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Introduction to Derivatives Market

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Khader Shaik
Khader Shaik
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Introduction to Derivatives Market Khader Shaik
Derivatives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Derivative Markets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Major Classes of Derivatives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Futures
Futures Contract ,[object Object],[object Object],[object Object],[object Object],[object Object]
Futures cont.. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Futures Positions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Forwards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Forward ,[object Object],[object Object],[object Object],[object Object],[object Object]
Futures Vs Forwards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Options and Futures Exchanges ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Slide 26
Option ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
SWAP ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Why Derivatives? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Why Derivatives? …cont ,[object Object],[object Object]
Hedging Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Hedging Example - Options ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Hedging Example - Options ,[object Object],[object Object],[object Object]
Hedging Example - Options
Speculation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Speculation Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Speculation Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Arbitrage ,[object Object],[object Object],[object Object]
Arbitrage Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Pros and Cons of Derivatives ,[object Object],[object Object],[object Object],[object Object]
More on Derivatives
Options Vs Futures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Options and Hedging   ,[object Object],[object Object],[object Object],[object Object],[object Object]
Upper Bounds on Option Prices ,[object Object],[object Object],[object Object],[object Object],Source: Prof R. Sverdlove - Financial Mgmt course, Spring '04, Rutgers MBA
Lower Bounds on Option Prices ,[object Object],[object Object],Source: Prof R. Sverdlove - Financial Mgmt course, Spring '04, Rutgers MBA
Lower Bounds on Option Prices(2) ,[object Object],[object Object]
Typical Option Positions ,[object Object],[object Object],[object Object],[object Object],[object Object]
Swaps
Swaps ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Interest Rate Swap ,[object Object]
[object Object],Swap - Example Microsoft GS Brokerage Fixed 5% LIBOR LIBOR
Cash Flows In Millions LIBOR FLOATING FIXED Net Date Rate Cash Flow Cash Flow Cash Flow Mar.5, 2004 4.2% Sept. 5, 2004 4.8% +2.10 – 2.50 – 0.40 Mar.5, 2005 5.3% +2.40 – 2.50 – 0.10 Sept. 5, 2005 5.5% +2.65 – 2.50 +0.15 Mar.5, 2006 5.6% +2.75 – 2.50 +0.25 Sept. 5, 2006 5.9% +2.80 – 2.50 +0.30 Mar.5, 2007 6.4% +2.95 – 2.50 +0.45
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Use of Swaps
Pricing/Valuation
Valuation/Pricing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Valuation/Pricing cont.. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Fundamental Analysis ,[object Object],[object Object],[object Object],[object Object]
Technical Analysis ,[object Object],[object Object],[object Object]
Quantitative Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Introduction to Derivatives Market

  • 1. Introduction to Derivatives Market Khader Shaik
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  • 20. Hedging Example - Options
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  • 34. Swaps
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  • 38. Cash Flows In Millions LIBOR FLOATING FIXED Net Date Rate Cash Flow Cash Flow Cash Flow Mar.5, 2004 4.2% Sept. 5, 2004 4.8% +2.10 – 2.50 – 0.40 Mar.5, 2005 5.3% +2.40 – 2.50 – 0.10 Sept. 5, 2005 5.5% +2.65 – 2.50 +0.15 Mar.5, 2006 5.6% +2.75 – 2.50 +0.25 Sept. 5, 2006 5.9% +2.80 – 2.50 +0.30 Mar.5, 2007 6.4% +2.95 – 2.50 +0.45
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