Analysis of Derivatives for the CFA Program by Don M. Chance

By Don M. Chance

Research of Derivatives for the CFA® application introduces scholars and practitioners to a pragmatic chance administration method of derivatives. The textbook captures present perform and displays what the overall funding practitioner must learn about derivatives. It doesn't easily convey a proof of varied derivatives tools and positions yet offers motivation for each derivatives place by means of explaining what the chief desires to accomplish ahead of addressing the main points of the location.

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A. Futures contracts are private transactions. B. Forward contracts are marked to market daily. C. 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.

We also address the topic of credit risk in derivative contracts in Chapter 9. 3 TERMINATIONLet us note that a forward contract is nearly always constructed with the idea that the parOF A FORWARDticipants will hold on to their positions until the contract expires and either engage in deCONTRACTlivery of the asset or settle the cash equivalent, as required in the specific contract. The pos- t I i sibility exists, however, that at least one of the participants might wish to terminate the position prior to expiration.

50 per share) to return the shares sold short. 50) to return them. 4 shares of A. 4 times the price of A. 4 times the price of A. C H A P T E R - - - LEARNING OUTCOMES After completing this chaptel; you will be able to do the following: W Discuss the differences between the positions held by the long and short parties to a forward contract. W Describe the procedures for settling a forward contract at expiration. W Discuss how a party to a forward contract can terminate a position prior to expiration and how credit risk is affected by the way in which a position is terminated.

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