nutsandboltsofderivativespdf-124368373245-phpapp02
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Nuts and Bolts
ofDerivatives
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UnderstandingDerivatives
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Derivatives Defined
Derivatives are instruments whose
value is derived, in whole or in part,
from the value of one or more underlyingassets.
*Financial Market
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Key features of Derivatives
The value of a derivative instrument is derived fromthe value of the underlying
A derivative contract is priced separately from theasset
The derivative contract is traded not the underlyingasset
No ownership rights associated with the asset sold
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Classification of Derivatives
Based on the underlying:
Commodity Derivatives
Financial Derivatives
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Origin of Derivatives
Originated as hedging devices against fluctuation incommodity prices
Chicago Mercantile Exchange
Chicago Board of Trade
Financial derivatives emerged post 1970
Volatility of financial market an important reason
Index based and stock based are most popular today Today the volumes of financial derivatives trade is many times
more than volumes in commodity derivatives trade.
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Derivatives in India
In India, derivative trading commenced on Jun 09, 2000(BSE) & Jun 12, 2000 (NSE) with index futures andsubsequently index options (Jun 2001), stock options
(Jul 2001) and stock futures (Nov 2001) were introduced
Commodity derivatives started much later in 2003 andare also popular but the market is smaller in comparison
Futures & Options are the more popular forms
Separate segment for derivatives (NEAT- F&O on NSEand DTSS on BSE)
Today the trading volumes on derivative segment are inexcess of INR 15,000 crores per day
In 2004-05, 77+ crores trades with volumes of 25 lakh-crores were done.
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Popularity of Derivatives
Hedging:
Interest rate volatility Stock price volatility Exchage rate volatility Commodity prices volatility
VOLATILITY
Derivative markets have attained an overwhelming popularity for avariety of reasons...
To hedge or insure risks; i.e., shift risk.
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Popularity of DerivativesDerivative markets have attained an overwhelming popularity for avariety of reasons...
Arbitrage: Take advantage of price differentialby taking offsetting positions
PRICE DIFFERENTIAL
To lock in an profit on the basis of price differential inthe market i.e. an arbitrage opportunity
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!STOP!!CHECK!
The following could be an underlying in a derivative? ITC Stock
Coffee
USD/GBP rate
All the above
The price of a derivate is separate from but dependent on the price of the underlying TRUE
FALSE
While Commodity based derivatives started before financial derivatives, the trading volumes
in financial derivatives across the world are higher than commodity derivatives TRUE
FALSE
Which of the following was the 1st financial derivative traded in India?a. Index Option
b. Index Future
c. Stock Futured. Stock option
The strategy that involves taking advantage of price differential between two markets iscalled: Hedging
Speculating
Arbitraging
Diversifying
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Option
Swap
Forward
Future
The owner of an option has the OPTION to buy or sell
something at a predetermined price on or before apredetermined date.
The owner of a forward has the OBLIGATION to sell or buy
something in the future at a predetermined price. The difference
to a future contract is that forwards are customized, notstandardized. These are bilateral contracts between 2
private parties.
The owner of a future has the OBLIGATION to sell or buy
something in the future at a predetermined price. A future
contract has standardizedconditions.
A swap is an agreement between two parties to
exchange a sequence of cash flows.
Types of Derivatives
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OTC vs. Exchange-Traded Derivatives
Primarily, Forwards and Swaps are OTC
derivatives Considered risky because:
There is no formal margining system
These are not settled on a clearing houseThese do no follow any formal rules or
mechanisms
Futures and Options are exchange-traded, a safer option.
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!STOP!!CHECK!
If I commit to sell gold to you in the month of Dec and we agree to a price of Rs. 12,000per 10 gm, we have just entered into a: Future contract
Option contract
Forward contract Swap agreement
All derivatives are obligatory on both buyer and seller, except: Futures
Forwards
Options
Swaps
The following are OTC derivatives, hence have higher element of risk involved: Swaps and options
Options and futures
Futures and forwards
Swaps and forwards
The following is not true about exchange-traded derivatives? There is a settlement mechanism
There is a margining system
there is no loss of margin money ever
There are formal rules or mechanism
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UnderstandingFutures
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Future The owner of a future contract
has the OBLIGATION to sell or
buy something in the future at
a predetermined price.
Future Contract
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Future Contract
Standardized Items in Future
Quantity of the underlying
Quality of the underlying
The date and month of delivery Location of settlement
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Future Contract
Future Terminology Spot Price
Future Price
Contract Cycle
Expiry Date
Contract Size Basis
Cost of Carry
Initial Margin
Marking to Market
Maintenance Margin
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Futures Terminology
Spot Price the price at which an asset trades in the spotmarket
Future Price the price at which the future contract trades inthe futures market
Contract Cycle the period over which the contract trades.
The index futures contracts on the NSE have a one-month, two-month and three-month expiry cycles which expire on the lastThursday of the month. On the Friday following the last Thursday,a new contract having a three-month expiry is introduced fortrading.
Expiry Date the date specified in the futures contract.
Contract Size the amount of asset that has to be deliveredunder one contract. For instance, the contract size on NSE futuresmarket is 100 Nifties.
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Futures Terminology
Basis the future price minus the spot price. There will be adifferent basis for each delivery month for each contract. In anormal market, basis will be positive. This reflects that future
prices normally exceed spot prices.
Cost of Carry the storage cost plus the interest that is paidto finance the asset less the income earned on the asset.
Initial Margin the amount that must be deposited in themargin account at the time the future contract is first entered into
Marking to Market the adjustment made at the end ofeach trading day to the investors margin account to reflect theinvestors gain or loss depending upon the future closing price.
Maintenance Margin somewhat lower than the initialmargin; the balance in the margin account must never becomenegative and in case it does, the investor receives a margin callwho must top-up the account to the initial margin level beforetrade commences the following day
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A long position is an agreement
to buy
LONG => BUY
A short position is an agreement
to sell
SHORT => SELL
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Futures Payoffs
Future contracts have linear pay-offs unlimited profits or losses
Payoff for buyer of future: long future
An obligation to take delivery at a future
date Similar to that of a person who holds an asset
Example - A speculator buys a two-month nifty index
futures contract when the nifty stands at 3250. whenthe index starts moving up, the long futures positionmakes profits and when the index moves down thefuture starts making losses.
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NIFTY
3250
Profit
Loss
Long Future
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Futures Payoffs
Future contracts have linear pay-offs unlimited profits or losses
Payoff for seller of future: short future
An obligation to give/make delivery at a
future date Similar to that of a person who sells/shorts an asset
Example - A speculator sells a two-month nifty indexfutures contract when the nifty stands at 3250. whenthe index starts moving down, the short futuresposition makes profits and when the index moves upthe future starts making losses.
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NIFTY
3250
Profit
Loss
Short Future
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Futures Payoffs
Profit
Current
Price
Purchase Priceof Contract
Gain
Loss
SoldFuture
Gain/Loss =Sale Price Purchase Price
Profit
CurrentPrice
Purchase Priceof Contract
Gain/Loss =Purchase Price - Sale Price
BoughtFuture
Gain
Loss
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General Rule for Hedgers:
If you are going to sell something in the near future but
want to lock in a secured price, you take a short position.
If you are going to receive/buy something in the future but
want to lock in a secured price, you take a long position.
Futures Contracts
The Role of Speculators:
As the name implies, speculators are involved inprice betting and take the risk of price movementsagainst them.
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Application of Futures
Hedging a risk management tool
long security, short future
Example an investor holds a security but getsuncomfortable with the movements in the short run. Seesprices falling from 450 to 390. in the absence of stockfutures, he either live with it or sells the security.
With security futures he can minimize the price risk. Hecan enter into an off-setting short futures position.
Assuming spot price is 390. He sells a two-months futurefor 400, for which he pays an initial margin. If prices fall,so does the price of futures. As a result, his short futuresposition starts making profits. The loss incurred on thesecurity will be made up by the profit on his short futuresposition.
N.B. Hedging does not always make money! It removes
unwanted exposure i.e. unnecessary risk.
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Application of Futures
Speculation bullish security, buy (long) future
Case 1 a speculator believes a security at 1000 is
undervalued; in the absence of a deferred product, he hasto buy it and hold on to it till his hunch proves correct.assume he buys 100 shares which cost him one lakhrupees. Two-months later, say the security closes at 1010.He makes a profit of 1000 on an investment of 100,000 for
a period of two-months. This works out to be an annualreturn of 6% .
Case 2 the security trades at 1000 and the two-monthfuture at 1006. for the sake of comparison, assume the
minimum contract value is 100,000. he buys 100 securityfutures for which he pays a margin of Rs. 20,000. twomonths later, the security closes at 1010. Assuming, on thedate of expiration, the future price converges to the spotprice, he makes a profit of Rs. 400 on an investment of Rs.
20,000. this works out to an annual return of 12 percent.There lies the power of leverage.
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Application of Futures
Speculation bearish security, Sell (Short) future
Example take a trader who expects to see a fall inprice of X. he sells one two-month contract of futureson X at Rs. 240 (each contract for 100 underlyingshares). He pays a small margin on the same, say48,000. Two months later, when the futures contractexpires, X closes at Rs. 220. on the day of expiration,the spot and futures price converge. He has made aclean profit of Rs. 20 per share. For the one contractthat he bought, this works out to Rs. 2000.
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Application of Futures
Arbitrage
Overpriced futures: buy (long) spot, sell (short) future
Cash-and-carry arbitrage opportunity The cost-of-carry ensures that futures price stay in tune with
the spot price. Whenever futures price deviates from its fairvalue, arbitrage opportunities arise.
Say X trades at 1000. one month future trades at 1025 and
seems overpriced. As an arbitrageur, you can enter into thefollowing trade to make riskless profit: Borrow funds to buy the security in cash/spot market for 1000.
Take delivery of the security and hold for a month.
Simultaneously, sell the security future for 1025.
On futures expiration date, spot and future prices converge.Unwind the position.
Say the security closes at 1015. sell the security.
Futures position expires with a profit of Rs. 10
The result is also a riskless profit of Rs. 15 on the spot position.
Return the borrowed funds.
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Application of Futures
Arbitrage
Underpriced futures buy (long) future, sell (short) spot
A reverse cash-and-carry arbitrage where the risklessreturn is more than the arbitrage trades
A security X trades at 1000. a one-month future trades at 965and seems underpriced. You can make riskless profit by
entering into the following transaction. on day 1, sell the security in cash/spot for 1000.
make delivery of the security.
simultaneously, buy the futures on the security at 965.
on the futures expiration date, the spot and the future pricesconverge. Now unwind the position.
say, the security closes at 975.
buy backthe security. the result is a riskless profit of Rs. 25 onthe spot position
And, the futures position expires with a profit of Rs. 10.
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Index Arbitrage
- Buy NIFTY Futures- Sell Stock Futures on the
composition stocks
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Open Interest
The outstanding open long or short positions inthe market
230-505-155100-25125
-5020-45100-7550Day 3
125-15-1105075
-15-1050-25Day 2
100-100100Day 1
Open
InterestS3S2Seller1B3B2Buyer1INFY
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!STOP!!CHECK!
Ram sold a Nov ABB futures contract at Rs. 1000. Each contract is for delivery of 200shares. Current Spot Price is Rs. 995. On future expiry date the spot price has slipped toRs. 950. Rams profit/loss in the transaction is: Profit of Rs. 5,000
Loss of Rs. 5,000
Profit of Rs. 10,000
Loss of Rs. 10,000
Ganesh bought a Dec ITC futures at Rs. 650. Each contract is for delivery of 400 shares.Current Spot is Rs. 660. on Futures expiry date, ITC has moved down to 625. Ganeshsprofit/loss on the transaction is: Profit of Rs. 10,000
Profit of Rs. 7,000 Loss of Rs. 10,000
Loss of Rs. 7,000
The adjustments made to the margin account at the end of each trading day to reflect theinvestors gain/loss is called: Maintenance margin
Marking to market Margin call
Initial margin
Hedge using futures involves: Have underlying, buy futures
Have underlying, sell futures
Sell underlying, buy futures Sell underlying, sell futures
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UnderstandingOptions
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Option The owner of an option has the OPTION
to buy or sell something at apredetermined price
Right to BUY CALL OPTION
Right to SELL PUT OPTION
Options Contracts
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Options Contracts
Option Terminology Stock options
Buyer of an option Writer of an option
Call Option
Put Option
Option price/premium
Expiration date
Strike Price
American Options
European options
In-The-Money Option (ITM)
At-The-Money (ATM)
Out-Of-The-Money Option (OTM)
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Options Contracts
Option Terminology
Stock options options on individual stocks. A contractgives the buyer the right to buy or sell shares at the specifiedprice
Buyer of an option the one who by paying price(premium) buys the right but not the obligation to exercisehis/her option on the seller/writer
Writer of an option the one who by receiving premium,is obliged to sell/buy the asset if the buyer exercises on him
Call Option gives the buyer the right but not theobligation to buy an asset by a certain date for a certain price
Put Option gives the buyer the right but not theobligation to sell an asset by a certain date for a certain price
O C
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Options Contracts
Option Terminology
Option price/premium the price that the buyer pays tothe seller/writer
Expiration date the date specified in the optionscontract; also called exercise date or strike date or maturitydate
Strike Price the price specified in the options contract;also called exercise price
American Options options that can be exercised at anytime upto the expiration date. Most exchange-traded optionsare American
European options options that can be exercised only onthe expiration date
O ti C t t
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Options Contracts
In-The-Money Option (ITM) an option that would lead toa positive cash-flow to the holder if it were exercisedimmediately.
A call option on the index is said to be ITM if the current indexstands higher than the strike price (Spot Price > Strike Price).
A put option is ITM if the index is below the Strike price (SpotPrice < Strike Price).
At-The-Money (ATM) an option that would lead to zerocash flows to the holder if it were exercised immediately.
Out-Of-The-Money Option (OTM) an option that wouldlead to a negative cash-flow to the holder if it were
exercised immediately. A call option on the index is said to be OTM if the current index
stands at a level which is less than the strike price (Spot Price Strike Price).
O ti C t t
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The option premium has two components intrinsicvalue and time value.
The intrinsic value of an option - is the amount theoption is ITM, if it is ITM. If the call is OTM, its intrinsicvalue is zero.
Intrinsic value of a call is Max [0, (St K)]
Intrinsic value of a put is Max [0, (K St)]where, K= Strike Price and St = spot price
Time value of an option the difference between theoption premium and its intrinsic value. Both calls and
puts have time value. An option that is ATM or OTM onlyhas time value. Usually, the maximum time value existswhen option is ATM. The longer the expiration, thegreater the time value of an option, all else being equal.
At expiration, an option should have no time value.
Options Contracts
O ti C t t
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Call Option Contracts
A call option is a contract that gives the owner of the call
option the right, but not the obligation, to buy anunderlying asset, at a fixed price (K), on (or sometimesbefore) a pre-specified day, which is known as the expirationday.
The seller of a call option, the call writer, is obligated todeliver, or sell, the underlying asset at a fixed price, K on (orsometimes before) expiration day (T).
The fixed price, K, is called the strike price, or the exerciseprice.
Because they separate rights from obligations, calloptions have value.
Options Contracts
O ti C t t
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Put Option Contracts
A put option is a contract that gives the owner of the put
option the right, but not the obligation, to sell anunderlying asset, at a fixed price, on (or sometimes before)a pre-specified day, which is known as the expiration day(T).
The seller of a put option, the put writer, is obligated totake delivery, or buy, the underlying asset at a fixed price(K), on (or sometimes before) expiration day.
The fixed price, K, is called the strike price, or the exerciseprice.
Because they separate rights from obligations, putoptions have value.
Options Contracts
Options Contracts
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Call Option
Put Option
Write (SHORT)
Buy (LONG)
Write (SHORT)
Buy (LONG)
The four basic positions:
Options Contracts
Profit Diagram for a Long Call
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g gPosition, at Expiration
Profit
0K STcall premium
Profit Diagram for a Short Call
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gPosition, at Expiration
K
0
ST
Profit
Call premium
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Covered Call- Your Short call position is
covered if you have theunderlying asset
Profit Diagram for a Long Put
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g gPosition, at Expiration
ST
Profit
0K put premium
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Protective Put- Your Long Put Position is
protective if you have theunderlying asset
Profit Diagram for a Short Put
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Position, at Expiration
ST
0
Profit
K
Call Option Payoffs
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Payoff
Price
CurrentStockPrice
Stock Payoffs
Payoff
Price
OptionExercisePrice
Call Option Payoffs
Out ofthe Money
Inthe Money
Call Option Payoff = Max[ 0 , S - X ]
Call Option Payoffs
Put Option Payoffs
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Payoff
Price
CurrentStockPrice
Stock Payoffs
Payoff
Price
OptionExercisePrice
Put Option Payoffs
Inthe Money
Out ofthe Money
Put Option Payoff = Max[ 0 , X - S ]
Put Option Payoffs
Application of Options
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Application of Options
Hedging have underlying, buy (go LONG on) puts(Protective Puts)
One way to protect your portfolio from potentialdownside due to market drop is to buy insuranceusing put options
Buy the right no. of puts at the right exercise price
when the stock prices fall, your stock will lose value andthe put options bought by you will gain, effectivelyensuring that the portfolio value does not fall below aparticular level.
Portfolio insurance by buying put options is a hedgingtool for funds who own well-diversified portfolios
By buying puts, funds can limit the downside in case of amarket fall.
Application of Options
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Application of Options
Speculation bullish security, buy (LONG) calls or sell(SHORT) puts
Buying a call option The downside is limited to the option premium
The upside is potentially unlimited
Selling a Put Option
The upside is the option premium
The downside is potentially unlimited
!STOP!!CHECK!
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!STOP!!CHECK!
A call writer could have:
Limited profit; unlimited losses
Unlimited profit, unlimited losses
Unlimited profit, limited losses
Limited profit, limited losses
Spot S&P CNX Nifty is Rs. 3200. An investor boughta one-month S&P CNX 3220 calloptionfor a premium of Rs.10. As on date the option is: In the money
At the money
Out of the money
None of these
In a rising market, the right strategy would be to go:
long puts and/or long calls
long puts and/or short calls
Short puts and/or short calls
Short puts and/or long calls
When Spot
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Purchasers of options have rights but no obligationsand Sellers have obligations, no rights. Whereas, bothpurchasers and sellers of futures have obligations.
Options also lock in a future price, but do not have tobe exercised. Futures lock in prices and must beexecuted at specified future date.
To enter into a future contract one must maintain amargin, while option buying requires an up-frontpayment (premium).
Futures vs. Options
Futures vis--vis Options
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p
Futures Options
Exchange traded Same as futures
Exchange defines the product Same as futures
Price is zero, strike price moves Strike price is fixed, price moves
Price is zero Price is always positive
Linear payoff Non-linear payoff
Both long and short at risk Only short at risk
Remember
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Future and Option markets have a short-terminvestment horizon ONLY.
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Thank You!
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