Lecture 21 - Forwards and Futures

author: Robert J. Shiller, Department of Economics, Yale University
recorded by: Yale University
published: Oct. 7, 2009,   recorded: March 2008,   views: 4755
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description

Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the hedging various future risks, financial and other. In the United States, the Chicago Mercantile Exchange and the Chicago Board of Trade have been the most popular futures trading markets. Although futures markets are changing and becoming more electronic, they are still important risk management tools for farmers and present financial opportunities for all manner of hedgers and arbitrageurs.

Reading assignment:

Fabozzi et al. Foundations of Financial Markets and Institutions, chapters 26 and 28 (pp. 565-573)

Working, Holbrook. "Futures Trading and Hedging." American Economic Review, June 1953, pp. 314-43.

Resources:

PowerPoint slides from screen - Lecture 21[PDF]
Problem Set 6: Futures and Options [PDF]

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