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Index
Title Page
Copyright Page
Foreword
Prologue
Acknowledgements
Introduction
CHAPTER 1 - Futures Market Fundamentals
WHAT IS A FUTURES CONTRACT?
OVERVIEW OF POPULAR FINANCIAL FUTURES CONTRACTS
ANATOMY OF A FUTURES TRANSACTION
CONCLUSION
NOTES
CHAPTER 2 - Order Entry and Execution Methodologies
OPEN OUTCRY/PIT TRADING
INTRODUCTION OF THE CME GLOBEX PLATFORM
TRADE MATCHING ALGORITHMS
ABOUT OPTIONS MARKETS
EX-PIT TRADING
CONCLUSION
NOTES
CHAPTER 3 - Role of the Clearinghouse
FINANCIAL SAFEGUARDS
FINANCIAL SURVEILLANCE
DEFAULT BY A CLEARING MEMBER
RESOURCES BACKING CME GROUP CLEARING SYSTEM
CUSTOMER PROTECTION
DISASTER RECOVERY AND BUSINESS CONTINUITY
RULE ENFORCEMENT
FINANCIAL AND REGULATORY INFORMATION SHARING
CONCLUSION
CHAPTER 4 - Currency Futures: The First Financial Futures
EVOLUTION OF FOREIGN EXCHANGE MARKETPLACE
OVER-THE-COUNTER CURRENCY TRADING VEHICLES
EXCHANGE-TRADED CURRENCY FUTURES AND OPTIONS
FOREIGN EXCHANGE MARKET GROWTH AND TRENDS
CONCLUSION
NOTES
CHAPTER 5 - Stock Index Futures Fundamentals
MECHANICS OF STOCK INDEX FUTURES
E-MINIS VERSUS EXCHANGE-TRADED FUNDS
PRICING STOCK INDEX FUTURES
SPREADING STOCK INDEX FUTURES
HEDGING WITH STOCK INDEX FUTURES
PORTABLE ALPHA STRATEGIES
CONCLUSION
NOTES
CHAPTER 6 - Eurodollar Futures
EURODOLLAR FUTURES MARKET
SPECULATING ON SHAPE OF YIELD CURVE
TERM TREASURY/EURODOLLAR (TED) SPREADS WITH FUTURES AND OPTIONS
INTEREST RATE SWAP MARKET
GROWING UP TOGETHER
PRICING RELATIONSHIP
HEDGING TECHNIQUES
CONCLUSION
TECHNICAL APPENDIX: COMPLICATIONS AND SHORTCUTS FOR PRICING AND HEDGING SWAPS
NOTES
CHAPTER 7 - Understanding U.S. Treasury Futures
COUPON-BEARING TREASURY SECURITIES
TREASURY FUTURES DELIVERY PRACTICES
MEASURING RISK OF COUPON-BEARING SECURITIES
RISK MANAGEMENT WITH TREASURY FUTURES
MACRO HEDGING WITH TREASURY FUTURES
HEDGING CORPORATES WITH TREASURY FUTURES
TRADING THE YIELD CURVE WITH TREASURY FUTURES
CONCLUSION
NOTES
CHAPTER 8 - Commodities: Backbone of the Futures Industry
WHAT ARE COMMODITIES?
GRAIN MARKETS
LIVESTOCK MARKETS
ENERGY PRODUCTS
PRECIOUS METALS
THE FORWARD CURVE
INTERMARKET COMMODITY SPREADING
CLEARPORT OVER-THE-COUNTER CLEARING FACILITY
CONCLUSION
APPENDIX: MAJOR COMMODITY MARKET SPECIFICATIONS
CHAPTER 9 - Alternative Investment Market Fundamentals
WEATHER
RESIDENTIAL HOUSING FUTURES
ECONOMIC INDICATORS
CONCLUSION
NOTES
CHAPTER 10 - Fundamental Market Indicators
WHY THESE INDICATORS?
TRADING VOLUMES
VOLATILITY : DAILY NET CHANGE
VOLATILITY : DAILY HIGH-LOW RANGE
CONCLUSIONS
APPENDIX: ECONOMIC INDICATOR DESCRIPTIONS
NOTES
CHAPTER 11 - Technical Analysis Primer
WHY TECHNICAL ANALYSIS?
INTERPRETING CHARTS
ELLIOTT WAVE THEORY
INTRADAY TRADING TECHNIQUES
TREND-FOLLOWING SYSTEMS
CONCLUSION
CHAPTER 12 - Fundamentals of Option Markets
WHAT IS AN OPTION?
MATHEMATICAL OPTION PRICING MODELS
HISTORIC AND IMPLIED VOLATILITIES
MEASURING OPTION PERFORMANCE
CONCLUSION
CHAPTER 13 - Option Trading Strategies
OPTION SPREADS
HORIZONTAL SPREADS
DIAGONAL SPREAD
COMPARING VERTICALS, HORIZONTALS, AND DIAGONALS
WEIGHTED SPREADS
VOLATILITY-DRIVEN STRATEGIES
SPECIALTY OPTION STRATEGIES
MATCHING STRATEGY AND FORECAST
CONCLUSION
CHAPTER 14 - Hedging with Options
BASELINE FUTURES HEDGE
BUYING PROTECTION WITH PUTS
YIELD ENHANCEMENT WITH CALLS
IN-AND OUT-OF-THE-MONEY OPTIONS
MATCHING STRATEGY WITH FORECAST
COLLAR STRATEGY
DELTA-NEUTRAL HEDGE
CONCLUSION
About the Authors and Contributors
Index
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