Inside the financial futures markets:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York u.a.
Wiley
1991
|
| Edition: | 3. ed. |
| Series: | Wiley Finance Edition
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | X, 390 S. graph. Darst. |
| ISBN: | 0471536741 |
Staff View
MARC
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| 100 | 1 | |a Powers, Mark J. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Inside the financial futures markets |c Mark J. Powers ; Mark G. Castelino |
| 250 | |a 3. ed. | ||
| 264 | 1 | |a New York u.a. |b Wiley |c 1991 | |
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Record in the Search Index
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| adam_text | Contents
PART ONE Introduction to Futures Trading
1 Introduction 3
Purpose of This Book, 3
Organization of the Book, 4
2 The Role of Futures Markets 5
The Social and Economic Purposes of Futures Trading, 5
Economic Function of Financial Futures, 7
History of Financial Futures, 10
3 The Institutional Aspects of Futures Trading 13
The Exchanges, 13
The Clearinghouse, 18
Market Participants, 23
Selecting a Broker, 26
Managed Accounts: CTAs and CPOs, 27
4 The Order 35
Some Illustrations of Commodity Orders, 36
v
vi CONTENTS
PART TWO Price Analysis
5 Price Forecasting through Technical Analysis 47
Patterns on Price Charts, 48
Setting Price Objectives, 53
6 Statistical Analysis Approach 56
Moving Averages, 56
Rules for Using Moving Averages, 59
Multiple Moving Averages, 61
Oscillators and the Measurement of Momentum, 63
Market Composition Approach, 65
Interpreting Changes in Volume and Open Interest, 68
7 Fundamental Price Analysis 69
Economic Information, 69
Where to Find This Information, 75
PART THREE Cash and Futures Markets for Debt
Instruments
8 Money in the Economy 85
Money, the Machine, and the Banking System, 86
Repos, 88
Inflation and Interest Rates, 91
9 Pricing of Money Market and Capital Market Fixed
Income Securities 93
Characteristics of Fixed Income Securities, 94
Bond Equivalent Yield, 95
Present Value and Discounted Cash Flow, 98
Why Do Prices Change?, 102
10 Risk and Return 104
The Conceptual Framework, 105
Risk and Return in Fixed Income Securities, 112
Duration, 115
CONTENTS vii
11 Yield Curves 123
Look at Return, 123
Understanding Yield Curves, 124
The Futures Yield Curve, 129
The Economy and the Shape of the Yield Curve, 131
12 The U.S. Treasury and Debt Instruments 133
Treasury Bills, 133
The Secondary Market, 137
13 The U.S. Treasury Bill and Eurodollar Markets 143
The Treasury Bill Futures Contracts, 143
The Eurodollar Futures Market, 147
Hedging with the T bill and Eurodollar Futures
Contracts, 151
14 The Treasury Note and Bond Market 154
Treasury Notes, 154
Treasury Bonds, 155
Method of Sale for Bonds and Notes, 156
The Treasury Bond Futures Contract, 158
The 10 Year Treasury Note Futures Contract, 161
The Five Year and Two Year Treasury Note Futures
Contracts, 162
Pricing of the T bond and T note Futures Contracts, 162
Hedging with Treasury Bond and Treasury Note
Futures, 165
15 Mortgage Backed Securities 166
The Mortgage Pass Through Security, 167
The GNMA Certificate and Its Characteristics, 168
Principles Underlying Valuation of Mortgage Backed
Securities, 169
viii CONTENTS
PART FOUR Foreign Exchange Futures, Stock Index
Futures, and Options
16 The Foreign Currency Futures Market 177
The Price of Money, 177
Recent History of International Monetary System, 178
The Spot Market, 179
Evaluating Foreign Exchange Rates, 180
International Trade and Capital Balances, 180
Domestic Economic Factors, 181
Political and Governmental Influences, 182
Expectations, 183
Expected Interest Rates and Foreign Exchange Spreads, 183
Hedging a Foreign Currency, 186
To Hedge or Not to Hedge, 187
Delivery Points for the Futures Contracts, 189
Conclusion, 189
17 Stock Index Futures 191
What Is a Stock Market Index?, 193
Relationships among the Indices, 195
Stock Index Futures Contracts, 196
Using Stock Index Futures, 197
Hedging with Stock Index Futures, 198
Arbitrage with Stock Index Futures, 202
Portfolio Insurance, 205
Program Trading, 210
Conclusion, 212
18 The Options Market 215
Introduction, 215
The Language of Options Trading, 216
Option Pricing Basics, 218
Options on Physicals Versus Options on Futures, 227
Hedging with Options, 228
Options Versus Futures, 238
CONTENTS jx
19 Options Strategies Illustrated 241
Prices Stable Using Option Spreads and Straddles, 247
Option Strategies under Various Price Scenarios, 253
PART FIVE Hedging and Arbitrage
20 The Concept of Hedging 257
Hedging Theory, 259
Who Hedges and Why, 261
Making the Hedging Decision, 262
The Concept of the Basis, 265
Cross Hedges, 266
Understanding Basis Relationships, 267
Analyzing Group Basis Changes, 267
Dollar Equivalency, 269
The Structure of Futures Prices, 271
Expectations, 275
Convergence between Cash and Futures Prices, 275
Contract Specifications and Hedging Efficiency, 276
Examples of Basic Hedges, 278
Cash Flow Implications of Hedging, 280
Internal Organization for Hedging, 281
21 Hedging Strategies for Various Industries 282
Financial Corporations, 282
Commercial Banks, 283
Thrift Institutions, 289
Pension Fund Managers and the Financial Futures
Markets, 292
Hedging by Insurance Companies, 298
Mortgage Bankers, 300
Industrial Corporations, 301
Hedging with the Interest Rate Swap Contract, 308
22 Internal Record Keeping and Corporate Control Systems for
the Hedge 314
Procedures, 315
Reporting to Management, 316
x CONTENTS
23 Arbitrage and Spreading Strategies 317
Arbitrage, 318
Arbitrage Opportunities, 319
Profits and Risks of Arbitrage, 320
Financing, 325
Spreading in Financial Futures, 325
Intracontract Spreads, 326
Intermarket Spreads, 329
Risk and Spread Transactions, 330
24 Hedging and Accounting Issues 336
Accounting for Hedge Results, 336
Enterprise Risk, 337
Correlation, 338
LIFO (Last in First out) Accounting and Hedging, 340
Summary, 341
Appendix A: Contract Specifications for Financial Futures and
Options Contracts on Major U.S.
Exchanges 343
Appendix B: Formulas 372
Index 381
|
| any_adam_object | 1 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.64/5 |
| dewey-search | 332.64/5 |
| dewey-sort | 3332.64 15 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 3. ed. |
| format | Book |
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| isbn | 0471536741 |
| language | English |
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| spelling | Powers, Mark J. Verfasser aut Inside the financial futures markets Mark J. Powers ; Mark G. Castelino 3. ed. New York u.a. Wiley 1991 X, 390 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley Finance Edition Bolsa de mercadorias larpcal Marchés à terme d'instruments financiers ram Financial futures Financial Futures (DE-588)4128564-5 gnd rswk-swf Warentermingeschäft (DE-588)4064603-8 gnd rswk-swf Börse (DE-588)4007502-3 gnd rswk-swf Termingeschäft (DE-588)4117190-1 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Financial Futures (DE-588)4128564-5 s Kreditmarkt (DE-588)4073788-3 s DE-604 Börse (DE-588)4007502-3 s Termingeschäft (DE-588)4117190-1 s 1\p DE-604 Warentermingeschäft (DE-588)4064603-8 s 2\p DE-604 Castelino, Mark G. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003695200&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Powers, Mark J. Castelino, Mark G. Inside the financial futures markets Bolsa de mercadorias larpcal Marchés à terme d'instruments financiers ram Financial futures Financial Futures (DE-588)4128564-5 gnd Warentermingeschäft (DE-588)4064603-8 gnd Börse (DE-588)4007502-3 gnd Termingeschäft (DE-588)4117190-1 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4128564-5 (DE-588)4064603-8 (DE-588)4007502-3 (DE-588)4117190-1 (DE-588)4073788-3 |
| title | Inside the financial futures markets |
| title_auth | Inside the financial futures markets |
| title_exact_search | Inside the financial futures markets |
| title_full | Inside the financial futures markets Mark J. Powers ; Mark G. Castelino |
| title_fullStr | Inside the financial futures markets Mark J. Powers ; Mark G. Castelino |
| title_full_unstemmed | Inside the financial futures markets Mark J. Powers ; Mark G. Castelino |
| title_short | Inside the financial futures markets |
| title_sort | inside the financial futures markets |
| topic | Bolsa de mercadorias larpcal Marchés à terme d'instruments financiers ram Financial futures Financial Futures (DE-588)4128564-5 gnd Warentermingeschäft (DE-588)4064603-8 gnd Börse (DE-588)4007502-3 gnd Termingeschäft (DE-588)4117190-1 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Bolsa de mercadorias Marchés à terme d'instruments financiers Financial futures Financial Futures Warentermingeschäft Börse Termingeschäft Kreditmarkt |
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