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Unit 17 futures and derivatives

Vocabulary

futures – a contract for a fixed amount of commodity or security to be delivered at a fixed price on a fixed date in the future. Unlike forward contracts, futures are traded on financial markets.

derivatives – a general name for all financial instruments whose price depends on the movement of another price

options – a contract that gives the right to buy or sell particular shares, currencies etc at a particular price on a particular date in the future or within a particular period of time

hedging – making contracts to buy or sell a commodity or financial asset at a pre-arranged price in the future as a protection or “insurance” against price changes

spot market – a market where commodities are bought for immediate delivery

swap – an exchange of one investment for another

over-the-counter – buying and selling directly between dealers

forward contract – a private arrangement between two organizations for buying a particular amount of something for a fixed price on a fixed date in the future

spot price – the price for immediate delivery of a commodity

call option – an option that gives you the right to buy shares at a particular price in the future. Investors who buy call options think the market will rise above that price

put option – an option that allows you to see shares etc at a specific price in the future, that you buy because you think prices will fall below that price

write an option – to sell the right to sell or to buy shares, bonds, currencies, or commodities

exercise an option - to buy the right to sell or to buy shares, bonds, currencies, or commodities

underlying security – the investment to which a derivative such as option relates

exercise price = strike price – the price at which you can buy the related shares if you buy a call option and the price at which you can sell if you buy a put option

take up – to redeem

currency swap - an exchange of the interest payments when two lenders have made loans in different currencies with the same interest rate. This happens so that each lender receives the interest in the currency of the other loan.

interest rate swap - an exchange between a borrower with one type of loan and a borrower with a different type of loan. Each borrower is looking for an advantage that the original loan did not have, for example that the loan is in a particular currency, has a particular interest rate, is for a particular period of time etc

profit and loss account – a financial statement showing the financial results of a company’s normal activities for a particular period of time, usually the financial year

end-user – the person who actually uses a particular product, rather than someone involved in its

production or sale

oversight – unintended failure to notice or do something; watchfulness

embody – to include; to express

unsolicited – request, offer etc made without being asked by anyone

tarnish – to make or become dull, discoloured, or less bright

profile – a short description of someone or something, giving the most important details about them

prod - to urge sharply into action or thought

corporate governance – the way a company is managed at the highest level

leverage - the amount of borrowing that a company has in relation to its share capital. If the company makes more profit by investing this borrowed money in its business activities than it pays in interest, the company’s shareholders will obtain higher payments from their shares than they would without the use of borrowed money. But if the company makes less profit than it pays in interest, shareholders will receive less money. High leverage involves a high degree of risk.

imprudent – unwise and thoughtless

down payment - the first payment made in the repayment of a large debt such as mortgage

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