perfect hedges eliminate all risk, while imperfect hedges only reduce risk due to differences between the futures and underlying contracts.
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Currency derivatives allow parties to hedge against risks from currency exchange rate fluctuations. In the example, an Indian tea grower agrees to supply tea to a US importer in 3 months at a fixed price of $10 per unit. However, the exchange rate could change by then. To hedge this risk, the tea grower enters a forward contract with a currency trader whereby the trader will pay the equivalent of $100 USD at the current exchange rate of Rs. 55, no matter what the rate is in 3 months. This protects the grower if the rupee falls, while the trader profits if it rises instead. Currency derivatives thus help parties mitigate foreign exchange risks over a future period.
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Futures Fundamentals
This document provides an introduction and overview of futures fundamentals. It discusses the history of futures markets beginning in Japan in the 18th century and moving to the US in the 1850s. It defines a futures contract as an agreement between two parties to transact a commodity or financial instrument at a set price for future delivery. The key players in futures markets are hedgers who aim to minimize risk, and speculators who aim to profit from price changes. Regulatory bodies like the CFTC oversee the US futures market.
Explain how you could use foreign financing for your business in a m.pdf
Explain how you could use foreign financing for your business in a manner that would reduce
your exposure to exchange rate risk. Be specific.
Given that you receive periodic payments in foreign currency for your exports, explain how you
could effectively use cash management. That is, explain how you would use the funds as they are
received.
If you had some existing short-term debt, would you prefer to invest the cash in short-term
securities or would you pay off the debt?
Solution
Borrowing and Lending in a Foreign Currency
Transaction exposure emerges when borrowing or lending is done in a foreign currency. If the
foreign currency appreciates, the burden of borrowing will be greater in terms of domestic
currency, while if the foreign currency depreciates, the burden will be lower. Similarly, the
receipt of the lender in case of the appreciation of the foreign currency will be larger in terms of
the domestic currency. If foreign currency depreciates, there will be loss to the lenders in terms
of domestic currency. It is not only the principal but also the amount of interest that changes
owing to changes in the exchange rate.
Foreign exchange risk/exposure management is the process through which finance managers try
to eliminate/reduce the adverse impact of unfavourable changes in the foreign exchange rates to
a tolerable level.
We already know that changes in exchange rate lead to foreign exchange exposure. If such an
exposure results in loss to a firm, it needs to be hedged; that is, it needs to be eliminated or
reduced. The process of hedging is known as the management of exchage rate exposure. Hedging
refers to managing risk to an extent that makes it bearable. In international trade and dealings
foreign exchange play an important role. Fluctuations in the foreign exchange rate can have
significant impact on business decisions and outcomes. Many international trade and business
dealings are shelved or become unworthy due to significant exchange rate risk embedded in
them.
The contractual techniques for hedging foreign exchange exposure are external techniques
involving contractual relationship with the parties outside the firm for insuring against potential
foreign exchange loss. The major contractual hedging techniques include:
1. Hedging through Forward Contracts.
2. Hedging through Currency Futures.
3. Hedging through Currency Options.
4. Hedging through Swaps.
5. Hedging through Money Market Operations.
I. Hedging through Forward Contracts
Historically, the foremost instrument used for exchange rate risk management is the forward
contract. Forward contracts are customized agreements between two parties to fix the exchange
rate for a future transaction. This simple arrangement would easily eliminate exchange rate risk,
but it has some shortcomings, particularly getting a counter party who would agree to fix the
future rate for the amount and time period in question may not be easy. By entering into a
forward rate agreement with a bank, .
Katalyst wealth a guide to grow your wealth by 190 times
At Katalyst Wealth we are passionate about sharing our philosophy of value investing, and enabling every individual to become successful investor. We believe that every individual can become a successful investor because successful investing is more about the following few very basic things:
1. Common Sense
2. Leveraging the 8th wonder of the world i.e. Compounding
3. Patience and
4. Overcoming our EGO
Most people believe Equity analyst’s to be super intelligent and correlate successful investing with Intelligence Quotient (I.Q.); however we would like to clear this myth and bring to light the fact that the most intelligent of all Albert Einstein faltered in investing. So it’s more about Emotional Quotient and Common Sense when it comes to investing in stocks.
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The document explains how derivative contracts work in the stock market through an example. It describes a scenario where an investor buys a futures contract for Stock A at Rs. 120, with settlement in 5 days. Each day, the investor's account is credited or debited based on whether the stock price increased or decreased from the previous day. At settlement, the stock price was Rs. 125, so the investor gained Rs. 5 total. However, since the investor only paid 15% margin money of Rs. 18 upfront, the effective return on investment was 27%.
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This document discusses hedging strategies used by participants in commodity markets to reduce price risk. It describes how hedgers use derivatives contracts like futures to lock in prices for transactions that will occur in the future. There are two main types of hedges - short hedges where the hedger sells an asset, used by producers worried about falling prices, and long hedges where the hedger buys an asset, used by buyers concerned about rising prices. The optimal hedge ratio, which minimizes risk, depends on the correlation between the underlying asset price and futures price as well as their standard deviations. An example calculates the optimal number of cotton futures contracts a company should purchase to hedge its need to buy 11,
Financial institutions and markets
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1) Price fluctuations in agriculture due to factors like monsoons pose risks to farmers. Forward and future contracts allow farmers to fix future prices to protect against these risks.
2) Growing companies have limited financing options and can use common equity, hybrid securities, or seek venture capital and private equity funding.
3) Companies progress through different funding stages from seed funding to later rounds and potential acquisition or I
Financial-Derivatives.pdf
This document provides an introduction and overview of financial derivatives. It begins by noting that derivatives were originally created to mitigate risk but have also enabled risk-taking. It then defines what a derivative is - a financial instrument whose value is based on an underlying asset. Common underlying assets and types of derivatives are listed. The document explains that derivatives are used for speculation, arbitrage, and hedging. It provides examples of how derivatives can help farmers, companies, and investors manage risk. The key differences between forward contracts and futures contracts are outlined, noting that futures contracts traded on exchanges have less counterparty risk than over-the-counter forward contracts due to margin requirements.
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1. The document provides background on financial derivatives, beginning with quotes highlighting both their benefits for risk reduction but also their potential for destruction.
2. It defines what a financial derivative is - an instrument that derives its value from an underlying asset, and discusses the key characteristics of forward contracts and futures contracts.
3. The document explains some common uses of derivatives including speculation, arbitrage, and hedging; and provides examples to illustrate how derivatives can be used to mitigate risk.
Are you saving or investing
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Budget 2018-19 Highlights
The budget aims to balance stimulating growth while maintaining fiscal sustainability. It focuses on boosting investment in agriculture, infrastructure, and employment while reducing the fiscal deficit. Key areas include doubling farmers' incomes, increasing education and healthcare spending, expanding credit to MSMEs, and increasing infrastructure investment. The budget also cuts corporate taxes for MSMEs and introduces long-term capital gains tax. Markets reacted negatively to the higher than expected fiscal deficit and inflation risks from higher MSPs, but the impact is seen as incremental.
Your Pay Cheque has nothing to do with your retirement savings
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Options contract
The document discusses options contracts and compares them to futures contracts. In an options contract:
1) One party, in this case the farmer, has the option to either execute or exit the contract, while the other party, the bread manufacturer, must honor whatever choice the farmer makes.
2) The farmer pays a premium for this option privilege, regardless of whether the option is ultimately exercised.
3) Here, if wheat prices rise above the agreed price, the farmer will exit the contract to sell at the higher open market price, while still compensating the manufacturer somewhat through the previously paid premium.
Call Option
The document provides an example to explain a call option contract between a farmer and bread manufacturer. In a call option:
1) The farmer agrees to sell wheat to the manufacturer at a fixed price of Rs. 110 in 3 months.
2) The manufacturer pays the farmer a premium for the option to either execute the contract or exit without obligation.
3) If wheat prices fall to Rs. 90, the manufacturer can exit while the farmer receives the premium as compensation for participating.
The call option gives the manufacturer flexibility while still protecting both parties' interests through the option premium paid.
Lecturas
Chicago became a commercial center in the 1840s with railroads and telegraph connecting it to the East. The McCormick reaper led to higher wheat production in the Midwest. Farmers brought wheat to Chicago to sell to dealers who shipped it nationwide. In 1848, a central market opened where farmers and dealers could trade wheat for immediate cash delivery, which evolved into the first futures contracts where parties would agree to prices and amounts of wheat to exchange in the future. Speculators with no intention of delivery began trading the contracts, hoping to profit from price changes.
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The document explains the concept of a call option using an example of a farmer and bread manufacturer. In a call option contract, the bread manufacturer has the option to either execute the contract to buy wheat from the farmer at a pre-agreed price of Rs. 110 or exit the contract and buy wheat from the open market. If the bread manufacturer exits the contract, they must pay the farmer a premium of Rs. 5. This compensates the farmer while still allowing the bread manufacturer flexibility. The key distinction of a call option is that it gives flexibility to the purchaser of the commodity rather than the seller.
PROFIT YOUR TRADE EDUCATION Series - By Kutumba Rao - Feb 7th 2021.pptx
Futures contracts obligate buyers and sellers to transact an underlying asset at a predetermined price and date. Weekly options contracts on stock indices like Nifty and Bank Nifty have grown in popularity as they allow traders to better participate in short-term price movements with lower premiums and gamma risk than monthly contracts. Top holdings in the Nifty 50 index are HDFC Bank at 11.21%, Reliance Industries at 11.17%, and HDFC at 7.23%, demonstrating their heavy weighting.
cash future forward market
This document discusses key concepts related to derivatives and risk management. It defines cash, futures, and forward markets. Cash markets involve immediate delivery, while futures are exchange-traded contracts to buy/sell an asset at a predetermined price on a predetermined date. Forwards are over-the-counter contracts between two parties with customized terms. Key differences between these markets include physical delivery requirements, margin requirements, regulation, and counterparty risk. The document also explains concepts like open interest, volume, and lifetime highs and lows.
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Hedging, Speculation and Arbitrage using Futures.ppt
1. Futures contracts allow for unlimited profits and losses for both buyers and sellers. Payoffs can be combined with options and the underlying asset to create complex payoffs.
2. For a long futures contract, the buyer profits if the underlying asset price rises and loses money if it falls. For a short futures contract, the seller profits if the price falls and loses money if it rises.
3. Hedging with futures can help protect against future price changes. Long hedges protect positions that will require purchasing the asset, while short hedges protect existing long positions. Perfect hedges eliminate all risk, while imperfect hedges only reduce risk due to differences between the futures and underlying contracts.
Currency Derivatives
Currency derivatives allow parties to hedge against risks from currency exchange rate fluctuations. In the example, an Indian tea grower agrees to supply tea to a US importer in 3 months at a fixed price of $10 per unit. However, the exchange rate could change by then. To hedge this risk, the tea grower enters a forward contract with a currency trader whereby the trader will pay the equivalent of $100 USD at the current exchange rate of Rs. 55, no matter what the rate is in 3 months. This protects the grower if the rupee falls, while the trader profits if it rises instead. Currency derivatives thus help parties mitigate foreign exchange risks over a future period.
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Margin money refers to the amount of funds that must be deposited by investors in derivatives trading to cover potential losses. The broker holds this money on behalf of the exchange to mitigate risk. In the example provided, investors A and B each need to provide 10% of the futures contract value of Rs. 100 as margin money to the broker. This covers potential price fluctuations of Rs. 10. If the price rises to Rs. 108, investor A profits Rs. 8 and receives their original Rs. 10 margin back. Investor B who lost Rs. 8 has it deducted from their margin, with the remaining Rs. 2 returned. Margin money thus allows derivatives trading to occur without needing full payment upfront.
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This document provides an introduction and overview of futures fundamentals. It discusses the history of futures markets beginning in Japan in the 18th century and moving to the US in the 1850s. It defines a futures contract as an agreement between two parties to transact a commodity or financial instrument at a set price for future delivery. The key players in futures markets are hedgers who aim to minimize risk, and speculators who aim to profit from price changes. Regulatory bodies like the CFTC oversee the US futures market.
Explain how you could use foreign financing for your business in a m.pdf
Explain how you could use foreign financing for your business in a manner that would reduce
your exposure to exchange rate risk. Be specific.
Given that you receive periodic payments in foreign currency for your exports, explain how you
could effectively use cash management. That is, explain how you would use the funds as they are
received.
If you had some existing short-term debt, would you prefer to invest the cash in short-term
securities or would you pay off the debt?
Solution
Borrowing and Lending in a Foreign Currency
Transaction exposure emerges when borrowing or lending is done in a foreign currency. If the
foreign currency appreciates, the burden of borrowing will be greater in terms of domestic
currency, while if the foreign currency depreciates, the burden will be lower. Similarly, the
receipt of the lender in case of the appreciation of the foreign currency will be larger in terms of
the domestic currency. If foreign currency depreciates, there will be loss to the lenders in terms
of domestic currency. It is not only the principal but also the amount of interest that changes
owing to changes in the exchange rate.
Foreign exchange risk/exposure management is the process through which finance managers try
to eliminate/reduce the adverse impact of unfavourable changes in the foreign exchange rates to
a tolerable level.
We already know that changes in exchange rate lead to foreign exchange exposure. If such an
exposure results in loss to a firm, it needs to be hedged; that is, it needs to be eliminated or
reduced. The process of hedging is known as the management of exchage rate exposure. Hedging
refers to managing risk to an extent that makes it bearable. In international trade and dealings
foreign exchange play an important role. Fluctuations in the foreign exchange rate can have
significant impact on business decisions and outcomes. Many international trade and business
dealings are shelved or become unworthy due to significant exchange rate risk embedded in
them.
The contractual techniques for hedging foreign exchange exposure are external techniques
involving contractual relationship with the parties outside the firm for insuring against potential
foreign exchange loss. The major contractual hedging techniques include:
1. Hedging through Forward Contracts.
2. Hedging through Currency Futures.
3. Hedging through Currency Options.
4. Hedging through Swaps.
5. Hedging through Money Market Operations.
I. Hedging through Forward Contracts
Historically, the foremost instrument used for exchange rate risk management is the forward
contract. Forward contracts are customized agreements between two parties to fix the exchange
rate for a future transaction. This simple arrangement would easily eliminate exchange rate risk,
but it has some shortcomings, particularly getting a counter party who would agree to fix the
future rate for the amount and time period in question may not be easy. By entering into a
forward rate agreement with a bank, .
Katalyst wealth a guide to grow your wealth by 190 times
At Katalyst Wealth we are passionate about sharing our philosophy of value investing, and enabling every individual to become successful investor. We believe that every individual can become a successful investor because successful investing is more about the following few very basic things:
1. Common Sense
2. Leveraging the 8th wonder of the world i.e. Compounding
3. Patience and
4. Overcoming our EGO
Most people believe Equity analyst’s to be super intelligent and correlate successful investing with Intelligence Quotient (I.Q.); however we would like to clear this myth and bring to light the fact that the most intelligent of all Albert Einstein faltered in investing. So it’s more about Emotional Quotient and Common Sense when it comes to investing in stocks.
Derivatives market (ev)
The document explains how derivative contracts work in the stock market through an example. It describes a scenario where an investor buys a futures contract for Stock A at Rs. 120, with settlement in 5 days. Each day, the investor's account is credited or debited based on whether the stock price increased or decreased from the previous day. At settlement, the stock price was Rs. 125, so the investor gained Rs. 5 total. However, since the investor only paid 15% margin money of Rs. 18 upfront, the effective return on investment was 27%.
Short hedge and Long hedge
This document discusses hedging strategies used by participants in commodity markets to reduce price risk. It describes how hedgers use derivatives contracts like futures to lock in prices for transactions that will occur in the future. There are two main types of hedges - short hedges where the hedger sells an asset, used by producers worried about falling prices, and long hedges where the hedger buys an asset, used by buyers concerned about rising prices. The optimal hedge ratio, which minimizes risk, depends on the correlation between the underlying asset price and futures price as well as their standard deviations. An example calculates the optimal number of cotton futures contracts a company should purchase to hedge its need to buy 11,
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The document discusses price risk management in agriculture and provides examples of forward contracts and future contracts as tools to manage this risk. It then discusses different financing options for companies seeking growth capital, including common equity, hybrid securities, and various stages of funding from venture capital to IPOs. The key points are:
1) Price fluctuations in agriculture due to factors like monsoons pose risks to farmers. Forward and future contracts allow farmers to fix future prices to protect against these risks.
2) Growing companies have limited financing options and can use common equity, hybrid securities, or seek venture capital and private equity funding.
3) Companies progress through different funding stages from seed funding to later rounds and potential acquisition or I
Financial-Derivatives.pdf
This document provides an introduction and overview of financial derivatives. It begins by noting that derivatives were originally created to mitigate risk but have also enabled risk-taking. It then defines what a derivative is - a financial instrument whose value is based on an underlying asset. Common underlying assets and types of derivatives are listed. The document explains that derivatives are used for speculation, arbitrage, and hedging. It provides examples of how derivatives can help farmers, companies, and investors manage risk. The key differences between forward contracts and futures contracts are outlined, noting that futures contracts traded on exchanges have less counterparty risk than over-the-counter forward contracts due to margin requirements.
2 Derivatives In India.pdf
1. The document provides background on financial derivatives, beginning with quotes highlighting both their benefits for risk reduction but also their potential for destruction.
2. It defines what a financial derivative is - an instrument that derives its value from an underlying asset, and discusses the key characteristics of forward contracts and futures contracts.
3. The document explains some common uses of derivatives including speculation, arbitrage, and hedging; and provides examples to illustrate how derivatives can be used to mitigate risk.
Are you saving or investing
The document discusses the differences between savings and investing. It defines savings as putting money aside after meeting expenses, while investing means putting savings to work in order to maintain the purchasing power of money over time. The key aspects of investing discussed are knowing one's investment objectives and risk tolerance, the time horizon for investments, doing research, considering costs, and recognizing tax implications. It provides examples comparing savings in a bank account to investing in instruments like bank fixed deposits that can help offset inflation better. The document concludes by outlining factors to consider like age, income, time horizon when choosing appropriate investment vehicles and asset allocations.
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Explain how you could use foreign financing for your business in a m.pdf
Katalyst wealth a guide to grow your wealth by 190 times
Katalyst wealth a guide to grow your wealth by 190 times
More from Prof. Simply Simple
Budget 2018-19 Highlights
The budget aims to balance stimulating growth while maintaining fiscal sustainability. It focuses on boosting investment in agriculture, infrastructure, and employment while reducing the fiscal deficit. Key areas include doubling farmers' incomes, increasing education and healthcare spending, expanding credit to MSMEs, and increasing infrastructure investment. The budget also cuts corporate taxes for MSMEs and introduces long-term capital gains tax. Markets reacted negatively to the higher than expected fiscal deficit and inflation risks from higher MSPs, but the impact is seen as incremental.
Your Pay Cheque has nothing to do with your retirement savings
Small savings and investments help in accumulating for your Retirement corpus. Investing in equity mutual funds will help your money grow faster. START Investing early and STAY INVESTED in equity investments for a long time to gain the power of compounding.
Why your PF is not enough for Retirement
As our expenses increase, Retirement expenses also will be higher than we think. It is never too late to Start Investing for your Retirement Expenses. A Provident Fund will save, but don't rely only on a Provident Fund investment. Diversify your money into different Investment avenues, like a Mutual Fund which helps to bridge the savings gap.
8 Things that Influence your Asset Allocation
8 factors Influencing your Asset Allocation - such as Risk appetite of an individual, Returns expectancy, Horizon of your investments, Starting early, Regulating your expenses, Cutting down on your liabilities, etc.
6 Reasons why Asset Allocation Helps meet Future Needs
An Asset Allocation helps in providing the right investment mix, takes care of Volatility, Assists in your saving needs while enjoying the benefits of staying invested for the right amount of time.
Budget Highlights - A Fiscally Prudent Budget
The budget maintains the fiscal deficit target of 3.5% for FY17 and pegs it at 3% for FY18-19. Nominal GDP growth is pegged at 11% and gross tax revenues are budgeted to increase by 12%, while net tax revenues are budgeted to increase by 11%. Proceeds from disinvestments are pegged at Rs. 56,500 crore compared to Rs. 25,300 crore last year. Adhering to the fiscal consolidation plan raises the government's fiscal credibility and is expected to lead the RBI to cut rates by 25-50 basis points. However, higher supply of long-dated bonds could steepen the yield curve.
CIO Newsletter - Jan 2016
Global foreign exchange reserves declined significantly in 2015 due to depletion by central banks and asset sales by sovereign wealth funds dependent on energy exports as oil prices fell. This decline reduced global liquidity and could squeeze dollar funding. Many high-yield bond funds also faced volatility and redemptions as investors turned risk-averse, with some funds shutting down. Key factors to watch in 2016 that will impact global economic health and liquidity are the US dollar, China's economy, and crude oil prices.
Tata Tax Saving Fund - Mutual Fund Insight Review
This document provides an analysis of the Tata Tax Saving Fund mutual fund. It highlights that while the fund's year-to-year returns have been erratic, it has a solid long-term record, with returns of nearly 21% annually over its 19-year history. The fund follows a growth-at-a-reasonable-price strategy, investing in high-quality businesses with strong growth potential. While it historically focused on large caps, it has recently increased its exposure to small caps. The document concludes the fund is suitable for those seeking above-benchmark returns without high volatility over the long run.
Understanding e-wallet
Till about a decade ago, we stood in long queues to withdraw cash from a bank and then waited painfully in other queues to pay our utility bills.
With the advent of credit and debit cards many of our cash related problems got simpler. The internet allowed us to pay bills at the click of a button.
Today there is a big buzz around ‘e-wallet’ and talk of the death of cash payment. Now it is possible to leave your wallet at home and get through a typical day with the help of a digital wallet, thanks to the revolutionary technologies we are seeing as we advance to a cashless world.
Today’s lesson by Prof. Simply Simple attempts to explain you the concept of ‘e-wallet’.
Understanding Greece Crisis
We all know Greece is in deep trouble after defaulting on its debt to the International Monetary Fund. Many Greeks blame the austerity measures for much of the country’s continuing problems. The leftist Syriza party rode to power this year promising to renegotiate the bailout.
The Greek economy is shrinking. At such times one of the tools available with government is to tinker with the currency. Unfortunately the Greeks cannot do so because they share their currency with other nations of the EURO region.
Today’s lesson by Prof. Simply Simple attempts to explain you the story of ‘Greece Crisis’ using an interesting analogy.
Tata Dynamic Bond Fund - Timing It Right
Mutual Fund Insight Review: With bond prices turning out to be almost as unpredictable as stocks, making the right forecasts on interest rate direction has been quite a difficult task. But this fund has managed it well, earning its good returns mainly through rightly timed duration calls on its portfolio.
Fund Pick: Tata Balanced Mutual Fund - CRISIL Research
High-performing stocks boost returns - A review of Tata Balanced Fund from the research carried out by CRISIL.
Fund Focus: Tata Ethical Fund
The document summarizes an interview with Pradeep Gokhale, Senior Fund Manager of Tata Ethical Fund, about the fund. The Tata Ethical Fund is a Sharia-compliant fund that invests only in stocks selected by Dar-al-Sharia that meet Islamic finance principles. It excludes companies in banking, alcohol, tobacco, and those with high debt levels or interest income. The fund has consistently outperformed peers over market cycles due to its focus on high-quality companies with strong earnings growth and low debt.
CIO Newsletter - Third Edtion
We are pleased to share the third edition of the CIO Newsletter.
As usual the focus is on themes that could affect our investors and try to address them in an easy-to-understand manner.
Your feedback and suggestions are much appreciated and we have tried to incorporate some of them in this newsletter.
We hope you find the newsletter interesting.
Call money
Let me narrate an interesting analogy to you all today.
On a lazy Sunday night you and your family are relaxing on a couch watching your favorite TV show.
Suddenly, someone rings your door bell. You open the door and it’s your long distance relatives who have made a surprise visit.
While you can’t show your displeasure but you still welcome them and offer a cup of tea or coffee. However, your wife whispers to you that there is no milk at home and all the neighborhood shops would be closed.
So, now you are left with no option but knock your neighbor’s door to borrow some milk for your guests with an intention to return it next day once the shop reopens.
At least your friendly neighbor becomes your savior and saves you from embarrassment.
Today’s lesson by Prof. Simply Simple TM attempts to simplify the concept of ‘Call Money’ for you.
Read the attached PPT lesson for more understanding.
Look forward to your valuable feedback at professor@tataamc.com
How A Prof & A Potato Are Selling Units And Tractors
This news article appeared in Business Line newspapers on 4th December, 2014.
Understanding Cyclical Stocks
As individual we all experience ups and downs in our personal and professional life. Sometimes even an emotional roller coaster ride that you can't quite imagine.
But the ones who show resilience and patience are the ones who can overcome with flying colours.
In the same way, as the economy goes through numerous ups and downs so does some companies and sectors. These companies who move in tandem to business cycles (expansion or recession) are termed as cyclical stocks.
Today’s lesson by Prof. Simply Simple TM attempts to simplify the term cyclical stocks for you.
Look forward to your valuable feedback at professor@tataamc.com
Tata Balanced Fund - Review by the Hindu Business Line
With overheated stock markets, a measure of debt can help balance out the equity risk. Equity-oriented balanced funds serve this purpose, and among the top in this category is the Tata Balanced Fund.
Tata Pure Equity Fund - Mutual Fund Insight Magazine
With predictability as its middle name; Tata Pure Equity has been consistently rated between 3 and 4 star in the Value Research ratings for the last ten years. The fund has outperformed the benchmark almost every year in the last decade, that too with a low risk score.
CIO Newsletter - Second Edition
The fundamental theme of the newsletter remains the same -- to dive deeper into economic issues that affect our investors. However to keep it interesting, the analysis has been kept at a macro level without getting into minute details.
We received encouraging feedback on the inaugural issue and we have used the same to improve this edition.
We hope you find the newsletter interesting.
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Your Pay Cheque has nothing to do with your retirement savings
Your Pay Cheque has nothing to do with your retirement savings
6 Reasons why Asset Allocation Helps meet Future Needs
6 Reasons why Asset Allocation Helps meet Future Needs
Fund Pick: Tata Balanced Mutual Fund - CRISIL Research
Fund Pick: Tata Balanced Mutual Fund - CRISIL Research
How A Prof & A Potato Are Selling Units And Tractors
How A Prof & A Potato Are Selling Units And Tractors
Tata Balanced Fund - Review by the Hindu Business Line
Tata Balanced Fund - Review by the Hindu Business Line
Tata Pure Equity Fund - Mutual Fund Insight Magazine
Tata Pure Equity Fund - Mutual Fund Insight Magazine
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Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The state of welfare Resolution Foundation Event
How has Britain’s safety net changed since 2010 and what comes next?
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
学校原件一模一样【微信：741003700 】《(GU毕业证书)美国贡萨加大学毕业证学历证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
RMIT University degree offer diploma Transcript
澳洲RMIT毕业证书制作RMIT假文凭定制Q微168899991做RMIT留信网教留服认证海牙认证改RMIT成绩单GPA做RMIT假学位证假文凭高仿毕业证申请墨尔本皇家理工大学RMIT University degree offer diploma Transcript
1：1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
原版一模一样【微信：741003700 】【加拿大麦吉尔大学毕业证硕士学历证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Accounting Information Systems (AIS).pptx
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Detailed power point presentation on compound interest and how it is calculated
Detailed information about compund interest
快速制作美国迈阿密大学牛津分校毕业证文凭证书英文原版一模一样
原版一模一样【微信：741003700 】【美国迈阿密大学牛津分校毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Discover the Future of Dogecoin with Our Comprehensive Guidance
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
South Dakota State University degree offer diploma Transcript
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Dr. Alyce Su Cover Story - China's Investment Leader
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
学校原件一模一样【微信：741003700 】《(SMU毕业证书)南卫理公会大学毕业证》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strate...
Tdasx: In-Depth Analysis of Cryptocurrency Giveaway Scams and Security Strategies
快速办理(美国Fordham毕业证书)福德汉姆大学毕业证学历证书一模一样
学校原件一模一样【微信：741003700 】《(美国Fordham毕业证书)福德汉姆大学毕业证学历证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.Fabular Frames and the Four Ratio Problem
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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How will new technology fields affect economic trade?
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Futures
- 2. One of the most exotic terms in trading is “Futures”. The common man has stopped worrying about understanding these concepts as he feels it is not meant for his understanding. However let me make an attempt to explain
- 3. Let’s say there’s is a farmer who cultivates wheat
- 4. And a bread manufacturer who needs wheat as an input for making bread
- 5. • The farmer thinks that the price of wheat which is currently trading at Rs. 100 could fall to Rs. 90 in 3 months. • The bread manufacturer on the other hand feels that the price of wheat on the other hand might become Rs. 120 in 3 months.
- 6. • In such a case both get together and sign a contract which says that at the end of 3 months the farmer would sell wheat to the bread manufacturer at Rs. 110. • Thus the farmer is protected against possible fall in prices • And the bread manufacturer is protected against the price of his input going up beyond Rs. 110
- 7. Such a contract is called a “Futures” contract because it is a contract that has to be executed at some future date
- 8. Thus “Futures Trading” is nothing but having a point of view about the direction of the future price of a commodity/stocks/currency. And when two parties have opposite views about future price movements they obviously are open to sign a mutually beneficial deal like the farmer and the bread manufacturer did in our example
- 9. Now, let’s say that after 3 months the price of wheat reaches Rs 120 In this case the farmer will have to sell for Rs.110 as per the contract and undertake a opportunity loss of Rs. 10 as his call that prices would go down was not correct.
- 10. The bread manufacturer on the other hand would be happy to receive wheat at Rs 110 due to the “Futures Contract” at a time when the prevailing market price is Rs 120. Thus he clearly makes a profit of Rs 10 because his expectation on price movement turned out to be correct.
- 11. • However at the end of the period both parties achieve their goals of protecting their interests. • While there may be an opportunity loss of the farmer but still he lands up making a profit of Rs. 10. • At least he would have been at peace for the period of 3 months since he remained protected against any price fall or loss
- 12. • The bread manufacturer on the other hand gets wheat at Rs 110 and makes a clear gain of Rs 10. • He can now plan his manufacture more profitably than his competitors who would by in the market at the spot price of Rs 120 • Since his call was right about the price movement, he landed up making the gain of Rs 10 due to the futures contract.
- 13. Thus in a sense both parties landed up meeting their business objectives and the “futures contract” helped them plan their business well by protecting their interests against unpleasant price fluctuations.
- 14. • I hope I have been able to explain to you the so called exotic product which as you can see is a very logical protection tool for a buyer and seller of the “Futures Contract” having different views about price movements and both being keen to reduce their losses. • Thus at the end one gains more and one gains less but both are happy that they could plan their business well
- 15. Hope this story succeeded in clarifying the concept of “Futures” Please give us your feedback at professor@tataamc.com Disclaimer: The views expressed in this lesson are for information purposes only and do not construe to be any investment, legal or taxation advice. The contents are topical in nature and held true at the time of creation of the lesson. This is not indicative of future market trends, nor is Tata Asset Management Ltd. attempting to predict the same. Reprinting any part of this presentation will be at your own risk. Tata Asset Management Ltd. will not be liable for the consequences of such action. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.