{"metadata":{"generator":"Captivate","generatorVersion":"11.8.0","schemaVersion":"","author":"Deborah Diamanti","title":"Series-3-Basics","description":"Series 3 Exam Prep. Module 1. Topics include: Futures, Basis Grade, Long and Short Position, Stock Exchanges, Clearinghouse, Speculators & Hedgers, Buying on Margin, Execution, Clearing and Settlement.","email":"info@examsecuritiesprep.com","website":"www.examsecuritiesprep.com","tags":"","thumbnail":"","source":"assets","durationInFrames":89223,"frameRate":30,"totalSlides":95,"width":880,"height":660,"responsive":false,"scalable":true,"launchFile":"index.html","isVRProject":false},"contentStructure":[{"id":"Text_Caption_5","class":"TODO::Senthil","instance":"Text_Caption_5","title":"ESP Exam Securities Prep, Inc. Copyright © 2022. All rights reserved. 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Some of the most frequently traded types of futures are:   ","roles":{"textData":{}}},{"id":"Text_Caption_1700","class":"TODO::Senthil","instance":"Text_Caption_1700","title":"AGRICULTURAL  These were the original futures contracts available at markets like the Chicago Mercantile Exchange. In addition to grain futures, there are also tradable futures contracts in fibers (such as cotton), lumber, milk, coffee, sugar, and even livestock. ","roles":{"textData":{}}},{"id":"Text_Caption_1719","class":"TODO::Senthil","instance":"Text_Caption_1719","title":"ENERGY  These provide exposure to the most common fuels and energy products, such as crude oil and natural gas. ","roles":{"textData":{}}},{"id":"Text_Caption_1720","class":"TODO::Senthil","instance":"Text_Caption_1720","title":"METAL  These contracts trade in industrial metals, such as gold, steel, and copper. 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Positions can be taken in either direction, meaning investors can go long (buy), as well as go short (sell) the commodity.  Commodity futures use a high degree of leverage so that the investor doesn't need to put up the total amount of the contract. Instead, a fraction of the total trade amount must be placed with the broker handling the account. The amount of leverage needed can vary, given the commodity and the broker. ","roles":{"textData":{}}},{"id":"Text_Caption_1505","class":"TODO::Senthil","instance":"Text_Caption_1505","title":"How a Commodity Futures Contract Works Most commodity futures contracts are closed out or netted at their expiration date. The price difference between the original trade and the closing trade is cash-settled. Commodity futures are typically used to take a position in an underlying asset.  ","roles":{"textData":{}}},{"id":"Slide181011","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Button_1842","si180843","si180856","Button_1843","si180894","si180907","Text_Caption_1502","Image_946","Button_1844","si180981","si180995","Text_Caption_1504","Text_Caption_1505"],"roles":{"slide":{"durationInFrames":2010},"navigation":{"navid":"Slide181011"}}},{"id":"Text_Caption_1728","class":"TODO::Senthil","instance":"Text_Caption_1728","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1118","class":"TODO::Senthil","instance":"Image_1118","roles":{"click":{"subtype":"button","question":"Slide238334q1"},"question":{"interactionId":"238141","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"si238161","class":"TODO::Senthil","instance":"Text_Caption_521","title":"Commodities futures contracts can be used by speculators to make directional price bets on the underlying asset's price. Investors can only go long (buy) the commodity. 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Positions can be taken in either direction, meaning investors can go long (buy), as well as go short (sell) the commodity. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si245185","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide238334","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Text_Caption_1728","Image_1118","si238161","si238176","si238187","si238222","si238234","si238246"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide238334"},"question":{"interactionId":"238111","quizId":733,"title":"True/False","text":"Commodities futures contracts can be used by speculators to make directional price bets on the underlying asset's price. Investors can only go long (buy) the commodity.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_1932","class":"TODO::Senthil","instance":"Button_1932","roles":{"click":{"subtype":"button"}}},{"id":"si215373","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si215386","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1036","class":"TODO::Senthil","instance":"Image_1036","roles":{"click":{"subtype":"button"},"question":{"quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_1933","class":"TODO::Senthil","instance":"Button_1933","roles":{"click":{"subtype":"button"}}},{"id":"si215456","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si215469","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_1934","class":"TODO::Senthil","instance":"Button_1934","roles":{"click":{"subtype":"button"}}},{"id":"si215507","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si215520","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1623","class":"TODO::Senthil","instance":"Text_Caption_1623","title":"FUTURES CONTRACT ","roles":{"textData":{}}},{"id":"Text_Caption_1723","class":"TODO::Senthil","instance":"Text_Caption_1723","title":"Cash Forward Transactions A cash forward contract has similarities to a futures contract, but it differs in certain other respects. The cash forward contract could be for any amount of the cash commodity and for any quality, as agreed by the buyer and seller.   Futures contracts are always for specific amounts of the commodity and for a specified grade of the commodity.    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The price of oil is at $45 per barrel.   If the price of oil is trading at $60 when Robert’s contract expires, he has a $15 gain or a $15,000 profit. The trades would settle through the investor's brokerage account crediting the net difference of the two contracts. Most futures contracts will be cash-settled, but some contracts will settle with the delivery of the underlying asset to a centralized processing warehouse. ","roles":{"textData":{}}},{"id":"Text_Caption_1508","class":"TODO::Senthil","instance":"Text_Caption_1508","title":"Large Gains or Losses Considering the significant amount of leverage with futures trading, a small move in the price of a commodity could result in large gains or losses compared to the initial margin. Speculating on futures is an advanced trading strategy and not fit for the risk tolerance of most investors. ","roles":{"textData":{}}},{"id":"Image_950","class":"TODO::Senthil","instance":"Image_950","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Slide181366","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Button_1845","si181193","si181206","Button_1846","si181244","si181257","Text_Caption_1506","Image_949","Button_1847","si181326","si181340","Text_Caption_1507","Text_Caption_1508","Image_950"],"roles":{"slide":{"durationInFrames":2211},"navigation":{"navid":"Slide181366"}}},{"id":"Button_1836","class":"TODO::Senthil","instance":"Button_1836","roles":{"click":{"subtype":"button"}}},{"id":"si180369","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si180382","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_1837","class":"TODO::Senthil","instance":"Button_1837","roles":{"click":{"subtype":"button"}}},{"id":"si180420","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si180433","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1494","class":"TODO::Senthil","instance":"Text_Caption_1494","title":"Risks of Commodity Speculating Unlike options, futures are the obligation of the purchase or sale of the underlying asset. As a result, failure to close an existing position could result in an inexperienced investor taking delivery of a large number of unwanted commodities.  Trading in commodity futures contracts can be very risky for the inexperienced. The high degree of leverage used with commodity futures can amplify gains, as well as losses. If a futures contract position is losing money, the broker can initiate a margin call, which is a demand for additional funds to shore up the account. The broker will usually have to approve an account to trade on margins before it can enter into contracts.     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Commodity futures can be used to hedge or protect a position in commodities.  A futures contract also allows one to speculate on the direction of a commodity, taking either a long or short position, using leverage.  The high degree of leverage used with commodity futures can amplify gains, as well as losses.  The IRS requires a specific form when reporting gains and losses from commodity futures contracts: Form 6781. 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The basis grade is the minimum accepted standard that a deliverable commodity must meet for use as the actual asset of a futures contract. This grading is also known as par grade or contract grade.   Basis grade is vital for trading in futures and to maintain uniformity within the market.  ","roles":{"textData":{}}},{"id":"Image_830","class":"TODO::Senthil","instance":"Image_830","roles":{"click":{"subtype":"button"},"question":{"interactionId":"162472","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1350","class":"TODO::Senthil","instance":"Text_Caption_1350","title":"Breaking Down the Basis Grade As the name implies, the basis grade establishes a baseline from which other variations of the same product or material compare.   Products failing to meet this established basis grade, are unacceptable and have the risk of rejection. Since basis grade is the minimum tolerable accepted standard, ideally the exchanged commodity would exceed the criteria. Products of a higher quality which exceed the basis grade command a higher value and justify better exchange terms. 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This grading is also known as par grade or contract grade.   Products of a higher quality which exceed the basis grade command a higher value and justify better exchange terms.  The exchange will allow the seller to deliver a substitute grade lower in quality than the basis grade at a discounted price or one that's higher in quality than the basis grade at a premium in price. The exchange specifies which lower and higher grades are deliverable.  A corner exists when an individual or group of individuals who are acting in concert accumulates all or substantially all of the available supply of a commodity.    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By contrast, if the investor has short positions, it means that the investor owes those stocks to someone, but does not actually own them yet.  An investor who owns 100 shares of Apple (AAPL) stock in their portfolio is said to be long 100 shares. This investor has paid in full the cost of owning the shares.  Short Position An investor who has sold 100 shares of AAPL without yet owning those shares, is said to be short 100 shares. The short investor owes 100 shares at settlement and must fulfill the obligation by purchasing the shares in the market to deliver.  Quite often, the short investor borrows the shares from a brokerage firm in a margin account to make the delivery. He thinks the stock price will fall and buys the shares at a lower price to pay back the brokerage firm.  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Individuals who trade in futures contracts may be either speculators or hedgers.   Speculators buy and sell futures for the purpose of making a profit. The speculator will take a long position. This means he will buy futures when he anticipates that the price will rise.   He’ll take a short position, which is to sell the futures, when he anticipates that the price will fall. It makes perfect sense that if the speculator is right in his judgment, he’ll will make a profit. If he’s wrong, he will lose money.  ","roles":{"textData":{}}},{"id":"Text_Caption_1278","class":"TODO::Senthil","instance":"Text_Caption_1278","title":"Speculator Adds to the Liquidity of the Market By entering bids and offers for a commodity, the speculator adds to the liquidity of the market. Without active participation of speculators, a market would be thin. A thin market is one in which there's a lack of sufficient liquidity and has volatile price changes. 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Speculators buy and sell futures for the purpose of making a profit. The speculator will take a long position. This means he will buy futures when he anticipates that the price will rise. He’ll take a short position, which is to sell the futures, when he anticipates that the price will fall. It makes perfect sense that if the speculator is right in his judgment, he’ll will make a profit. If he’s wrong, he will lose money. 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Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si245205","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide239524","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Text_Caption_1733","Image_1123","si239351","si239366","si239377","si239412","si239424","si239436"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide239524"},"question":{"interactionId":"239305","quizId":733,"title":"True/False","text":"Individuals who trade in futures contracts may be either speculators or hedgers. Speculators buy and sell futures for the purpose of making a profit. The speculator will take a long position. This means he will buy futures when he anticipates that the price will rise. He’ll take a short position, which is to sell the futures, when he anticipates that the price will fall. It makes perfect sense that if the speculator is right in his judgment, he’ll will make a profit. If he’s wrong, he will lose money.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_1854","class":"TODO::Senthil","instance":"Button_1854","roles":{"click":{"subtype":"button"}}},{"id":"si181930","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si181943","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_1855","class":"TODO::Senthil","instance":"Button_1855","roles":{"click":{"subtype":"button"}}},{"id":"si181981","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si181994","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1515","class":"TODO::Senthil","instance":"Text_Caption_1515","title":"What is a Hedger? The hedger is not focused on making a profit when she buys and sells futures. Instead, she’s interested in shifting her risk of loss on the cash commodity as the result of adverse price changes. She does this by making a futures purchase or sale to serve as a temporary substitute for a cash market transaction that she’ll make at a later date.    ","roles":{"textData":{}}},{"id":"Text_Caption_1516","class":"TODO::Senthil","instance":"Text_Caption_1516","title":"SPECULATORS & HEDGERS ","roles":{"textData":{}}},{"id":"Image_954","class":"TODO::Senthil","instance":"Image_954","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1517","class":"TODO::Senthil","instance":"Text_Caption_1517","title":"Hedging with Commodity Futures Contracts Another reason to enter the futures market is to hedge the price of a commodity. Businesses use futures to lock in prices of the commodities they sell or use in production.  The goal of hedging is to prevent losses from potentially unfavorable price changes rather than to speculate. Many companies that hedge use or produce the underlying asset of a futures contract. Examples include farmers, oil producers, livestock breeders, and manufacturers. 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Instead, she’s interested in shifting her risk of loss on the cash commodity as the result of adverse price changes. She does this by making a futures purchase or sale to serve as a temporary substitute for a cash market transaction that she’ll make at a later date.  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She does this by making a futures purchase or sale to serve as a temporary substitute for a cash market transaction that she’ll make at a later date. \r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_1586","class":"TODO::Senthil","instance":"Button_1586","roles":{"click":{"subtype":"button"}}},{"id":"si157084","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si157097","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_1587","class":"TODO::Senthil","instance":"Button_1587","roles":{"click":{"subtype":"button"}}},{"id":"si157135","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si157148","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1285","class":"TODO::Senthil","instance":"Text_Caption_1285","title":"SPECULATORS & HEDGERS ","roles":{"textData":{}}},{"id":"Button_1810","class":"TODO::Senthil","instance":"Button_1810","roles":{"click":{"subtype":"button"}}},{"id":"si177844","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si177873","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_958","class":"TODO::Senthil","instance":"Image_958","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1521","class":"TODO::Senthil","instance":"Text_Caption_1521","title":"A plastics producer could use commodity futures to lock in a price for buying natural gas by-products needed for production at a date in the future. The price of natural gas—like all petroleum products—can fluctuate considerably, leaving an unhedged plastics producer at risk of cost increases in the future. ","roles":{"textData":{}}},{"id":"Text_Caption_1522","class":"TODO::Senthil","instance":"Text_Caption_1522","title":"If a company locks in the price and the price increases, the manufacturer would have a profit on the commodity hedge. The profit from the contract would offset the increased cost of purchasing the product. Alternatively, the company could take delivery of the product at a cheaper fixed price. 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Diane sells at a loss and receives $5,000.   Since this equals the amount owed to the broker, Diane loses 100% of her investment.   If Diane had not used margin for her initial investment, she would still have lost money, but would only have lost 50% of her investment . . . $2,500 instead of $5,000. 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The amount is based largely on the investor's creditworthiness. A maintenance margin is required of the broker, which is a minimum balance that must be retained in the investor's brokerage account. ","roles":{"textData":{}}},{"id":"Image_881","class":"TODO::Senthil","instance":"Image_881","roles":{"click":{"subtype":"button"},"question":{"interactionId":"166145","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1392","class":"TODO::Senthil","instance":"Text_Caption_1392","title":"In this example, John deposits $15,000 and the maintenance margin is 50%, or $7,500.   If John's equity dips below $7,500, he may receive a margin call.   At this point, John is required by the broker to deposit funds to bring the balance in the account to the required maintenance margin.   John can deposit cash or sell securities purchased with borrowed money. 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The amount is based largely on the investor's creditworthiness. A maintenance margin is required of the broker, which is a minimum balance that must be retained in the investor's brokerage account. 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The broker sets the minimum or initial margin and the maintenance margin that must exist in the account before the investor can begin buying on margin. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si245217","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide240238","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Text_Caption_1736","Image_1126","si240065","si240080","si240091","si240126","si240138","si240150"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide240238"},"question":{"interactionId":"240015","quizId":733,"title":"True/False","text":"The investor sets the minimum or initial margin and the maintenance margin that must exist in the account before the investor can begin buying on margin. The amount is based largely on the investor's creditworthiness. A maintenance margin is required of the broker, which is a minimum balance that must be retained in the investor's brokerage account.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Image_1095","class":"TODO::Senthil","instance":"Image_1095","roles":{"click":{"subtype":"button"},"question":{"interactionId":"236070","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_1689","class":"TODO::Senthil","instance":"Button_1689","roles":{"click":{"subtype":"button"}}},{"id":"si167130","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si167143","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_1690","class":"TODO::Senthil","instance":"Button_1690","roles":{"click":{"subtype":"button"}}},{"id":"si167181","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si167194","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1404","class":"TODO::Senthil","instance":"Text_Caption_1404","title":"REVIEW ","roles":{"textData":{}}},{"id":"Text_Caption_1447","class":"TODO::Senthil","instance":"Text_Caption_1447","title":"Buying on Margin ","roles":{"textData":{}}},{"id":"Line_2","class":"TODO::Senthil","instance":"Line_2","roles":{}},{"id":"Button_1823","class":"TODO::Senthil","instance":"Button_1823","roles":{"click":{"subtype":"button"}}},{"id":"si179027","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si179056","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide167293","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Image_1095","Button_1689","si167130","si167143","Button_1690","si167181","si167194","Text_Caption_1404","Text_Caption_1447","Button_1823","si179027","si179056"],"roles":{"slide":{"durationInFrames":600},"navigation":{"navid":"Slide167293"}}},{"id":"Button_1686","class":"TODO::Senthil","instance":"Button_1686","roles":{"click":{"subtype":"button"}}},{"id":"si166834","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si166847","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_1687","class":"TODO::Senthil","instance":"Button_1687","roles":{"click":{"subtype":"button"}}},{"id":"si166885","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si166898","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1401","class":"TODO::Senthil","instance":"Text_Caption_1401","title":"BUYING ON MARGIN - REVIEW ","roles":{"textData":{}}},{"id":"Text_Caption_1402","class":"TODO::Senthil","instance":"Text_Caption_1402","title":"Buying on margin means you are investing with borrowed money.   Buying on margin amplifies both gains and losses.   If your account falls below the maintenance margin, your broker can sell some or all of your portfolio to get your account back in balance. 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","roles":{"textData":{}}},{"id":"Text_Caption_1427","class":"TODO::Senthil","instance":"Text_Caption_1427","title":"If a trader buys a contract, he's buying it from a person who's selling the same contract.   The seller has the obligation to make delivery of the cash commodity during the delivery month, while the buyer has the obligation to take delivery during the delivery month and pay for the cash commodity.   These obligations remain in force unless either party makes an offsetting transaction.  When a trade is made on the floor, neither the buyer nor the seller knows, nor cares about, the identity of the other party to the trade. Take note that each side is obligated to the other to perform on the terms of the contract.   If the buyer wants to eliminate his obligation of excepting delivery of the cash commodity, he will do this by selling his long position. 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However, through the facilities of the clearinghouse, neither party to the transaction requires permission of the other party to eliminate his obligation by offsetting his position. The clearinghouse has assumed the role of buyer to all sellers and seller to all buyers.    ","roles":{"textData":{}}},{"id":"Text_Caption_1432","class":"TODO::Senthil","instance":"Text_Caption_1432","title":"EXECUTION, CLEARING & SETTLEMENT ","roles":{"textData":{}}},{"id":"Image_914","class":"TODO::Senthil","instance":"Image_914","roles":{"click":{"subtype":"button"},"question":{"interactionId":"169903","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1433","class":"TODO::Senthil","instance":"Text_Caption_1433","title":"When the trade was made between the buyer and the seller and it was subsequently cleared, the clearinghouse became the buyer for the seller and the seller for the buyer. If the seller decides to make delivery, he looks to the clearinghouse to provide him with a buyer who will stand for delivery and pay for the cash commodity.   The seller will be provided with a buyer by the clearing house and the buyer will pay for the cash commodity   ","roles":{"textData":{}}},{"id":"Text_Caption_1434","class":"TODO::Senthil","instance":"Text_Caption_1434","title":"It's because the clearinghouse stands ready to provide a buyer for a short who wants to make delivery, or provide a seller for a long who wants to accept delivery, that the process of offsetting is able to work in the futures market.  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She decides to sell a contract of wheat.   Ellen gives her order to her account executive, who has the order transmitted to the floor of the exchange.   At the same time, James, another trader in New York, decides to buy a contract of wheat and his order is also transmitted to the floor.   The floor brokers meet at the trading pit and transact the order at $2 per bushel. Ellen is now short a contract at $2 and James is now long a contract at $2.   Ellen, the seller, has incurred the obligation of making delivery of the wheat, while James, the buyer has incurred the obligation of taking delivery when paying for the wheat. 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Let's assume that, prior to the expiration of trading during the delivery month, Ellen decides to end her obligation. She will buy an equivalent contract on the same exchange. Because James bought back one contract of  wheat, he cancels his short position.   The original seller, who is Ellen, buys a contract on the floor from any person who's willing to sell a contract. The new seller of the contract replaces, Ellen, the old seller, on the clearing houses books.  How does this affect James, the original buyer in New York? He bought a contract from Ellen, who has now left the market by offsetting her original short position.   There's no impact on James at all because the clearinghouse will provide a new short to make delivery if the long chooses to stand for delivery. It doesn't matter to the buyer whether the delivery is made by the original seller or any other seller. All that really matters is that some person delivers one contract of corn. 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In fact, approximately 98% of all contracts are offset prior to the expiration of the period.   All intermediate parties who have bought and sold from the inception of trading are not involved in the final delivery and payment for the cash commodity because they have offset their positions. This is possible because of the clearing house. ","roles":{"textData":{}}},{"id":"Image_922","class":"TODO::Senthil","instance":"Image_922","roles":{"click":{"subtype":"button"},"question":{"interactionId":"170727","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_1832","class":"TODO::Senthil","instance":"Button_1832","roles":{"click":{"subtype":"button"}}},{"id":"si179846","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si179875","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_980","class":"TODO::Senthil","instance":"Image_980","roles":{"click":{"subtype":"button"},"question":{"interactionId":"184607","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1557","class":"TODO::Senthil","instance":"Text_Caption_1557","title":"In the example on the previous two slides, if the parties decided to offset their positions by selling an equivalent amount of contracts to offset a long position, or by buying an equivalent amount of contracts to offset a short position, the futures Commission merchant that carries each traders account would compute the profit or loss for each trader.  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CLEARING & SETTLEMENT - REVIEW ","roles":{"textData":{}}},{"id":"Text_Caption_1446","class":"TODO::Senthil","instance":"Text_Caption_1446","title":"Execution Buyer and seller enter into a legally binding agreement to transfer securities from the seller to the buyer in exchange for money from the buyer to the seller  Clearing Performing all the necessary steps leading to the settlement, such as posting sufficient margin and recording the transactions  Settlement The actual exchange of securities for money when the securities are titled to the buyer and the money is transferred to the seller  ","roles":{"textData":{}}},{"id":"Image_924","class":"TODO::Senthil","instance":"Image_924","roles":{"click":{"subtype":"button"},"question":{"interactionId":"171145","quizId":733,"text":"Image 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implemented","score":{"weight":0}}}},{"id":"si199484","class":"TODO::Senthil","title":"B) ","roles":{"textData":{}}},{"id":"si199488","class":"TODO::Senthil","title":"not more than 70% of the cash value of the futures contract ","roles":{"textData":{}}},{"id":"si199484_a","class":"TODO::Senthil","roles":{"answer":{"title":"not more than 70% of the cash value of the futures contract\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199554","class":"TODO::Senthil","title":"C) ","roles":{"textData":{}}},{"id":"si199558","class":"TODO::Senthil","title":"the full value of the contract ","roles":{"textData":{}}},{"id":"si199554_a","class":"TODO::Senthil","roles":{"answer":{"title":"the full value of the contract\r","index":"Not implemented","score":{"weight":0}}}},{"id":"si199569","class":"TODO::Senthil","title":"D) ","roles":{"textData":{}}},{"id":"si199573","class":"TODO::Senthil","title":"none of the above 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The obligation means that, while a position is held, the customer is potentially liable for the full value of the contract, which may be unlimited. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si199883","class":"TODO::Senthil","title":"Incorrect - The correct answer is C. A futures contract represents an obligation to make or take delivery, even though the customer need only deposit initial margin to open the position. The obligation means that, while a position is held, the customer is potentially liable for the full value of the contract, which may be unlimited. Click anywhere or press ‘y’ to continue.  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This grading is also known as par grade or contract grade. \r\rBasis grade is vital for trading in futures and to maintain uniformity within the market.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1615","class":"TODO::Senthil","instance":"Text_Caption_1615","title":"QUIZ ","roles":{"textData":{}}},{"id":"si206756","class":"TODO::Senthil","instance":"Text_Caption_480","roles":{}},{"id":"si206679","class":"TODO::Senthil","instance":"Text_Caption_458","title":"If an investor has long positions, it means that the investor has bought and owns those shares of stocks. By contrast, if the investor has short positions, it means that the investor owes those stocks to someone, but does not actually own them yet.  Basis grade is vital for trading in futures and to maintain uniformity within the market. 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By contrast, if the investor has short positions, it means that the investor owes those stocks to someone, but does not actually own them yet.\r\rBasis grade is vital for trading in futures and to maintain uniformity within the market.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1739","class":"TODO::Senthil","instance":"Text_Caption_1739","title":"QUIZ ","roles":{"textData":{}}},{"id":"si199947","class":"TODO::Senthil","instance":"Text_Caption_455","title":"Exchanges are responsible for . . . ","roles":{"textData":{}}},{"id":"si199958","class":"TODO::Senthil","instance":"Text_Caption_460","title":"A) ","roles":{"textData":{}}},{"id":"si199962","class":"TODO::Senthil","instance":"Text_Caption_462","title":"Establishing rules that govern the conduct of its members.  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The obligation means that, while a position is held, the customer is potentially liable for the full value of the contract, which may be unlimited. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si200202","class":"TODO::Senthil","instance":"Text_Caption_470","title":"Incorrect - The correct answer is A, B and C. The exchange establishes rules that govern the conduct of its members, investigates complaints and discusses appropriate penalties and arbitrates disputes between members or, if requested, between members and customers. Click anywhere or press ‘y’ to continue.  ","roles":{"textData":{}}},{"id":"Slide200216","class":"Question Slide","instance":"Question 5","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Text_Caption_1739","si199947","si199962","si199973","si199984","si199995","si200030","si200042","si200054"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide200216"},"question":{"interactionId":"199909","quizId":733,"title":"Multiple Choice","text":"Exchanges are responsible for . . .\r","ikc":true,"type":"knowledgeCheck","interactionType":"choice","ramdomized":false,"correctAnswers":["A","B","D"]}}},{"id":"Text_Caption_1616","class":"TODO::Senthil","instance":"Text_Caption_1616","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207138","class":"TODO::Senthil","instance":"Text_Caption_486","roles":{}},{"id":"si207061","class":"TODO::Senthil","instance":"Text_Caption_481","title":"A clearinghouse is a designated intermediary between a buyer and seller in a financial market. The clearinghouse validates and finalizes the transaction, ensuring that both the buyer and the seller honor their contractual obligations. Every financial market has a designated clearinghouse or an internal clearing division to handle this function. 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","roles":{"click":{"subtype":"button","question":"Slide207372q16"},"textData":{}}},{"id":"si207132","class":"TODO::Senthil","instance":"SmartShape_24","title":"Incorrect - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q16"},"textData":{}}},{"id":"Slide207372","class":"Question Slide","instance":"Question 6","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Text_Caption_1616","si207061","si207076","si207087","si207250","si207262","si207274"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide207372"},"question":{"interactionId":"207017","quizId":733,"title":"True/False","text":"A clearinghouse is a designated intermediary between a buyer and seller in a financial market. The clearinghouse validates and finalizes the transaction, ensuring that both the buyer and the seller honor their contractual obligations. Every financial market has a designated clearinghouse or an internal clearing division to handle this function.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1617","class":"TODO::Senthil","instance":"Text_Caption_1617","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207508","class":"TODO::Senthil","instance":"Text_Caption_493","roles":{}},{"id":"si207431","class":"TODO::Senthil","instance":"Text_Caption_488","title":"Speculators buy and sell futures for the purpose of making a profit. The speculator will take a long position. This means he will buy futures when he anticipates that the price will rise. He’ll take a short position, which is to sell the futures, when he anticipates that the price will fall. It makes perfect sense that if the speculator is right in his judgment, he’ll will make a profit. If he’s wrong, he will lose money. 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","roles":{"click":{"subtype":"button","question":"Slide207742q17"},"textData":{}}},{"id":"si207502","class":"TODO::Senthil","instance":"SmartShape_26","title":"Incorrect - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207742q17"},"textData":{}}},{"id":"Slide207742","class":"Question Slide","instance":"Question 7","thumbnail":"","children":["Text_Caption_259","Text_Caption_461","Text_Caption_1463","Text_Caption_1458","Text_Caption_1617","si207431","si207446","si207457","si207620","si207632","si207644"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide207742"},"question":{"interactionId":"207391","quizId":733,"title":"True/False","text":"Speculators buy and sell futures for the purpose of making a profit. The speculator will take a long position. This means he will buy futures when he anticipates that the price will rise. He’ll take a short position, which is to sell the futures, when he anticipates that the price will fall. It makes perfect sense that if the speculator is right in his judgment, he’ll will make a profit. If he’s wrong, he will lose money.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1618","class":"TODO::Senthil","instance":"Text_Caption_1618","title":"QUIZ ","roles":{"textData":{}}},{"id":"si207878","class":"TODO::Senthil","instance":"Text_Caption_500","roles":{}},{"id":"si207801","class":"TODO::Senthil","instance":"Text_Caption_495","title":"The hedger is not focused on making a profit when she buys and sells futures. Instead, she’s interested in shifting her risk of loss on the cash commodity as the result of adverse price changes. She does this by making a futures purchase or sale to serve as a temporary substitute for a cash market transaction that she’ll make at a later date.  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She does this by making a futures purchase or sale to serve as a temporary substitute for a cash market transaction that she’ll make at a later date. \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1619","class":"TODO::Senthil","instance":"Text_Caption_1619","title":"QUIZ ","roles":{"textData":{}}},{"id":"si208248","class":"TODO::Senthil","instance":"Text_Caption_507","roles":{}},{"id":"si208171","class":"TODO::Senthil","instance":"Text_Caption_502","title":"Buying on margin occurs when an investor buys an asset by borrowing the balance from a bank or broker. Buying on margin refers to the initial payment made to the broker for the asset. 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