Foreword | |
Prologue | |
Acknowledgments | |
Introduction | |
Futures Market Fundamentals | |
What Is a Futures Contract? | |
Overview of Popular Financial Futures Contracts | |
Anatomy of a Futures Transaction | |
Conclusion | |
Notes | |
Order Entry and Execution Methodologies | |
Open Outcry or Pit Trading | |
Introduction of the CME Globex Platform | |
Trade Matching Algorithms | |
About Options Markets | |
Ex-Pit Trading | |
Conclusion | |
Notes | |
Role of the Clearinghouse | |
Financial Safeguards | |
Financial Surveillance | |
Default by a Clearing Member | |
Resources Backing CME Group Clearing System | |
Customer Protection | |
Disaster Recovery and Business Continuity | |
Rule Enforcement | |
Financial and Regulatory Information Sharing | |
Conclusion | |
Currency Futures: The First Financial Futures | |
Evolution of Foreign Exchange Marketplace | |
Over-the-Counter Currency Trading Vehicles | |
Exchange-Traded Currency Futures and Options | |
Foreign Exchange Market Growth and Trends | |
Conclusion | |
Notes | |
Stock Index Futures: The First Financial Futures | |
Mechanics of Stock Index Futures | |
E-Minis versus Exchange-Traded-Funds | |
Pricing Stock Index Futures | |
Spreading Stock Index Futures | |
Hedging with Stock Index Futures | |
Portable Alpha Strategies | |
Conclusion | |
Notes | |
Eurodollar Futures: Interest Rate Market Building Blocks | |
Eurodollar Futures Market | |
Speculating on Shape of Yield Curve | |
Term Treasury/Eurodollar (TED) Spreads with Futures and Options | |
Interest Rate Swap Market | |
Growing Up Together | |
Pricing Relationship | |
Hedging Techniques | |
Conclusion | |
Technical Appendix: Complications and Shortcuts for Pricing and Hedging Swaps | |
Notes | |
Understanding U.S. Treasury Futures | |
Coupon-Bearing Treasury Securities | |
Treasury Futures Delivery Practices | |
Measuring Risk of Coupon-Bearing Securities | |
Risk Management with Treasury Futures | |
Macro Hedging with Treasury Futures | |
Trading the Yield Curve with Treasury Futures | |
Conclusion | |
Notes | |
Commodities: Backbone of the Futures Industry | |
What Are Commodities? | |
Grain Markets | |
Livestock Markets | |
Energy Products | |
Precious Metals | |
The Forward Curve | |
Intermarket Commodity Spreading | |
ClearPort Over-the-Counter Clearing Facility | |
Conclusion | |
Appendix: Major Commodity Market Specifications | |
Alternative Investment Market fundamentals | |
Weather | |
Residential Housing Futures | |
Economic Indicators | |
Conclusion | |
Notes | |
Fundamental Market Indicators | |
Why These Indicators? | |
Trading Volumes | |
Volatility: Daily Net Change | |
Volitility: Daily High-Low Range | |
Conclusions | |
Appendix: Economic Indicator Descriptions | |
Notes | |
Technical Analysis Primer | |
Why Technical Analysis? | |
Interpreting Charts | |
Elliot Wave Theory | |
Intraday Trading Techniques | |
Trend-Following Systems | |
Conclusion | |
Fundamentals of Option Markets | |
What is an Option? | |
Mathematical Option Pricing Models | |
Historic and Implied Volatilities | |
Measuring Option Performance | |
Conclusion | |
Option Trading Strategies | |
Option Spreads | |
Horizontal Spreads | |
Diagonal Spreads | |
Comparing Verticals, Horizontals, and Diagonals | |
Weighted Spreads | |
Volatility-Driven Strategies | |
Specialty Option Strategies | |
Matching Strategy and Forecast | |
Conclusion | |
Hedging with Options | |
Baseline Futures Hedge | |
Buying Protection with Puts | |
Yield Enhancement with Calls | |
In- and Out-of-the-Money Options | |
Matching Strategy with Forecast | |
Collar Strategy | |
Delta-Neutral Hedge | |
Conclusion | |
About the Authors and Contributors | |
Index | |
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