Hedging Using Futures Contract期貨套期保值是指把期貨市場(chǎng)當(dāng)做轉(zhuǎn)移價(jià)格風(fēng)險(xiǎn)的場(chǎng)所，它是FRM考試的內(nèi)容，對(duì)于相關(guān)內(nèi)容的掌握，對(duì)于通過(guò)考試是有很大幫助的。下文是小編對(duì)于Hedging Using Futures Contract的內(nèi)容介紹！

1、Short Hedges 》》》戳：各科視頻講義+歷年真題+21年原版書（PDF版）免·費(fèi)領(lǐng)取

A short position in futures contracts

Appropriate when the hedger already owns an asset and expects to sell it at some time in the future.

2、Long Hedges 

A long position in a futures contract

Appropriate when a company knows it will have to purchase a certain asset in the future and wants to lock in a price now.

3、Arguments for hedging

Reduce price risk

Less uncertainty【資料下載】FRM一級(jí)思維導(dǎo)圖PDF版

4、Arguments against hedging

? less profitability

? shareholders can easily hedge risk

? nature of the hedging company’s industry

5、Basis Concept

Basis=SP-FP

Basis =0 at maturity

進(jìn)群了解詳情

spot price increases faster(slower) than the futures price over the hedging horizon, basis increases (decreases)

6、Problems give rise to basis risk

The asset whose price is to be hedged may not be exactly the same as the asset underlying the

futures contract

There may be uncertainty as to the exact date when the asset will be bought or sold

The hedge may require the futures contract to be closed out before its delivery month

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