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Hedging Using Futures Contract在FRM考试中的内容介绍!

Hedging Using Futures Contract期货套期保值是指把期货市场当做转移价格风险的场所,它是FRM考试的内容,对于相关内容的掌握,对于通过考试是有很大帮助的。下文是小编对于Hedging Using Futures Contract的内容介绍!

1、Short Hedges 》》》戳:各科视频讲义+历年真题+21年原版书(PDF版)免·费领取

A short position in futures contracts

Appropriate when the hedger already owns an asset and expects to sell it at some time in the future.

2、Long Hedges 

A long position in a futures contract

Appropriate when a company knows it will have to purchase a certain asset in the future and wants to lock in a price now.

3、Arguments for hedging

Reduce price risk

Less uncertainty【资料下载】FRM一级思维导图PDF版

4、Arguments against hedging

ž less profitability

ž shareholders can easily hedge risk

ž nature of the hedging company’s industry

5、Basis Concept

Basis=SP-FP

Basis =0 at maturity

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spot price increases faster(slower) than the futures price over the hedging horizon, basis increases (decreases)

6、Problems give rise to basis risk

The asset whose price is to be hedged may not be exactly the same as the asset underlying the

futures contract

There may be uncertainty as to the exact date when the asset will be bought or sold

The hedge may require the futures contract to be closed out before its delivery month

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