September 2002
Intermediate to advanced
256 pages
6h 37m
English
Content preview from Clearing, Settlement and Custody
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contract. He sells 25 contracts (20 tonnes per contract = 500
tonnes) at £10 per tonne for delivery in October. This would
cover the £5000 fixed costs that he has as he is guaranteed to sell
500 tonnes at £10 per tonne in October. He also has his
additional 250 tonnes to sell at the prevailing market price, on
which he will make a profit. However, the farmer still has a
problem, as what would happen if he were unable to produce the
500 tonnes that he needs to fulfil his contract?
In this case the farmer enters into a hedging transaction to
protect himself. He buys a call option, which gives him the right
to buy 500 tonnes at £10.50 per tonne in October ...
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