未來基本貨幣(pdf 35)

Outline for 3-31-03
Housekeeping details and plan for the quarter
Futures versus forwards
? definitions
? characteristics
? tracking forward and futures transactions
? exchange margins
Market organization
? bilateral versus centralized trading
? exchange organization
Growth and mix of trading volume
Pricing equity futures
? basic arbitrage principles
? relationships between swap points and the basis
Hedging with equity futures
? hedge ratios
? basis risk
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