# 微积分网课代修|导数代写Derivatives theory代考|FIN340 FORWARDS AND FUTURES

• 单变量微积分
• 多变量微积分
• 傅里叶级数
• 黎曼积分
• ODE
• 微分学

## 微积分网课代修导数代写Derivatives theory代考|FORWARDS AND FUTURES

Forward and futures contracts are analytically very similar, although the way the two contracts are traded differ in some respects. A holder of a long (short) forward contract has an agreement to buy (sell) an asset at a certain time in the future for a certain price which is fixed today.
The buyer (seller or short position) in a forward contract:

• acquires a legal obligation to buy (sell) an asset (the underlying)
• at some specific future date (maturity/expiry date)
• in an amount (contract size)
• and at a price (the forward price) which is fixed today.
A forward contract is an over-the-counter (OTC) instrument, and trades take place directly between the buyer and seller as negotiated between the two parties (usually over the phone) for a specific amount and specific delivery date.

Originally, forward (and futures) markets were introduced to eliminate risk due to changes in the spot (cash market) price of agricultural commodities. For example, a farmer might know in April that he will harvest 5,000 bushels of wheat in September. A wholesaler who purchases grain for use in the food industry might know their requirements for wheat in September, as early as April. The two participants can eliminate (or hedge) risk by negotiating a contract to supply 5,000 bushels of grain in September at a price which is agreed in April – so the September-forward price is agreed in April but will not be paid until September, when the grain is delivered.

## 微积分网课代修导数代写Derivatives theory代考|Market Classification

A key feature of a futures contract is that it involves deferred delivery of the underlying asset (e.g. wheat, AT\&T stocks), whereas spot (cash market) assets are for immediate delivery (although in practice, there is usually a delay of a few days). A primary use of derivative securities is to minimise price uncertainty. Therefore, where the underlying assets (e.g. currencies, stocks, oil, agricultural produce) are widely traded and yet their spot prices exhibit great volatility, there is likely to be a large active derivatives market.

Trading in derivative securities can be on a trading floor (or ‘pit’) or via an electronic network of traders, within a well-established organised market (e.g. with a clearing house, membership rules, etc.). However, many derivatives contracts – for example, all FX-forward contracts and swap contracts – are traded in OTC markets, where the contract details are not standardised but individually negotiated between clients and dealers. Options are traded widely on exchanges but the OTC market in options (particularly ‘complex’ or ‘exotic’ options) is also very large.

## 微积分网课代修导数代写Derivatives theory代考|FORWARDS AND FUTURES

• 获得购买（出售）资产（标的）的法律义务
• 在某个特定的未来日期（到期/到期日）
• 金额（合约大小）
• 并以今天固定的价格（远期价格）。
远期合约是一种场外交易 (OTC) 工具，交易直接在买卖双方之间进行，由双方协商（通常通过电话）就特定金额和特定交割日期进行。