▲Forward and future contract: Forward and futures2 contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying3 commodity or security to lock in eventual4 price of their traction5. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
Commodity future contracts are the contracts that trade commodities.
Interest rate forward: : The forward rate agreement is the most basic of the OTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
●The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:
xNatioal PrincipalxNumberOfDays/360
Long-term interest rate futures
●For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity6 can be used for delivery.
●Bonds with maturities7 ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
●Delivery can take place on any day during the month of maturity, with the last trading day of the contract falling 7 business days prior to the end of the month.
●The CBT uses conversion8 factors to correct for the differences in the deliverable bonds.
Short-term interest rate futures: Eurodollar and treasury9 bill contract.
●Eurodollar futures use this settlement price index because it conveniently preserves the inverse10 relation between price and yield.
●The minimum price change, or tick, for this contract is one basis point and equals a $25 change in the value of the contract.
●Similar to the Eurodollar derivative, the T-bill contract is standardized11 to an amount of $1,000,000 so that each basis point change in the price is worth $25 per contract.
Stock-index futures.
Currency forwards and futures.
▲远期和期货合约：远期和期货合约不是股权，而是一项买卖协议，使买方和卖方锁定他们买卖基础资产或股票的最后价格。远期合约是双方在场外买卖市场直接谈判达成的协议。
产品期货合约是买卖产品的合约。
利率远期（利率远期协议FRA）：远期利率协议是场外买卖利率合约中最基本的合约。远期利率协议是买卖双方现在达成的在将来交换基于不同利息率的现金流的协议。
●现金流结算将根据持有期的准确天数进行调整，并按下列公式计算：
（Libor-固定利率）x名义本金x持有期天数/360
长期利率期货
●对于国债期货，任何距近期的赎回日或到期日（倘若不可赎回）长达至少15年的国债可用于交割。
●距离到期在6.5年到10年和4.25年到5.25年的债券可各自用于满足10年期和5年期的国债期货合约交割。
●交割可在到期月份的任何一天行使，合约最后买卖日是该月月底的前七个工作日。
●芝加哥债券买卖用转换因子对不一样的可交割债券进行矫正。
短期利率期货：欧洲USD和国库券期货合约
●欧洲USD期货用结算价格指数，由于如此便捷地保留了价格和收益之间的相反关系。
●最小价格变动，或滴，对这一合约是一个基本点，等于合约价值变动$25.。
●与欧洲USD衍生证券类似，国库券合约以$1,000,000的金额标准化，以至于每张合约的每一个基本点变动引起价格变动$25.
股票指数期货。
货币远期或货币期货
