TAILIEUCHUNG - The Options Course High Profit & Low Stress Trading Methods Second Edition phần 8

tất cả các nhà môi giới có trách nhiệm thực hiện các lệnh ở mức giá tốt nhất có thể. Nó được gọi là "trách nhiệm thực hiện tốt nhất." Do đó, Ủy ban Chứng khoán và Hối đoái (SEC) đã tăng cường giám sát của các nhà môi giới trực tuyến vì mối quan tâm về chất lượng của hành quyết của họ. | 398 THE OPTIONS COURSE Fed funds futures are a convenient tool for hedging against future interest-rate changes. To illustrate consider a regional bank that consistently buys 100 million in fed funds. Suppose the bank s analysts believe that economic data to be released in the upcoming week will induce the FOMC to increase the objective of the fed funds rate by 50 basis points at its next meeting. If the contract settle price for the meeting month implies no change from the current rate the bank may choose to lock in its current cost by selling 20 contracts or taking a short position and holding the position to expiration. Conversely suppose that a net lender of funds expects a policy action to lower the fed funds rate. It can protect its return by purchasing futures contracts or taking a long position . Participants in the fed funds futures market need not be banks that borrow in the fed funds market. Anyone who can satisfy margin requirements may participate. Thus traders who make their living as Fed watchers may speculate with fed funds futures. This would suggest that to the extent Fed policy is predictable speculators would drive futures prices to embody expectations of future policy actions. Since the level of the fed funds rate is essentially determined by deliberative policy decisions the fed funds futures rate should have predictable value for the size and timing of future policy actions. Given that the trading desk may face systematic problems that hinder its ability to achieve its objective the consequences for the funds rate may be predictable. Speculators who anticipate such effects may find it profitable to buy or sell current contracts. In the case of fed funds the rate is essentially determined by a deliberative decision of the FOMC the main policy-making arm of the Federal Reserve System. Hence the fed funds futures markets must anticipate actions taken by the FOMC. In short through the fed funds futures markets one can place a bet on what future .

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