Banking. Futures contracts: general characteristics, properties and organization of trading (the most important)

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Banking. Futures contracts: general characteristics, properties and organization of trading (the most important)

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Topic 67. Futures contracts: general characteristics, properties and organization of trade

A futures contract is a standard exchange contract for the sale and purchase of an exchange-traded asset after a certain period in the future at a price set by the parties to the transaction at the time of its conclusion. The futures contract is fully standardized. It is concluded in the course of exchange trading. The guarantor of its execution is the exchange itself. The conclusion of a futures contract on the terms of its buyer is called "buying" the contract, and on the terms of the seller - "selling". Acceptance of a contractual obligation is called "opening a position". Liquidation of an obligation - "closing a position". Futures contracts are divided into 2 classes: commodity and financial.

Commodity futures are classified according to the following groups of exchange goods: - agricultural raw materials and semi-finished products (grain, meat), - timber and lumber, - non-ferrous and precious metals, - oil, gas, gasoline, etc.

Financial futures are divided into 4 main groups: currency, stock, percentage and index.

Currency futures - futures contracts for the purchase and sale of any convertible currency. They are concluded on the exchange, with a full level of standardization and a mechanism for guaranteeing them.

Stock futures - These are futures contracts for the purchase and sale of certain types of shares. They are not widely distributed.

Interest rate futures - these are futures contracts for changing interest rates (short-term) and for the purchase and sale of long-term bonds (long-term).

Index futures - these are futures contracts for changing the values of stock market indices. A futures contract for an exchange rate is a standard exchange contract for the sale and purchase of a certain type of currency on a specific day in the future at the rate set at the time of the conclusion of the contract. The structure of the currency futures: - contract price, - size, - minimum exchange rate change, - change in the contract value, - period for which the contract is concluded, - delivery under the contract.

Authors: Shevchuk D.A., Shevchuk V.A.

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