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  1. Commodity Futures Trading Commission - Wikipedia

    en.wikipedia.org › wiki › Commodity_Futures_Trading_Commission

    The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options.The Commodity Exchange Act ...

    • 668 (2018)
    • Rostin Behnam, Acting Chairman
  2. Futures exchange - Wikipedia

    en.wikipedia.org › wiki › Futures_exchange
    • Role in Futures Contracts Standardization
    • Clearing and Margin Mechanisms
    • Nature of Contracts
    • Regulators
    • History
    • Further Reading

    Futures exchanges establishes standardized contracts for trading on their trading venues, and they usually specifies the following: assets to be delivered in the contract, delivery arrangements, delivery months, pricing formula for daily and final settlement, contract size, and price position and limits. For assets to be delivered, futures exchanges usually specify one or more grades of a commodity acceptable for delivery and for any price adjustments applied to delivery. For example, the standard deliverable grade for CME Group’s corn futures contract is "No. 2 Yellow", but holders of short positions in the contract can deliver "No. 3 Yellow" corn for 1.5 cents less the delivery price per bushel. The location where assets are delivered are also specified by the futures exchanges, and they may also specify alternative delivery locations and any price adjustments available when delivering to alternative locations. Delivery locations accommodate the particular delivery, storage, and m...

    Futures exchanges provide access to clearing houses that stands in the middle of every trade. Suppose trader A purchases $145,000 of gold futures contracts from trader B, trader A really bought a futures contract to buy $145,000 of gold from the clearing house at a future time, and trader B really has a contract to sell $145,000 to the clearing house at that same time. Since the clearing house took on the obligation of both sides of that trade, trader A do not have worry about trader B becoming unable or unwilling to settle the contract - they do not have to worry about trader B's credit risk. Trader A only has to worry about the ability of the clearing house to fulfill their contracts. Even though clearing houses are exposed to every trade on the exchange, they have more tools to manage credit risk. Clearing houses can issue Margin Calls to demand traders to deposit Initial Margin moneys when they open a position, and deposit Variation Margin (or Mark-to-Market Margin) moneys when...

    Exchange-traded contracts are standardized by the exchanges where they trade. The contract details what asset is to be bought or sold, and how, when, where and in what quantity it is to be delivered. The terms also specify the currency in which the contract will trade, minimum tick value, and the last trading day and expiry or delivery month. Standardized commodity futures contracts may also contain provisions for adjusting the contracted price based on deviations from the "standard" commodity, for example, a contract might specify delivery of heavier USDANumber 1 oats at par value but permit delivery of Number 2 oats for a certain seller's penalty per bushel. Before the market opens on the first day of trading a new futures contract, there is a specification but no actual contracts exist. Futures contracts are not issued like other securities, but are "created" whenever open interest increases; that is, when one party first buys (goes long) a contract from another party (who goes s...

    Each exchange is normally regulated by a national governmental (or semi-governmental) regulatory agency: 1. In Australia, this role is performed by the Australian Securities and Investments Commission. 2. In the Chinese mainland, by the China Securities Regulatory Commission. 3. In Hong Kong, by the Securities and Futures Commission. 4. In India, by the Securities and Exchange Board of India 5. In South Korea, by the Financial Supervisory Service. 6. In Japan, by the Financial Services Agency. 7. In Pakistan, by the Securities and Exchange Commission of Pakistan. 8. In Singapore by the Monetary Authority of Singapore. 9. In the UK, futures exchanges are regulated by the Financial Conduct Authority. 10. In the US, by the Commodity Futures Trading Commission. 11. In Malaysia, by the Securities Commission Malaysia. 12. In Spain, by the Comisión Nacional del Mercado de Valores(CNMV). 13. In Brazil, by the Comissão de Valores Mobiliários(CVM). 14. In South Africa, by the Financial Sector...

    Ancient times

    In Ancient Mesopotamia, around 1750 BC, the sixth Babylonian king, Hammurabi, created one of the first legal codes: the Code of Hammurabi. Hammurabi's Code allowed sales of goods and assets to be delivered for an agreed price at a future date; required contracts to be in writing and witnessed; and allowed assignment of contracts. The code facilitated the first derivatives, in the form of forward and futures contracts. An active derivatives market existed, with trading carried out at temples....

    Modern era

    The first modern organized futures exchange began in 1710 at the Dojima Rice Exchange in Osaka, Japan. The London Metal Market and Exchange Company (London Metal Exchange) was founded in 1877, but the market traces its origins back to 1571 and the opening of the Royal Exchange, London. Before the exchange was created, business was conducted by traders in London coffee houses using a makeshift ring drawn in chalk on the floor. At first only copper was traded. Lead and zinc were soon added but...

    Recent developments

    The 1970s saw the development of the financial futures contracts, which allowed trading in the future value of interest rates. These (in particular the 90‑day Eurodollar contract introduced in 1981) had an enormous impact on the development of the interest rate swapmarket. Today, the futures markets have far outgrown their agricultural origins. With the addition of the New York Mercantile Exchange (NYMEX) the trading and hedging of financial products using futures dwarfs the traditional commo...

    Understanding Derivatives: Markets and InfrastructureFederal Reserve Bank of Chicago, Financial Markets Group

  3. Taiwan Futures Exchange - Wikipedia

    en.wikipedia.org › wiki › Taiwan_Futures_Exchange

    The Taiwan Futures Exchange (TAIFEX; Chinese: 臺灣期貨交易所; pinyin: Táiwān Qíhuò Jiāoyì Suǒ; Pe̍h-ōe-jī: Tâi-oân Kî-hòe Kau-e̍k-só͘) was established in 1998. It offers futures and options on major Taiwan stock indices, government bond futures, ...

    • 臺灣期貨交易
  4. Futures contract - Wikipedia

    en.wikipedia.org › wiki › Futures_contract
    • Origin
    • Risk Mitigation
    • Margin
    • Settlement − Physical Versus Cash-Settled Futures
    • Pricing
    • Futures Contracts and Exchanges
    • Futures Contracts Users
    • Options on Futures
    • Futures Contract Regulations
    • Definition of A Futures Contract

    The Dutch pioneered several financial instruments and helped lay the foundations of the modern financial system. In Europe, formal futures markets appeared in the Dutch Republic during the 17th century. Among the most notable of these early futures contracts were the tulip futures that developed during the height of the Dutch Tulipmania in 1636. The Dōjima Rice Exchange, first established in 1697 in Osaka, is considered by some to be the first futures exchange market, to meet the needs of samuraiwho—being paid in rice, and after a series of bad harvests—needed a stable conversion to coin. The Chicago Board of Trade (CBOT) listed the first-ever standardized 'exchange traded' forward contracts in 1864, which were called futures contracts. This contract was based on grain trading, and started a trend that saw contracts created on a number of different commodities as well as a number of futures exchanges set up in countries around the world. By 1875 cotton futures were being traded in B...

    Although futures contracts are oriented towards a future time point, their main purpose is to mitigate the risk of default by either party in the intervening period. In this vein, the futures exchange requires both parties to put up initial cash, or a performance bond, known as the margin. Margins, sometimes set as a percentage of the value of the futures contract, must be maintained throughout the life of the contract to guarantee the agreement, as over this time the price of the contract can vary as a function of supply and demand, causing one side of the exchange to lose money at the expense of the other. To mitigate the risk of default, the product is marked to market on a daily basis where the difference between the initial agreed-upon price and the actual daily futures price is re-evaluated daily. This is sometimes known as the variation margin, where the futures exchange will draw money out of the losing party's margin account and put it into that of the other party, ensuring...

    To minimize counterparty risk to traders, trades executed on regulated futures exchanges are guaranteed by a clearing house. The clearing house becomes the buyer to each seller, and the seller to each buyer, so that in the event of a counterparty default the clearer assumes the risk of loss. This enables traders to transact without performing due diligenceon their counterparty. Margin requirements are waived or reduced in some cases for hedgers who have physical ownership of the covered commodity or spread traderswho have offsetting contracts balancing the position. Clearing marginare financial safeguards to ensure that companies or corporations perform on their customers' open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of futures and options contracts are required to deposit with brokers. Customer margin Within the futures industry, financial guarantees required of both buyers and sellers of futures contract...

    Settlement is the act of consummatingthe contract, and can be done in one of two ways, as specified per type of futures contract: 1. Physical delivery− the amount specified of the underlying asset of the contract is delivered by the seller of the contract to the exchange, and by the exchange to the buyers of the contract. Physical delivery is common with commodities and bonds. In practice, it occurs only on a minority of contracts. Most are canceled out by purchasing a covering position—that is, buying a contract to cancel out an earlier sale (covering a short), or selling a contract to liquidate an earlier purchase (covering a long). The Nymex crude futures contract uses this method of settlement upon expiration 2. Cash settlement − a cash payment is made based on the underlying reference rate, such as a short-term interest rate index such as 90 Day T-Bills, or the closing value of a stock market index. The parties settle by paying/receiving the loss/gain related to the contract in...

    When the deliverable asset exists in plentiful supply or may be freely created, then the price of a futures contract is determined via arbitrage arguments. This is typical for stock index futures, treasury bond futures, and futures on physical commodities when they are in supply (e.g. agricultural crops after the harvest). However, when the deliverable commodity is not in plentiful supply or when it does not yet exist — for example on crops before the harvest or on Eurodollar Futures or Federal funds rate futures (in which the supposed underlying instrument is to be created upon the delivery date) — the futures price cannot be fixed by arbitrage. In this scenario, there is only one force setting the price, which is simple supply and demandfor the asset in the future, as expressed by supply and demand for the futures contract.

    Contract

    There are many different kinds of futures contracts, reflecting the many different kinds of "tradable" assets about which the contract may be based such as commodities, securities (such as single-stock futures), currencies or intangibles such as interest rates and indexes. For information on futures markets in specific underlying commodity markets, follow the links. For a list of tradable commodities futures contracts, see List of traded commodities. See also the futures exchangearticle. 1. F...

    Exchanges

    Contracts on financial instruments were introduced in the 1970s by the Chicago Mercantile Exchange (CME) and these instruments became hugely successful and quickly overtook commodities futures in terms of trading volume and global accessibility to the markets. This innovation led to the introduction of many new futures exchanges worldwide, such as the London International Financial Futures Exchange in 1982 (now Euronext. liffe), Deutsche Terminbörse (now Eurex) and the Tokyo Commodity Exchang...

    Codes

    Most futures contract codes are five characters. The first two characters identify the contract type, the third character identifies the month and the last two characters identify the year. Third (month) futures contract codes are: 1. January = F 2. February = G 3. March = H 4. April = J 5. May = K 6. June = M 7. July = N 8. August = Q 9. September = U 10. October = V 11. November = X 12. December = Z Example: CLX14 is a Crude Oil (CL), November (X) 2014 (14) contract.

    Futures traders are traditionally placed in one of two groups: hedgers, who have an interest in the underlying asset (which could include an intangible such as an index or interest rate) and are seeking to hedge out the risk of price changes; and speculators, who seek to make a profit by predicting market moves and opening a derivativecontract related to the asset "on paper", while they have no practical use for or intent to actually take or make delivery of the underlying asset. In other words, the investor is seeking exposure to the asset in a long futures or the opposite effect via a short futures contract.

    In many cases, options are traded on futures, sometimes called simply "futures options". A put is the option to sell a futures contract, and a call is the option to buy a futures contract. For both, the option strike price is the specified futures price at which the futures is traded if the option is exercised. Futures are often used since they are delta one instruments. Calls and options on futures may be priced similarly to those on traded assets by using an extension of the Black-Scholes formula, namely the Black model. For options on futures, where the premium is not due until unwound, the positions are commonly referred to as a fution, as they act like options, however, they settle like futures. Investors can either take on the role of option seller (or "writer") or the option buyer. Option sellers are generally seen as taking on more risk because they are contractually obligated to take the opposite futures position if the buyer of the option exercises their right to the futur...

    All futures transactions in the United States are regulated by the Commodity Futures Trading Commission (CFTC), an independent agency of the United States government. The Commission has the right to hand out fines and other punishments for an individual or company who breaks any rules. Although by lawthe commission regulates all transactions, each exchange can have its own rule, and under contract can fine companies for different things or extend the fine that the CFTC hands out. Futures contract The CFTC publishes weekly reports containing details of the open interest of market participants for each market segment that has more than 20 participants. These reports are released every Friday (including data from the previous Tuesday) and contain data on open interest split by reportable and non-reportable open interest as well as commercial and non-commercial open interest. This type of report is referred to as the 'Commitments of Traders Report', COT-Report, or simply COTR.

    Following Björk we give a definition of a futures contract. We describe a futures contract with delivery of item J at the time T: 1. There exists in the market a quoted price F(t,T), which is known as the futures price at time t for delivery of J at time T. 2. The price of entering a futures contract is equal to zero. 3. During any time interval [ t , s ] {\\displaystyle [t,s]} , the holder receives the amount F ( s , T ) − F ( t , T ) {\\displaystyle F(s,T)-F(t,T)} . (this reflects instantaneous marking to market) 4. At time T, the holder pays F(T,T) and is entitled to receive J. Note that F(T,T)should be the spot price of J at time T.

  5. Future Trading Act - Wikipedia

    en.wikipedia.org › wiki › Future_Trading_Act

    The Future Trading Act of 1921 (Pub.L. 67–66, 42 Stat. 187) was a United States Act of Congress, approved on August 24, 1921, by the 67th United States Congress intended to institute regulation of grain futures contracts and, particularly, the ...

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