EduMarkets Futures

Futures are standardised, exchange-traded, and margined daily. The module covers contract specifications, the daily margin process that keeps the market solvent, and cost-of-carry pricing. Bond futures are covered separately: cheapest-to-deliver, conversion factors, and the delivery options the seller has. Short-term interest rate futures are covered in their own section, with their own conventions.

Handbook chapters

  1. What Are Futures?
  2. Futures Markets & Participants
  3. Contract Specifications
  4. Pricing & Cost of Carry
  5. Rolling & the Term Structure
  6. Margining
  7. Bond Futures
  8. STIR Futures

Tools and exercises

  • Contract Specs & Margining
  • Bond Futures
  • STIR
  • Term Structure
  • Portfolio Margin
  • Open Interest & COT
  • Exercises