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Keuangan Internasional, modified by Zainul Muchlas, [email protected] Page 1
Currency Futures Market
Zainul Muchlas, [email protected]
Currency futures contracts are contracts to deliver a given number of currency units on given
maturity date (T) and at a prespecified price (fo,t) to paid “later on”.
Kontrak berjangka Valuta asing adalah kontrak untuk memberikan sejumlah tertentu unit mata
uang asing pada tanggal jatuh tempo yang diberikan (T) dan harga prespecified (fo, t) untuk
dibayar "nanti".
Definition of 'Forward Contract' A cash market transaction in which delivery of the commodity is deferred until after the contract has been made. Although the delivery is made in the future, the price is determined on the initial trade date. http://www.investopedia.com/terms/f/forwardcontract.asp#axzz29zQCZpl2 Sebuah transaksi pasar tunai dimana pengiriman komoditas atau valuta asing tersebut
ditangguhkan sampai setelah kontrak ditandatangani. Meskipun pengiriman dibuat di masa
depan, harga ditentukan pada tanggal perdagangan awal.
A forward contract or simply a forward is a non-standardized contract between two parties to
buy or sell an asset at a specified future time at a price agreed upon today.
http://en.wikipedia.org/wiki/Forward_contract
Sebuah kontrak forward atau sering hanya disebut “Forward” adalah kontrak non-standar
antara dua pihak untuk membeli atau menjual suatu aset (valuta asing) pada waktu mendatang
dengan harga yang disepakati hari ini.
Sepintas arti kontrak berjangka dan kontrak forward adalah sama di bawah ini ada beberapa
perbedaan antara lain:
Differences between forward and futures contract:
1. Forward contract in the over the counter, futures contract on organized exchange and
with an active secondary market. (see http://en.wikipedia.org/wiki/Secondary_market ).
2. Forward contract are un standardized contract, futures contract are standardized by
contract size and expiration dates.
3. Forward contract initiated directly between individuals, futures contract not.
4. Forward contract pay “later on” is mean quite clear but futures contract not clear.
5. Forward contract have not margin, futures contract have margin.
Keuangan Internasional, modified by Zainul Muchlas, [email protected] Page 2
Relation between futures and forward market. (see www.tse.or.jp )
1. Futures market number of transaction smaller than forward market.
2. But both interdependency on the other so its makes markets in OFFSETTING POSITION
3. If exchange rate be increase in futures market, arbitrage (arbitrase ( see
http://id.wikipedia.org/wiki/Arbitrase ) buy currency from forward market, then sell it
to futures market.
4. If the margin be bigger in futures market, arbitrager closing position together, its make
over in the forward market.
Currency option markets.
A foreign currency option is a contract giving the option purchaser or the buyer the right, but
not obligation, to buy or to sell a given amount of foreign exchange at a fixed price per unit
for a specified time period (until the expiration date)
Sebuah kontrak opsi mata uang asing adalah kontrak yang memberikan pembeli pilihan atau hak beli/jual, tetapi bukan kewajiban, untuk membeli atau menjual sejumlah valuta asing tertentu pada harga yang disepakati di awal kontrak untuk harga per unit dalam jangka waktu tertentu (sampai dengan tanggal jatuh tempo)
In finance, a foreign-exchange option (commonly shortened to just FX option or currency
option) is a derivative financial instrument that gives the owner the right but not the obligation
to exchange money denominated in one currency into another currency at a pre-agreed
exchange rate on a specified date.[1] See Foreign exchange derivative. (see
http://en.wikipedia.org/wiki/Foreign-exchange_option )
Dalam keuangan, kontrak opsi valuta asing (biasanya disingkat menjadi hanya opsi FX atau opsi mata
uang) merupakan instrumen keuangan derivatif yang memberikan pemilik hak namun tidak
berkewajiban untuk mengeksekusi. Kontrak ini ditujukan untuk pertukaran uang dalam mata satu mata
uang ke mata uang lainnya dengan harga atau kurs yang disepakati dan jatuh tempo kontrak ditentukan
pada awal kontrak.
Two basic type of option: Call option and Puts option. Calls is an option to buy the foreign currency, Puts is an option to sell the currency. The buyer of an option is the Holder or Buyer. The seller of an option in Writer or Grantor.
Option has three different price:
1. The Exercise or strike price is the exchange rate at which the forex can be purchased
(call) or sold (put).
Keuangan Internasional, modified by Zainul Muchlas, [email protected] Page 3
2. The premium, which is the cost price, or value of the option itself, and
3. The underlying or actual price (spot exchange rate) in the market.
Two kinds of the option:
1. An American option gives the buyer the right to exercise the option at any time
between the date of writing and the expiration or maturity date.
2. An European option can be exercise only on its expiration date, not before.
The Terms of option:
1. At The Money (ATM) an option whose exercise price is the same as the spot price of
the underlying currency.
2. In The Money (ITM), an option that would be profitable if exercise immediately.
3. Out Of The Money, an option that would not be profitable if exercise.
FOREIGN CURRENCY SPECULATION:
1. Speculation on the spot market.
2. Speculation on the forward market.
3. Speculation on the option market:
a. Buyer of a call.
b. Writer of a call
c. Buyer of a put.
d. Writer of a put.
www EXERCISE:
a. London Stock Exchange
http://www.londonstockexchange.com/home/homepage.htm
b. Tokyo Stock Exchange
http://www.tse.or.jp/english/rules/derivatives/topixf/example.html
c. Singapore Stock Exchange http://www.sgx.com
d. Jakarta Futures Exchange http://www.jfx.co.id/
e. Daftar Bursa Efek SEDUNIA http://id.wikipedia.org/wiki/Daftar_bursa_efek
TUGAS INDIVIDU : BUAT RESUME PENGERTIAN PASAR FORWARD, PASAR FUTURES DAN
PASAR OPSI , SUMBER BOLEH DARI WEB SITE BEBAS ATAU ARTIKEL BEBAS.