Futures trading: concepts and strategies
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
New York Inst. of Finance
1988
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 685 S. graph. Darst. |
| ISBN: | 0133457451 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | FUTURES
TRADING
Concepts and Strategies
Robert E Fink
Independent Floor Trader
Governor, Commodity Exchange, Inc
Robert B Feduniak
Managing Director, Morgan Stanley amp; Co , Inc
Director, Options Clearing Corporation
New York Institute of Finance
CONTENTS
Foreword
PART ONE: Introduction to Concepts and Terms
1 The Futures Contract
The Concept of Forward Pricing
The Forward Contract
The Futures Contract
Futures Markets Today
What Makes a Futures Contract Successful?
2 The Arithmetic of Futures Trading
Futures Contracts-The Basic Unit
Calculating Contract Value
Daily Trading Limits
3 The Settlement of Futures Contracts
The Birth of a Futures Contract
The Life of a Futures Contract
The Settlement of Futures Contracts
Delivery Accounting
Open Interest and Volume
PART TWO: The Futures Industry
4 The Participants
Hedgers
Floor Traders
Speculators
5 Futures Exchanges
Benefits of Futures Exchanaes
XIII
vi Contents I
Responsibilities of Futures Exchanges 81
Structure of Futures Exchanges 84
Futures Exchanges Membership 86
History of Futures Exchanges 90
Futures Exchanges Outside the United States 90
6 Regulation of Futures Trading 101
United States Futures Regulation (1848-1974) 102
Regulation of Participants 104
Regulation of Trading Practices 111
Enforcement of CFTC Regulations 116
Organization of the CFTC 127
Futures Trading Acts of 1978,1982,1986 130
National Futures Association 131
Commentary on Regulation of Futures Markets
Outside the United States 132
7 Margin and Clearing Procedures 134
Original Margin 137
Variation Margin 143
Computing Account Status 147
Futures Clearinghouses 154
The Financial Integrity of Clearinghouses 160
The Careful Provision Against Loss 161
8 The Futures Brokerage Industry 164
The Economics of Futures Brokerage 165
Organizational Structure of FCMs 168
Opening Customer Accounts * 170
Transferring Accounts 186
Maintaining and Servicing Customer Accounts 187
Customer Statements 194
• Contents vii I
PART THREE: Commercial Applications 197
9 Price Relationships In Cash and Futures Markets 199
Price Relationships for Physical Commodities 199
The Basis 200
Price Relationships in Interest Rate Markets 210
10 Hedging Concepts 227
Types of Risk 228
Hedging Defined 232
Advantages of Hedging 233
Basis Risks in Hedging 235
Basis Charts 237
Underhedging 241
Disadvantages of Hedging 242
The Regulatory Climate 243
Competitive Considerations 245
11 Hedging Applications 248
12 Dealer Operations and Arbitrage 264
Hedging Requirements of Dealers 267
Futures Trading Requirements of Dealers 268
A Look at a Dealer Operation 272
The Role of Dealers in Futures Markets 282
Arbitrage 282
Why Do Arbitrage Opportunities Exist? 287
13 Accounting and Taxation of Futures Transactions 289
Futures Accounting 289
Federal Tax Treatment of Futures Contracts for
Speculators 295
Federal Taxation of Futures Contracts for Hedgers 298
viii Contents I
PART FOUR: Market Analysis and Trading 299
14 Fundamental Analysis and Broad Price Influences 301
Supply and Demand Theory 303
Macroeconomic Influences 312
15 Speculation and Money Management 319
Speculation: Its Motives and Merits 319
Successful Speculation 322
Money Management Guidelines 329
16 Spreads and Spread Trading 343
The Basics 344
Entering Spread Orders 346
Definitions 350
Intramarket Spreads 351
Intercommodity Spreads 360
Commodity/Products Spreads 361
17 Technical Analysis 370
Elements of the Bar Chart 371
Trends and Trendlines 372
Price Patterns • 377
Volume and Open Interest 383
Computerized Trading Methods 385
Point-and-Figure (P amp;F) Charts 388
Using Long-Term Charts 390
Cycles and Waves 390
I PART FIVE: The Markets 433
18 Interest Rate Futures 435
Introduction 435
Interest Rate Fundamentals 436
I Contents
Interest Rate Markets
Money Market Instruments
Long-Term Coupon Instruments
Trading and Hedging Applications in Interest
Rate Futures
Other Important Interest Rate Hedging
Considerations
Spread Trading in Interest Rate Futures
19 Currency Futures
The Foreign Exchange Market
Fundamentals of Foreign Exchange Price
Determination
The Foreign Currency Futures Market
Summary of General Rules of Spread Behavior
for Currency Futures
A Brief History of International Monetary
Agreements
20 Stock Index Futures
Introduction
The Underlying Indexes
Cash Settlement at Delivery
The Nature of Stock Market Risk
Hedging in Stock Index Futures
Hedging Examples
Portfolio Insurance
Price Relationships in Stock Index Futures
21 Domestic Agricultural Commodities
and Government Programs
Corn
Cotton
Soybean Complex
Contents I
Wheat
Live Hogs and Pork Bellies
Live Cattle
Government Agricultural Programs
A Brief History of Government Agricultural
Programs
22 The Metals Markets
Gold
Platinum
Palladium
Silver
Copper
23 Energy Futures
Crude Oil
Heating Oil
Gasoline
Netback Pricing
Crack Spreads
24 Imported and Tropical Commodities
Cocoa
Coffee
Sugar
Frozen Concentrate Orange Juice
• PART SIX: Options
25 introduction to Options
What Is an Option?
Option Risk Characteristics
General Characteristics of Options Prices
Options Versus Futures
A Brief History of Futures Options
I Contents xi •
26 Options Trading Strategies 639
Strategies Based on Price Expectations 644
Strategies Based on Volatility Expectations 651
Options Arbitrage Strategies 657
Financing Strategies 659
Commercial Uses of Options 664
I Bibliography 669
I Index 671
|
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| illustrated | Illustrated |
| indexdate | 2024-07-09T16:01:19Z |
| institution | BVB |
| isbn | 0133457451 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002237936 |
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| physical | XIV, 685 S. graph. Darst. |
| publishDate | 1988 |
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| publishDateSort | 1988 |
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| spelling | Fink, Robert E. Verfasser aut Futures trading concepts and strategies Robert E. Fink ; Robert B. Feduniak New York, NY New York Inst. of Finance 1988 XIV, 685 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Bourses de marchandises ram Futures Commodity exchanges Financial futures Terminhandel (DE-588)4059499-3 gnd rswk-swf Warentermingeschäft (DE-588)4064603-8 gnd rswk-swf Warentermingeschäft (DE-588)4064603-8 s DE-604 Terminhandel (DE-588)4059499-3 s Feduniak, Robert B. Verfasser aut HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002237936&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fink, Robert E. Feduniak, Robert B. Futures trading concepts and strategies Bourses de marchandises ram Futures Commodity exchanges Financial futures Terminhandel (DE-588)4059499-3 gnd Warentermingeschäft (DE-588)4064603-8 gnd |
| subject_GND | (DE-588)4059499-3 (DE-588)4064603-8 |
| title | Futures trading concepts and strategies |
| title_auth | Futures trading concepts and strategies |
| title_exact_search | Futures trading concepts and strategies |
| title_full | Futures trading concepts and strategies Robert E. Fink ; Robert B. Feduniak |
| title_fullStr | Futures trading concepts and strategies Robert E. Fink ; Robert B. Feduniak |
| title_full_unstemmed | Futures trading concepts and strategies Robert E. Fink ; Robert B. Feduniak |
| title_short | Futures trading |
| title_sort | futures trading concepts and strategies |
| title_sub | concepts and strategies |
| topic | Bourses de marchandises ram Futures Commodity exchanges Financial futures Terminhandel (DE-588)4059499-3 gnd Warentermingeschäft (DE-588)4064603-8 gnd |
| topic_facet | Bourses de marchandises Futures Commodity exchanges Financial futures Terminhandel Warentermingeschäft |
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