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Example: buying July Sugar and selling October Sugar on the New York Coffee, Sugar and Cocoa Exchange  Intermarket Spread     Involves the same commodity on different exchanges.  Example: buying April COMEX Gold and selling April CME Gold  Intercommodity Spread Involves different commodities on the same or different exchanges that have related uses. Example: buying September Oats and selling September Com on the Chicago Board of Trade. Oats and corn are both used as livestock feed.  Commodity Product Spread    The purchase of the raw material and the sale of the derived processed products, or vice versa. 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For every 10 contracts of soybeans, 9 contracts of oil and 12 contracts of meal are produced.  The problem faced by the crusher is that he may buy soybeans and find that, once he has finished the crushing operation, the price of oil and meal has gone down to a level where his profit disappears. In order to protect himself, he will buy soybean futures and sell soybean oil and soybean meal futures when the margin is favorable. The amount of oil and meal that's sold is related to the amount of soybeans that are bought. ","roles":{"textData":{}}},{"id":"Text_Caption_1951","class":"TODO::Senthil","instance":"Text_Caption_1951","title":"TYPES OF SPREADS ","roles":{"textData":{}}},{"id":"Image_1318","class":"TODO::Senthil","instance":"Image_1318","roles":{"click":{"subtype":"button"},"question":{"interactionId":"278093","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2388","class":"TODO::Senthil","instance":"Button_2388","roles":{"click":{"subtype":"button"}}},{"id":"si287583","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si287612","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide277869","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2291","si277716","si277729","Button_2292","si277767","si277780","Text_Caption_1950","Text_Caption_1951","Image_1318","Button_2388","si287583","si287612"],"roles":{"slide":{"durationInFrames":1881},"navigation":{"navid":"Slide277869"}}},{"id":"Button_2300","class":"TODO::Senthil","instance":"Button_2300","roles":{"click":{"subtype":"button"}}},{"id":"si278391","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si278404","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2301","class":"TODO::Senthil","instance":"Button_2301","roles":{"click":{"subtype":"button"}}},{"id":"si278442","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si278455","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1956","class":"TODO::Senthil","instance":"Text_Caption_1956","title":"Reverse Crush Sell 50 July soybeans (10 contracts) Buy 9 July soybean oil Buy 12 July soybean meal  If the price difference between soybeans and soybeans products (oil and meal) is unfavorable, the crusher cannot make a profit and will temporarily close down his operation. He may substitute a reverse crush order in the interim, anticipating that prices will reverse themselves as shortages of oil and meal result from a closing of the crushing operation. ","roles":{"textData":{}}},{"id":"Text_Caption_1957","class":"TODO::Senthil","instance":"Text_Caption_1957","title":"TYPES OF SPREADS ","roles":{"textData":{}}},{"id":"Image_1321","class":"TODO::Senthil","instance":"Image_1321","roles":{"click":{"subtype":"button"},"question":{"interactionId":"278533","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1322","class":"TODO::Senthil","instance":"Image_1322","roles":{"click":{"subtype":"button"},"question":{"interactionId":"278576","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_1958","class":"TODO::Senthil","instance":"Text_Caption_1958","title":"For the crush order and the reverse crush order, soybeans are always on one side of the market (long in the case of the crush, but short in the case of the reverse crush) and oil and meal are always on the opposite side of the market (short in the case of the crush, but long in the case of the reverse crush).  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The Intramarket (Interdelivery) Spread involves the same commodity on the same exchange with different contract months. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si291455","class":"TODO::Senthil","instance":"Text_Caption_517","title":"Correct - Click anywhere or press ‘y’ to continue. 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Intermarket Spread     Involves the same commodity on different exchanges.   Intercommodity Spread Involves different commodities on the same or different exchanges that have related uses.  Commodity Product Spread    The purchase of the raw material and the sale of the derived processed products, or vice versa.  The Crush  Reverse Crush  The Crack  Reverse Crack ","roles":{"textData":{}}},{"id":"Button_2422","class":"TODO::Senthil","instance":"Button_2422","roles":{"click":{"subtype":"button"}}},{"id":"si295612","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si295626","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1395","class":"TODO::Senthil","instance":"Image_1395","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Image_1396","class":"TODO::Senthil","instance":"Image_1396","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Image_1397","class":"TODO::Senthil","instance":"Image_1397","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Image_1398","class":"TODO::Senthil","instance":"Image_1398","roles":{"click":{"subtype":"button"},"question":{"interactionId":"295680","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1399","class":"TODO::Senthil","instance":"Image_1399","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Image_1400","class":"TODO::Senthil","instance":"Image_1400","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Slide295651","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2420","si295466","si295479","Button_2421","si295517","si295530","Text_Caption_2044","Image_1393","Image_1394","Text_Caption_2045","Button_2422","si295612","si295626","Image_1395","Image_1396","Image_1397","Image_1398","Image_1399","Image_1400"],"roles":{"slide":{"durationInFrames":1215},"navigation":{"navid":"Slide295651"}}},{"id":"Button_2318","class":"TODO::Senthil","instance":"Button_2318","roles":{"click":{"subtype":"button"}}},{"id":"si279867","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si279880","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2319","class":"TODO::Senthil","instance":"Button_2319","roles":{"click":{"subtype":"button"}}},{"id":"si279918","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si279931","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1972","class":"TODO::Senthil","instance":"Text_Caption_1972","title":"Types of Orders ","roles":{"textData":{}}},{"id":"Line_43","class":"TODO::Senthil","instance":"Line_43","roles":{}},{"id":"Image_1332","class":"TODO::Senthil","instance":"Image_1332","roles":{"click":{"subtype":"button"},"question":{"interactionId":"279966","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2320","class":"TODO::Senthil","instance":"Button_2320","roles":{"click":{"subtype":"button"}}},{"id":"si280009","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280023","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide280039","class":"Normal Slide","instance":"Types of Orders","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2318","si279867","si279880","Button_2319","si279918","si279931","Text_Caption_1972","Image_1332","Button_2320","si280009","si280023"],"roles":{"slide":{"durationInFrames":96},"navigation":{"navid":"Slide280039"}}},{"id":"Button_2321","class":"TODO::Senthil","instance":"Button_2321","roles":{"click":{"subtype":"button"}}},{"id":"si280093","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280106","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2322","class":"TODO::Senthil","instance":"Button_2322","roles":{"click":{"subtype":"button"}}},{"id":"si280144","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280157","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1973","class":"TODO::Senthil","instance":"Text_Caption_1973","title":"Spread orders can be placed as market orders, limit orders, or stop orders. Separate orders may not be combined and executed as a spread.   If a trader entered a market spread order, the order will be written as follows: ","roles":{"textData":{}}},{"id":"Text_Caption_1974","class":"TODO::Senthil","instance":"Text_Caption_1974","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Image_1338","class":"TODO::Senthil","instance":"Image_1338","roles":{"click":{"subtype":"button"},"question":{"interactionId":"280764","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2391","class":"TODO::Senthil","instance":"Button_2391","roles":{"click":{"subtype":"button"}}},{"id":"si287856","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si287885","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2082","class":"TODO::Senthil","instance":"Text_Caption_2082","title":"Buy August Gold ","roles":{"textData":{}}},{"id":"Text_Caption_2083","class":"TODO::Senthil","instance":"Text_Caption_2083","title":"If a trader entered a limit spread order, the order will be written as follows: ","roles":{"textData":{}}},{"id":"Text_Caption_2084","class":"TODO::Senthil","instance":"Text_Caption_2084","title":"Sell December Gold ","roles":{"textData":{}}},{"id":"Text_Caption_2085","class":"TODO::Senthil","instance":"Text_Caption_2085","title":"Market ","roles":{"textData":{}}},{"id":"Text_Caption_2086","class":"TODO::Senthil","instance":"Text_Caption_2086","title":"December $11.00 Premium ","roles":{"textData":{}}},{"id":"Text_Caption_2087","class":"TODO::Senthil","instance":"Text_Caption_2087","title":"Buy August Gold ","roles":{"textData":{}}},{"id":"Text_Caption_2088","class":"TODO::Senthil","instance":"Text_Caption_2088","title":"Sell December Gold ","roles":{"textData":{}}},{"id":"Slide280264","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2321","si280093","si280106","Button_2322","si280144","si280157","Text_Caption_1973","Text_Caption_1974","Image_1338","Button_2391","si287856","si287885","Text_Caption_2082","Text_Caption_2083","Text_Caption_2084","Text_Caption_2085","Text_Caption_2086","Text_Caption_2087","Text_Caption_2088"],"roles":{"slide":{"durationInFrames":1200},"navigation":{"navid":"Slide280264"}}},{"id":"Button_2324","class":"TODO::Senthil","instance":"Button_2324","roles":{"click":{"subtype":"button"}}},{"id":"si280318","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280331","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2325","class":"TODO::Senthil","instance":"Button_2325","roles":{"click":{"subtype":"button"}}},{"id":"si280369","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280382","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1976","class":"TODO::Senthil","instance":"Text_Caption_1976","title":"In the case of the market order, the trader is willing to buy August and sell December at whatever spread is currently available. In the case of the limit order, the trader is willing to buy August and sell December, but only if he can sell December for at least $11.00 more than he pays for August.  With spread trading, the trader is not concerned with what the prices are of the legs (the two contracts), but rather with the relative differences between the legs. The following examples will clarify this point: ","roles":{"textData":{}}},{"id":"Text_Caption_1977","class":"TODO::Senthil","instance":"Text_Caption_1977","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Image_1335","class":"TODO::Senthil","instance":"Image_1335","roles":{"click":{"subtype":"button"},"question":{"interactionId":"280490","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2392","class":"TODO::Senthil","instance":"Button_2392","roles":{"click":{"subtype":"button"}}},{"id":"si287947","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si287976","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2089","class":"TODO::Senthil","instance":"Text_Caption_2089","title":"Buy August Gold at $451.00 and sell December Gold at $462.00 ","roles":{"textData":{}}},{"id":"Text_Caption_2090","class":"TODO::Senthil","instance":"Text_Caption_2090","title":"In both cases, the premium is $11.00 and the trader will accept either execution as his only interest is selling the December contract for at least $11.00 more man he paid for the August.  ","roles":{"textData":{}}},{"id":"Text_Caption_2091","class":"TODO::Senthil","instance":"Text_Caption_2091","title":"Buy August Gold at $460.00 and sell December Gold at $471.00 ","roles":{"textData":{}}},{"id":"Slide280484","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2324","si280318","si280331","Button_2325","si280369","si280382","Text_Caption_1976","Text_Caption_1977","Image_1335","Button_2392","si287947","si287976","Text_Caption_2089","Text_Caption_2090","Text_Caption_2091"],"roles":{"slide":{"durationInFrames":2700},"navigation":{"navid":"Slide280484"}}},{"id":"Text_Caption_2032","class":"TODO::Senthil","instance":"Text_Caption_2032","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1381","class":"TODO::Senthil","instance":"Image_1381","roles":{"click":{"subtype":"button","question":"Slide291927q3"},"textData":{}}},{"id":"si291764","class":"TODO::Senthil","instance":"Text_Caption_600","title":"Spread orders can be placed as market orders, limit orders, or stop orders and separate orders can be combined and executed as a spread. ","roles":{"textData":{}}},{"id":"si291775","class":"TODO::Senthil","instance":"Text_Caption_601","title":"A) ","roles":{"textData":{}}},{"id":"si291779","class":"TODO::Senthil","instance":"Text_Caption_602","title":"True ","roles":{"textData":{}}},{"id":"si291775_a","class":"TODO::Senthil","instance":"68_97","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si291786","class":"TODO::Senthil","instance":"Text_Caption_603","title":"B) ","roles":{"textData":{}}},{"id":"si291790","class":"TODO::Senthil","instance":"Text_Caption_604","title":"False ","roles":{"textData":{}}},{"id":"si291786_a","class":"TODO::Senthil","instance":"70_98","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si291825","class":"TODO::Senthil","instance":"Button_181","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide291927q3","for":"Slide291927q3"},"textData":{}}},{"id":"si291837","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide291927q3","for":"Slide291927q3"},"textData":{}}},{"id":"si291849","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide291927q3","for":"Slide291927q3"},"textData":{}}},{"id":"si291881","class":"TODO::Senthil","instance":"Text_Caption_605","title":"Incorrect - The correct answer is False. Spread orders can be placed as market orders, limit orders, or stop orders. Separate orders may NOT be combined and executed as a spread. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si291913","class":"TODO::Senthil","instance":"Text_Caption_519","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide291927","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2032","Image_1381","si291764","si291779","si291790","si291825","si291837","si291849"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide291927"},"question":{"interactionId":"291713","quizId":733,"title":"True/False","text":"Spread orders can be placed as market orders, limit orders, or stop orders and separate orders can be combined and executed as a spread.\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"]}}},{"id":"Button_2333","class":"TODO::Senthil","instance":"Button_2333","roles":{"click":{"subtype":"button"}}},{"id":"si281050","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281063","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2334","class":"TODO::Senthil","instance":"Button_2334","roles":{"click":{"subtype":"button"}}},{"id":"si281101","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281114","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1983","class":"TODO::Senthil","instance":"Text_Caption_1983","title":"Is the Spread Profitable? If an investor buys (goes long) the more expensive contract and sells the less expensive contract, the net result will be a sum the investor will pay. This applies regardless of whether the market is normal (carrying-charge market) or an inverted (discount market).  If the interval difference between the contracts increases over time, the spread had widened. This is profitable for this investor.  The investor expects the spread to widen in the following example:   ","roles":{"textData":{}}},{"id":"Text_Caption_1984","class":"TODO::Senthil","instance":"Text_Caption_1984","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Image_1340","class":"TODO::Senthil","instance":"Image_1340","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_1985","class":"TODO::Senthil","instance":"Text_Caption_1985","title":"An investor places a spread on June and August com. The May contact is sold at $2.55 and the June contract is bought at $2.70; the spread interval is $0.15.  This indicates that the investor bought the higher leg (June). The contract price was $0.15 higher than the June contract price. ","roles":{"textData":{}}},{"id":"Image_1343","class":"TODO::Senthil","instance":"Image_1343","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Button_2393","class":"TODO::Senthil","instance":"Button_2393","roles":{"click":{"subtype":"button"}}},{"id":"si288038","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288067","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide281216","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2333","si281050","si281063","Button_2334","si281101","si281114","Text_Caption_1983","Text_Caption_1984","Image_1340","Text_Caption_1985","Image_1343","Button_2393","si288038","si288067"],"roles":{"slide":{"durationInFrames":2127},"navigation":{"navid":"Slide281216"}}},{"id":"Button_2336","class":"TODO::Senthil","instance":"Button_2336","roles":{"click":{"subtype":"button"}}},{"id":"si281293","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281306","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2337","class":"TODO::Senthil","instance":"Button_2337","roles":{"click":{"subtype":"button"}}},{"id":"si281344","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281357","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1986","class":"TODO::Senthil","instance":"Text_Caption_1986","title":"Sell May corn at $2.55   ","roles":{"textData":{}}},{"id":"Text_Caption_1987","class":"TODO::Senthil","instance":"Text_Caption_1987","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Image_1342","class":"TODO::Senthil","instance":"Image_1342","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Button_2394","class":"TODO::Senthil","instance":"Button_2394","roles":{"click":{"subtype":"button"}}},{"id":"si288129","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288158","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2092","class":"TODO::Senthil","instance":"Text_Caption_2092","title":"The investor paid $0.15 for the spread (net money per bushel paid is $0.15). The investor will have to receive more than $0.15 per bushel when he unwinds the spread in order to have a profit. The spread will need to widen. ","roles":{"textData":{}}},{"id":"Text_Caption_2093","class":"TODO::Senthil","instance":"Text_Caption_2093","title":"Buy June corn at $2.70   ","roles":{"textData":{}}},{"id":"Text_Caption_2098","class":"TODO::Senthil","instance":"Text_Caption_2098","title":"Buy June corn at $2.40   ","roles":{"textData":{}}},{"id":"Text_Caption_2099","class":"TODO::Senthil","instance":"Text_Caption_2099","title":"Sell August corn at $2.60   ","roles":{"textData":{}}},{"id":"Text_Caption_2100","class":"TODO::Senthil","instance":"Text_Caption_2100","title":"In May, the June corn futures price is $2.40 while the August corn is $2.60. To unwind the spread, the investor will liquidate the positions: ","roles":{"textData":{}}},{"id":"Text_Caption_2101","class":"TODO::Senthil","instance":"Text_Caption_2101","title":"The investor unwinds the spread and receives $0.20 per bushel. Since the investor has already paid 15-cents, the net result is a profit of $0.05 per bushel.     ","roles":{"textData":{}}},{"id":"Slide281464","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2336","si281293","si281306","Button_2337","si281344","si281357","Text_Caption_1986","Text_Caption_1987","Image_1342","Button_2394","si288129","si288158","Text_Caption_2092","Text_Caption_2093","Text_Caption_2098","Text_Caption_2099","Text_Caption_2100","Text_Caption_2101"],"roles":{"slide":{"durationInFrames":1710},"navigation":{"navid":"Slide281464"}}},{"id":"Button_2339","class":"TODO::Senthil","instance":"Button_2339","roles":{"click":{"subtype":"button"}}},{"id":"si281549","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281562","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2340","class":"TODO::Senthil","instance":"Button_2340","roles":{"click":{"subtype":"button"}}},{"id":"si281600","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281613","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1989","class":"TODO::Senthil","instance":"Text_Caption_1989","title":"In May, the June corn futures price is $2.40, while the August corn is $2.60. To unwind the spread, he will liquidate the positions:  Buy June corn at $2.40 Sell August corn at $2.60  He unwinds the spread and receives $0.20 per bushel. Since he has already paid $0.15, the net result is a profit of $0.05 per bushel. ","roles":{"textData":{}}},{"id":"Text_Caption_1990","class":"TODO::Senthil","instance":"Text_Caption_1990","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Image_1344","class":"TODO::Senthil","instance":"Image_1344","roles":{"click":{"subtype":"button"},"question":{"interactionId":"281692","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1345","class":"TODO::Senthil","instance":"Image_1345","roles":{"click":{"subtype":"button"},"question":{"interactionId":"281704","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2395","class":"TODO::Senthil","instance":"Button_2395","roles":{"click":{"subtype":"button"}}},{"id":"si288220","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288249","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Slide281728","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2339","si281549","si281562","Button_2340","si281600","si281613","Text_Caption_1989","Text_Caption_1990","Image_1344","Image_1345","Button_2395","si288220","si288249"],"roles":{"slide":{"durationInFrames":93},"navigation":{"navid":"Slide281728"}}},{"id":"Button_2432","class":"TODO::Senthil","instance":"Button_2432","roles":{"click":{"subtype":"button"}}},{"id":"si297142","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si297155","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2433","class":"TODO::Senthil","instance":"Button_2433","roles":{"click":{"subtype":"button"}}},{"id":"si297193","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si297206","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2058","class":"TODO::Senthil","instance":"Text_Caption_2058","title":"Calculate the Profit/Loss Another way to evaluate the spread is to calculate the profit/loss on each leg.   The investor has a $0.15 profit on the June contract and a $0.10 loss on the August contract. ","roles":{"textData":{}}},{"id":"Text_Caption_2059","class":"TODO::Senthil","instance":"Text_Caption_2059","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Image_1411","class":"TODO::Senthil","instance":"Image_1411","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Image_1412","class":"TODO::Senthil","instance":"Image_1412","roles":{"click":{"subtype":"button"},"textData":{}}},{"id":"Text_Caption_2060","class":"TODO::Senthil","instance":"Text_Caption_2060","title":"Sell June corn at $2.55                 Liquidate June corn at $2.40          = + .15 ","roles":{"textData":{}}},{"id":"Text_Caption_2062","class":"TODO::Senthil","instance":"Text_Caption_2062","title":"PROFIT                                                                                                    +   .05 ","roles":{"textData":{}}},{"id":"Button_2434","class":"TODO::Senthil","instance":"Button_2434","roles":{"click":{"subtype":"button"}}},{"id":"si297308","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si297322","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2064","class":"TODO::Senthil","instance":"Text_Caption_2064","title":"Buy August corn at $2.70            Liquidate August corn at $2.60      = - .10 ","roles":{"textData":{}}},{"id":"Slide297338","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2432","si297142","si297155","Button_2433","si297193","si297206","Text_Caption_2058","Text_Caption_2059","Image_1411","Image_1412","Text_Caption_2060","Text_Caption_2062","Button_2434","si297308","si297322","Text_Caption_2064"],"roles":{"slide":{"durationInFrames":1449},"navigation":{"navid":"Slide297338"}}},{"id":"Button_2342","class":"TODO::Senthil","instance":"Button_2342","roles":{"click":{"subtype":"button"}}},{"id":"si281880","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281893","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2343","class":"TODO::Senthil","instance":"Button_2343","roles":{"click":{"subtype":"button"}}},{"id":"si281931","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si281944","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1994","class":"TODO::Senthil","instance":"Text_Caption_1994","title":"Selling the More Expensive Contract A speculator establishes a spread by selling March T-bills at 95.70 and buying December T-bills at 95.20. The spread was established as 50 basis points. ","roles":{"textData":{}}},{"id":"Text_Caption_1995","class":"TODO::Senthil","instance":"Text_Caption_1995","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Button_2396","class":"TODO::Senthil","instance":"Button_2396","roles":{"click":{"subtype":"button"}}},{"id":"si288311","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288340","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2068","class":"TODO::Senthil","instance":"Text_Caption_2068","title":"Buy December T-bills at 95.20 ","roles":{"textData":{}}},{"id":"Text_Caption_2069","class":"TODO::Senthil","instance":"Text_Caption_2069","title":"Sell March T-bills at 95.70  ","roles":{"textData":{}}},{"id":"Text_Caption_2070","class":"TODO::Senthil","instance":"Text_Caption_2070","title":"The speculator has sold the higher leg and purchased the lower leg and he received the net amount. ","roles":{"textData":{}}},{"id":"Slide282074","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Button_2342","si281880","si281893","Button_2343","si281931","si281944","Text_Caption_1994","Text_Caption_1995","Button_2396","si288311","si288340","Text_Caption_2068","Text_Caption_2069","Text_Caption_2070"],"roles":{"slide":{"durationInFrames":1152},"navigation":{"navid":"Slide282074"}}},{"id":"Button_2438","class":"TODO::Senthil","instance":"Button_2438","roles":{"click":{"subtype":"button"}}},{"id":"si297973","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si297986","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2439","class":"TODO::Senthil","instance":"Button_2439","roles":{"click":{"subtype":"button"}}},{"id":"si298024","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si298037","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2071","class":"TODO::Senthil","instance":"Text_Caption_2071","title":"Later, when the December T-bills are 95.95 and the March T-bills are 96.25, the investor liquidates the positions: ","roles":{"textData":{}}},{"id":"Text_Caption_2072","class":"TODO::Senthil","instance":"Text_Caption_2072","title":"TYPES OF ORDERS ","roles":{"textData":{}}},{"id":"Button_2440","class":"TODO::Senthil","instance":"Button_2440","roles":{"click":{"subtype":"button"}}},{"id":"si298098","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si298112","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2073","class":"TODO::Senthil","instance":"Text_Caption_2073","title":"Sell December T-bills at 95.95 ","roles":{"textData":{}}},{"id":"Text_Caption_2074","class":"TODO::Senthil","instance":"Text_Caption_2074","title":"Buy March T-bills at 96.25  ","roles":{"textData":{}}},{"id":"Text_Caption_2075","class":"TODO::Senthil","instance":"Text_Caption_2075","title":"The investor unwinds the spread and pays 30 basis points and the net result is a profit of 20 basis points. 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The investor has a 75 basis point profit on the December contract and a 55 basis point loss on the March contract. 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Separate orders may not be combined and executed as a spread. 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Because of the lower risk, there are lower initial margin requirements.  If a trader is long the nearby delivery month and shorts the distant delivery month, the risk is limited to the full month carrying charges in the different months.   If a trader is short the nearby delivery month and long the distant delivery month, the risk is unlimited. Price limits don't apply to the futures contract nearest to delivery. Therefore, there's no limit to the amount by which the nearby month can go above the deferred month.  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If a trader is bullish on the price of a commodity, he will buy the near month and sell the deferred month. If a trader is bearish on the price of a commodity, he will sell the near month and buy the deferred month.  There are two exceptions to this rule — the stock index spreads and currency spreads.  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The trader anticipates that the near month will rise more slowly than the deferred month. He will therefore sell the near future and buy the deferred future (the opposite of a normal spread).  Stock Index and Currency Spreads—Bear Market In a bear market, a trader expects that the spread will weaken (narrow). The trader anticipates that the near month will fall more slowly than the deferred month. She will therefore buy the near future and sell the deferred future (the opposite of a normal spread).  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The trader anticipates that the near month will rise more slowly than the deferred month. He will therefore sell the near future and buy the deferred future (the opposite of a normal spread). 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In a bull market, a trader expects that the spread will strengthen (widen). The trader anticipates that the near month will rise more slowly than the deferred month. He will therefore sell the near future and buy the deferred future (the opposite of a normal spread). Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si292142","class":"TODO::Senthil","instance":"Text_Caption_520","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide292156","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","Text_Caption_2033","Image_1382","si291993","si292008","si292019","si292054","si292066","si292078"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide292156"},"question":{"interactionId":"291942","quizId":733,"title":"True/False","text":"In a bull market, a trader expects that the spread will strengthen (widen). The trader anticipates that the near month will rise more slowly than the deferred month. He will therefore sell the near future and buy the deferred future (the opposite of a normal spread).\r","ikc":true,"type":"knowledgeCheck","interactionType":"true-false","ramdomized":false,"correctAnswers":["A"]}}},{"id":"Button_2018","class":"TODO::Senthil","instance":"Button_2018","roles":{"click":{"subtype":"button"}}},{"id":"si233572","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si233585","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2019","class":"TODO::Senthil","instance":"Button_2019","roles":{"click":{"subtype":"button"}}},{"id":"si233623","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si233636","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_1697","class":"TODO::Senthil","instance":"Text_Caption_1697","title":"Quick Quiz ","roles":{"textData":{}}},{"id":"Line_23","class":"TODO::Senthil","instance":"Line_23","roles":{}},{"id":"Button_2020","class":"TODO::Senthil","instance":"Button_2020","roles":{"click":{"subtype":"button"}}},{"id":"si233710","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si233724","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1088","class":"TODO::Senthil","instance":"Image_1088","roles":{"click":{"subtype":"button"},"question":{"interactionId":"233745","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide233740","class":"Normal Slide","instance":"Quick Quiz","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","Button_2018","si233572","si233585","Button_2019","si233623","si233636","Text_Caption_1697","Button_2020","si233710","si233724","Image_1088"],"roles":{"slide":{"durationInFrames":93},"navigation":{"navid":"Slide233740"}}},{"id":"Text_Caption_1609","class":"TODO::Senthil","instance":"Text_Caption_1609","title":"QUIZ ","roles":{"textData":{}}},{"id":"si205773","class":"TODO::Senthil","roles":{}},{"id":"si205696","class":"TODO::Senthil","title":"A spread can have several meanings in finance. Generally, the spread refers to the difference between two prices, rates, or yields. ","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":"Slide205659q5","for":"Slide205659q5"},"textData":{}}},{"id":"si205878","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q5","for":"Slide205659q5"},"textData":{}}},{"id":"si205891","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide205659q5","for":"Slide205659q5"},"textData":{}}},{"id":"si205730","class":"TODO::Senthil","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q5"},"textData":{}}},{"id":"si205743","class":"TODO::Senthil","title":"Incorrect. The correct answer is True. A spread can have several meanings in finance. Generally, the spread refers to the difference between two prices, rates, or yields. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide205659q5"},"textData":{}}},{"id":"Slide205659","class":"Question Slide","instance":"Question 1","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"A spread can have several meanings in finance. Generally, the spread refers to the difference between two prices, rates, or yields.\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":"In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond, or commodity. This is known as a bid-ask spread. ","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":"Slide206377q6","for":"Slide206377q6"},"textData":{}}},{"id":"si206267","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q6","for":"Slide206377q6"},"textData":{}}},{"id":"si206279","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206377q6","for":"Slide206377q6"},"textData":{}}},{"id":"si206118","class":"TODO::Senthil","instance":"SmartShape_19","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q6"},"textData":{}}},{"id":"si206137","class":"TODO::Senthil","instance":"SmartShape_20","title":"Incorrect. The correct answer is True. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond, or commodity. This is known as a bid-ask spread. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206377q6"},"textData":{}}},{"id":"Slide206377","class":"Question Slide","instance":"Question 2","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond, or commodity. This is known as a bid-ask spread.\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":"Spread can also refer to the difference in a trading position – the gap between a short position (selling) in one futures contract or currency and a long position (buying) in another. This is officially known as a bid-ask trade. ","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":"Slide206990q7","for":"Slide206990q7"},"textData":{}}},{"id":"si206880","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q7","for":"Slide206990q7"},"textData":{}}},{"id":"si206892","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide206990q7","for":"Slide206990q7"},"textData":{}}},{"id":"si206731","class":"TODO::Senthil","instance":"SmartShape_21","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q7"},"textData":{}}},{"id":"si206750","class":"TODO::Senthil","instance":"SmartShape_22","title":"Incorrect. The correct answer is False. Spread can also refer to the difference in a trading position – the gap between a short position (selling) in one futures contract or currency and a long position (buying) in another. This is officially known as a SPREAD TRADE. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide206990q7"},"textData":{}}},{"id":"Slide206990","class":"Question Slide","instance":"Question 3","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"Spread can also refer to the difference in a trading position – the gap between a short position (selling) in one futures contract or currency and a long position (buying) in another. This is officially known as a bid-ask trade.\r","ikc":false,"type":"graded","interactionType":"true-false","ramdomized":false,"correctAnswers":["B"],"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":"In underwriting, the spread can mean the difference between the amount paid to the issuer of a security and the price paid by the investor for that security—that is, the cost an underwriter pays to buy an issue, compared to the price at which the underwriter sells it to the public. ","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":"Slide207372q8","for":"Slide207372q8"},"textData":{}}},{"id":"si207262","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q8","for":"Slide207372q8"},"textData":{}}},{"id":"si207274","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207372q8","for":"Slide207372q8"},"textData":{}}},{"id":"si207113","class":"TODO::Senthil","instance":"SmartShape_23","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q8"},"textData":{}}},{"id":"si207132","class":"TODO::Senthil","instance":"SmartShape_24","title":"Incorrect. The correct answer is True. In underwriting, the spread can mean the difference between the amount paid to the issuer of a security and the price paid by the investor for that security—that is, the cost an underwriter pays to buy an issue, compared to the price at which the underwriter sells it to the public. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207372q8"},"textData":{}}},{"id":"Slide207372","class":"Question Slide","instance":"Question 4","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"In underwriting, the spread can mean the difference between the amount paid to the issuer of a security and the price paid by the investor for that security—that is, the cost an underwriter pays to buy an issue, compared to the price at which the underwriter sells it to the public.\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":"In options trading, spreads and straddles are not the same. ","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":"Slide207742q9","for":"Slide207742q9"},"textData":{}}},{"id":"si207632","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207742q9","for":"Slide207742q9"},"textData":{}}},{"id":"si207644","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide207742q9","for":"Slide207742q9"},"textData":{}}},{"id":"si207483","class":"TODO::Senthil","instance":"SmartShape_25","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207742q9"},"textData":{}}},{"id":"si207502","class":"TODO::Senthil","instance":"SmartShape_26","title":"Incorrect. The correct answer is True. In options trading, spreads and straddles are not the same. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide207742q9"},"textData":{}}},{"id":"Slide207742","class":"Question Slide","instance":"Question 5","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"In options trading, spreads and straddles are not the same.\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":"For securities like futures contracts, options, currency pairs, and stocks, the bid-offer spread is the difference between the prices given for an immediate order—the ask—and an immediate sale – the bid. For a stock option, the spread would be the difference between the strike price and the market value. ","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":"Slide208112q10","for":"Slide208112q10"},"textData":{}}},{"id":"si208002","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q10","for":"Slide208112q10"},"textData":{}}},{"id":"si208014","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208112q10","for":"Slide208112q10"},"textData":{}}},{"id":"si207853","class":"TODO::Senthil","instance":"SmartShape_27","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208112q10"},"textData":{}}},{"id":"si207872","class":"TODO::Senthil","instance":"SmartShape_28","title":"Incorrect. The correct answer is True. For securities like futures contracts, options, currency pairs, and stocks, the bid-offer spread is the difference between the prices given for an immediate order—the ask—and an immediate sale – the bid. For a stock option, the spread would be the difference between the strike price and the market value. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208112q10"},"textData":{}}},{"id":"Slide208112","class":"Question Slide","instance":"Question 6","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"For securities like futures contracts, options, currency pairs, and stocks, the bid-offer spread is the difference between the prices given for an immediate order—the ask—and an immediate sale – the bid. For a stock option, the spread would be the difference between the strike price and the market value.\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":"Spreads are priced as a unit or as pairs in future exchanges to ensure the simultaneous buying and selling of a security. Doing so eliminates execution risk wherein one part of the pair executes but another part fails. ","roles":{"textData":{}}},{"id":"si208182","class":"TODO::Senthil","instance":"Text_Caption_503","title":"A) ","roles":{"textData":{}}},{"id":"si208186","class":"TODO::Senthil","instance":"Text_Caption_504","title":"True ","roles":{"textData":{}}},{"id":"si208182_a","class":"TODO::Senthil","instance":"48_59","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si208193","class":"TODO::Senthil","instance":"Text_Caption_505","title":"B) ","roles":{"textData":{}}},{"id":"si208197","class":"TODO::Senthil","instance":"Text_Caption_506","title":"False ","roles":{"textData":{}}},{"id":"si208193_a","class":"TODO::Senthil","instance":"50_60","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si208360","class":"TODO::Senthil","instance":"Button_162","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208482q11","for":"Slide208482q11"},"textData":{}}},{"id":"si208372","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208482q11","for":"Slide208482q11"},"textData":{}}},{"id":"si208384","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide208482q11","for":"Slide208482q11"},"textData":{}}},{"id":"si208223","class":"TODO::Senthil","instance":"SmartShape_29","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208482q11"},"textData":{}}},{"id":"si208242","class":"TODO::Senthil","instance":"SmartShape_30","title":"Incorrect. The correct answer is True. Spreads are priced as a unit or as pairs in future exchanges to ensure the simultaneous buying and selling of a security. Doing so eliminates execution risk wherein one part of the pair executes but another part fails. Click anywhere or press ‘y’ to continue. ","roles":{"click":{"subtype":"button","question":"Slide208482q11"},"textData":{}}},{"id":"Slide208482","class":"Question Slide","instance":"Question 7","thumbnail":"","children":["Text_Caption_259","Text_Caption_2057","Text_Caption_2005","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":"Spreads are priced as a unit or as pairs in future exchanges to ensure the simultaneous buying and selling of a security. Doing so eliminates execution risk wherein one part of the pair executes but another part fails.\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":"The Intramarket (Interdelivery) Spread involves the same commodity on the same exchange with different contract months. 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