Copiute pentru testul nr. 2 la Tranzactii bursiere (eng) - Tranzactii Bursiere

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1. Trading mechanism of future contracts A futures contract is a legally binding agreement to buy or sell a specific commodity,or financial instrument, on a particular date in the future at an agreed upon price. Characteristics:prices are derived from the value of other, underlying instruments, items, or products; all futures contracts have standard terms and conditions. nonegociable; the same commodity may trade on multiple futures exchanges; standard contract terms for grade or quality, quantity, time, and location. The assets’ support: State securities;Currency;Commodity; SE indexes, interest rates, etc. The key difference between financial futures and other futures is the intangibility of most of the products; All futures contracts are realized by means of clearing house, where contracts are registered and settled; There are two sides to every futures contract — an investor who has a long position and an investor with a short position; typical investor will be a long in some contracts and a short in others; A typical stock market investor takes a long position — buying stock to sell at a higher price at some future date; To sell short, investors borrow shares they don't own and sell them; The longer the price takes to drop, the higher the interest charges owed to the broker, and the less profit possible; the short may buy an offsetting contract at any time before the expiration of the contract term; Traders in the futures market: the hedgers and the speculators. Hedgers are interested in commodities, or more particularly, the changing value of the commodity underlying the futures contract. They can be international companies paid in foreign currencies;can be the commodity users; can be mutual fund or pension fund managers. Speculators trade futures only to make money.They are willing to take risks in the market, by buying or selling futures contracts on the opposite side of the hedgers, who seek stability. ...