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INTRODUCTION I---T"-TT:-\
l,l. t j
 R.rding69 . FururerMdkesandconradr

Lhdenytng aset at other dqNan@, at a lurne dale & . pnce aqeed an tad.y
u.lte a loMardconra6, howeve( a ilrlresco.racr s nota privnle and
c!*om zed ransacron bul rarhera pubi c ran5ncto. rhar 1a[es p a.e on an
organzedluturesex(hanqe.haddrion, atulure5conract sslandardized-the
erchange,ratherthantheindivdualpadres,5e6rhelermsa.d.o.dtions,wtrh
theexceptionoiprice,Aaresuh,iulures.onra.Bhavease.ondarymailct,
neanfg rhatprevloulycreated.onnaft Gn be taded atso, pailias to fulures
(ontadsareguara.reedaga.stned[ o$e5rc5!i.qf.ohthe(ounte.pa(y!
.abitytopay A.learnghouseprovdeslhsglaranteeviaapro.edure nw[(h
t.onvcr6gai.sand o$esthar accrue on a daty bass ftoa(ruat.ash gansa.d
osses Fulures.ontadsare regularedatthelede.al gover.menr ele, aswe
.ored in the read.9 on fotuard markesand.o.ra.r, iotunrd.oiracr are
e$enir yunre!ulated Futuresconra.E are creited onorganized radfg
ia( ll1ie5 refe(ed to as lutures exchanges,
wherea5 io,ward .ontra.c are .or
(eated nany$e.lclocalonbutrarher.ilaredberweef a.ylwopanieswho
wsh ro enlerinlosu.haconlrad Fnaty eadr lutures exchange ha5a dvLon or
subsdiry Glkd a dearlngholse lhar pedorft tr spc. I c rerp.ns b I r.j ot
Fyng,ndcoledng dalyqa.sand to$es a5wetas glaranteeng roea(h party
the peilomanceof theothei

l.afurlrestansadon,oneFntrheto.g, !thebuyerand$eorherpany$e
sho(. tr th,aselLer The buyeraSrees ro b!yrhe underying ar a talerda, tr
eipraron,aiapriceaqreedonartheiaft oltre.oirrd The5eteraqreestoset
the lnderying 10 the buyer al rhe exprat on, al ilre ptu.e agreed o. ar the *an 01
the co.ra.t Evoryda, lhe fururescontra.t rad8 in the markel a rd is pri.e
chanqei n respof5etonew niormalon Buye6 b.rcJl tom pr.e rnmases, lid
se e6 bdneit{rom p.!e decrenses. On ilre exF rilon da, rhe.o.ri.r lermnares
a.d no IunhertJding ldke5 pace. Thef, erher ilre buyer take5 de veryotlhc
lndenyngtom tre 5eLlei orlhetuop.nes mate an.quNatenlcalr rxtetrren(
Wesha exploreedchof thesechaGdern.sol lulures.onraGi. moredeta Fnn,
howevcr, il is mpo^anl lota[e a broi oo( at how tutLr.s mailetr.ame hro be no

1.1 A BrieI Hirtory of Futures Markets

Ndroush vAdBs ol auurcs nrukcrs iffexr in rhejrpucrc ,j.c nruk6,i iltr
l3dI.cilrq rnd DcilrlN.v.n ca.lic'r ilre nril 1301L n'rrt.d r[( hj .L,r, o,i
gilrs olnodcm hnn.L\ nfke6. &r c\inlrc, in it Un(cd Srrks h trr ts10s,
Cli.rso Far b.(oDl,g u n'ajor hn{n)nn1nl ud d !'i[urn]! .rnL(r tu, xs,i
cutrurrl conr.ulilirs. !s c.nrtul n)crrn,r {trt n..rsr ro ilr. G.(,{ Lrtor g,tr1.
CLicU. n (.n!)(liirc ldhrtrgc ovq udxi. tr S. .iLn,r. l.lDrr\ lrorr dn. Mil
kr{R,{,lJ h,il,rn il(lrL'JiL,ili.',.1i il i,, I i iu,i r . \..1' {., i t.,.,t, ..,,,
I'un,\,.1n.s,...,j.4,r',.J'rr.,,,ilt.rt.\..iJJ.,.J.i,t.\i, t....{,..t..
Iirve{ [ui th.il phnrg. whcD fi c gilrr \n$ bnn'ghl k) ilr 0,.tr [.(. 1i.,nu.[
8,dr ir onc dn)c and r'o kilc rr lrorh.i rcrillcd ir sclrr( pruLhr' (irir
ilv'.,r.l,..iliri(,iilr,l^"r-\r'(i',".h,.t',il.'.,,,..r,.,-..r.,',..,r.....,1.b.
5n'.Ii,,trl1.r'r''i'ilnlr1lll,|i't',,i',',.lln'l,i,,.,Rl..,l
so lon ilut ilrey could norullord ro hkc U,cir
Srnt io rnodicr.ny rosctl.

wr.dJrnil-r. o'q@itil-vo-, o I re p-p,"r * rc,,-(l;

 a' I 1. \ rli \ n'i | 1.,'. i- t{t\,r q,i,,1.t."k,,,.$nr.n r{ay-t.r ..! n.
'.-i, l. x tr r tr -T, t.,,,.t ^r t.,iit. ri n(\[ 1nil iri.,.,. t,,n,Fn3^
"'{, f'.r.":.'.,,,i
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a.,-f .,,. [.,.,. t. i., 1 t,..,,i,\.,.i,",r, !,o.il.t h,n.,-.,.. ",,- xr,t
.nt' inr,. (onhi.r ro d.Iro ir il i rL.f tircr dirc i. i pli.. rt,cidy rgrccd
",. l, :,,,," f-..-t,rr. t.i,na r, -nt,t,L. rFi.:.,,.r4r.,i .,.'_,r...
, ..it,., \.1 .,.\.\.,,1ri,. ..i.c il,c
bnsitr.(Dron rJio hrd tortrr.i rtr ()rj.rm Roi,d oaTr.d(,
I s..n l..nn,c rtprr.nr rt,rr (ridijA jn ilr.{, r>rrrn{...ntin h r,.s norr
hl)o,hfr ul rnjil dm| rrd ir! ir rhc Arxin ir\clt soon ilj. .onr,ir r\ tcFnr
rril ng i' a 11t. orscconn.r6, trrrt.r, \hntr rtrM.n nu.,s and !{.rs ro die
1.,.., ... t\ f.. i,q, ,1
',.i.-,. .1.,t..',,
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'.,. c,.,.. i,,,t- t../,r. rj. it, r,^.r .d i t,,,nr.
aci nn ilcrrn r. rnnlc'n ri(una .r,jrtcr\ fimtv cnihtih;n d*i
6ilrrn id Nrll. lr Nil hJl () ortnr .x.hrngcs, r,.h ar rnlrt\ (jhi.rAo V.rcrn-
ft;n. h d,c
rikli\dDfe..rLcN.rr\nrkNt.',iilritctry.hins..!itr.r,rrdrh.Lrxlontr(.r-
,' .1.,,,' .,,.. I..,,", i.il.^.,r..i4,is.,t,,.F
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\\i!r ilt tr,M.\tkr. rh. int.,rin( lifhrcs.t turn.s.onrn.h jn nn! d.riil

.l.2 Publi(
Standardized Transadions
i trnil..rrdin is nor Ari.rij\ n,prnr.d in ilrc nos or r. arr p,icc_
rqur f! {r\n...ro\ni (rr',!rs il. prila&. ronnids. l,trr n i) n,ratgil
,., ir'.'l -.. I,\.t.'.. f ,,i,h..t. r.f .r,t{It,,r...8 .,
.",,, !,il,,.,.,n,,
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l"
,tr t,,i,.F,"..,!,t j,,,.,.,t.,\."
rr.rl{', ,,rir((,.ri.,sr' l"\,r , r't(tilrrLDrrl
',t ilirtaJihtr.srmr\rdi.r
t\i D,i.d nnorcunomi4i, R..^[ fionr rh.r.xninq
.il . ,, ., ,t,., ,,., ,..,.,.,nrj,.,.,.,t,..,,j.
!rriinlr rll olrh. rln{ or dn,..nh.x r. n,.tr(t ns ilrc kt.Drjrr,n dr. rnd;dting, r.r,i,:
ilx, r\D r,nhr ilxrc. .nd rIc n]inn.r in 1ilrich rh. r.nrrn.r k sdrt.d t.^dr or
r.h'il d.lno\) ls r.il rs rl'c prn. l.h. rJDs,!r (n(omD.d ro,n..r dr. nccds
fl,..l. .. i... ...'r,1, ,o.', ,'.,tr t1."..,ti,.-,,\.r., r -i,ht{. il),h,
n. tiil,i. . , -\ ., '^ .-,-..,t ,tr.,, t.ilt11 !1,' .. \tor. r,,, t. ,n.n. rt,,r
rc .nrL [l.d \ il]c cx(tia.F. ,n. janilardD.d. n.ining ilIr dr. c\.t^ngc
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rics IlrpMtr!ilL.srotrid.atii!r.s.otrnncr, "rt.,.. jr mun^...prlrrro-s inc
nrl) ik.rnxr \r ronkl 6. n) cr.i(,^ simitir Lur.rrhhil.d conrm.l on dr. ftr-

$'f .a.. .' rlr,,.h.', .rr r\.,r,r.^.,!n.n.r..,hi.,.i|cnot

.,,.r I .r t..\ n.,\r n.t.onrh
l!. ",r'.,,,,rj..,.' t]..r..I 1r.-,1.,..,,"\n,,t,..,(alr .1t,c
,".,' l',,,,\l 1I|^rFi,|1,'Jii{ L'], ion.
,.r'" ,, t, ht,.il.,,r.t,Nt,tr.,.*,.1'r,.. r .i.,
,-lt..l: ,, - , .,.. '.,
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r Li I
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,.,
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Mdain{nurp.orq^ookft your.nllh.pr.parilon..sou(e
ReadiE69 . Furu.er Ma*etsandconiddl

1,, r'rni iN ).s.!l o' $ rnt

rrp,.rL(ntr rn(\ I (ritr\ l!i!l il, ,,". r,-
.\l)i,,1 ,tr$,g,,i i{ {tr! ,ril) rh!,trr .L \cr,: I
i
ln,.L o'trdixL!,,!r'Lrlrn'L t1)1!,tr\ l, ir,, t{, !i ,!n r \tii'.,ri) |
A ilr lrr rur.D 1i (\t)i,.ui) i \r,r\ t{L i
il,'Li i! Ll r'1" ! \(([,i rt'c(rr),.(i r 1,,, ]
Ll, ,.,1,., I ,[1, ., ,, I
trr hrlinA il1o (!drirr st..' 'tr'.. '
f.r,:\,trrp[, !nn.
il tr'lln,olxItr',trknh' rnn.dcttr\i ()r.l
co\( Li s100.000 ri. vJ,k. 01 lrl r i\ r
.o$r5 L,0r)0 h lh( cr.hrDse llo
cxrn,fie, Ilcr\ry'.L Lo'nl lilM.!,tr(
InIxr.. yoil Nill rc. I I'r.c titc t0l
Lr.1 !rc 01 $100,00o. dlc rc.rnl f, n
I ltr rx.hrIro.il{) dcrrriliilor n iL.l fx,li ril1., r( c iilt
D
ar \11,il flD\ili ir'nrnnr 'r
Inrrci cxr[i"[.r hxrt n
.oilrr,i I is r$iAn.d k).r I
n) bq .nnt n1] LtrnttirN
'!Hirs
.unl.ll.rr S0rnr r\([rnBcr ]'n,
hlc\ tixre of r,,nfr11.(rilrinrl [r
Sonie r\.[,il'HG h,s. tDrt' lIn, r,,(h,L{
 . rduir TGding

1.4 The Clearinghouse, Daily Settlement,

and Performance Guarantee
Aroilrcr nnFirrrr dnrin.riotr lnlrrcn fur,rcs rnd fomrdr is ttrt dnr tuxnrs
Nili'aq, L,','il, r ir.n-,r^,m,nxc.fdj.i.,r.rr.,\.rt,r4,,at,
^..rhF,.!
T..,. G,,iTnrc,r^.,,F,, I il o..
't,.,1..,,,qh^.tr,
...."{r,.r /.i.s n.il hir. ro \orN il^,,r (h.,hcr
..11,.il.."1"r{'.\r.,,hrt,.nrh.,t.,.v\,,xilt.ilr.,,"ia..8,.,,,",..r!ur.!
r'\ lllf T,. 1ili,,'ilra,..nt,,i,,,rr.rn.nn.,.ronrB(".\,,m.t,h.,.\[il]rt
F,.rrvi[ r'ci.iltl
'1.^,lf' ilp,1,,,n, x'.4 d\ril,e"rhiIq t i',,r. ot trrurr.on,rdt n rt,,{ rh. Fin(
rnl.I"I q' o',,' r nra r pN riq,r. .r,dnril,nd (hi.s.n on I il,r.|, ;r\n.
Tfn fn.,, l','..,. |
"d d,ily3.rdcmcnr,il n*[nEto md(t, c1{ilialtv r.nil,r
inf{r..F,i. .ilri'hs4lsi',qr"nr4h,thi^f Fin!,iltto(d.xdrd.,y rris
n.,,.1''nli
dn trcrtdrlil 'r'o.rn"i'inq,ii.ni..,,r:il.t,rc.r,i"r"n.nA*,.na"n,,",,,ngr
ilr{rxl.mc;r t)ri.c. lh somes.nsc, a anx,B conricr k tikc a
{',Trif 1" -hr jpih\? it..n'r,nr,ito,n,qnn,rcd,ntir.i..,.,,i,q,,Ii
,r.,. ,,r, .,{ilr,, i"q in ililr nrnn, , .,,il.t.\t,.
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trxr(:ilchil lxh ni s.(rinr 3. ",tir

1.5 Regulation
*-",,,,- .,r,tri. .,..,ixfl\.n.,.Filt.'x.il.il
], rh" r.r.mr
ls r " s il, t L \. 1' \ .L" itrrr. tn il." un,r.d st.il.l. rhr !,f.,.,n.hr
r:n,.,Fdil
l.v ll
nrR.slirlnrg(:ommirsbn rcrtrlxrcs drc ailxtrca m.rt.l, In rhc l,nild Kn;.
d,(. rr $ ir{i.,r-t t.il,d,.Ailrtr.,ivr.A,t,,,- Url,l.
"",,,,".nna
rdL1.i'-qrl.' an-ti'ur. n,,'L.n(er,cnhariAflilotI
Ii r. .I F' ll. ilit qf., Ln.,r\,r]rtc, f,,i ifrnF, i,.*l,",r,",in,,
' 'k [.
,r, \,J.nr x,t rn.,n.i,il mart.F i,trl ilrc (onomv
Rr; ilrh' r. rry .,,(r In,,,.r1 r.
tr,1.r.,'tr.'.1..n,r,. "r rt,r mr,.,r..r ",r,r.nc ,hi, tdr.r f r.tndcd i,,,,Tf,y
r,, marifl t,rcA.l,."
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l''" u" r.4 \.,,ri..,h. qa\an.n.nr hi( d.htrn,d !nfr", I rh."-
'N.r{1. k, il, orgn,tnrn)tr.ailcd rh. Nn(i,:rt F{rtr.sAa\ociilion (NrA).
'rqrhilrilni6
t, r.,.r'\ - [.,-L'ilil'n t'^r, .,." NF wi. (r^.,a.d wilt ilF.t.hdr"
".rr,ng
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il
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i nuni[frol.oilrntrh r, rid.. llc 'r(rn'11 $ Lii, lurion\, !\tiri"!. rill $rs.
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'Lrnl[,i1[(
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(o'(,rr ol rrf Nhr"s. lltr, n,.[r1'ri ]i n,..,\o.r(,L i,LrL 1il.1,, !
rtr!'trfl],$qlr,nl'ns.(\t1,, Ll'.nrrl\."nl,il('\in!,r "o'L
{|' rr(L \yn(tr'. \l,klL rl,nr,
.o,,{'trrnrt. r 1'illr.[.cronirLli lr rl(. t nnetL s(kr. ]rL r'r,["! is (h' i
nirL,,r\iUr,(riniSl'trrilt.rtrdr.(li'nrL.lrr.l'rilgr'ranl,(,r$1,.1'r,lc,tr'
il,. ll,u enlt fir urdiilg rn,l hxrr ,6nrd h.r\ill il(. .(l\r'Lr ri rIrrLo"I
hadl"g. Non(il,e|($, il'e txcl)ang(! har( hJ !) !
t, olr.' elc(trn'i. trrding ln rh( Li'iki srr!a,'clpon,L Loilr t,Lr Lr.!ln'!.'nd c[.-
rof n nidn)(a'r uwl, 6ur nr.ilr',.o'xn,ns, rl..tro.i. r'rdtrU N berintrr'g
b d'nc pn nxdn,g.ur 0f Lnsines "
l pc'nnr tr[,,.nrrr!ilnorlnrn.i(!rrn]!1cmblilL.\! rln' n [,,H t,)rni tr,
,.. .''.",.'i. s'1il,. L,li{-.,.1 ,...'i ..
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on xr rh( nx'r \\[.n rhc U$nnn n.dtr]r,ir.d, cx.[ t).!L\,ltr^itr., !,rI
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rr. dnt ilrr( d t, rnd dx loss (,iL!r L.d lun c,!lr f.tr 11: \\i, o\( r rl' i

,!'rr.1 tL,or t) fltr,rr,,L , rh.( f.u L\

tr{ ilr. prni, r I hil t,!rr's .rli1l
srllilU., tfr\ ,trLn\ fun hiyd .n!l or [trr]'Lx l).! I r
nr,.'llr,[,rdd !likn'slnrn'(. r^irn,'5'irlvr,!i
oll.r ilr.nIirnrL.otrr]i.r InL "'[. 'l!. ]ri,k, ti tr

,l(lnr I .{.rt,i'nrior lh!l n)e irnitr l\ 8,trtr

, n,i8ltr fn N It h li1tr1L.r] olla.i'g tu 1tr,)
b tnl. '.{in.'
rln !tfi,\ne poiiln,,, rh( L..orilcs n{,s.i nl

www.fainnilu!e,o,Soolkt
ji!.,_ Your on'ne prepnalion re5ou(e
 5l

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 l,l sr Readirq59 . rlruresMarkerandCofuc.
iri

lr
il
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i

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IF:lf.umrfi;frxcifl;;i;rE};;ii; .' rr.v-.':1F:*---*-*
?1
hiri i fiilu\ p'j.r = 9t00, rniiil n,r,gh,(qtri,cnx,h! = 55, viitrr)rr.c ma|!in rctilictrrJjr = gl
panel A. Hotd.rof Long poeition of lOCo.ra.ti
Day Beqinning Funds
(1) Balan(e (2) Depoeiled (j)
0 50 100.00
50 0 90.!0 _030 811
12 0 96,00 _t.20 3! t0
t0 10 I0t.00 5.00
i00 0 103.50 2.50 ,5 125
r25 0 los.00
120
0.10 -5 110
o 104.00 lo0

Pahel B. Hold.rofShodPo3ition of lO Conrrad.

Day 39innin9 Funds sefrtemnt

(1) salan(e (2) Deporited G) pil@(.)
ro5s(6) Ralanc. (7)
0 o io lDnri 50
I1)0lM -0.80 n
I iN o
0 06.00 -3.20 32 $
tJ fi 0 5,00
1 10
101,00
-10 40
0 103,50 2.50 -25 t5
5 t5 35 0.10
6 51
l0a.o0 5 . ti
0 l0t,0o t,00 -10
Riadlns 69 . rururer Ma*csand contad5

\ilrcn rlLcordocL^rril,.p.\iLin) rh.il,!trn' n!(trr(d k,'i,!k(r x)ilr(lnrr

pri.. aL wLi.h il'. !rnn(tioD,)c.nr, il,n,[. !1il.nka,r pii..1[rr nr]
O\.r il,c six{L'} f'ild, il,. !x,[] i' i,n.:riu. dLtn\iLrd 590. lL.
!c{ount bxh'nc rr ilre unl ol th( sixLh &) il 5l:10-ncxil) r 50 pr,.cnt r(rNrr
.!(f ii\ ilil:i lor bii. lI( Lrk il l'afd Il, r[n h Jnn\r il]. lli,nn),i r [o[[,
.a 10 J,otr corta,h oltr il,,! $nn t.' ol N.k. ilr( rlr n, nt lrins,il,. l
prnrr dr.r.i!. and L*.i Nh.! pic\ in, Lrr!.. I loc L[. .i,di ]f, [Lrn(r li](
b.lolv a'e n,iiln.h{r nn'ln,,r!LLi,.r,.)r on l)rt l, xrL lit Jrnl nrn
ilctorn S35 on lly 5, Ar il,c.,ni ol l)r) (j. rh. n(nr h$n(t,o\ikal Sai n'xi il(
brlil(( (S15,rn\\ol$ll).,r!!nl)'r)r'(o'r,\ritrlLirrl(\.sn Srl)L[.nilr
n,id.. lloil, crs.s iltrrrlr dle lNoiNo r11.rr f'xl rlt|rilirs gln* rnd bs.\
\!l'on cldnlhilra a lntuc! p(;n,l, il i i np.'rnr t, kil.\r $c f irc l.r(l
il,rr \rnild uigg.r a nri'Xin call. ln il,il.rn, n doo nor nirtrc' hoN nrnl,oil
t-rls oilr IiL1. l hd pricc chrng.uild rc.d r) Lil rr a Lilg lnDinnr !n rn. ft,
i nur foslion) hy il)c diltrn.. Irrc.il il!' iri, r] rnn i'.tr,'L.nr'.c nrqnr
lequnulcru. h n'[ cxMU., dr'dilkrrD.! Denncn il,. i]itr'.n r,11 Diin!-
nan.o irrsn,,?quncrcrB n $5 - $l = $:. ilnL. iln f'n.,\.nLl n.od b flil|
ilom !100 b $!3 for n !,rg porinon !, ,k li,,n:lrlr) b Slr)! n)r r Jn,r tori
toil) r) u'ggu a il)n'gu1(rll
rt5 dosc'iLctl hrre, *Len r ua&, ,er!il(r
dcpo\n lilds snUrnlr h hing dx.r((.n,r bx

dlf \h.n thcilrgi, bdu,.. is5lr). Il'il rdrtrtrtr ni20 brl,r Lhc il.(nnrnn.
ler.l, ind lc is rcqilrcd !, dcfoii $llr n) b'iu rh. brltrxr L{) tr) iln ii tiil il,r,si r
l.\1t ll hc\oid f'ollrrorb,L!osn il,oril,Lilnn,rl htrnLi, h.(.u' (lacou( d'.
posliil a\rdr r prNiblc tlr lill^\iiA,['\ ., h.\nna rid P'k. r\
'h.
r,vn,! qri.klyal ilr opcril4 or llr'lt 11 iln ilL h.,tr SUi r, J!5, l,( l,\
[]r 510 nrnc,si)n,q our il11 ilix'!i, i,
hc \,iil1 []\r i h!.{n.nrtr+ir

drc n,rL$n r.ount nt toul

p,i.. t.r (n{il.Lal uLi.h hr bougLt, Jl0l), riri
t1,001). Str.h r b$ Nrild o.0r il il,c, ic. lJl !) r',) rhlrn'rlr l'il n,nr lilrl
Thist,icrriJ L,\su,yrrrsc.il, litrr .r l'tr ir n..'LJultlx+. nLil. r) dn n,i
rii nr'gnr rcqtrn(n'.rt.r'5i1) ir rln [{ildr L .i dn in,r ]ra(in, d,.r. n n!
ntI!x linnon d,!t,i.(ilnl!,cp,{trrrill Ia)n rh(ttrrLnrll) trJj (r

Conlidef a tu!tr$ .onlet nr riri.h il,c .u.cnt tlrur6 pricc is $8!.

Ih. il'nil gin n'qntr.nR'nr tr $1, .u'd il,r md'x.!n.'ice iilJrd'n
rcquircnu( '.n
[ 52. You so lons !0.onurcb and rc.t Jl Dargin cdb
buLdonotrnhdDw!ryexces nilryiD.Asrhe duron ilIe fi4tdi, $c
co"rc.r'i t \GLbJr.J .r 6e ranL d"trr p'i e, $ rl,cr. n no mrlr"
DrrkaF;h or lo$ or durdal
a. &mple.c ldEble klow qd prcid !n etplanati.d or dny rnn&

wda nn ore or$slkl-Your on ine mepararon rerou(e

 Iheclearinqhou!., Maninr.nd pil.e Limtb

Beglnhing Euhdr Fururer Prit. :

Day Balan(e Dep6ited pde Endinq I
cnanse caln/ro* laiint"e -i
<l .1
82
84 ,]
l: ,1 lr !
?3
.i
79
82
],1
84

3, Dcreminthepiccjdddh.soilddmi!;;rdnan,

Solu6ntoA:

_ seginnins Fundr ruturer pd(e

*rt"Miilll Endinq i
,

0 100 82 r00
lOO O 84 2 ., 40 140
140 o ?B _6 *r2o !o
20 80 73 -5 _l0o 0
o too ,-,J I Pn 2.20
2200823@280
280084240,J20
Oi Dd) 0. \o,r ncposi S,!O Lc(a,B. dre jniiit miryin r.qnirch.n,
n
.aiP{(qrrr mr"r^r go .ng20.onrmcb.A[hc.nd;t D.) 2, dE
hrrn, c s,roF' ru t20, at,i h h t20 etw 6.
!10 maihlcn.rn;c m$
Ftr rcturrmenr r12 p4 con,Ect rih." 20 (onh.E.you nru{d.h,sr
.roilpr DUnry.ro bnn8 ilr t{ranc.up tod,r inirialmrrcin
no, oryoo r& pa rcnm, I u-". zb.onr-.ur. so rclni;-
.,.pdilidu. lh, pn(crh.n+onD,v3.aG4.rin/tosoi_$,,00. "nt",s..-"
rJqngrc'' q-ih a bdiaf o, $0 ir dc.nd of D,vS, On D:) 1, you
muad^po.ir St00,o,crurn rh. brt?n.e ro rhe i;idat
m^Rin,.r.l,
Soluilon h B: A p'n..ttr,c s ro 87o qoutd,d8sr
rk!r.'ron B hlcd on rh. t.rr rfrarh. dif.,"n;;Frsen i mn8,n rlil. I hn
mrrFilr Fr
il,. iniri
'il.hcnrald,h" m.rinknJh.chiEin Fftiremcnr r51. I
[. rih'c-pnhv,nBr $ry. n -nttt t^ t",Jtrotito. l,rsg"*"
 Read n9 69 . tururer Maileaandaonradr

Sorrcllucs.on!rcGllpds( lini6oil rh( !i.r.h.nff( a'xr.rn.e(rr trortr

onc dxr b rhc Dcrr App'.linrclt, drrsc arr.all.d picclinib thr* linir5n,.
ey'rli $:Ls rn rb\ilurc.hnng. o\rr ilrc tro\inN di)r UJjng rhc exxDlnc nlo\.
qln^r ilr p,i.c linn \tu S+. l lr *rilrl nlu a'rr c..h rL\r n. rur.kriol
,'i,i .il. | 1,,. l,"ln. r.r'.'lr t.,.',r !,'t'.', r..,..t t, .. o, t..,1,t,..,
d,. pnairLsddenql fri.r nlnruiSl. so.n n(xl daliictt.,rnrfri.c.xnnl{
go b${rt il,t I'i.. lilnn.ril dn'r r. !rtr\.i.rinr (ril L't.
t[(r Lqord ilr,][ni,
11 rl'c f ,ir. ,{ \ilrnL MNn.ril[ \Lonll Lc n)]dc c\.ccils ilrr tnnirs rh.il
f,r.. r*.r!.il) ircurs trr ono .l r[( liilirs, rr)icI n rxtlld I ILnn Dov... r] rl(
pri.( n nu(kd r[( ufpolitr'ir, n i.rlM rlnil up itstr.t,Ll toldlnnn, n
..,1.-llil,JrJu\xL.,.,il,...,',.."'.,,t. 'ret..
t,, 1,.. t{rr,,
'" L.....1,1-1i".rl..\.:r',r'. .iL ilu,l.d'ilLn L- J.,
unl($ ilic pd.. [$ Dxned ba.[ rrilin '. ilre tinrLb, il'e i{dd)r L I ',t-trtrwilt ilxlr
frno
b. xr oi'c dl r[c ]irns. Tl'c loLlorrn)( d.$ ilk |rv rlrgc ol.r.r!phtie pr..s b
nlrLu.ntpritulhNor niinns Lio'ns. lL.d(hilgdLrrdi1li'c|r

rr,(krrion nord({tr'n.k6hx\(!ri.( 1iili5

' !,nr il'.tr d,c.x.h.tr)A.s hr\. rln. pd\*1 1o n)a't(onil.Nn,ilr,.
dxl decn, il ntce$rry'l[rs a)9.]r do $ drrnlg drr nrdinS dr)

pro.rdrre s delgnrd (o.ollt.t L,srs a.d dil!iLun

ncr rhrt lo$cr n'1 pixl r.ldr b.comnrg large cnouBh ()
.ad.6trL R(rl1 rh,{ d'..lcIinghotrs. g!.u:n1ecs b.rth
rbouL.,iLr.ri,8 lLom dre.ourtrdp'rt'lIe.te]r
i6tll nr Ic n,nLllc ol (,L.h.onu.].r, bc.onrirg iltr
dreloilsrndd!.lons.ouNe'r,rnybdr.lron IL.
ilr0 !rilic\ i".u',n,A [)$.i in rhn dri\

dr opFsh I drt li dx

& .ir,i if,&l?]riiid DELIVERY AND CASH SETTLEMENT

A !'$nn\ll d(5.riL(d, r l!(rrs ri(L.r un !Lse.ur r p,\irioj, bJorc.\li.r
rn,r Il drchdc' loldralongpo\i&nr,Jrc.insilnrll..rcrnrl,rpojrnnjroso
Jn,1 ilrcsuE titrnd.onrncr. FroDr ilrc.texrnrgLotr$t pcNpc.d!c, ilrc r(dcr
ho[[ Loilr a In)g xnd Jrotr losiioil nr dro $Dre cotr[..l Tho$ pornnns a,c
conrnlcnd ro otr!( nnd, d).rrtore, rre'e ir ro op.D postio! ir pL(.. rro!
irurs.onh.rs I. oltrct befor. crfitr(ion. Those drn! rcnr,ih in ptr(. arc
$iljc.r ro uilh.rdrlircryo.nnnrlcah scdonr.o! tsere w. cxplore ilristrocc\r,
ril'n| ddcnnror nds I turu.es c.Nr.ilcrrrilrat6 rrcxpiminr.
$'ncu de (scliln# dcsigN a irur cs .onr.a( n $ccin6 \,hcdjer ilrr co, r
!d \ill tcnninxre rilh dctircry or rdr sed0rcnl11 il,e coDoJct r(rnjillxr.s !i
drlivr')1 dic.n rrnrSnon5c selocL! r c.!nrctjr,$ u\LrIy $c trollrr.filrc o]d.n
1u"g !,!ract, k, r(.rpr netrcjl tlr IoLlej ot drr Jro.r porili,r ilr.n d.tirtr
i* uril.il'nrg () ric honfur otn]c iDg plnion, rho pr! d,r $o,r ilr. ,ccc]
5nL).xJr 6r rl(.und{dfnrg, StrDo$, lL, tunlln(, ilrr lro.tars bdnrc Gpn.r
 I
o.rtv.dahdcfis.hicFrnr * '

rha.,",'hF,"!'^"r,f,"r.r,,j,.,ililr,,.,rr.{i.,ir-n n..t.na,.i_ail.,y
/,tr Lr ri' s1,,."il,..'.n.rtsni.,rfli, {.1? 1ur,.,L il';rain r']
i!, r -,*, I rti, j.,.i,, \t,,.. r,t,,'.n,.,.rr, r, t"-.,r 3-1 .,t,,, .n,
.td'..rliDg dx1 il,iN nQi fj. niil.r [rs 610.h.nc\. jh..in nr.upr 1..I(xc
,, il,t. -.,tr. ..,-s,.,,j,r,
t,,..{,r Itf n.ra,-.r,.{tr,, _.ilt | il.cn
",,.f
\ itr r il" Jf -.,'., \4r td t* F^,1"c r.,,h. finxt.",,L r..,, p,r.
:i I
, .1'..r.1.r..,ii',,-.,.,,,,r,rt.,,,.c
-r,,'lr', t..i," \',, h.,, . - l,.rri.. i,. r. ilx..,rl iil rtil L. t,,gil,r!
. ^
-, - r, n rrrh.r.n.,,,,il.lhi q ilr,t t,...ari...r ro
. :"-." 1" ".r^.1
i. 1tr,-"F\....nil, t-. il,\.,,r rnr\1,{q,,rxnd..rflr.r,qr1".,- (1"
:'1,''ll".j:'"". ?3rFir,whshi.(r'nr"n,
.,1,,,,: .,, ri.,, i I 1 _.,rr..r.,4,r I il.t,. h.,.t r-,r n.r.d,tr
nr rhr yrr[D(,r pric..fSi3. r\ dcw.rilnrt abov..'l n-s,ron
ln.r[.rnrrn.r.rd.NJ]r tr!)ccilnrc,ili.h$cd.s{TiDcd in thcrcrdnrEon
-
h,md ilrk,h,nxt ({r,rh. r,.Nh scril.mojr. Thc cklingc dGjF{cs'ceF
h D lr(!'s coir'f,ds N.sh_kirlcd.orhx.h. It rhc coilki.r rtr.d ir
drt cr.m.
d. rrt .:Kh nlrlcd, trrn nr. r )do Nonkt nor trccd b.r.\c,nn ilrc Fsnion I
., rl,r,tr.,rt,,,i, .t,,, \...,,-1t.il,
4111.'1.", 1, . ..\t,... f .,,irjn
:1.,... I i h. r.,tr r i,..a.t..
r,..,il. n.",,.t t-.,,.,1,a,,,.,.,r, i.",
i Axn, on r[. Jinxl iry.t$1. ( xir \.rt,n(nr.onri.h Ia\c s.n..drnhgcs
{i',r,t -,,, {r .r a. t,,.,,,,,h..ir."!.-,,, \:i,,ir.,,ilr.,,,"q,,,,,, *..
I.\il,- 1.il[N' r.s r,, i I \-t.,,. ., r..!. rt,,.. fn.fl ,.r ildn, n, \orc.
tn\.\.r'1,1 l.i,r .. ^, 1r,, . \., nn n,.tr ot,,"tnrry
*'
r.tr.i.. a".ry 1.+.,
--
ffi *:uiffs,ffi;iilrii;;'
,",,it,.i:li:i.J,:lii,*,

rrye.rt{eilcrscr,!ilfi s3

wvw d, n{iture or9^oo kt-your ontin. pr$rralion rc$urc.

 neadins 59
' Fuiu@ M.rketsa^d co^radr

clx.otrror.ah\cntrrnlnr o\crp\snid.[dr Frnuh]) \to ilrc unil.'l,n'!

a{r I n IIFi.nl.oxnDiiht
C.!!i.6 lcrigildrd for delika) li\1.il rili!ry ot llrrtr'.r r[I (,il, (drpti
ca'c d(liv.ry I' nkar.nse{ dclivdrd.tra ilor rn.rr iDnndiill(l] .iltrrxpnrrnnr
btri krd pla.c olg $v.ril drF. h nldnn,r, nianl.onnr$ F'nrn il1c Jrrr L,
.h.oJ.whdd.livqlL[rrphc.. Iin n'n"f ..nha.rs,il(lilIr( urb.nradennl
burix\i dry ol il'c nxxnh, l he dclila') to'nnl uilalL) nrchdc\ ilr. ni)\ liUo\r
ilrA ilr 1.\r oi,l ilg ilx) ol dx rloildr. \JinI n rn']Ltf nr rttr ilri'11 \.c[ ol il!.

ln xddnilr, ilr. st'o'r oti.I t'.r ,{tr rtr,ici r!!rrti,Lg drtn.L), a ir.!,tr
o!( Lriilg .xr, af lhicl und(r\'inA ,r{r ' n r[i r.'rd. fo] r\.unplr, a furxe\
iu,il..,,,,.'u\Lr.bil,!1,...!..r,.!1,.r.i.,.., r.ir,,h...,it.rt,.,.t.,,.,.
coilkx( Lat dte (xri..r8o aoard ol'ltid( Frnr r d.lno,.t lrr ot scvr,il lt.r.l
rh.L Fnr'rcs.onnncb.alhrg aor fhlnil drln?'f.t.orrnoililiA .ne; pcr.
lrt drlivc,t I ilillircf i).atioDs. Agnc!.oil'ilrodnt d.tikrcd b onr [).nrion
is lot nn: safu :s d[r coilnilodny d.lided ro rnodrrr L((,nLr ot drr .osr
inro[.n nr hnlril'8 ilr. Loilnnodir! ltc ilrod hoLts i!: rote ria[t b nulc
dccirnn$ ulour vhnr, \ilrcr, lld Nhr'. !) dJnan ind drc , iahr b nrnkc ilresc
ic.irnN cm h citcnrcly\nlurLlc. lhc !o iiLtr x dccnnxloncril,nrg
d,csd rfecs ol dclncrf i crl[d n derivery 'ighropdon.
Soinc In!ild conrrcb dd.r! to. drtn( 1I r(!rLi'c dctirrr I ol ilrr r.(r,i
xse',udsonr. ilsc onlynbook.ilrl For rx,rtrpl( i' il'I davrndrg., n,, onc
IL)ri.illlf hndtr5 U,S, n!*ur, bonds ilr ilx n,rr ot fir.r\ ot f,r)ci lnnxtr
arc trnJlrrcil rl(.tori.xllt,\4r r[r [il.]rl l(\.rcs \tr( rr.nr, OLh.r
conor.a, su.l nr,,il or rilrcrt, do r.r'rllt nrolr rhd thtli.iL rrilJir 01 ilr,
asrer I'hFi.ald.likqisnrorc..nnnon\iltrrr ilrcuild.rt)nrsnrp[Ficit.oilr
DodiLf NIrrcr\ brol cr!1 i nn)'c .,,rilxtr' rdro I rIr !itr[ rt)jilg ir r 1ina,,

Ftrrtr.s rhx'kd Frii.ipr"b us. onc r,itrnniil trtir.if pb.(dtr,!, il,nh n

.rl k1l excheg. lor thFi.* (BI,). n a! t,f l, rrr
I rnnr, dr !!rg rild nro, {
rrNSr in al.'r'arnc irliv.il p(,.rJr'(. li! .xrrtrttr, ^r. ilr,()ii.ilg., Boild .l
nril.\ \il'rnt lntruar.o"L'a{ rs r.!rir( d(ln.rr on ..Lrai' l.(.s rr.d rrin Iri
rioN rilhcr nr (:li.,r8o oril) r liw oih Inlitn d Ln.ari,N iil rttr NInhro!. fl ilr.
long x'd nroil ngkr, ilrrl corid.llhl d.ln(,r bt hrirg d,. Jnnr iLctid dn,
Nhrir !)nrc kn,gnr,forc\ulrc, Om['ll(. rb prrrn,\\otr[L drcn itn,r (r
ilr.(:hi.rp Roxil olnrdc ilrn. rhq hi soLLL.d r[.ir.rtrrL,r.r ouhidu ol dk.
cxchnr{.\ no,f'!l drlivcr, pr1,(au.r, ri'nl rnilkt b. r(ilh.!n} (, ilx.

6",tet&nery FUTURES EXCHANGES

A nrn!.r .y.l'r|8. I I [.gnl .o,!orxr. .]'r'1, \[o\, J,r'Jx,[[ L) r,. i6 r,.n]
1.il.'l l'r n,rnil^* n\n nrrn'lnrJrlta, nr,1, (.rhon\ .rn( (t sc!ts. lix( tLrngr
nxlnb(,s hnvr r[. triyi[gc ol cr..lrirg I rnn.rn,tr on d'. .s(hng. Iiact'
Drrtriluacrrnr(idkrn f,oorr.&ro' xbrokq FLnr.ric'sa'1,!pnrtll.ri[\t
locdr: [n)lch x]c rypn.nlllcrllrd fu.urca comilLsionmcrchans cnG). l.o.i\
lrc nrilld .rrl.'r, $rndhg rcadf r, Lq nil,t rtt Lt qnorilg,r Lnt.ilil rn:bt

rl]M
".,,,,.,,,,,,,,,,,,,,,,,,',t.,,.,,,,,"

Mda'n*ilure,or4oolkil-Your onlihe preparanon resourc

 putu rej Ex.h ahoer

pd,niry pkni.lc,: ortiquidjry ro dr. mxrlct. FCMS crc.nr.

rx,ricr,il ilr.y,Lxn[r
.\ h,"c, ll inr r\nntrl I rr,ilt. i..il,,ti,,3 !i n,,. .{ sr\.
{' rn. I tr r.,Ii,r i..,tri.,r( A r.itpcr on(,s Lo
r.i,fnr,t,. t, \ r,,, r{nnt, h,;rrrint !n
pl.fir k lwinc ir ilrc bjd

.il inlil ro f,,,fi, r;,iln il ! ,,,, !qr.,ic,L

"1\r,
,1 \ ,' I ' 'l','
\ 'trilrL ja \i,trtrl).k, r{r .,r rt," lil,t ,| d i.[ ,,r
",."r
dl,rl!il fr' trrs .\ hr r{.r Lrc h.ktnrg (nl.r on dn. f,oor or .tr
dr.
,rt,, \r Lr\tilr.,.rnti,rs.\l,i.hr",,cr,,[,{,il,n,iltri.
r,.i ,,\ n I'r! .,,rt L, rrh(, rh,n!.trrirr\. .,1 I (,, kfir
\prr ili.1 rio's rni hit(.\ nr iinil Ic ntrh irn)rhixri{r rs rhir nrc ot
inil) rlxri,..r'tr1$hon'rh.v,.Drcr.rr,r,,^\norrt hiniliih
i rin[r1s n) fxdc,:, r,i do iod\ illl ,;s n sd ol nxrdnril hilnt sisnils

hrrdnn. $hor i Lrrsrcrn)n ir n8r..i on, rhc railcB fiil our rnrtl
tu r)\ rnil rtr'n rhcm o\.r r, rnr{s. n[o drcn tuc
qil, n1l i,ru rl r n\ rtr'.' L, !{ri,t
ilrri ilr. r,,rrNdi.
 I
It

ft!flffilfl "lf f _yf ddb 20 L6adine_ rutures_ExchaneeJ F

i

Exchanqe and Location

(l'(iA,, Il lir(lian*e (Un(r,l sLil(J

'.,tr'LJ(
(rlrl.,r,, k,x,d,i lrrilr (Lhilrd sIrrJ
Itrnnln, L'rc'rxLiil,i li',rrrirl Ii rr 1 s,trxi
()trnnst\(l'r',9((l,oi(ildi'g([rr) liL.52!.77!
hisri( Ntrr,tr[,LiriNli'run]siln.wlL) 9t.t7t.til
N(N]itrt Nnj(.1 jrir.l.\, lL,nrq( (t r)n! d s.iri r!.01!.!Bl
'til).'l oil'ilnnl r) 1.\([rrgr (].+rn)
l.ondoi Ld,il I vl'.rtrN. (Uh((t tiin*derL)
l'r'iJ li{!s. Sl (li.trrr)
syil"ft lirtr'* fr( h.ursf (An{x1i.,
l(,r,, str,.1 Lxl l)a ir( l&tr.,,
sif!{\,( l:!r ,.,nA( (si rN.Utr()
(i !rrl I.!),n' (i, n'ilo,Liq lts{ Liri!. (L' ,r
')
L,rrtrrLinrJ ll o[arnlx.h]ilsr(l'Lirdli"Sr[,r) ?ri,i)!a10?
()Nrsr,trth,in'l \rlr.'rN( (s$.rL(rl
In[y0(, ]t,, li! ,,r rr (rpri)

IlIli lnlr.'\x',.,i, (\t],1iil) tll0r!!j

lily.snnlhrlr.'rNr(lrpan) t: tO5 tJt
Sonil,lliiilrlirr'.ilix.l'ug.(SoLrl'llnrr ltH03!t!

Affitr@E TYPES OF FUTURES CONTRACTS

'tIe d lldril. tr!.\ ol h'ru'ti .oni,('\ .ni. !.'rrr.' l) dnn[Ji in!) hro nranL
H'onpi..n!no,liLIhilr',rnn.lliililtrLil trrrr,' (i,filxrliLrtrltrr\(.ro r"
diIniil,,H,nu[('r1. trr.[il,r"ilp,r',i((" f',(tL(6 t]i'rilrirlr(rLriirtr[([
iorls.Lorir,r,xL(il"r,kirs lishili lAr$rl,o&Lo\(Lrirrol Lhrnn^rr,1n(
rlp.s!i lrLIr\t.],r',!c rrdrd or) a[irJ lrLL'(5r\rL.u]N.s. I[.!..oil]1r.6
rtu iln^. (ttrriul h ilk tlAlro..r y'rl/rar,,, I n Jrk i!,|n.{.n.
(ltr p'inrx,\ lirs in ilrir Lo0[ | or tnr.' (ir].trnt (n'r.n,I,u(r(\ (or.
r'r(c. \\ irlin lr rn'rd(],ili s'.'r), r{' n'.'i r i)nrrs n on iirc'(n r.il. rixL h,rrL
1n!tr$ {,tr1 nnn r r'{,'r.\, r|d.u rr \ rrr'tr( \ $i riil) {( (,sirrrtI r',Lt( ]ct
.'rn(.n,x(orL),trLih t'{il'1.rr.ri".trL '(
t'( h.ilNittr[r] il1 Lrt, ilN,.(n(
| ,,t .. | ,l! L r." \. t..,,
'r
.. .. ,., L. . .t,
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6.'1 Shoft-Term lnterest Rate Future5 Contracts

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