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Futures trading guide OSK GUIDE TO TRADING FUTURES CIntroduction to Trading Futures Welcome to the exciting world of Futures This booklet serves as an introductory guide for those wishing to start trading futures contracts What are Futures Contracts A fut

OSK GUIDE TO TRADING FUTURES CIntroduction to Trading Futures Welcome to the exciting world of Futures This booklet serves as an introductory guide for those wishing to start trading futures contracts What are Futures Contracts A futures contract is an agreement between buyer and seller of an underlying commodity ?nancial instrument asset at a price set today for delivery in the future They are standardised contracts traded on Exchanges around the world Example Underlying Commodity Asset Crude Palm Oil Gold Hang Seng Index Futures Contract Crude Palm Oil Futures Gold Futures Hang Seng Index Futures Exchange Bursa Malaysia Derivatives BMD Chicago Mercantile Exchange CME Hong Kong Exchange HKeX The History of the Futures market Forward contracts a predecessor of futures trading originated as early as ancient Greece where merchants traded contracts for olive produce In Japan during the th Century there existed the Dojima Rice Market in Osaka which was probably the earliest version of the modern day organised futures exchanges The th century saw standardised grain futures contracts being traded on the Chicago Board Of Trade CBOT Currently futures contracts are traded on more than Exchanges all around the world with diverse contracts such as indices interest rates energy and metals besides the traditional agricultural commodities Who are the players Participants in the futures market can be chie y divided into two groups depending on the rationale behind trading the market The ?rst group comprises Hedgers these are mainly corporations businesses or individuals who enter the futures markets to remove or hedge their price risk These are people normally holding the underlying commodity or asset For example producers of crude palm oil or gold asset managers who hold equity portfolios and banks with loan portfolios Their main rationale in using the futures market is to reduce or eliminate price risk The second group comprises Speculators these are institutions or individuals whose main rationale is to pro ?t from movements in the prices of futures contracts They are largely bank proprietary or treasury desks hedge funds arbitrageurs and individual traders Speculators assume the risk that Hedgers seek to o ?set with a view to pro ?t from it CStructure of the Futures Market Di ?erent bodies or participants make up the structure of a futures market and this usually comprises the following ? The Exchange ? The Clearing House ? Regulators ? Brokers The Exchange The Exchange aims to provide an e ?cient transparent and orderly trading environment where futures contracts are bought and sold The Exchange creates and designs the standardised futures contracts and o ?ers them to the market for trading The Clearing House The Clearing House plays the critical role as the counterparties to all buyers and sellers in a futures market The Clearing House in e ?ect acts to guarantee the performance of all futures contracts in the market In order to do that buyers and sellers of futures contracts are required to put up su ?cient deposits called margin to back the position that they