Futures exchange transaction is connected. Legal nature of futures transactions

STATE COMMITTEE OF THE RUSSIAN FEDERATION

ON ANTIMONOPOLY POLICY AND SUPPORT OF NEW

ECONOMIC STRUCTURES

COMMISSION FOR COMMODITY EXCHANGE

LETTER

ABOUT FORWARDS, FUTURES AND OPTIONS EXCHANGE TRANSACTIONS

Commission on Commodity Exchanges on the basis of Art. 34 of the Law of the Russian Federation "On Commodity Exchanges and Exchange Trade", art. 2 Decree of the Government of the Russian Federation of February 24, 1994 N 152 and art. 3 of the Regulations on the Commission on Commodity Exchanges in connection with incoming requests for forward, futures and options transactions made in exchange trading, reports the following.

The Law of the Russian Federation "On commodity exchanges and exchange trading" determines that in the course of exchange trading simple, forward, futures and option exchange transactions can be made. At the same time, Art. 8 of this Law defines simple exchange transactions as transactions related to the mutual transfer of rights and obligations in relation to real goods; forward transactions - as transactions related to the mutual transfer of rights and obligations in respect of real goods with a delayed delivery date; futures transactions - as transactions related to the mutual transfer of rights and obligations in relation to standard contracts for the supply of exchange goods; option transactions - as transactions related to the assignment of rights to the future transfer of rights and obligations in relation to an exchange commodity or a contract for the supply of an exchange commodity.

The subject of simple and forward exchange transactions is a real product, i.e. items available. In terms of the maturity of obligations, simple transactions in relation to real goods are cash transactions (with immediate execution), and forward transactions are term transactions (with a deferred deadline for fulfilling obligations).

The subject of futures and options transactions are property rights, while the subject of futures transactions is standard (futures) contracts, and the subject of option transactions is the rights to the future transfer of rights and obligations in relation to a real product or a standard (futures) contract; such rights are also called option contracts (or options) in stock trading.

A futures contract is a document that defines the rights and obligations to receive (transfer) property (including money, currency values and securities) or information indicating the procedure for such receipt (transfer). Obligations to receive (transfer) property or information under a futures contract terminate with the acquisition of a homogeneous futures contract providing for the transfer (reception) of the same property or information, respectively, or with their execution. Futures contracts can only be traded in exchange trading.

An option contract (option) is a document that defines the rights to receive (transfer) property (including money, currency values ​​and securities) or information on the condition that the holder of the option contract may waive the rights under it in unilaterally.

Futures contracts and exchange option contracts (options) are not securities.

Futures and options transactions, unlike forwards, are not futures transactions with a real commodity, and they are not subject to regulations relating to futures transactions.

When applying regulations on futures transactions, one should proceed from the fact that, unlike forward contracts for the supply of grain, oil, gas, securities, currency values, etc. things, such acts do not apply to the turnover of futures contracts and option contracts (options) in exchange trading, even if futures and option contracts provide their holders with property rights in relation to grain, oil, gas, securities, currency values, etc. of things.

To date, there are many criteria according to which types of exchange transactions can be classified. We present them in the form of a list, give each type a brief description.

Types of exchange transactions:

1. cash

• simple


• margin

• according to the mechanism of making deals
• solid


• conditional
• futures


• optional
• prolongation
• by pricing method
• at the current market price


• at the price on the day of sale


• at a price on a specific date
• by calculation method
• at the end of the month


• a fixed number of days after the transaction


• at the middle of the month

Of the above criteria, the most significant is the term of the transaction. Depending on the time of execution of the contract, all transactions are divided into cash and urgent.

Cash transactions- transactions, the settlement of which is made immediately after their conclusion or in the next 2-3 days.

Simple cash transactions– cash transactions that are not accompanied by any additional conditions.

Margined cash transactions– cash transactions with additional conditions, involving the possibility of purchasing assets (securities) with payment of part of their value at the expense of borrowed funds Money.

A leveraged purchase of securities is a transaction in which the broker provides his client with the missing funds to complete the transaction. The assets purchased in this way act as collateral for the loan. After the client sells the securities, a settlement is made with the broker for the loan provided by him. This is the essence of this operation, carried out by a speculator in the expectation of an increase in the price of purchased securities. In exchange practice, such an operation is called "long" deal.

The stock markets where such operations are practiced have a strict mechanism for regulating the conditions necessary for this. For example, in the United States since 1934 maximum size credit that can be issued for the purchase of securities is established by the Federal backup system. This is done by rationing the portion of the purchase that must be paid for in cash by the customer himself. In exchange terminology, such a share is called a margin, and at the moment it is 50%. Buyers of securities can receive this loan only with a broker commercial banks they do not have such a right. The broker who granted the loan holds the client's securities as collateral without taking ownership of them. In case of bankruptcy of the investor, the securities become the property of the broker.

A feature of margin cash transactions is the need to maintain the established margin level throughout the entire lending period. Therefore, if the current rate of securities decreases, the broker requires the client to replenish the collateral in cash or other securities. If this condition is not met, the client's securities may be sold.

An example of a "long" trade:

Assume that a client has bought $20,000 worth of shares in a certain company, of which $10,000 is his own funds and $10,000 is a broker's loan. If the current value of the securities falls to $15,000, then the security of the loan with collateral decreases. This indicator is calculated by subtracting the amount of borrowed funds from the market value of shares, the difference obtained in this way is correlated with market value shares. In this case, the collateral ratio will drop to 33.3%:

(15,000 - 10,000) / 15,000 x 100 = 33.3%

As a result, the broker will require additional collateral in the amount of 2.5 thousand US dollars.

Another type of margin cash transactions is the sale of borrowed securities. Such an operation in exchange terminology is called "short" sale. This operation is most often resorted to by "bears", i.e., speculators playing for a fall. The technique of such an operation is as follows: the speculator sells securities borrowed from his broker at the current market rate. After the rate falls in price, the speculator buys them again and returns them back to the broker.

An example of a "short" sale:

Let us assume that ABC's shares are listed at $110 each and have reached their limit in the opinion of the speculator. The speculator expects that prices will fall in the future. In this situation, he asks his broker to "short" 100 shares of the company at the current price. The broker provides the speculator with these shares to complete the transaction. Further, the share price falls to $85 and the speculator decides to take profits. He gives an order to buy 100 shares of ABC at $85, which he returns to the broker. Thus, having sold shares at $110, he then bought them at $85, making a profit of $2.5 thousand.

There is one important nuance in the above example. The owner of the shares can at any time demand the return of securities, therefore, in the terms of the "short" transaction, it is separately stipulated that the "bear" must return the borrowed securities on first demand. If the situation develops unfavorably, a "short" sale can lead to significant losses. So, in the above example, if the price of ABC shares did not go down, but up, and reached $125 per share, the speculator would have to buy back the paper for $12.5 thousand, while during the sale he received $11 thousand, i.e. That is, his loss will be 1.5 thousand US dollars.

Comparing between a "long" deal and a "short" sale, you should pay special attention to the different levels of risk. The risk of a short sale is much higher than the risk of a long trade. In a "long" transaction, the buyer's risk is limited to the purchase rate, since the rate cannot be less than zero when prices fall. With a "short" sale, the unfavorable for the "bear" tendency of the growth of the share price theoretically has no limits.

Currently, cash transactions are practiced on all stock exchanges. The technique for conducting this type of exchange transactions is almost the same everywhere, the only difference is in the time of settlement. Thus, on the German stock exchanges, the settlement of such transactions is carried out within two days, on the stock exchanges of the USA, Great Britain and Switzerland - five days.

Urgent deals- transactions, between the conclusion and execution of which there is a significant period of time. The size of this gap is determined in the terms of the contract.

According to the terms of futures transactions, the subject of the contract (goods or contract) and the rights to it must be transferred to the acquiring party at the time of the conclusion of the agreement, and the money is paid through certain period. Futures transactions are not allowed on all exchanges. So, on state stock exchanges, such transactions are either prohibited or strictly regulated. For example, on the Amsterdam Stock Exchange, only cash transactions are allowed, on the Italian stock exchanges, futures transactions are allowed in stock trading, but are prohibited in bond trading.

Where both types of exchange transactions are allowed, there are many rates of the same securities, since the prices of securities in the cash and futures markets usually do not coincide. These rates differ both on the day of the transaction and on the day of settlement. Derivatives market participants count on this difference, hoping that it will be in their favor. As a result, the profit is received by the one who guessed the market trends more correctly.

The last two pricing methods allow you to play for a fall or an increase in rates. These are speculative transactions that affect the interests of third parties. However, even if only cash transactions are made on the stock exchange, this does not mean at all that there is no speculation on it. Cash transactions under certain conditions can also be carried out for speculative purposes. An example of this is the New York Stock Exchange, where futures transactions in their pure form are not practiced. On this exchange, settlement of all transactions is carried out immediately, there is only the possibility of paying for purchased securities with borrowed funds, as well as selling those securities that are on this moment the seller does not. In this case, a cash transaction in its form actually turns into an urgent one.

Depending on the degree of conditionality, there are firm, conditional and prolongation transactions.

Hard Deals- transactions that are binding set time at a fixed price (obligations are not subject to change).

Conditional transactions- transactions, the participants of which acquire the opportunity for a fee to change their obligations in relation to one of the parties.

An option is an example of such a transaction. The seller of the option cannot refuse to execute the transaction, but the buyer is granted this right in exchange for paying a premium.

Prolongation transactions are used when market conditions do not meet the plans of stock speculators and they postpone the deadline for the execution of the transaction.

Futures deals(from the English future - future) - exchange futures transactions concluded at prices in force at the time of the conclusion of the agreement, with delivery and payment for the goods in the future.

The mechanism of a futures transaction is quite simple: before the expiration date of the contract, the buyer pays the seller a small guarantee amount and is waiting for a change in the price of an asset (securities, goods), the purpose of this transaction is to obtain a difference in the price that arises by the liquidation period (i.e., the difference between the price on the day the contract is concluded and executed).

Options trades(from the English option - choice, desire, discretion) - exchange futures transactions, according to which a potential seller or buyer receives the right, but not the obligation, to sell or purchase an asset (security, product) at a certain moment or a period of time in the future according to predetermined price.

The subject of a futures transaction is a futures contract - a document that defines the rights and obligations to receive or transfer property (including money, currency values ​​and securities) or information, indicating the procedure for such receipt or transfer. However, it is not a security). A futures contract cannot simply be canceled, or, in exchange terminology, liquidated. If it is concluded, it can be liquidated either by concluding an opposite transaction with an equal amount of goods, or by delivering the stipulated goods within the time period stipulated by the contract.

The rules of trading on futures contracts open up opportunities: the seller retains the right to choose - to deliver products or buy out a futures contract before the delivery time of the goods; buyer - to accept the goods or resell the fixed-term contract before the delivery date.

The main features of futures trading are:

the fictitious nature of transactions, in which the sale is made, but the exchange of goods is almost completely absent. The purpose of transactions is not the use value, but the exchange value of the commodity;

predominantly indirect connection with the market for a real product (through hedging, and not through the supply of goods);

complete unification of the use value of a commodity, potentially represented by an exchange contract, directly equated to money and exchanged for it at any moment. (In the case of delivery under a futures contract, the seller has the right to deliver goods of any quality and origin within the limits established by the rules of the exchange);

complete unification of the conditions regarding the quantity of goods allowed for delivery, the place and timing of delivery;

the anonymity of transactions and the substitutability of counterparties for them, since they are not concluded between specific sellers and buyers, but between them or even between their brokers and the clearing house - a special organization at the exchange that assumes the role of a guarantor of the fulfillment of obligations of the parties when buying or selling them exchange contracts. At the same time, the exchange itself does not act as one of the parties in the contract or on the side of one of the partners. Klevansky V. Futures contracts: the mechanism of bidding. Economics and Life, 1994, No. 27, p.7.

The subject of a futures transaction is a futures contract - a document that defines the rights and obligations to receive or transfer property (including money, currency values ​​and securities) or information, indicating the procedure for such receipt or transfer. However, it is not a security.

In futures transactions, the full freedom of the parties is preserved only in relation to the price, and limited - in relation to the choice of the delivery time of the goods. All other conditions are strictly regulated and do not depend on the will of the parties involved in the transaction. In this regard, the futures exchange is sometimes called the “price market” (i.e., exchange values), in contrast to commodity markets (the totality and unity of use and exchange values), where the buyer and seller can agree on almost any terms of the contract. And the evolution from transactions with real goods to transactions with fictitious ones is compared with the progress from the circulation of money with real value to paper money circulation.

Some of the benefits of futures contracts include:

• 1) improved planning;
• 2) benefit;
• 3) reliability;
• 4) confidentiality;
• 5) speed;
• 6) flexibility;
• 7) liquidity;

arbitrage opportunity.

1. Better planning.

Consider the example of a country that produces a product for export. Let's say cocoa. How will she plan her marketing strategy? She can:

• a) find a buyer every month or every quarter when the product is ready;
• b) sell the entire quantity of the product to the first buyer who is announced, at the price he will offer;
• c) turn to the "futures" markets, using the fixed price mechanism provided by the exchange, and sell your product at the most convenient time to the best buyer.

The simplicity and attractiveness of futures contracts also lies in the fact that the cocoa producer, by entering into such a trade and protecting himself from the risk of incurring losses on his product, enables the chocolate producer to purchase this cocoa, with delivery in the future and, thus, insure himself against interruptions. in the supply of raw materials.

2. Benefit.

Any trading operation requires the presence of trading partners. But it's not always easy to find right moment suitable buyer and seller.

"Future" markets allow you to avoid this unpleasant situation and make buying and selling without a specifically named partner. Moreover, "futures" markets allow you to get or pay the best price at the moment. With a futures contract, both the seller and the buyer have time to buy or sell the commodity in the future for the best possible benefit for themselves, without committing themselves to a particular partner.

3. Reliability.

Most exchanges have clearing houses through which sellers and buyers make all settlement operations. This is very important point, although the exchange is not a direct participant in the trading operation, it captures and confirms every purchase and sale.

When a commodity is bought and sold on the stock exchange, the clearing house has the appropriate security for this transaction from the seller and the buyer. A clearing house contract is in many ways more reliable than a contract with any particular partner, including government agencies.

4. Privacy.

Another important feature of "future" markets is anonymity, if it is desirable for the seller or buyer.

For many of the largest manufacturers and buyers, whose sales and purchases have a powerful impact on the global market, the ability to sell or buy a product in confidence is very important. In such cases, exchange contracts are indispensable.

5. Speed.

Most exchanges, especially those dealing in commodities, can allow contracts and commodities to be sold quickly without price changes. This makes trading very fast.

How does this happen? For example, someone wants to buy 10,000 tons of sugar. He can do this by buying 200 futures contracts at 50t per contract. Such a transaction can be completed in a few minutes. Further, all 200 contracts are guaranteed, and now the buyer has time to negotiate for better terms.

6. Flexibility.

Futures contracts have a huge potential to carry out countless options for operations with their help. After all, both the seller and the buyer have the opportunity, both to deliver (accept) the real goods, and to resell the exchange contract before the delivery date, which opens up prospects for a wide and diverse variability.

7. Liquidity.

Generally speaking, "futures" markets have a huge potential for a variety of transactions associated with the rapid "overflow" of capital and goods, that is, liquidity. One of the indicators of liquidity is the total volume of trading on exchanges. The volume of trading on futures exchanges with commodities alone exceeds 2.5 trillion. Doll.

8. Possibility of arbitrage operations.

Thanks to the flexibility of the market and the well-defined standards of these contracts, there are ample opportunities. They allow manufacturers, buyers, stock exchange traders to conduct business with the necessary flexibility of operations and the maneuverability of firms' policies in changing market conditions. Alekseev Yu.I. Stocks and bods market. Moscow, 1992. S.-128-130

To maximize the speed of the conclusion of futures transactions, facilitate the liquidation of contracts and simplify the settlement of them, there are completely standardized forms of futures contracts. Each futures contract contains the quantity of goods established by the rules of the exchange

When concluding a futures contract, only two main conditions are agreed upon: price and position (delivery time). All other conditions are standard and determined by the exchange rules (except for contracts for non-ferrous metals, which also indicate the amount of goods - most often 100 tons).

The delivery time for a futures contract is set by determining the duration of the position. All futures contracts, unlike contracts for real goods in without fail must be immediately registered with the clearing house at each exchange. After the registration of the futures contract, the members of the exchange - the seller and the buyer - no longer act in relation to each other as parties who have signed the contract. They only deal with the clearing house of the exchange. Each party may unilaterally liquidate the futures contract at any time by entering into an offset transaction for the same amount of goods. The liquidation of a futures contract involves paying the clearing house or receiving from it the difference between the price of the contract on the day of its conclusion and the current price.

After the conclusion of the futures contract and its registration in the clearing house, the seller and the buyer interact only with the clearing house. At the same time, each of them has the right to liquidate this contract unilaterally by concluding an offset transaction on any day before the delivery date. The goods are paid for at their market price at the time of liquidation of the transaction. If the seller intends to deliver the real goods, then he is obliged to notify the clearing house about this no later than 5-7 days before the time of delivery by sending her a notice, called a “notice” in the USA, a “tender” - in the UK. The clearing house notifies the buyer, who (if he so desires) receives a warrant for the goods. The latter is paid by check, draft or urgent transfer.

The desire of the seller and the buyer to make a profit determines the tactics of behavior and the nature of the actions of the participants in the exchange game. The seller makes every effort to lower the price of the contract by the liquidation period. To do this, he throws out for sale a large number of contracts, which exceeds the prevailing demand and thereby knocks down prices. Sellers playing for a fall are called "bears" in exchange terminology (bear - bear; speculator playing for a fall; to bear the market - to play in the market for a fall).

A futures contract cannot simply be canceled, or, in exchange terminology, liquidated. If it is concluded, it can be liquidated either by concluding an opposite transaction with an equal amount of goods, or by delivering the stipulated goods within the time period stipulated by the contract. In the vast majority of cases, compensation takes place, and only 1-3% of contracts deliver physical goods. Delivery of goods on futures exchanges is allowed in certain months, called positions. If the futures contract has not been liquidated before its expiration by concluding an offset contract, then the seller can deliver the real product, and the buyer can accept it on the terms determined by the rules of this exchange. In this case, the seller must, no later than 5 exchange days before the onset of the urgent position, send through a broker to the clearing house of the exchange a notice (called "notice" in the USA, "tender" in England) about his desire to hand over the real goods. The next day, the Clearing House selects the buyer who bought the contract first, and sends him a notice of delivery through his broker, at the same time informing the seller's broker who the goods are intended for. The buyer, who wishes to accept the real goods under the contract, receives a warehouse receipt against a check drawn in favor of the seller. Delivery of real goods ends a limited number of futures transactions (less than 2%). Galanova V., Securities market.- M.: Finance and statistics, 1998.-p.22-23

One of the goals pursued by participants in transactions when concluding transactions on the stock exchange is insurance against possible price changes (hedging).

Such transactions are carried out both with real goods and with futures contracts, but in speculative transactions with futures contracts, no direct settlements are made between the seller and the buyer. As already noted, for each of them, the opposite side of the transaction is the clearing house of the exchange. It pays the winning party and accordingly receives from the losing party the difference between the value of the contract on the day of its conclusion and the value of the contract at the time of execution. A futures transaction can be liquidated (not necessarily at the end of the contract, but at any time) by paying the difference between the sale price of the contract and the current price at the time of its liquidation. This is called the repurchase of previously sold or the sale of previously purchased contracts. Chaldaev KM, risks in the securities market, Financial business magazine, No. 1, 1998, p. 60-62 Speculators who play on the derivatives exchange on rising prices are called "bulls", and speculators who play on a fall are called "bears".

Futures transactions are commonly used to hedge against possible losses in case of changes in market prices when concluding transactions for real goods. Hedging is also used by firms that buy or sell goods for a period of time on the exchange of real goods or over the counter. Hedging operations consist in the fact that the company, selling a real product on the exchange or outside it with delivery in the future, taking into account the price level existing at the time of the transaction, simultaneously performs a reverse operation on the derivatives exchange, that is, it buys futures contracts for the same period and for the same amount of goods. A firm that buys a real commodity for delivery in the future simultaneously sells futures contracts on the exchange. After the delivery or, respectively, acceptance of the goods in a transaction with real goods, the sale or redemption of futures contracts is carried out. Thus, futures transactions insure transactions for the purchase of real goods from possible losses due to changes in market prices for this product. The principle of insurance here is based on the fact that if in a transaction one party loses as a seller of real goods, then it wins as a buyer of futures for the same amount of goods, and vice versa. Therefore, the buyer of the real good hedges with a sell, and the seller of the real good hedges with a buy.

For example, a reseller (intermediary, dealer, agent) buys large quantities of seasonal goods (grain, cocoa beans, rubber, etc.) in a certain, usually relatively short period in order to then ensure the full and timely delivery of goods according to the orders of their consumers. Without resorting to hedging, he may incur losses in the event of a subsequent possible decrease in the prices of his goods in stock. To avoid this or reduce the risk to a minimum, he, simultaneously with the purchase of real goods (whether on the exchange or directly in the producing countries), makes a hedging sale, that is, he concludes a deal on the exchange for the sale of futures contracts providing for the delivery of the same amount of goods. When a merchant resells his product to a consumer, let's say at a lower price than he bought, he suffers a loss on the transaction with the real product. But at the same time, he buys back previously sold futures contracts at a lower price, as a result of which he makes a profit. Direct consumers of exchange goods (cocoa beans, rubber, etc.) often also resort to hedging by selling when they buy these goods for a period.

A buy hedge (a "long" hedge) is the purchase of futures contracts for the purpose of insuring the selling price of an equal amount of a real commodity, which the trader does not own, for delivery in the future. The purpose of this transaction is to avoid any possible loss that may result from a price increase on an item already sold at a fixed price but not yet purchased ("uncovered"). Gerchikova I. "International Commodity Exchanges" - Questions of Economics - 1991 - N7. S.-18

The Law on Commodity Exchanges establishes an approximate list of transactions made by participants in exchange trading. This list has been compiled on the basis of a long international practice committing exchange operations. Exchange trading participants in the course of exchange trading can make transactions related to: mutual transfer of rights and obligations in relation to real goods (spot transactions); mutual transfer of rights and obligations in respect of real goods with a delayed delivery date (forward transactions); mutual transfer of rights and obligations in relation to standard contracts for the supply of exchange goods (futures transactions); assignment of rights to a future transfer of rights and obligations in relation to an exchange commodity or a contract for the supply of an exchange commodity (option transactions), as well as other transactions in relation to an exchange commodity, contracts or rights established in the rules of exchange trading.

An exchange transaction is a contract registered by the exchange, concluded by participants in exchange trading in relation to exchange goods during exchange trading. Exchange transactions are never made on behalf of and at the expense of the exchange, therefore, liability for their failure or improper execution is borne by the party to the transaction, and not by the exchange or exchange intermediary (broker). An exchange commodity is a commodity of a certain kind and quality not withdrawn from circulation, including a standard contract or bill of lading for goods. Exchange goods cannot be real estate and objects of intellectual property.

Since the bill of lading for goods is also considered to be an exchange commodity, the subject of an exchange transaction may be “goods in transit”. There are no obstacles to considering the subject of an exchange transaction and "goods in stock." Therefore, in addition to bills of lading, warehouse certificates certifying the owner's rights to receive goods from the warehouse act as exchange goods. Warehouse certificates, like bills of lading, have a dual legal nature, since they are both documents of title and securities (Articles 912-917 of the Civil Code of the Russian Federation). For example, in the Rules of the Moscow Central stock exchange, where commodity sections function, it is possible to trade warrants (the pledge part of a double warehouse certificate) for goods.

Article 8 of the Law "On Commodity Exchanges and Exchange Trade" defines the following types exchange transactions:

simple (cash) transactions are characterized by the fact that they are associated with the mutual transfer of rights and obligations in relation to real goods and the execution of these transactions occurs immediately;

For futures transactions, a delayed execution period is typical. Futures transactions, in turn, are divided into forward transactions (associated with the mutual transfer of rights and obligations in relation to a real product with a delayed delivery date); futures (related to the mutual transfer of rights and obligations in relation to standard contracts for the supply of exchange goods); option (associated with the assignment of rights to a future transfer of rights and obligations in relation to an exchange commodity or a contract for the supply of an exchange commodity).

It is important to note that the above Law allows for the conclusion of other transactions in relation to an exchange commodity, contracts or rights established in the rules of exchange trading.

In accordance with the sign of urgency, transactions are divided into:

1) cash transactions with immediate (cash) or quick (spot) completion of the transaction, when the dates of the conclusion and execution of the transaction are unintentionally separated by an insignificant period (up to 3 days), i.e. with the speedy delivery of goods and cash settlements;

2) forward transactions (transactions for a period). The moment of execution of the transaction (payment and transfer of goods) is deliberately delayed from the moment of conclusion of the transaction for a significant time (up to 1 year). The price is set at the time of the transaction. Terms of execution of transactions (positions) are unified (month, 2, 3...).

Futures deals are used for stock trading (speculation) and hedging (insurance). In some countries forward transactions for certain goods are prohibited, for example, in the USA - for shares.

Deals for the term have expanded the possibilities of stock speculation, i.e. price difference games. In the cash market, only a game to increase the price was possible. Bullish traders bought goods in the hope of further selling them at a higher price. On the futures market there is an opportunity to play for a fall. Sellers who sell short (bears) enter into transactions without yet having the goods, hoping that by the time the transaction is executed, they will be able to buy the goods at a lower price than specified in their contract to sell.

It should be noted that the classification of transactions on the stock exchange is quite diverse and it can be continued, so the environment for futures transactions is distinguished:

1) firm (mandatory);

2) conditional (optional for execution).

In fact, firm transactions are transactions with real goods, providing for the actual delivery of goods to the buyer (3 days, a year, ..).

Conditional transactions may be called "paper transactions" because they do not require delivery and provide an opportunity to evade the actual delivery or acceptance of the goods.

Transactions with real goods on the exchange market, as a rule, do not exceed 5-10% of the world trade in the corresponding goods (not only through the exchange). Transactions with real goods account for 1-3% of the total (value) volume of transactions on the stock exchange.

Among the exchange transactions, the most widespread are:

1) forward transaction;

2) futures deal;

3) option;

4) hedging (any scheme that eliminates or limits the risk financial transactions);

5) arbitration (based on the difference in prices for the same or similar goods).

forward transaction- an urgent, firm deal with a real product. It is also called forward transactions in the over-the-counter market.

The main advantage of a forward contract is that it can be adjusted to individual requests participants in the transaction on any parameters of the contract, namely: on price, terms, sizes, forms of payment and delivery.

Forward contracts become derivatives as the terms of the deal become standardized, i.e. partial renunciation of their individuality, the uniqueness of each individual contract, and in the presence of a market intermediary (dealer) who becomes one of the parties to a forward contract with any other market participant. As a result, it starts working secondary market forward contracts and they become liquid.

According to the results of futures trading, the clearing house daily determines the losses and gains of participants and, accordingly, writes off money from the account of the losing party and credits it to the account of the winning party. The amount of winning or losing, which is determined by the results of the auction, is called variational or variable margin.

A participant in a contract can keep his position open for a long time, for example, several days. In this case, the clearing house still determines its losses or gains based on the results of each day. The carry-over margin is calculated as the difference between the market prices of the given contract, the so-called settlement prices of the current and the previous day. In the event of a price increase, this difference is paid by the seller on open positions, and the buyers who own open positions receive it. In the case of falling prices - vice versa.

futures deal- a transaction carried out on the basis of a futures contract, which is an agreement to buy / sell goods on the exchange at a certain point in time in the future at a certain price. A futures contract provides for a mechanism for refusing to buy / sell a commodity as a result of a mechanism for reselling the contract with the help of the exchange clearing house, when the participant takes the opposite position, i.e. the seller concludes new contract to buy and the buyer to sell.

If a participant in the contract sells, then they say that he is in a short position, if he buys, then he is in a long position.

A futures transaction is essentially forward and has the following properties:

1) Unified volume and standardized type of goods;

2) Unified delivery date;

3) There is a contract performance guarantee provided by the clearing house;

4) The price is set in the process of exchange trading;

5) The probability of real delivery is low - about 3%;

6) If the forward transaction ends with the delivery or acceptance of the goods, then the futures transaction ends, as a rule, with the payment of the difference in forward prices to one of the participants at the time of execution and the time of conclusion of the contract. Accordingly, the other participant bears losses;

7) When concluding a futures transaction, a margin (collateral) is paid to reduce the risk on the part of the exchange, which is regulated by the clearing (settlement) chamber of the exchange.

Option- urgent conditional transaction. An option contract contains a condition according to which one of the participants (the holder, who is also the owner of the option) acquires the right to buy / sell goods at a fixed price (strike price of the contract, strike price) for a certain period of time, paying to the other participant (option writer) a monetary premium for the obligation to ensure, if necessary, the exercise of this right. The option holder can either exercise the contract, or not exercise it, or sell it to another person.

Some characteristics of the option:

The price of an option is the amount of the premium. Option trading begins with a rotation of finding out the size of the premiums for sellers and buyers. The manager then announces the maximum bid price and minimum price suggestions. Brokers react with new proposals that bring prices together. Trading is carried out by the method of free shouting;

· Ceteris paribus, the resale price (premium) decreases as it approaches the expiration date of the contract on the principle of "less risk - more pay";

· Standard term of option contracts – 3, 6, 9 months;

An option is a type of transaction with limited risk. The loss to the option holder does not exceed the amount of the premium paid to the writer. The option writer's losses are only reduced by the amount of the premium;

· An option (as well as a future) can be used for hedging (“protection” against risk).

· Unlike futures for options (American), the expiration date is not fixed;

· An option is a way to limit losses from an unwanted change in the price of the desired stock.

There are the following types of options:

An option to buy is called a call.

For sale - put;

Option transactions during resale can bring large incomes that are unattainable when buying / selling shares, because. option prices tend to rise more sharply than their underlying stocks.

Options are divided into classes and series.

Class - set of options for the same underlying shares. Call and put options are separate classes.

Series– a set of options of this class with the same strike prices and expiration dates;

Buyers of call options interested in shares may not currently have free money, except for the amount of margin - a deposit made by a participant to increase the reliability of the transaction and amounting to about 20% of the strike price.

The option is special kind an exchange transaction in which the risk is limited compared to a conventional futures contract because a call option gives the right, but does not oblige, to buy a specific futures contract, commodity or non-commodity value at a given price.

There are three main types of options: a call option or call option, which is used when playing up, a put option or put option, which is used when the trader expects prices to fall, and a double option, in which is a combination of the first two types of options. A double option allows its holder to either sell or buy financial instrument at the underlying price, so dual options are used only when the market is very volatile and there is no way to predict the future change in the direction of price movements in the market. Double options are used only on the commodity exchanges in England.

Futures operations on the commodity exchange are often used to hedging– insurance against possible losses due to adverse change prices of goods when making transactions with real goods. With this approach, losses from a transaction with a real commodity are offset by profits from a futures contract, and vice versa.

basis hedging is the fact that, in theory, changes in market prices for futures and goods are the same in direction and size, but in practice, prices do not always coincide, but still change approximately within the same limits. The hedging basis is the difference between the price of the futures contract and the price of the contract for the real commodity.

Arbitrage (contract for difference) is an agreement between the parties concluding it on the exchange of the difference between the opening and closing prices of positions under the contract, taking into account the quantity of goods specified in the contract.

Arbitrage is the simultaneous purchase and sale of assets in order to profit from the difference in prices. In the futures market, arbitrage transactions are called spread (there are also names: straddling, straddle, switch). The price difference between two futures contracts is also called a spread or differential. A trade is opened when the normal price ratio changes. When the price ratio returns to normal, both trades are liquidated. The spreader pays special attention to the price difference between the two contracts, with the overall price movement being of lesser importance.

In exchange practice, four types of arbitration are used:

− intra-market spread or arbitrage in time – simultaneous buying and selling of futures contracts with different settlement dates for the same commodity and on the same exchange;

− intermarket spread (one due date, one commodity, different exchanges);

− intercommodity spread (one term, one exchange, different commodities);

- spread "raw materials-semi-finished products" - in fact, it is a type of inter-commodity spread. The most common are such spreads for oil and products of its processing, for grains and products of their processing.

Exchange trading is carried out according to the internal rules of exchange trading, which are a local normative act approved by each commodity exchange. All disputes on the Exchange are resolved by the Exchange Arbitration Commission, which acts as an arbitration court.

The object of transactions on a commodity exchange is an exchange commodity, which is understood as a commodity of a certain kind and quality not withdrawn from circulation, including a standard contract and a bill of lading for the specified product, admitted in the established manner by the exchange to exchange trading. An exchange commodity cannot be real estate and objects of intellectual property, since the specified property has pronounced individual characteristics, which makes it impossible for the mass conclusion of transactions with it.

Brokerage firms, brokerage houses and independent brokers are required to keep records of exchange transactions made in exchange trading for each client and store information about these transactions for five years from the date of the transaction. In addition, professional participants in exchange activities are required to provide the specified information at the request of the federal executive body in the field of financial markets.

So, we see that the types of transactions on the commodity exchange are diverse. In the very general view they can be classified into simple, forward, futures and options transactions.

Conclusion

Based on the work done, the following conclusions can be drawn.

An exchange transaction is understood as a contract (agreement) registered by the exchange, concluded by participants in exchange trading in relation to exchange goods during exchange trading. The procedure for registration and execution of exchange transactions is established by the exchange.

The legislation distinguishes four types of exchange transactions: simple, forward, futures and options. The subject of a simple exchange transaction is a commodity that is available (real commodity). It may be in an exchange warehouse or be with the seller (supplier), i.e. we are talking about a product that does not need to be mined, produced or purchased from third parties after the conclusion of the transaction in order to execute the concluded exchange transaction. Simple exchange transactions are also referred to as cash or SPOT transactions and imply immediate fulfillment of obligations. “Immediate” execution for such trades should not be taken literally, but usually means a short period of time between the conclusion and execution of a trade, usually no more than 14 calendar days. Simple exchange transactions are quite common on Russian exchanges, although abroad, according to some reports, the share of such transactions with real goods is from 3 to 5% of the total number of exchange transactions.

Forward, futures and options transactions form a group of futures transactions, also referred to as derivatives or derivatives. A forward transaction is similar to a simple exchange transaction in that it is also concluded for a real product. The difference is that a forward transaction involves a delay in the performance of obligations. The subject of a futures transaction is a standard futures contract, i.e. a document that defines the rights and obligations to receive or transfer goods or money, indicating the procedure for receiving or transferring it. An option transaction sells rights to a future transfer of rights and obligations in respect of a real commodity or a standard futures contract.

The essence of transactions with the transfer of rights to real goods (which are also called “spot” transactions, cash transactions or cash transactions (“cash”)) is that exchange trading participants enter into contracts for the purchase of real goods that are subject to execution immediately (on time). up to 14 days). These transactions are completed by the transfer of goods from the seller to the buyer; at the same time, on one of the exchange goods, the goods are transferred from the seller to the buyer. Thus, the prerequisite for concluding a spot transaction is the actual availability of goods in the warehouse (or at least its being on the way to the warehouse).

A forward transaction differs from a spot transaction only in longer (more than 14 days) delivery times.

Futures transactions are concluded not so much for the purpose of acquiring a real commodity, but for the purpose of speculative income received as a result of the resale of a standard contract and as a result of this change in the price of a commodity, the rights to which are confirmed by the alienated contract.

Fig.2.1 Classification of exchange transactions.

Exchange transactions, their types and essence.

In the process of exchange trading, exchange transactions are concluded. The terms of these transactions affect the interests of both bidders and their customers (sellers and buyers). The Law of the Russian Federation “On Commodity Exchanges and Exchange Trade” defines an exchange transaction.

"An exchange transaction is a registered exchange contract (agreement) concluded by participants in exchange trading in relation to exchange goods during exchange trading."

Each exchange has special rules:

Preparation and conclusion of transactions,

Registration of the concluded transaction and its implementation,

settlements on transactions and responsibility for their implementation,

Dispute resolution.

The concluded transaction is subject to mandatory registration on the stock exchange. According to the results of concluded transactions, information on the name of the goods and its quantity is subject to mandatory disclosure. total cost and cost per unit.

Exchange transactions can be classified according to various criteria, for example, according to the object of exchange trading, which can be presented both as a real product and rights to a product or to conclude it. Depending on the conditions and content, exchange transactions can be with real goods and without real goods. . The classification of exchange transactions is shown in Figure 2.1.

Transactions with real goods concluded for the purpose of buying and selling a specific product. They are divided into transactions with cash goods, as a result of which there is a direct purchase and sale of goods. Such transactions. In exchange trading, they are called SPOT (spot) or cash (cash) As well as transactions in which the delivery of goods after a certain time, usually up to 4 months, but a transaction for a period of 6 months is also common. These are forward transactions. When dealing with cash goods the execution of the transaction begins at the time of the conclusion of the contract of sale. Therefore, the exchange game to increase or decrease prices is impossible. Accordingly, such a transaction is the most reliable. The conditions for concluding transactions can be different: according to samples and standards, based on a preliminary inspection or without inspection of the goods, according to exchange expertise, etc. Delivery is carried out within 1-5 days, while the goods may be:

· on the territory of the stock exchange in its warehouses. In this case, its owner receives a certificate (warrant) for the delivered goods, which is subsequently transferred to the buyer against payment.

· during the auction on the way;

· to be expected to arrive on the day of the exchange meeting;

be shipped or ready for shipment.

But in any case, all this must be confirmed by relevant documents.

Forward transactions Forward transactions are future purchase and sale transactions at prices valid at the time of the transaction, with the delivery of the purchased goods and their payment in the future. Unlike futures, forward transactions are concluded on the over-the-counter market, their volume is not standardized, and the participants in the transaction aim not only to insure the risks of price changes, but also expect to receive the commodity itself - the subject of the transaction. Therefore, in the forward market, there is a significant share of transactions for which a real delivery is made, and the speculative potential of these transactions is low. Forward transactions on the exchange are concluded for future goods at exchange prices at the time of the transaction, or at reference prices at the time of opening (closing) of the exchange, but can be concluded by agreement and at prices at the time of the transaction. The advantage of such transactions is to reduce the risk for the seller from lower prices, and for the buyer from higher prices and lower storage costs. The disadvantage of such transactions is the lack of guarantors and, therefore, the contract can be violated by any party and the lack of standardization of such contracts and, as a result, the duration of approvals during their conclusion. To reduce the degree of risk, forward contracts may be concluded with additional conditions such as: pledge deal (to buy or sell) and transactions with a premium (simple, double, complex, multiple.)

barter deals These are transactions of direct exchange of goods for goods without the participation of money. The proportions of the exchange are determined by the agreement of the two exchanging parties. The main reasons for concluding barter transactions are the instability of money circulation, high inflation rates, undermining confidence in the monetary unit, and lack of currency. Barter exchange is possible if the needs of the two participants in the transaction coincide, which is often achieved through a complex, multi-stage exchange. For stock exchanges, such transactions are uncharacteristic, as they contradict exchange trading (there is no normal trading mechanism). The number of warehouses is growing. The spread of prices for the same product increases, etc.

A conditional deal is a deal, in the course of which the broker, on the basis of a contract-order, for a fee, is obliged on behalf and at the expense of the client to sell one product and buy another. Between the sale and purchase there is a fairly large gap in time. In addition, such an order may not be executed by the broker. In this case, the broker does not receive any commission.

The successful operation of commodity exchanges is directly dependent on brokerage houses. Brokers receive income mainly not from membership on the exchange, but from their own intermediary activities. A special place in the system of exchange contracts is occupied by futures, deal options and indices.

Futures transactions are a type of forward transactions. The most widespread futures contracts are for food, energy products and securities. The conclusion of transactions for a period was the result of the development of exchange trading, since selling and buying missing, and often even goods not produced is possible only in the case of standardization of goods, the development of common criteria for evaluating the goods, acceptable to both the seller and the buyer. Such transactions, as a rule, are concluded not for the purpose of buying and selling real goods, but in order to receive income from price changes during the period of the contract, or for the purpose of insurance (hedging) transactions with real goods. Consequently, the subject of trading on the stock exchange is the price, and the terms buying and selling are conditional. To limit the number of those wishing to conclude transactions and to ensure the bidding process, both sellers and buyers are charged an advance payment of 8-15% of the transaction amount. To participate in trading, the client must open a special account on the exchange, to which he is obliged to transfer the amount necessary for trading - a constant margin is about 3%.

Futures deals are concluded through the sale and purchase of standardized contracts, in which all parameters are stipulated, for price exception. On a futures exchange, where forward contracts are often not priced, contracts are traded at the prices in effect at the time of the trade and hence the current quote becomes the fixed price for such trades. This is what allows sellers and buyers of real goods to use the mechanism of exchange operations to insure against unfavorable price fluctuations. Futures trading allows you to find a suitable seller (buyer) at a convenient time, quickly place a purchase (sale) and thereby insure against supply disruptions. In addition, exchange futures transactions provide confidentiality and anonymity, at the request of the client. Futures transactions provide ample opportunities for the exchange game, which in terms of its volume significantly exceeds futures transactions for the purpose of hedging. So, for example, futures transactions on silver exceed its world production more than in 50 times; for soybeans - in 20 times; for cocoa beans 10 once; for copper - 8 times; natural rubber - 5 times; corn - 3 times; sugar and coffee - 2.5 times.

All transactions are processed through clearing (settlement) chamber, which is the third party to the transaction. It is to the clearing house that the participants in the transaction have obligations. Thus, the clearing house acts as a guarantor of transactions, while ensuring the anonymity and anonymity of transactions. Before the due date of the contract, any of the participants may enter into an offset (reverse) transaction with the acceptance of opposite obligations, the Client may buy (sell) the same number of contracts for the same period. And thereby free yourself from obligations, but on a reimbursable basis.

Option trade- this is a special exchange transaction containing a condition according to which one of the participants (option holder) acquires the right to buy or sell a certain value at a fixed price within a specified period of time, paying the other participant (option subscriber) a cash premium for the obligation to provide security if necessary exercising this right. The option holder can either exercise the contract, or not exercise, or sell it to another person. The concept of an option can thus be defined as the right, but not the obligation, to buy or sell a particular value (commodity or futures contract) on specific terms in exchange for the payment of a premium.

The object of an option can be either a real commodity or securities or futures contracts. According to the implementation technique, there are three types of options:

An option with the right to buy or to buy (call option);

An option with the right to sell or sell (put option);

Double option (double option, put-and-call option).

The difference in the contract value for both long and short positions is determined by multiplying the quantity of goods by the difference in the transaction execution price and its current quotation on the futures market,

G \u003d C (P l -P 0).

where P0- transaction execution price;

P 1 - current quote on the futures market;

WITH- quantity of goods.

The price at which the buyer of a put option has the right to buy a futures contract and the buyer of a put option to sell a futures contract is called the strike price.

The size of the premium, ceteris paribus, depends on the expiration date of the option: the longer it is, the higher the premium. In this case, the seller of the option is exposed to more risk, and for the buyer of the option, a longer expiration time has a greater insurance value than with a short option life.

An important concept is the term of the option, which is strictly fixed.