CBOT Handbook of Futures and Options - download pdf or read online

By Cbot

The futures and suggestions bible from the world's first, and America's biggest, futures exchange

Through 9 versions over 3 many years, the Chicago Board of alternate (CBOT) has supplied futures and ideas investors with the self-published Commodity buying and selling handbook. Now the CBOT has entered into an unique contract with McGraw-Hill to deliver you this very important publication. The Chicago Board of exchange guide of Futures and Options provides worthwhile info on every thing from the makes use of and reasons of the futures industry to nuts-and-bolts descriptions of daily trade operations.

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Extra info for CBOT Handbook of Futures and Options

Sample text

Each of these market participants plays an important role in making the markets effective places to conduct business. The "Local" Perhaps the most visible and colorful speculator is the professional floor trader, or "local," trading for his or her own account on the floor of an exchange. Locals come from all walks of life and frequently began their careers as runners, clerks, or assistants to other traders and brokers. Locals utilize a variety of trading strategies. Sometimes they act as a market maker, taking the opposite side of orders that enter the pit.

Centralized markets digest this information, balance it against other information and market opinions about what new information will soon arise, and come up with an equilibrium price—the sum total of all market data and opinions. This equilibrium price, as a result of constant supply and demand shifts, changes minute by minute—sometimes even more frequently when the market attempts to digest significantly different information from that already reflected in the market price. (See Fig. ) When price moves—whether for beans or bonds, corn or money—risk results.

Electronic trading proponents cite greater price transparency, instant trade execution and confirmation, lower costs (particularly marginal cost per trade), and scalability as some of electronic trading's features and benefits that have enhanced the marketplace and enabled the explosive growth of futures and options trading in recent years. Supporters of the traditional open-auction markets present arguably valid trade-offs that are made when choosing between open-auction and electronic trading platforms: market information gleaned from using floor brokers; ability of skilled brokers to work orders for better fill prices; and an environment more conducive to certain trading strategies.

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CBOT Handbook of Futures and Options by Cbot


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