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Commodity exchanges.Commercial markets - Gheorghe Hurduzeu
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ISBN: 978-606-28- 0408-4
DOI: 10.5682/9786062804084
Publisher year: 2016
Edition: I
Pages: 408
Publisher: Editura Universitara
Author: Gheorghe Hurduzeu
Product Code:
9786062804084
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The paper is addressed equally to those studying in economic and non-economic higher education (students, students in postgraduate education) as well as to practitioners and specialists in various fields of activity. Thus, although it follows, mainly, the initiation in the issue of commodity exchanges, explaining concepts, methods and basic tools used in this field, the paper, through theoretical and practical suggestions, through various cases can arouse the interest of the mentioned specialists.
The reader's access to the information contained in this book is facilitated by using a wide range of ways of exposition and argumentation (descriptions, examples, tables, graphs), as well as by compiling an index of specialized terms. The paper would not have reached this materialization without discussions with specialists from the country and abroad, without permanent dialogue with students, trainees and young assistants, and, last but not least, without the effort and dedication of the editors who contributed to the completion of the book; and to whom we express our thanks.
We recommend the book to all those interested in the stock market phenomenon, to future managers, but also to the large mass of specialists - younger or experienced - whose concerns are directed to the stock market, in general, and to derivatives, in particular.
We also hope that this paper will be a new argument regarding the importance and attractiveness of the stock market for theorists and practitioners and will be followed by other contributions, both from the authors of this book and other authors, who believe in the need for involvement. in our scientific and practical research in the country.
The reader's access to the information contained in this book is facilitated by using a wide range of ways of exposition and argumentation (descriptions, examples, tables, graphs), as well as by compiling an index of specialized terms. The paper would not have reached this materialization without discussions with specialists from the country and abroad, without permanent dialogue with students, trainees and young assistants, and, last but not least, without the effort and dedication of the editors who contributed to the completion of the book; and to whom we express our thanks.
We recommend the book to all those interested in the stock market phenomenon, to future managers, but also to the large mass of specialists - younger or experienced - whose concerns are directed to the stock market, in general, and to derivatives, in particular.
We also hope that this paper will be a new argument regarding the importance and attractiveness of the stock market for theorists and practitioners and will be followed by other contributions, both from the authors of this book and other authors, who believe in the need for involvement. in our scientific and practical research in the country.
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Burse de marfuri. Piete comerciale
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GHEORGHE HURDUZEU - Coordinator
MARIA-ISADORA LAZAR
MARIA-FLORIANA POPESCU
MARIA-ISADORA LAZAR
MARIA-FLORIANA POPESCU
LIST OF ACRONYMS USED IN TEXT / 9
CHAPTER 1
GOODS EXCHANGES - HISTORY, OPERATION, IMPORTANCE / 13
1.1. Historical incursion in the appearance and development of commodity exchanges / 13
1.2. Semantics of the term "scholarship" / 21
1.3. Geographical distribution of the main commodity exchanges in the world / 23
1.4. Commodity exchanges in Romania / 31
1.5. Characteristics of commodity exchanges / 33
1.6. Functions of commodity exchanges / 37
1.7. Regulation of stock markets / 41
1.8. Organization of commodity exchanges / 43
1.9. The advantages conferred by the participation in the stock exchange trade / 50
CHAPTER 2
SCHOLARSHIP CONTRACTS / 62
2.1. Legal characteristics and specific aspects of stock exchange contracts / 62
2.1.1. Legal characteristics / 62
2.1.2. Specific aspects of the scholarship contract / 64
2.2. Cash contracts / 66
2.2.1. Spot contracts / 67
2.2.2. Contracts (cash)-forward / 68
2.3. Futures contracts / 70
2.4. Options contracts / 81
2.4.1. Characteristics of the option / 85
2.4.2. Options on futures contracts / 92
2.4.3. Options operations / 97
2.4.3.1. Simple operations with options / 97
2.4.3.2. Operations with synthetic options / 99
2.4.3.3. Synthetic futures operations / 101
2.4.3.4. Straddle operations / 105
2.4.3.5. Strange operations / 107
2.4.3.6. Strip and strap operations / 109
2.4.3.7. Butterfly operations / 111
2.4.3.8. Condor operations / 115
2.4.3.9. Spreading operations / 117
2.5. Commodity swap contracts / 129
CHAPTER 3
MAIN GOODS TRADING ON THE TRADE EXCHANGES / 137
3.1. The main futures markets for agricultural goods / 142
3.1.1. Cereals / 143
3.1.1.1. Wheat / 143
3.1.1.2. Corn / 146
3.1.1.3. Oats / 148
3.1.1.4. Barley / 149
3.1.1.5. Secara / 150
3.1.1.6. Soybeans / 152
3.1.2. Oilseeds / 156
3.1.3. Carnea / 157
3.1.3.1. Pork / 158
3.1.3.2. Beef / 161
3.1.4. Potatoes / 164
3.1.5. Dairy products / 167
3.1.6. Tropical products / 168
3.1.6.1. Cocoa / 168
3.1.6.2. Coffee / 170
3.1.6.3. Zaharul / 173
3.1.6.4. Rubber / 175
3.1.6.5. Tea / 175
3.1.6.6. Pepper / 176
3.2. Main metals futures markets / 176
3.2.1. Base metals / 182
3.2.1.1. Copper / 182
3.2.1.2. Lead / 183
3.2.1.3. Zinc / 183
3.2.1.4. Nickel / 184
3.2.1.5. Aluminum / 185
3.2.1.6. The tin / 185
3.2.2. Precious metals / 186
3.2.2.1. Aurul / 189
3.2.2.2. Silver / 190
3.2.2.3. Platinum / 191
3.2.2.4. Palladium / 192
3.3. The main markets for precious stones / 193
3.4. The main futures markets for energy products / 198
3.4.1. Crude oil / 202
3.4.2. Natural gas / 205
3.4.3. Energy / 206
CHAPTER 4
THE MECHANISM OF STOCK EXCHANGE TRANSACTIONS / 208
4.1. The mechanism of stock exchange futures transactions / 208
4.2. The mechanism of stock exchange transactions with options / 233
CHAPTER 5
UTILITY OF SCHOLARSHIPS. SPECULATIVE AND COVERING OPERATIONS / 245
5.1. Price and price risk on the stock markets / 245
5.1.1. The relationship between spot and forward prices / 245
5.1.2. The relationship between forward and futures exchange rates / 254
5.2. Speculation on commodity exchanges / 258
5.2.1. Speculation - notion; pros and cons / 258
5.2.2. The difference between speculation and investment / 265
5.2.3. Risk aversion and the utility of stock markets / 274
5.2.4. The role of the speculator and the necessity of speculation / 277
5.2.5. Types of speculators / 278
5.2.6. Types of speculative operations / 284
5.2.6.1. Simple speculative operations / 284
5.2.6.1.1. Speculative operations based on trend tracking / 284
5.2.6.1.2. Counter-trend trading strategies / 289
5.2.6.2. Complex speculative operations - spreading operations / 290
5.2.6.2.1. Intra-cargo spread / 290
5.2.6.2.2. Inter-market spread / 295
5.2.6.2.3. Inter-merchandise spread / 296
5.2.6.2.4. Other types of speculation spread / 299
5.2.6.2.5. Transforming a net position into a spreading position / 300
5.3. Hedging operations on the stock market / 300
5.3.1. Theoretical aspects / 300
5.3.2. Types of hedging / 302
5.3.3. Uses of hedging / 309
5.3.4. Advantages and problems of hedging / 335
5.3.4.1. The advantages of hedging / 335
5.3.4.2. Hedging problems / 337
BIBLIOGRAPHY / 348
ANNEX. Potential results of various strategies, from a speculative and hedging point of view / 359
INDEX / 364
CHAPTER 1
GOODS EXCHANGES - HISTORY, OPERATION, IMPORTANCE / 13
1.1. Historical incursion in the appearance and development of commodity exchanges / 13
1.2. Semantics of the term "scholarship" / 21
1.3. Geographical distribution of the main commodity exchanges in the world / 23
1.4. Commodity exchanges in Romania / 31
1.5. Characteristics of commodity exchanges / 33
1.6. Functions of commodity exchanges / 37
1.7. Regulation of stock markets / 41
1.8. Organization of commodity exchanges / 43
1.9. The advantages conferred by the participation in the stock exchange trade / 50
CHAPTER 2
SCHOLARSHIP CONTRACTS / 62
2.1. Legal characteristics and specific aspects of stock exchange contracts / 62
2.1.1. Legal characteristics / 62
2.1.2. Specific aspects of the scholarship contract / 64
2.2. Cash contracts / 66
2.2.1. Spot contracts / 67
2.2.2. Contracts (cash)-forward / 68
2.3. Futures contracts / 70
2.4. Options contracts / 81
2.4.1. Characteristics of the option / 85
2.4.2. Options on futures contracts / 92
2.4.3. Options operations / 97
2.4.3.1. Simple operations with options / 97
2.4.3.2. Operations with synthetic options / 99
2.4.3.3. Synthetic futures operations / 101
2.4.3.4. Straddle operations / 105
2.4.3.5. Strange operations / 107
2.4.3.6. Strip and strap operations / 109
2.4.3.7. Butterfly operations / 111
2.4.3.8. Condor operations / 115
2.4.3.9. Spreading operations / 117
2.5. Commodity swap contracts / 129
CHAPTER 3
MAIN GOODS TRADING ON THE TRADE EXCHANGES / 137
3.1. The main futures markets for agricultural goods / 142
3.1.1. Cereals / 143
3.1.1.1. Wheat / 143
3.1.1.2. Corn / 146
3.1.1.3. Oats / 148
3.1.1.4. Barley / 149
3.1.1.5. Secara / 150
3.1.1.6. Soybeans / 152
3.1.2. Oilseeds / 156
3.1.3. Carnea / 157
3.1.3.1. Pork / 158
3.1.3.2. Beef / 161
3.1.4. Potatoes / 164
3.1.5. Dairy products / 167
3.1.6. Tropical products / 168
3.1.6.1. Cocoa / 168
3.1.6.2. Coffee / 170
3.1.6.3. Zaharul / 173
3.1.6.4. Rubber / 175
3.1.6.5. Tea / 175
3.1.6.6. Pepper / 176
3.2. Main metals futures markets / 176
3.2.1. Base metals / 182
3.2.1.1. Copper / 182
3.2.1.2. Lead / 183
3.2.1.3. Zinc / 183
3.2.1.4. Nickel / 184
3.2.1.5. Aluminum / 185
3.2.1.6. The tin / 185
3.2.2. Precious metals / 186
3.2.2.1. Aurul / 189
3.2.2.2. Silver / 190
3.2.2.3. Platinum / 191
3.2.2.4. Palladium / 192
3.3. The main markets for precious stones / 193
3.4. The main futures markets for energy products / 198
3.4.1. Crude oil / 202
3.4.2. Natural gas / 205
3.4.3. Energy / 206
CHAPTER 4
THE MECHANISM OF STOCK EXCHANGE TRANSACTIONS / 208
4.1. The mechanism of stock exchange futures transactions / 208
4.2. The mechanism of stock exchange transactions with options / 233
CHAPTER 5
UTILITY OF SCHOLARSHIPS. SPECULATIVE AND COVERING OPERATIONS / 245
5.1. Price and price risk on the stock markets / 245
5.1.1. The relationship between spot and forward prices / 245
5.1.2. The relationship between forward and futures exchange rates / 254
5.2. Speculation on commodity exchanges / 258
5.2.1. Speculation - notion; pros and cons / 258
5.2.2. The difference between speculation and investment / 265
5.2.3. Risk aversion and the utility of stock markets / 274
5.2.4. The role of the speculator and the necessity of speculation / 277
5.2.5. Types of speculators / 278
5.2.6. Types of speculative operations / 284
5.2.6.1. Simple speculative operations / 284
5.2.6.1.1. Speculative operations based on trend tracking / 284
5.2.6.1.2. Counter-trend trading strategies / 289
5.2.6.2. Complex speculative operations - spreading operations / 290
5.2.6.2.1. Intra-cargo spread / 290
5.2.6.2.2. Inter-market spread / 295
5.2.6.2.3. Inter-merchandise spread / 296
5.2.6.2.4. Other types of speculation spread / 299
5.2.6.2.5. Transforming a net position into a spreading position / 300
5.3. Hedging operations on the stock market / 300
5.3.1. Theoretical aspects / 300
5.3.2. Types of hedging / 302
5.3.3. Uses of hedging / 309
5.3.4. Advantages and problems of hedging / 335
5.3.4.1. The advantages of hedging / 335
5.3.4.2. Hedging problems / 337
BIBLIOGRAPHY / 348
ANNEX. Potential results of various strategies, from a speculative and hedging point of view / 359
INDEX / 364
The paper is addressed equally to those studying in economic and non-economic higher education (students, students in postgraduate education) as well as to practitioners and specialists in various fields of activity. Thus, although it follows, mainly, the initiation in the issue of commodity exchanges, explaining concepts, methods and basic tools used in this field, the paper, through theoretical and practical suggestions, through various cases can arouse the interest of the mentioned specialists.
The reader's access to the information contained in this book is facilitated by using a wide range of ways of exposition and argumentation (descriptions, examples, tables, graphs), as well as by compiling an index of specialized terms. The paper would not have reached this materialization without discussions with specialists from the country and abroad, without permanent dialogue with students, trainees and young assistants, and, last but not least, without the effort and dedication of the editors who contributed to the completion of the book; and to whom we express our thanks.
We recommend the book to all those interested in the stock market phenomenon, to future managers, but also to the large mass of specialists - younger or experienced - whose concerns are directed to the stock market, in general, and to derivatives, in particular.
We also hope that this paper will be a new argument regarding the importance and attractiveness of the stock market for theorists and practitioners and will be followed by other contributions, both from the authors of this book and other authors, who believe in the need for involvement. in our scientific and practical research in the country.
The reader's access to the information contained in this book is facilitated by using a wide range of ways of exposition and argumentation (descriptions, examples, tables, graphs), as well as by compiling an index of specialized terms. The paper would not have reached this materialization without discussions with specialists from the country and abroad, without permanent dialogue with students, trainees and young assistants, and, last but not least, without the effort and dedication of the editors who contributed to the completion of the book; and to whom we express our thanks.
We recommend the book to all those interested in the stock market phenomenon, to future managers, but also to the large mass of specialists - younger or experienced - whose concerns are directed to the stock market, in general, and to derivatives, in particular.
We also hope that this paper will be a new argument regarding the importance and attractiveness of the stock market for theorists and practitioners and will be followed by other contributions, both from the authors of this book and other authors, who believe in the need for involvement. in our scientific and practical research in the country.
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