《国际期货市场运作》课程教学课件（PPT讲稿）Chapter 5 The Variety of Futures Markets

Chapter5 The Variety of Futures Markets

Chapter 5 The Variety of Futures Markets

CBOT Even though the CBOT was established in 1848,a formal set of rules for trading futures contracts was not written until 1865,which is a more accurate date from which to mark the beginning of futures trading in the United States

◼ Even though the CBOT was established in 1848, a formal set of rules for trading futures contracts was not written until 1865, which is a more accurate date from which to mark the beginning of futures trading in the United States. CBOT

Chicago Mercantile Exchange(CME) The CME was established in 1919. -It traded futures in eggs,butter,cheese,potatoes, and onions until 1945

Chicago Mercantile Exchange (CME) ◼The CME was established in 1919. ◼It traded futures in eggs, butter, cheese, potatoes, and onions until 1945

Proliferation of Futures Markets Futures and futures options trading has been growing steadily in volume yearly. This explosive growth has been a natural response to increased price volatility, international instability,growing consumer demand,and unstable global weather conditions

Proliferation of Futures Markets ◼ Futures and futures options trading has been growing steadily in volume yearly. ◼ This explosive growth has been a natural response to increased price volatility, international instability, growing consumer demand, and unstable global weather conditions

Hurricane Jeanne Satellite image (September 26,2004)shows Hurricane Jeanne as the once- powerful storm weakened to a tropical storm while inland in Florida. Hurricane Jeanne peeled off roofs,snapped power lines and left large swaths of coastline knee-deep in water Sunday as it plowed through parts of Florida

Hurricane Jeanne Satellite image (September 26, 2004) shows Hurricane Jeanne as the once￾powerful storm weakened to a tropical storm while inland in Florida. Hurricane Jeanne peeled off roofs, snapped power lines and left large swaths of coastline knee-deep in water Sunday as it plowed through parts of Florida

An earthquake Jim Batson carefully walks across bricks in his living room after An earthquake Tuesday,Sept.28,2004,in Parkfield,Calif

Jim Batson carefully walks across bricks in his living room after An earthquake Tuesday, Sept. 28, 2004, in Parkfield, Calif. An earthquake

International Markets In 1972 the CME established the International Monetary Market (IMM) division and initiated trading in seven foreign currency futures contracts

In 1972 the CME established the International Monetary Market (IMM) division and initiated trading in seven foreign currency futures contracts. International Markets

How do we develop a currency futures contract If I am an automobile distributor,and I place an order for 20 million dollars worth of German cars to be delivered three months,I face the risk that when I pay for the cars the value of the Euro,which I must use to pay the manufacturer,may have gone up in relationship to the dollar

How do we develop a currency futures contract ? ◼ If I am an automobile distributor, and I place an order for 20 million dollars worth of German cars to be delivered three months, I face the risk that when I pay for the cars the value of the Euro, which I must use to pay the manufacturer, may have gone up in relationship to the dollar

How do we develop a currency futures contract In other words,when I order the cars,my U.S.dollar is worth a certain number of Euro,a value we will call X

In other words, when I order the cars, my U.S. dollar is worth a certain number of Euro, a value we will call X. How do we develop a currency futures contract ?

How do we develop a currency futures contract In the event that the Euro has decreased against the U.S.dollar the opposite condition will hold true

In the event that the Euro has decreased against the U.S. dollar the opposite condition will hold true. How do we develop a currency futures contract ?