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Chapter Thirteen,Derivatives Markets (3) Futures and Forwards Markets,Learning objectives,After studying this chapter you should be able to: 1. Explain the meanings of forwards and futures 2. Define futures and forward markets 3. Tell the similarities and dissimilarities between futures and forwards,Notes,I.New Words modity n.（大宗）商品raw materials traded on a commodity market, such as grain, coffee, cocoa, wool, cotton, rubber, oil. 2.delivery n. 交货，e.g. taking delivery 提货，making delivery 交货 3.to trade vt. 进行交易，进行买卖 4.to standardize vt. 使标准化 5.to ensure vt. 确保 6.parties to a contract 合同当事人，订约方 7.losing party 受损失的一方 as opposed to winning party得益方,Notes,8.to customize vt. 量身定做to make or build according to personal or individual specifications, e.g. customized terms 量身定做的条款或条件 9.to enforce vt. 强制执行to cause to take effect or to be fulfilled, e.g. to all the terms of the contract 强制执行合同所有条款 10.deliverable a. 可交付的，能提交的，e.g. asset 可交付的资产 11.counterparty n. 买卖中所面对的另一方 12.perform vt. 履行（合同、义务） 13.offsetting contracts 补偿性合同 14.genius n. 创造能力,Notes,II. Useful and Idiomatic Expressions 1. to provide an opportunity for. 为提供机遇或机会 2. to call for 需要，e.g. problems that call for immediate solution 3. in contrast 相比之下 4. as opposed to. 与相对 5. during the heating season 在供热季节 6. to enter a contract 订合同to sign or make a contract 7. to mark-to-market 按市场价定价,Notes,8. at the outset 开始，从一开始from the or beginning 9. to comply with. 遵守，照做=to act in accordance with. 10. to make for 导致to result in 11. to call upon 请求to ask(sb.) to do sth. 12. absent daily settlement 在缺乏按日结算的情况下 13. to lose motivation for doing sth. 失去做某事的动力 14. to hedge against. 规避，防范,Notes,III. Key Terms 1.a forward contract 远期合同an agreement by two parties to engage in financial transaction at a future point or forward point in time, forward contracts 有时可简化成forwards 2. settlement risk 结算风险 3. futures exchange 期货交易所 4. British pounds 英镑sterling（U.K. pound） 5. credit n. 信贷e.g. policy信贷政策,Main Text,Meanings of Futures and Forwards Futures and forwards are actually contracts. A futures contract is an agreement to buy or sell a fixed quantity of a particular commodity, currency, or security for delivery at a fixed date in the future at a fixed price. Futures provide an opportunity for those who must purchase goods regularly to hedge against changes in price. A forward contract is an agreement between a buyer and a seller requiring delivery of an asset at a specified future date at a price agreed at the time of making the forward contract with payment to be made upon delivery.,Main Text,Forwards and Futures Markets A forward market is a market for dealing in claims to purchase securities, foreign currencies or commodities for delivery at a later date. A futures market is a market for trading in shares or commodities for delivery at a later date and at a fixed price.,Main Text,Comparison between Forwards and Futures Similarities Dissimilarities,1. In what way forwards and futures have something in common? 2. In what way are forwards and futures different from each other? 3. What is the meaning of “customize”?,Questions for Chapter 13,This is the end of Chapter 13,Thank you for your attention,
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