18: Forwards and Futures

Lecture PDF

Lec 18-1: FT: Argentina in court to fight debt ruling

FT article link

Lec 18-2: Banking as advance clearing

Lec 18-3: Forwards versus futures

Normal Backwardation

John Hicks Reference

Lec 18-4: Forward contracts, fluctuations in value and final cash flow

Lec 18-5: Futures contracts, fluctuations in value and daily cash flows

Stigum Reference

Lec 18-6: Cash and carry arbitrage, defined

Lec 18-7: Cash and carry arbitrage, explained as liquidity risk

Lec 18-8: Cash and carry arbitrage, explained as counterparty risk

Lec 18-9: Cash and carry arbitrage, as a natural banking business