国际期货市场运作PPT学习教案.pptx

会计学
1
国际期货市场运作
Each fall, when your corn comes in, you truck the entire crop to me, and I buy it to feed to my steers.
To make things fair, we agree that I will pay you the cash price for corn on an exchange on the day I take delivery.
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Corn is important to both of us. It is your principal crop; it is my main cost in feeding cattle.
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Let’s set our corn price now for next fall
Let’s pick a price that allows each of us a reasonable profit and agree on it.
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Definition of a futures contract
A futures contract is an agreement between a seller and a buyer. The agreement calls for a seller to deliver a specified quantity of a particular grade of a certain commodity or its cash equivalent to a predetermined location on a certain date.
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What is Risk Transfer and Why transfer it?
Ask any farmer about the risks involved in growing a crop of corn.
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What is Risk Transfer and Why transfer it?
If the weather during the growing season is too dry or too wet or too windy, the farmer may have a poor crop, but so will other farmers.
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Who Benefits from the Transfer of Risk?
The transfer of risk using a futures contract can benefit the buyers, or the seller, or both.
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Who Benefits from the Transfer of Risk?
The trader who took the other side of the corn transaction is unhappy to be losing $1 on the trade.
The risk in this case has been transferred from the producer (seller) to the buyer.
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Who Benefits from the Transfer of Risk?
On a broader scales, the consumer or end user benefits as well
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