By Brendan Brown
In 'Financial Futures Markets' the authors clarify in as transparent a fashion as attainable this very complicated marketplace. They element the character of monetary futures buying and selling, highlighting the most important channels which hyperlink the traditional money markets and the recent monetary futures markets. This e-book will pay targeted awareness to the sensible info of the monetary futures markets, in order that the reader who desires to turn into educated in funding administration has the ""full facts"" instead of an ""abridged version".
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Additional info for Financial Futures Markets
2 Mr B's order is now completed; it is endorsed on the back, with details of the transaction, then time-stamped and sent by the runners to the telephone area, where notification is sent to the relevant commission broker. Mr A has so far succeeded in buying only 10 out of the required 20 contracts for his client. If another seller of marks does not emerge quickly, it may be necessary to approach one of those independent floor traders who maintain two-way quotes (they do this by using both hands, one palm towards them and one palm away, indicating that they are both bidding for and offering marks).
This process could probably be repeated in the actual delivery procedure if that option was chosen, for as already 24 Financial Futures Markets mentioned, there are many deliverable grades of bills which could satisfy this contract requirement. It is quite possible that you could receive more than $10 million principal value bills at delivery at a lower discount rate if those particular instruments satisfy the clearing corporation. There are two basic types of costs involved in this procedure. The first are the commission costs charged by your broker for his services.
British pounds purchased must be delivered into an account within Britain). All currency futures contracts (like commodity futures contracts) have as one party the Clearing Corporation. For example, customer K, having had the marks purchased, would find that the other side to the contract (the person with the obligation to sell marks) would be the Chicago Clearing Corporation. Thus the Clearing Corporation stands behind all contracts. It is pertinent thereby to ask what is the credit status of the Corporation, and how without actively participating in any trade it becomes the counterpart to each contract.