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Futures contract

Category — Derivatives
Futures are derivative securities, exchange-traded financial instruments, an agreement under which the seller undertakes to deliver, and the buyer undertakes to pay and receive a certain standard underlying asset in the future at a price determined at the time of the transaction.

The following conditions must be fixed in a futures contract, the conditions have a standardized form required by the exchange called the "specification":

• Ticker.

• Contract volume (quantity of goods).

• Delivery date and duration of the futures. Futures are identified by month, for example "June futures".

• Type of futures contract: deliverable or settlement. Settlement - ends with the mutual settlement by the parties of the transaction, and not with the delivery of the underlying asset. Deliverable - the underlying asset is actually delivered.

• The minimum price step and its cost.

• Methodology for announcing quotes. The price can be announced for a unit of goods or for the quantity of goods specified in the contract.

Futures contracts have a class and a series. One class includes all exchange-traded futures, regardless of their delivery time, that have a single underlying asset. One series includes all futures that have the same class and differ only in their delivery date.

The stock exchange daily discloses information on turnover in quantitative terms (the number of contracts, Trading Volume) and in monetary terms (Trading Value), the number of transactions (trades).

There are the following types of futures contracts:

• Currency. Futures contracts for the purchase and sale of a certain currency at a fixed rate on a date set in the future.

• Index. Futures contracts to buy and sell an index at a fixed price today, which will be calculated for a fixed future date. It’s often used by traders to hedge stock positions.

• Futures for precious metals. Futures contracts for the delivery of precious metals in the future at a predetermined price.

• Commodity. Commodity futures contracts mean fixing the terms of delivery of goods at a certain moment in the future, at a predetermined price and in a certain quantity.

• Futures on bonds, US Treasury bonds, etc. Contracts for the purchase and sale of bonds at a fixed price today on a date set in the future.
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