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một sản phẩm có giá trị phụ thuộc vào một số tài sản cơ bản khác, chẳng hạn như một mặt hàng hoặc một cổ phần hoặc trái phiếu hoặc đồng tiền nước ngoài. Hợp đồng hoặc giao dịch trên trao đổi tổ chức hoặc thoả thuận trực tiếp giữa hai bên trên thị trường (OTC) (over-the-counter). | The Market Background 9 was up sharply showing a rise of 65 over the period. Trading in equity index contracts in the USA was boosted by the successful launch of an e-miniTM futures contract on the S P 500 index by CME designed for electronic trading and targeted primarily at the retail market. CHAPTER SUMMARY A derivative is a product whose value depends on some other underlying asset such as a commodity or a share or a bond or a foreign currency. Contracts are either traded on organized exchanges or agreed directly between two parties in the over-the-counter OTC market. Exchange-traded contracts are generally standardized but carry the guarantee of the clearing house associated with the exchange. There are three main types of derivative product forwards and futures swaps and options. A forward is an agreement between two parties to deliver an asset in the future at a predetermined price. Futures are the exchange-traded equivalent. A swap is an agreement between two parties to exchange payments on regular dates for an agreed period of time. Each payment leg is calculated on a different basis. In a standard or plain vanilla interest rate swap one leg is based on a fixed rate of interest and the other on a variable or floating rate of interest. A swap is composed of a series of forward contracts. The holder of an option has the right but not the obligation to buy call or to sell put an asset at a pre-set price. The other side of the transaction is taken by the seller or writer of the option contract. Derivatives are used to manage risk to speculate on the prices of assets and to construct risk-free or arbitrage transactions. The notional value of derivatives contracts outstanding globally at present amounts to trillions of US dollars. ----------- 2 ------------- Equity and Currency Forwards INTRODUCTION A forward contract is an agreement made directly between two parties to buy and to sell a commodity or financial asset on a specific date in the future at a fixed .
