By Don M. Chance
Research of Derivatives for the CFA® application introduces scholars and practitioners to a realistic threat administration method of derivatives. The textbook captures present perform and displays what the final funding practitioner must find out about derivatives. It doesn't easily convey an evidence of varied derivatives tools and positions yet presents motivation for each derivatives place by means of explaining what the executive desires to accomplish ahead of addressing the main points of the location.
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Additional info for Analysis of Derivatives for the CFA Program
The combined actions of many investors engaging in arbitrage results in rapid price adjustments that eliminate these opportunities, thereby bringing prices back in line and making markets more efficient. , Problems PROBLEMS 21 1. For all parties involved, which of the following financial instruments is NOT an example of a forward commitment? A. Swap B. Call option C. Futures contract D. Forward contract 2. The main risk faced by an individual who enters into a forward contract to buy the S&P 500 Index is that A.
An option is a derivative contract giving one party the right to buy or sell an underlying asset at a fixed price over a period of time or at a specific point in time. The party obtaining the right pays a premium (the option price) at the start and receives the right to buy or sell, as prescribed by the contract. The two types of options are a call (the right to buy) and a put (the right to sell). The size of the global derivatives market can be measured by notional principal, which is the amount of the underlying on which a derivative is based, and by market value, which is the economic worth of the derivative.
Futures contracts have more default risk than forward contracts. D. Forward contracts require that both parties to the transaction have a high degree of creditworthiness. 4. Which of the following statements is least accurate? A. Futures contracts are easier to offset than forward contracts. B. Forward contracts are generally more liquid than futures contracts. C. Forward contracts are easier to tailor to specific needs than futures contracts. D. Futures contracts are characterized by having a clearinghouse as an intermediary.
Analysis of Derivatives for the CFA Program by Don M. Chance