{"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":73377,"frameRate":30,"totalSlides":68,"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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Speculators go short when they expect the price to fall.   By shorting (selling) the future at its present value, and then covering later by buying at a lower price, the short speculator will also profit. Speculators include floor traders, CPOs, commodity trading advisers, large professional traders, and even small investors. 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He believed that everyone would be paying higher prices for groceries in the near future. He thinks he can possibly profit from the higher prices for agricultural products.  Anthony thinks that the price of corn would rise. If this is the case, he could purchase corn, store the corn and sell it in the market at what he hoped would be a higher price. However, Anthony doesn’t have anywhere to store the corn, so he’d have to pay the full price for each bushel.  Anthony does the math and figures that the current price for corn is $2.80 per bushel. He knows that he will have to pay to store and insure the corn.  If he borrows any of the funds necessary to purchase the corn, he’ll have to take into consideration that there will be finance charges.  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For a three-month period, Anthony will have a cost per bushel of $2.80 + ($0.0333 x 3) = $2.90.  Anthony knows there’s a better way to carry out his plan . . . through speculation in the futures market.  Anthony opens a futures account. With the futures account, he doesn’t have to purchase the underlying commodity. He’s only required to deposit a required amount of the margin.  He knows that the price of corn is $2.80 per bushel and futures contract size is 5,000 bushels, which are available for a number of different months of delivery. Anthony decides to review a contract for delivery in three months.   The price of the futures contract is presently bid at $2.8850 and offered at $2.90. Anthony believes the market price will rise and he goes long the futures contract by purchasing it at the offered price of $2.90 per bushel.   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This amounts to 7.5% of the futures contract price per bushel ($0.2175 + $2.90 = 0.75 or 7.5%).   For each futures contract that Anthony goes long, he’ll need to deposit $1,087.50 ($0.2175 x $5,000). He’ll be required to pay round-turn commissions of $35.00 per contract. This means that a single fee is paid to establish the long futures position and later to liquidate (sell) those contracts.  Anthony makes the decision to go long 10 July futures at $2.90. He deposits $11,225. This represents equity of $10,875 and commissions of $350 for the 10 contracts. After one trading session, he realizes that the closing price of the July futures contract is $2.92 per bushel.  Anthony is long at $2.90 per bushel and the closing value for the July corn futures is $2.92 per bushel. The increase of $0.02 per bushel represents an increase in his equity by the same amount. His margin (equity) deposit was $0.2175 per bushel and the value is now $0.2375.  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This represents an increase of $1,000.   If Anthony had liquidated his position based on the closing market value, his profit would equal the $1,000 increase in equity minus the commission expense of $350.00, or $650.00 profit.  After a few days, the corn closes at  $2.8550. This has a direct and negative impact on his equity. He’s long the corn futures at $2.90 per bushel and now he sees a decline of $0.045. His equity per bushel has gone from $0.2175 to $0.1725. He does the math which shows his equity is currently $8,625.00 ($0.1725 x 5,000 x 10).  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Add to that the round-turn commissions of $350. Bringing his loss to $2,600.00 ($2,250 + $350). This present loss of $2,600 represents approximately a 23% total loss, including margin deposited and commissions paid ($2,600 ÷ $11,225.00 = .2316).  Stressed out, Anthony calls Stan. Stan is upfront and goes over the margin requirement with Anthony, which remains at $0.2175 per bushel. Anthony’s maintenance level of $0.1675 is coming close.   If the maintenance level falls below $0.1675, he’ll receive a maintenance call and have to deposit sufficient equity to bring the account equity up to the initial margin level.  If corn futures are down by $0.01 from yesterday’s close of $2.8550, what happens?  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Loss of $.01 means that the market close was $2,8450.  This represents a $0.055 decline from Anthony’s long position of $290.  The equity deposit of $0.2175 has declined to $0.1625 ($02.2175 - $0.055)  This is below maintenance level and Anthony will have to deposit $2,750. Why? Because $0.55 per bushel x 5,000 bushels x 10 contracts.  Stan tells Anthony his firm requires a deposit prior to the opening of the next trading session. He tries to cheer Anthony up by telling him that corn did rally near the end of the last trading session, but no one can predict what happens today.  Anthony makes the decision that he doesn’t want to risk any additional loss now and places an order to sell the 10 corn contracts. After the market opens, the contracts are sold at $2.8625.  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He calculates this by dividing his loss by his deposit.  DEPOSIT PER BUSHEL\t\t\t$0.2175 TOTAL DEPOSIT:\t\t\t\t$1,087.50 FOR EACH CONTRACT LOSS FOR EACH CONTRACT:\t\t$222.50  $222.50 + $1,087.50 = .2046, which is a loss of 20.46%  Obviously, you must have the ability to calculate to some degree if you are considering investing in the futures market. The Series 3 Exam will require you to answer speculation questions quickly and accurately.   The best way to do this is to use a MODEL.  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Regardless of whether a person makes or loses money, a commission will still be paid. To eliminate this potential flaw, commissions will be shown as money out of the customer’s account in the way that losses are shown. 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A payment of $35 in round-turn commissions will be shown as (35).  \t(500)\tGross loss per contract \t(35)\t\tCommissions \t(535)\tNet loss per contract  In other examples, it will be necessary to calculate the percentage profit or loss. In these cases, once the net profit (loss) per contract is calculated, it's divided by the amount of margin per contract that has been deposited.  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It's necessary to determine the profit or loss separately for each of the liquidation values used for the futures contracts. ","roles":{"textData":{}}},{"id":"Image_1275","class":"TODO::Senthil","instance":"Image_1275","roles":{"click":{"subtype":"button"},"question":{"interactionId":"271853","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1885","class":"TODO::Senthil","instance":"Text_Caption_1885","title":"Net profit of $5,720 ($10,100 - $4,380) ","roles":{"textData":{}}},{"id":"Button_2324","class":"TODO::Senthil","instance":"Button_2324","roles":{"click":{"subtype":"button"}}},{"id":"si285751","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si285780","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide271882","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Image_1272","Image_1273","Image_1274","Button_2219","si271711","si271724","Button_2220","si271762","si271775","Text_Caption_1883","Text_Caption_1884","Image_1275","Text_Caption_1885","Button_2324","si285751","si285780"],"roles":{"slide":{"durationInFrames":93},"navigation":{"navid":"Slide271882"}}},{"id":"Button_2231","class":"TODO::Senthil","instance":"Button_2231","roles":{"click":{"subtype":"button"}}},{"id":"si272635","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si272648","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2232","class":"TODO::Senthil","instance":"Button_2232","roles":{"click":{"subtype":"button"}}},{"id":"si272686","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si272699","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1893","class":"TODO::Senthil","instance":"Text_Caption_1893","title":"Debt Instrument Futures ","roles":{"textData":{}}},{"id":"Line_38","class":"TODO::Senthil","instance":"Line_38","roles":{}},{"id":"Image_1282","class":"TODO::Senthil","instance":"Image_1282","roles":{"click":{"subtype":"button"},"question":{"interactionId":"272734","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2325","class":"TODO::Senthil","instance":"Button_2325","roles":{"click":{"subtype":"button"}}},{"id":"si285842","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si285871","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide272805","class":"Normal Slide","instance":"Debt Instrument Futures","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2231","si272635","si272648","Button_2232","si272686","si272699","Text_Caption_1893","Image_1282","Button_2325","si285842","si285871"],"roles":{"slide":{"durationInFrames":132},"navigation":{"navid":"Slide272805"}}},{"id":"Button_2228","class":"TODO::Senthil","instance":"Button_2228","roles":{"click":{"subtype":"button"}}},{"id":"si272415","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si272428","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2229","class":"TODO::Senthil","instance":"Button_2229","roles":{"click":{"subtype":"button"}}},{"id":"si272466","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si272479","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1891","class":"TODO::Senthil","instance":"Text_Caption_1891","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Image_1287","class":"TODO::Senthil","instance":"Image_1287","roles":{"click":{"subtype":"button"},"question":{"interactionId":"273066","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1890","class":"TODO::Senthil","instance":"Text_Caption_1890","title":"Treasury Notes, Treasury Bonds and the Muni Bond Index Futures contracts for long-term financial debt instruments are based on Treasury notes, Treasury bonds, and the Muni Bond Index. These futures trade on the Chicago Board of Trade (CRT).   The Muni Bond Index is based on municipal bonds and uses an index value per point of $ 1,000.   Treasury note and Treasury bond futures have a contract size of $100,000 and are quoted in 1/32 of-a-point increments. Each full percentage point in value for the futures contract is equal to $ 1,000, while each 1 /32-of-a-point has a value of $31.25.   Treasury bills and Eurodollars trade on the Chicago Mercantile Exchange (CME).  ","roles":{"textData":{}}},{"id":"Text_Caption_1898","class":"TODO::Senthil","instance":"Text_Caption_1898","title":"These futures have a contract size of $1,000,000 and trade in basis points. One basis point equals 1/100 of 1%.   Short-term instruments underlying the futures contracts are based on the three-month maturities of these instruments (1 /4 of a year).  ","roles":{"textData":{}}},{"id":"Button_2326","class":"TODO::Senthil","instance":"Button_2326","roles":{"click":{"subtype":"button"}}},{"id":"si285933","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si285962","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide272581","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2228","si272415","si272428","Button_2229","si272466","si272479","Text_Caption_1891","Image_1287","Text_Caption_1890","Text_Caption_1898","Button_2326","si285933","si285962"],"roles":{"slide":{"durationInFrames":2595},"navigation":{"navid":"Slide272581"}}},{"id":"Button_2237","class":"TODO::Senthil","instance":"Button_2237","roles":{"click":{"subtype":"button"}}},{"id":"si273156","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273169","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2238","class":"TODO::Senthil","instance":"Button_2238","roles":{"click":{"subtype":"button"}}},{"id":"si273207","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273220","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1896","class":"TODO::Senthil","instance":"Text_Caption_1896","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Image_1288","class":"TODO::Senthil","instance":"Image_1288","roles":{"click":{"subtype":"button"},"question":{"interactionId":"273293","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1897","class":"TODO::Senthil","instance":"Text_Caption_1897","title":"One percentage point in value for the T-bill or Eurodollar futures contract equals $2,500 ($1,000,000 x .01 = $10,000 + 4 = $2,500).   One basis point on a short-term financial futures contract has a value that's equal to $25.   One percentage point of value = $2,500. There are 100 basis points in 1%: $2,500-100=$25  ","roles":{"textData":{}}},{"id":"Button_2327","class":"TODO::Senthil","instance":"Button_2327","roles":{"click":{"subtype":"button"}}},{"id":"si286024","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si286053","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide273322","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2237","si273156","si273169","Button_2238","si273207","si273220","Text_Caption_1896","Image_1288","Text_Caption_1897","Button_2327","si286024","si286053"],"roles":{"slide":{"durationInFrames":864},"navigation":{"navid":"Slide273322"}}},{"id":"Text_Caption_1944","class":"TODO::Senthil","instance":"Text_Caption_1944","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1315","class":"TODO::Senthil","instance":"Image_1315","roles":{"click":{"subtype":"button","question":"Slide279518q2"},"question":{"interactionId":"279336","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"si279355","class":"TODO::Senthil","instance":"Text_Caption_578","title":"Futures contracts for long-term financial debt instruments are based on Treasury notes, Treasury bonds, and the Muni Bond Index. These futures trade on the Chicago Board of Trade (CRT).  ","roles":{"textData":{}}},{"id":"si279366","class":"TODO::Senthil","instance":"Text_Caption_589","title":"A) ","roles":{"textData":{}}},{"id":"si279370","class":"TODO::Senthil","instance":"Text_Caption_590","title":"True ","roles":{"textData":{}}},{"id":"si279366_a","class":"TODO::Senthil","instance":"68_93","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si279377","class":"TODO::Senthil","instance":"Text_Caption_591","title":"B) ","roles":{"textData":{}}},{"id":"si279381","class":"TODO::Senthil","instance":"Text_Caption_592","title":"False ","roles":{"textData":{}}},{"id":"si279377_a","class":"TODO::Senthil","instance":"70_94","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si279416","class":"TODO::Senthil","instance":"Button_179","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide279518q2","for":"Slide279518q2"},"textData":{}}},{"id":"si279428","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide279518q2","for":"Slide279518q2"},"textData":{}}},{"id":"si279440","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide279518q2","for":"Slide279518q2"},"textData":{}}},{"id":"si279472","class":"TODO::Senthil","instance":"Text_Caption_593","title":"Incorrect - The correct answer is True. Futures contracts for long-term financial debt instruments are based on Treasury notes, Treasury bonds, and the Muni Bond Index. These futures trade on the Chicago Board of Trade (CRT). Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si279504","class":"TODO::Senthil","instance":"Text_Caption_517","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide279518","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1944","Image_1315","si279355","si279370","si279381","si279416","si279428","si279440"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide279518"},"question":{"interactionId":"279304","quizId":733,"title":"True/False","text":"Futures contracts for long-term financial debt instruments are based on Treasury notes, Treasury bonds, and the Muni Bond Index. These futures trade on the Chicago Board of Trade (CRT). \r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2240","class":"TODO::Senthil","instance":"Button_2240","roles":{"click":{"subtype":"button"}}},{"id":"si273399","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273412","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2241","class":"TODO::Senthil","instance":"Button_2241","roles":{"click":{"subtype":"button"}}},{"id":"si273450","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273463","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1899","class":"TODO::Senthil","instance":"Text_Caption_1899","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Image_1289","class":"TODO::Senthil","instance":"Image_1289","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1900","class":"TODO::Senthil","instance":"Text_Caption_1900","title":"Price-Based Futures contracts that are based on long-term and short-term debt instruments are price-based. If investors expect interest rates to rise, then they believe prices will fall.   The yields on newly issued and existing debt instruments are affected by changes in interest rates.   If a debt instrument pays 7% in annual interest and is priced at 100% of its par value ($1,000 for most notes and bonds), its yield is 7.0%.   However, if interest rates rise and comparable debt instruments offer a yield of 10%, the price of the 7% instrument must be reduced in order to make its effective yield competitive with comparable debt instruments. ","roles":{"textData":{}}},{"id":"Button_2328","class":"TODO::Senthil","instance":"Button_2328","roles":{"click":{"subtype":"button"}}},{"id":"si286115","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si286144","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide273565","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2240","si273399","si273412","Button_2241","si273450","si273463","Text_Caption_1899","Image_1289","Text_Caption_1900","Button_2328","si286115","si286144"],"roles":{"slide":{"durationInFrames":1704},"navigation":{"navid":"Slide273565"}}},{"id":"Button_2243","class":"TODO::Senthil","instance":"Button_2243","roles":{"click":{"subtype":"button"}}},{"id":"si273619","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273632","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2244","class":"TODO::Senthil","instance":"Button_2244","roles":{"click":{"subtype":"button"}}},{"id":"si273670","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273683","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1901","class":"TODO::Senthil","instance":"Text_Caption_1901","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Image_1290","class":"TODO::Senthil","instance":"Image_1290","roles":{"click":{"subtype":"button"},"question":{"interactionId":"273757","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1902","class":"TODO::Senthil","instance":"Text_Caption_1902","title":"An investor who expects prices to fall will speculate by going short futures contracts.  ","roles":{"textData":{}}},{"id":"Image_1291","class":"TODO::Senthil","instance":"Image_1291","roles":{"click":{"subtype":"button"},"question":{"interactionId":"273787","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1905","class":"TODO::Senthil","instance":"Text_Caption_1905","title":"When taking the exam, remember that questions will indicate that investors expect interest rates to rise by using the phrases, \"investors believe the rate of inflation will rise\" or \"the Federal Reserve Board is expected to tighten credit conditions.\"  If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts.   When investors expect interest rates to fall, the exam questions are written using the phrases:  \"the economy is slipping into a recession\" or \"the Federal Reserve Board is easing credit conditions.\"  ","roles":{"textData":{}}},{"id":"Button_2329","class":"TODO::Senthil","instance":"Button_2329","roles":{"click":{"subtype":"button"}}},{"id":"si286206","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si286235","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide273785","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2243","si273619","si273632","Button_2244","si273670","si273683","Text_Caption_1901","Image_1290","Text_Caption_1902","Image_1291","Text_Caption_1905","Button_2329","si286206","si286235"],"roles":{"slide":{"durationInFrames":1749},"navigation":{"navid":"Slide273785"}}},{"id":"Text_Caption_1945","class":"TODO::Senthil","instance":"Text_Caption_1945","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1316","class":"TODO::Senthil","instance":"Image_1316","roles":{"click":{"subtype":"button","question":"Slide279747q3"},"question":{"interactionId":"279565","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"si279584","class":"TODO::Senthil","instance":"Text_Caption_594","title":"If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts.  ","roles":{"textData":{}}},{"id":"si279595","class":"TODO::Senthil","instance":"Text_Caption_595","title":"A) ","roles":{"textData":{}}},{"id":"si279599","class":"TODO::Senthil","instance":"Text_Caption_596","title":"True ","roles":{"textData":{}}},{"id":"si279595_a","class":"TODO::Senthil","instance":"68_95","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si279606","class":"TODO::Senthil","instance":"Text_Caption_597","title":"B) ","roles":{"textData":{}}},{"id":"si279610","class":"TODO::Senthil","instance":"Text_Caption_598","title":"False ","roles":{"textData":{}}},{"id":"si279606_a","class":"TODO::Senthil","instance":"70_96","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si279645","class":"TODO::Senthil","instance":"Button_180","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide279747q3","for":"Slide279747q3"},"textData":{}}},{"id":"si279657","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide279747q3","for":"Slide279747q3"},"textData":{}}},{"id":"si279669","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide279747q3","for":"Slide279747q3"},"textData":{}}},{"id":"si279701","class":"TODO::Senthil","instance":"Text_Caption_599","title":"Incorrect - The correct answer is True. If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si279733","class":"TODO::Senthil","instance":"Text_Caption_518","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide279747","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1945","Image_1316","si279584","si279599","si279610","si279645","si279657","si279669"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide279747"},"question":{"interactionId":"279537","quizId":733,"title":"True/False","text":"If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts. \r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2246","class":"TODO::Senthil","instance":"Button_2246","roles":{"click":{"subtype":"button"}}},{"id":"si273853","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273866","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2247","class":"TODO::Senthil","instance":"Button_2247","roles":{"click":{"subtype":"button"}}},{"id":"si273904","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si273917","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1903","class":"TODO::Senthil","instance":"Text_Caption_1903","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Text_Caption_1904","class":"TODO::Senthil","instance":"Text_Caption_1904","title":"Robert expects interest rates to rise and shorts seven Treasury bond futures at 105-14, the contract size is $100,000 and total commissions are $385. The futures fall to 102-21 and the position is liquidated. What is Robert’s total profit or loss?  ","roles":{"textData":{}}},{"id":"Image_1294","class":"TODO::Senthil","instance":"Image_1294","roles":{"click":{"subtype":"button"},"question":{"interactionId":"274078","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1906","class":"TODO::Senthil","instance":"Text_Caption_1906","title":"Long-term financial debt futures trade in 1/32 of a point increments, with each having a value of $31.25.   In this example, value of the liquidation at 102 21/32 cannot easily be subtracted from the value of the short at 105 14/32, so it's necessary to convert the number of 32nds through the math process of borrowing.   Because the commissions described are for the total number of contracts, it's necessary to convert these commissions to a round-turn: $385 ÷ 7 = $55.  Remember elementary school where you learned how to do basic math? When you borrow, you reduce the whole number value by one point and increase the fraction by the value of one full point.   For example, 101 1/4 will become 100 5/4 when adding the fractional value of one point, and 941/8 will become 93 9/8. For this question, increments of 32nds of a point will be used. ","roles":{"textData":{}}},{"id":"Button_2330","class":"TODO::Senthil","instance":"Button_2330","roles":{"click":{"subtype":"button"}}},{"id":"si286297","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si286326","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide274032","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2246","si273853","si273866","Button_2247","si273904","si273917","Text_Caption_1903","Text_Caption_1904","Image_1294","Text_Caption_1906","Button_2330","si286297","si286326"],"roles":{"slide":{"durationInFrames":3561},"navigation":{"navid":"Slide274032"}}},{"id":"Button_2252","class":"TODO::Senthil","instance":"Button_2252","roles":{"click":{"subtype":"button"}}},{"id":"si274386","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si274399","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2253","class":"TODO::Senthil","instance":"Button_2253","roles":{"click":{"subtype":"button"}}},{"id":"si274437","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si274450","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1910","class":"TODO::Senthil","instance":"Text_Caption_1910","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Text_Caption_1911","class":"TODO::Senthil","instance":"Text_Caption_1911","title":"Short at 105-14 =104 46/32 Each full percentage point in value equals 32/32nds (32 + 14 = 46/32nds)  Short at:\t\t\t\t\t\t\t\t104 46/32 Buy at:\t\t\t\t\t\t\t\t102 21/32 Profit per contract:\t\t\t\t\t\t2 25/32 Profit:\t\t\t\t\t2 x $1,000\t$2,000.00 \t\t\t\t\t\t+ 25 x $31.25\t$    781.25 \t\t\t\t\t\t\t\t\t$2,781.25  Commission:\t\t\t\t\t\t\t($55) Net profit per contract:\t\t\t\t\t$2,726.25 Multiplied by number of contracts:\t\tx7  Total Profit:\t\t\t\t\t\t\t$19,083.75   ","roles":{"textData":{}}},{"id":"Button_2331","class":"TODO::Senthil","instance":"Button_2331","roles":{"click":{"subtype":"button"}}},{"id":"si286388","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si286417","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide274552","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Button_2252","si274386","si274399","Button_2253","si274437","si274450","Text_Caption_1910","Text_Caption_1911","Button_2331","si286388","si286417"],"roles":{"slide":{"durationInFrames":2370},"navigation":{"navid":"Slide274552"}}},{"id":"Button_2255","class":"TODO::Senthil","instance":"Button_2255","roles":{"click":{"subtype":"button"}}},{"id":"si274606","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si274619","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2256","class":"TODO::Senthil","instance":"Button_2256","roles":{"click":{"subtype":"button"}}},{"id":"si274657","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si274670","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1912","class":"TODO::Senthil","instance":"Text_Caption_1912","title":"DEBT INSTRUMENT FUTURES ","roles":{"textData":{}}},{"id":"Text_Caption_1913","class":"TODO::Senthil","instance":"Text_Caption_1913","title":"To reduce the amount of time expended in this calculation, the contracts components have been converted to dollar amounts.   One point in value equals $1,000, and 1/32-of-a-point equals $31.25.  When working through a speculation problem involving short-term financial futures contracts, use the general speculation model.   Remember, on a short-term financial contract, one basis point has a value of $25 and one percentage point equals 100 basis points.  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He deposits margin of $5,000 per contract and pays round-turn commissions of $40 per contract. The value of the futures contracts rises to 94.70. What's the total profit or loss?  ","roles":{"textData":{}}},{"id":"Image_1298","class":"TODO::Senthil","instance":"Image_1298","roles":{"click":{"subtype":"button"},"question":{"interactionId":"274968","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1299","class":"TODO::Senthil","instance":"Image_1299","roles":{"click":{"subtype":"button"},"question":{"interactionId":"275002","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1917","class":"TODO::Senthil","instance":"Text_Caption_1917","title":"What's the percentage profit based on the margin deposit? $2,710 ÷ $5,000 = .542 = 54.2%   When you use the value per basis point of $25.00, you’ll see that it saves time and work.  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A financial instrument is a tradable or negotiable asset, security, or contract.  Legal instruments may contain binding terms, rights, and/or obligations. 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The term index futures refers to futures contracts that allow traders to buy or sell a contract that is derived from a financial index today to be settled at a future date.   Originally intended for institutional investors, index futures are now open to individual investors as well. Traders use these contracts to speculate on the price direction indexes, such as the S&P 500 and the Dow Jones Industrial Average (DJIA). They also use index futures to hedge their equity positions against losses. ","roles":{"textData":{}}},{"id":"Text_Caption_1922","class":"TODO::Senthil","instance":"Text_Caption_1922","title":"These futures have a contract size of $1,000,000 and trade in basis points. One basis point equals 1/100 of 1%.   Short-term instruments underlying the futures contracts are based on the three-month maturities of these instruments (1 /4 of a year).  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A futures contract is a type of derivative that obligates traders to buy or sell the underlying asset on a set day at a predetermined price. An index future, therefore, is a legal contract that obligates traders to buy or sell a contract that is derived from a stock market index by a certain date at a predetermined price.  Index futures, which are also called stock or equity market index futures, function just like any other futures contract. They give investors the power and obligation to deliver the cash value of the contract based on an underlying index at a specified future date at an agreed-upon price. Unless the contract is unwound before expiration through an offsetting trade, the trader is obligated to deliver the cash value on expiry. ","roles":{"textData":{}}},{"id":"Text_Caption_1925","class":"TODO::Senthil","instance":"Text_Caption_1925","title":"These futures have a contract size of $1,000,000 and trade in basis points. One basis point equals 1/100 of 1%.   Short-term instruments underlying the futures contracts are based on the three-month maturities of these instruments (1 /4 of a year).  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An index tracks the price of an asset or a group of assets, such as equities, commodities, and currencies. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si279962","class":"TODO::Senthil","instance":"Text_Caption_519","title":"Correct - Click anywhere or press ‘y’ to continue. 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Traders can invest in the S&P 500 index by purchasing E-mini S&P 500 futures contracts.  Investors can also trade futures for the Dow Jones and Nasdaq 100 Index.  There are the E-mini Dow and E-mini Nasdaq-100 futures contracts, or their smaller variants the Micro E-mini Dow and Micro E-mini Nasdaq-100.  Products may use different multiples to determine the contract price. For example, the E-mini S&P 500 futures contract, which trades on the Chicago Mercantile Exchange (CME), has a value of 50 times the value of the index. So if the index trades at 3,400 points, the market value of the contract would be 3,400 x $50 or $170,000. ","roles":{"textData":{}}},{"id":"Text_Caption_1931","class":"TODO::Senthil","instance":"Text_Caption_1931","title":"The CME delisted the standard-sized S&P 500 index futures and options contracts in September 2021. These contracts were priced at $250 times the level of the S&P 500. That means if the index traded at 3,400 points, then the market value of the contract would be 3,400 x $250 or $850,000. 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Currency futures contracts are marked-to-market daily. This means traders are responsible for having enough capital in their account to cover margins and losses which result after taking the position.  Futures traders can exit their obligation to buy or sell the currency prior to the contracts delivery date. This is done by closing out the position. Except for contracts that involve the Mexican Peso and South African Rand, currency futures contracts are physically delivered four times in a year on the third Wednesday of March, June, September, and December. 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The rate for currency futures contracts is derived from spot rates of the currency pair.  Currency futures are used to hedge the risk of receiving payments in a foreign currency. 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","roles":{"textData":{}}},{"id":"si205711","class":"TODO::Senthil","title":"A) ","roles":{"textData":{}}},{"id":"si205715","class":"TODO::Senthil","title":"True ","roles":{"textData":{}}},{"id":"si205711_a","class":"TODO::Senthil","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si205722","class":"TODO::Senthil","title":"B) ","roles":{"textData":{}}},{"id":"si205726","class":"TODO::Senthil","title":"False ","roles":{"textData":{}}},{"id":"si205722_a","class":"TODO::Senthil","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si205861","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q6","for":"Slide205659q6"},"textData":{}}},{"id":"si205878","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q6","for":"Slide205659q6"},"textData":{}}},{"id":"si205891","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q6","for":"Slide205659q6"},"textData":{}}},{"id":"si205730","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q6"},"textData":{}}},{"id":"si205743","class":"TODO::Senthil","title":"Incorrect. The correct answer is True. In the world of finance, speculation, or speculative trading, refers to the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain or other major value. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q6"},"textData":{}}},{"id":"Slide205659","class":"Question Slide","instance":"Question 2","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1609","si205696","si205715","si205726","si205861","si205878","si205891"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide205659"},"question":{"interactionId":"205676","quizId":733,"title":"True/False","text":"In the world of finance, speculation, or speculative trading, refers to the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain or other major value. \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1610","class":"TODO::Senthil","instance":"Text_Caption_1610","title":"QUIZ ","roles":{"textData":{}}},{"id":"si206143","class":"TODO::Senthil","instance":"Text_Caption_475","roles":{}},{"id":"si206066","class":"TODO::Senthil","instance":"Text_Caption_456","title":"With speculation, the risk of loss is more than offset by the possibility of a substantial gain or other recompense. ","roles":{"textData":{}}},{"id":"si206077","class":"TODO::Senthil","instance":"Text_Caption_471","title":"A) ","roles":{"textData":{}}},{"id":"si206081","class":"TODO::Senthil","instance":"Text_Caption_472","title":"True ","roles":{"textData":{}}},{"id":"si206077_a","class":"TODO::Senthil","instance":"48","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si206088","class":"TODO::Senthil","instance":"Text_Caption_473","title":"B) ","roles":{"textData":{}}},{"id":"si206092","class":"TODO::Senthil","instance":"Text_Caption_474","title":"False ","roles":{"textData":{}}},{"id":"si206088_a","class":"TODO::Senthil","instance":"50","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si206255","class":"TODO::Senthil","instance":"Button_147","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q7","for":"Slide206377q7"},"textData":{}}},{"id":"si206267","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q7","for":"Slide206377q7"},"textData":{}}},{"id":"si206279","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q7","for":"Slide206377q7"},"textData":{}}},{"id":"si206118","class":"TODO::Senthil","instance":"SmartShape_19","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q7"},"textData":{}}},{"id":"si206137","class":"TODO::Senthil","instance":"SmartShape_20","title":"Incorrect. The correct answer is True. With speculation, the risk of loss is more than offset by the possibility of a substantial gain or other recompense. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q7"},"textData":{}}},{"id":"Slide206377","class":"Question Slide","instance":"Question 3","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1610","si206066","si206081","si206092","si206255","si206267","si206279"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206377"},"question":{"interactionId":"206022","quizId":733,"title":"True/False","text":"With speculation, the risk of loss is more than offset by the possibility of a substantial gain or other recompense.\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":"When speculative investing involves the purchase of a foreign currency, it is known as currency speculation. In this scenario, an investor buys a currency in an effort to later sell that currency at an appreciated rate, as opposed to an investor who buys a currency in order to pay for an import or to finance a foreign investment. ","roles":{"textData":{}}},{"id":"si206690","class":"TODO::Senthil","instance":"Text_Caption_476","title":"A) ","roles":{"textData":{}}},{"id":"si206694","class":"TODO::Senthil","instance":"Text_Caption_477","title":"True ","roles":{"textData":{}}},{"id":"si206690_a","class":"TODO::Senthil","instance":"48_51","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si206701","class":"TODO::Senthil","instance":"Text_Caption_478","title":"B) ","roles":{"textData":{}}},{"id":"si206705","class":"TODO::Senthil","instance":"Text_Caption_479","title":"False ","roles":{"textData":{}}},{"id":"si206701_a","class":"TODO::Senthil","instance":"50_52","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si206868","class":"TODO::Senthil","instance":"Button_150","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q8","for":"Slide206990q8"},"textData":{}}},{"id":"si206880","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q8","for":"Slide206990q8"},"textData":{}}},{"id":"si206892","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q8","for":"Slide206990q8"},"textData":{}}},{"id":"si206731","class":"TODO::Senthil","instance":"SmartShape_21","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q8"},"textData":{}}},{"id":"si206750","class":"TODO::Senthil","instance":"SmartShape_22","title":"Incorrect. The correct answer is True. When speculative investing involves the purchase of a foreign currency, it is known as currency speculation. In this scenario, an investor buys a currency in an effort to later sell that currency at an appreciated rate, as opposed to an investor who buys a currency in order to pay for an import or to finance a foreign investment. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q8"},"textData":{}}},{"id":"Slide206990","class":"Question Slide","instance":"Question 4","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1615","si206679","si206694","si206705","si206868","si206880","si206892"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide206990"},"question":{"interactionId":"206639","quizId":733,"title":"True/False","text":"When speculative investing involves the purchase of a foreign currency, it is known as currency speculation. In this scenario, an investor buys a currency in an effort to later sell that currency at an appreciated rate, as opposed to an investor who buys a currency in order to pay for an import or to finance a foreign investment.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"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":"Speculators risk capital by going long futures when they expect the price to rise, attempting to employ the basic rule of investing—buy low and sell high. Speculators go short when they expect the price to fall.  ","roles":{"textData":{}}},{"id":"si207072","class":"TODO::Senthil","instance":"Text_Caption_482","title":"A) ","roles":{"textData":{}}},{"id":"si207076","class":"TODO::Senthil","instance":"Text_Caption_483","title":"True ","roles":{"textData":{}}},{"id":"si207072_a","class":"TODO::Senthil","instance":"48_53","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si207083","class":"TODO::Senthil","instance":"Text_Caption_484","title":"B) ","roles":{"textData":{}}},{"id":"si207087","class":"TODO::Senthil","instance":"Text_Caption_485","title":"False ","roles":{"textData":{}}},{"id":"si207083_a","class":"TODO::Senthil","instance":"50_54","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si207250","class":"TODO::Senthil","instance":"Button_153","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q9","for":"Slide207372q9"},"textData":{}}},{"id":"si207262","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q9","for":"Slide207372q9"},"textData":{}}},{"id":"si207274","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q9","for":"Slide207372q9"},"textData":{}}},{"id":"si207113","class":"TODO::Senthil","instance":"SmartShape_23","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q9"},"textData":{}}},{"id":"si207132","class":"TODO::Senthil","instance":"SmartShape_24","title":"Incorrect. The correct answer is True. Speculators risk capital by going long futures when they expect the price to rise, attempting to employ the basic rule of investing—buy low and sell high. Speculators go short when they expect the price to fall. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q9"},"textData":{}}},{"id":"Slide207372","class":"Question Slide","instance":"Question 6","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","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":"Speculators risk capital by going long futures when they expect the price to rise, attempting to employ the basic rule of investing—buy low and sell high. Speculators go short when they expect the price to fall. \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. ","roles":{"textData":{}}},{"id":"si207442","class":"TODO::Senthil","instance":"Text_Caption_489","title":"A) ","roles":{"textData":{}}},{"id":"si207446","class":"TODO::Senthil","instance":"Text_Caption_490","title":"True ","roles":{"textData":{}}},{"id":"si207442_a","class":"TODO::Senthil","instance":"48_55","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si207453","class":"TODO::Senthil","instance":"Text_Caption_491","title":"B) ","roles":{"textData":{}}},{"id":"si207457","class":"TODO::Senthil","instance":"Text_Caption_492","title":"False ","roles":{"textData":{}}},{"id":"si207453_a","class":"TODO::Senthil","instance":"50_56","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si207620","class":"TODO::Senthil","instance":"Button_156","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207742q10","for":"Slide207742q10"},"textData":{}}},{"id":"si207632","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207742q10","for":"Slide207742q10"},"textData":{}}},{"id":"si207644","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207742q10","for":"Slide207742q10"},"textData":{}}},{"id":"si207483","class":"TODO::Senthil","instance":"SmartShape_25","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207742q10"},"textData":{}}},{"id":"si207502","class":"TODO::Senthil","instance":"SmartShape_26","title":"Incorrect. The correct answer is True. 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. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207742q10"},"textData":{}}},{"id":"Slide207742","class":"Question Slide","instance":"Question 7","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","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":"An investor who expects prices to fall will speculate by going short futures contracts.  ","roles":{"textData":{}}},{"id":"si207812","class":"TODO::Senthil","instance":"Text_Caption_496","title":"A) ","roles":{"textData":{}}},{"id":"si207816","class":"TODO::Senthil","instance":"Text_Caption_497","title":"True ","roles":{"textData":{}}},{"id":"si207812_a","class":"TODO::Senthil","instance":"48_57","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si207823","class":"TODO::Senthil","instance":"Text_Caption_498","title":"B) ","roles":{"textData":{}}},{"id":"si207827","class":"TODO::Senthil","instance":"Text_Caption_499","title":"False ","roles":{"textData":{}}},{"id":"si207823_a","class":"TODO::Senthil","instance":"50_58","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si207990","class":"TODO::Senthil","instance":"Button_159","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q11","for":"Slide208112q11"},"textData":{}}},{"id":"si208002","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q11","for":"Slide208112q11"},"textData":{}}},{"id":"si208014","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q11","for":"Slide208112q11"},"textData":{}}},{"id":"si207853","class":"TODO::Senthil","instance":"SmartShape_27","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208112q11"},"textData":{}}},{"id":"si207872","class":"TODO::Senthil","instance":"SmartShape_28","title":"Incorrect. The correct answer is True. An investor who expects prices to fall will speculate by going short futures contracts. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208112q11"},"textData":{}}},{"id":"Slide208112","class":"Question Slide","instance":"Question 8","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1618","si207801","si207816","si207827","si207990","si208002","si208014"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide208112"},"question":{"interactionId":"207757","quizId":733,"title":"True/False","text":"An investor who expects prices to fall will speculate by going short futures contracts. \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":"If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts.  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","roles":{"click":{"subtype":"button","question":"Slide208482q12"},"textData":{}}},{"id":"si208242","class":"TODO::Senthil","instance":"SmartShape_30","title":"Incorrect. The correct answer is True. If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208482q12"},"textData":{}}},{"id":"Slide208482","class":"Question Slide","instance":"Question 9","thumbnail":"","children":["Text_Caption_259","Text_Caption_1966","Text_Caption_1619","si208171","si208186","si208197","si208360","si208372","si208384"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide208482"},"question":{"interactionId":"208131","quizId":733,"title":"True/False","text":"If an investor anticipates that interest rates will fall, he expects prices to rise on the debt instruments. The investor will go long futures contracts. \r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"],"score":{"weight":10,"penalty":0}}}},{"id":"Text_Caption_1620","class":"TODO::Senthil","instance":"Text_Caption_1620","title":"QUIZ ","roles":{"textData":{}}},{"id":"si208618","class":"TODO::Senthil","instance":"Text_Caption_514","roles":{}},{"id":"si208541","class":"TODO::Senthil","instance":"Text_Caption_509","title":"On a short-term financial contract, one basis point has a value of $25 and one percentage point equals 100 basis points. 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