SESSION 1 - CHAPTER 1: INTRODUCTION TO DERIVATIVES

Outline of the chapter

● What are derivatives?
● Background to derivatives markets
● The dangers of derivatives
● The size of the derivatives market
● Exchange Trading & OTC trading
● Introduction to
○ Futures / Forwards / Options
○ Hedging / Speculation / Arbitrage

Introduction
● Where are derivatives traded?
⇒ Exchange markets or Over-the-counter markets (OTC)

● Which derivatives are traded on Exchange markets and OTC markets?

⇒ Exchange markets: Futures & Options
⇒ OTC markets: Forwards, Swaps, Options, and other derivatives

1. What are derivatives?

● A derivative instrument is a contract between two counterparties, whose value derives from the
price of something else, referred to as the underlying1.
● The underlying can be, for example, a physical asset such as a specified quantity of a certain kind of
wheat or a specified number of bonds or bank bills, or, a financial index or reference rate (such as
LIBOR).
● Commodity derivatives are available on various kinds of tradable commodities such as wheat or
gold.
● Financial derivatives are contracts based upon the prices of various kinds of financial instruments, or
financial indexes such as stock market indexes.

2. Background to the Derivatives market

3. Criticisms of Derivatives
● A common argument about derivatives is that they somehow leech money away from the productive
sectors of economies and waste economic resources.
● The counter argument is that derivatives allow productive activity to occur, which would otherwise be
unviable if derivative products were not available to hedge risk.
● For example, companies can engage in international investment projects and use derivative products
to hedge their foreign exchange risks. Commodity producers can hedge against price volatility by
using commodity derivatives.

1
Underlying assets: các tài sản tài chính mà giá của các công cụ phái sinh dựa trên đó
 4. Derivatives market size
5. Exchange trading & OTC trading
6. Futures Contracts
What is a futures contract?
● A future contract is an agreement to buy or sell an asset at a certain time in the future for a certain
price
● By contrast in a spot contract, there is an agreement to buy or sell the asset immediately (or within a
very short period of time)

Terminology
● The party that has agreed to buy has a long position
● The party that has agreed to sell has a short position

Futures Price
● The futures prices for a particular contract is the price at which you agree to buy or sell.
● It is determined by supply and demand in the same way as a spot price2.
● Supply and demand is itself determined by such factors as the possibility of arbitrage and
expectations about the future spot price of the underlying.

Exchanges Trading Futures

● CBOT and CME (now CME Group)
● ntercontinental Exchange
● NYSE Euronext
● Eurex
● BM&FBovespa (Sao Paulo, Brazil)
● and many more (see list at end of book)

7. Forward Contracts

● Forward contracts are similar to futures except that they trade in the over-the-counter market
2
Spot price: giá hiện hành trên thị trường giao ngay
 ● Forward contracts are popular on currencies and interest rates

8. Options
● There are two basic types
○ A call option is an option to buy a certain asset by a certain date for a certain price (the strike
price)
○ A put option is an option to sell a certain asset by a certain date for a certain price (the strike
price)
● American v. European Options
○ An American option can be exercised at any time during its life
○ A European option can be exercised only at maturity

Call option trade example

Put option trade example

Exchanges Trading Options

● Chicago Board Options Exchange

● International Securities Exchange
● NYSE Euronext
● Eurex (Europe)
● and many more (see list at end of book)
 9. Options vs Futures/ Forwards
● A futures/forward contract gives the holder the obligation to buy or sell at a certain price
● An option gives the holder the right to buy or sell at a certain price

10. Ways Derivatives are Used

● To hedge risks
● To speculate (take a view on the future direction of the market)
● To lock in an arbitrage profit
● To change the nature of a liability
● To change the nature of an investment without incurring the costs of selling one portfolio and buying
another

11. Types of traders

● Hedgers
● Speculators
● Arbitrageurs
Some of the largest trading losses in derivatives have occurred because individuals who had a mandate to be
hedgers or arbitrageurs switched to being speculators.

SESSION 2 - CHAPTER 2: MECHANICS OF FUTURES MARKETS

Outline
● Forward contracts
● Comparison of futures and forward markets
● Futures contracts (specifications)
● Futures exchanges
○ Exchange Trading
○ Daily settlement
○ The margin system
○ Futures margin account
● Types of traders and types of order

1. Forward contracts
● A forward contract is an OTC agreement to buy or sell an asset at a certain time in the future for a
certain price
● There is no daily settlement (but collateral may have to be posted). At the end of the life of the
contract one party buys the asset for the agreed price from the other party
● No money changes hands when first negotiated & the contract is settled at maturity
● The initial value of the contract is zero

2. Evolution of futures markets

● Futures markets evolved as a response to the following kinds of problems experienced in forward
markets:
○ Non-standard contract dimensions3

3
Standardized contract dimension: "kích thước hợp đồng được chuẩn hóa," đó có nghĩa là các yếu tố như giá trị, số lượng, ngày
thanh toán và các điều kiện khác của hợp đồng đã được xác định trước đó và đồng nhất cho tất cả các hợp đồng tương lai cùng loại.
 ○ Default risk 4
○ Lack of liquidity
● How Futures Contracts Solve These Problems
○ Standardized contract dimension
○ Default risk is controlled by the clearing corporation and regulations
○ Market liquidity is assured by the structure of the mark

3. Comparison of Forward and Futures market

● Both are in essence agreements to buy or sell the underlying in the future.
● An example from Hull makes this clear:
● However, there are a number of practical differences between the two markets. These are summarized
by Hull as follows (Table 2.3, p.43)

4. Futures contract
Long and short
● Buying futures is called being long futures.
● Selling futures is called being short futures.

Future payoff5
● Buying a futures contract (long future) locks in a price now (t=0) for you to buy the underlying
asset (S) for the locked-in futures price (K) at maturity (t=T).
● The payoff of a long futures (LF) contract at maturity is:

● The payoff of a short futures (SF) contract at maturity is the opposite:

● Selling a future (short future) gives you the obligation to sell the underlying asset (S) to the long
future trader for the locked-in futures price (K) at maturity (t=T).

4
Default risk: rủi ro không trả tiền
5
The payoff: the value of the contract at the maturity date, or we can say what you receive at time T. Payoff is different from profit.
6
The amount of LF lose (or gain) = The amount of SF gain (or lose)
Future Profit
● The profit at maturity (π𝑇) on a futures contract is exactly the same as the payoff at maturity (𝑓𝑇)
since nothing is paid to enter into the future at time zero.
● Khác với options, profit at maturity của options sẽ không bằng payoff của options. Tại vì profit của
options sẽ thâm hụt bởi phải trả phí mua options đó.

4. Exchange Trading
● Futures contracts are exchange-traded. Exchange trading has many advantages; one being that is
solves the problem of the 'double coincidence of wants7'. The futures exchange matches buyers and
sellers so that individuals don’t have to search for a counterparty with exactly the opposite
requirements – someone who wants to buy the same thing that you want to sell at the same point in
the future.

7
double coincidence of wants: bạn muốn con gà của bạn A nhưng bạn A không muốn đưa con gà cho bạn
 ● Specifications have to be clearly defined:
○ What is to be delivered,
○ Where it can be delivered, &
○ When it can be delivered
○ Losses and gains are settled daily (margins)

5. Why Daily Settlement?

● Exchange-traded futures contracts, in addition to being enforceable by law, almost completely
eliminate the risk of counterparty default because of the daily settlement of each contract.
● Rather than (thay vì) daily losses accumulating over time into substantial liabilities, someone on the
losing side of a futures contract must settle their losses (incrementally: tích lũy từng phần) each day
via the clearing house.
● This limits the potential loss from counterparty default to a tiny fraction of the potential total loss
from a futures contract.
● Daily settlement is affected by the margin system.

6. The margin system

● The exchange requires customers to post margin deposits (security deposits) in a margin account
against their positions → AKA initial margin
● Daily covering of positions (marking to market or daily settlement) is required
○ to clarify, at the end of each day, the margin account is adjusted to reflect the investor’s gain
or loss
● Delivery of the underlying occurs at the current spot price (when delivery is made)
● Margin requirements may be greater for speculators or new market participants
● Margin requirements may be varied by the exchange as market volatility varies.

7.Margins
● A margin is cash or marketable securities deposited by an investor with his or her broker
● The balance in the margin account is adjusted to reflect daily settlement
● Margins minimize the possibility of a loss through a default on a contract
● The maintenance margin is the minimum amount that a margin account is allowed to fall to
before a margin call is made requiring the investor to top up the margin account back to its original
level.
● The variation margin is known as the extra funds deposited

8. Example of a Futures Trade

Assumption:
● An investor takes a long position in two, December COMEX gold futures contracts on June 5
● Contract size is 100 oz.
● Futures price is US$600 per oz.
● Margin requirement (initial margin) is US$2,000/contract (US$4,000 in total)
● Maintenance margin is US$1,500/contract (US$3,000 in total)
Explaination:
● At close of trading on June 5, the futures price has fallen from $600 (the price when the investor buys
2 futures contracts) to $597. This represents a loss of $3 per ounce for a long position.
● The investor has contracted to buy 200 ounces (2 contracts) so his margin account is reduced by
$3(200 ounces) = $600.
● The initial margin per contract is $2000, so the total starting point margin account balance is $4000.
The maintenance margin is $1500 per contract, so in the example the total for two contracts is $3000.
● As we can see from the table, the futures price trends downwards and on June 13 the margin account
falls below the level stipulated by the maintenance margin ($3000).
● The investor incurs a margin call at this point and must top up the account back to $4000 again: the
margin call is $1340.
● The next day (June 16), the futures price rises by $ 0.30 so $60 is deposited in the margin account.
This amount could have been withdrawn from the margin account by the investor if desired, because
it is in excess of the initial margin.
● The figures in Table 2.1 assume that excess balances are not withdrawn.

9. Margin Account Calculations

Assumption:
● Consider the following example: a company enters into a long futures contract to buy 6000 bushels
of wheat for 270 cents per bushel. The initial margin is $4000. The maintenance margin is $2000.
○ What price change (to the nearest cent) would lead to a margin call?
○ Under what circumstances would the company have a surplus of $5000 in the margin
account?

Explanation:
● A margin call occurs if $2000 is lost on the contract;
○ Initial margin - maintenance margin = $4000 - $2000 = $2000.
 ● The company has a long futures contract; therefore it will lose if the futures price falls.
● The total value of the contract is 6000 bushels* $2.70 = $16,200.
● The contract would have to be worth $2000 less ($14,200) for a margin call to be made.

Solutions:
● Let x = the price required for a margin call to be made:
○ 6000 × (2.7 − x) = 4000 − 2000 ⇒ x = $2.37 (rounded)
⇒ The futures price would have to fall below $2.37 for a margin call to be made.

● A $5000 surplus would occur if the contract was worth $5000 more than at the start: $16,200 + $5000
= $21,200
● We now solve for the price that would cause the contract value to reach $21200.
○ 6000 × (x − 2.7) = 5000 ⇒ x = $3.53 (rounded)
● If the price rose to $3.53 the company would have $5000 extra in its margin account (above the initial
margin), all or part of which could have been withdrawn from the margin account by the company.

10. Convergence of Futures to Spot

11. Convergence of the Futures price to the Spot Price at Expiry

● If the futures price is above the spot price very close to delivery, an arbitrage mechanism should
ensure that the two prices will converge. A trader could sell in the futures market and buy in the
spot market. If traders were doing this, the effect would be to drive up the spot price and drive down
the futures price until they converge.
○ Ex: Giả sử giá hợp đồng tương lai cho dầu thô là 60 đô la, trong khi giá chốt hiện tại là 58 đô
la. Một nhà giao dịch có thể bán một hợp đồng tương lai ở mức giá 60 đô la và đồng thời mua
dầu thô trong thị trường chốt ở giá 58 đô la. Hành động này sẽ tăng giá chốt và giảm giá hợp
đồng tương lai cho đến khi chúng hội tụ ở mức giá cân bằng.
 ● If the futures price is below the spot price very close to delivery, simply buying the underlying
via the futures represents a cheaper method of obtaining the underlying. Or, if an arbitrageur did not
require the underlying, it could simply be sold in the spot market immediately. In either case, the
futures price would be driven up to meet the spot price.
○ Ex: Nếu giá hợp đồng tương lai cho vàng là 1400 đô la, trong khi giá chốt hiện tại là 1420 đô
la, người mua có thể mua một hợp đồng tương lai với giá 1400 đô la và sau đó bán vàng ngay
lập tức trong thị trường chốt với giá 1420 đô la. Hành động này sẽ làm tăng giá hợp đồng
tương lai và giảm giá chốt cho đến khi chúng hội tụ.

12. Orders
● Instructions given by clients to brokers (we give the information of our demand: which stock we
want to buy at which price,...)
● Similar to share trading orders
● Market Order: a request that a trade be carried out immediately at the best market price available.
● Limit Order: a particular price is specified.
○ An investor taking a long position by means of lodging a limit order of $30 with his broker
expects that the asset will be bought at no more than $30.
■ Ex: Lệnh giới hạn mua (Limit Order to Buy):
● Một nhà đầu tư muốn mua một tài sản cụ thể và quyết định đặt một lệnh giới
hạn mua với giá $30.
● Điều này có nghĩa là người đó sẽ chỉ đồng ý mua tài sản nếu giá của nó không
vượt quá $30.
● Nếu giá tài sản giảm và đạt đến hoặc dưới mức giá $30, lệnh giới hạn sẽ được
kích hoạt và tài sản sẽ được mua với giá $30 hoặc giảm hơn.
○ The equivalent short position limit order would be to sell at not less than $30.
■ Lệnh giới hạn bán (Limit Order to Sell):
● Ngược lại, một nhà đầu tư khác muốn bán một tài sản và đặt một lệnh giới hạn
bán với giá $30.
● Người đó chỉ sẽ bán tài sản nếu giá của nó không thấp hơn $30.
● Nếu giá tài sản tăng và đạt đến hoặc vượt qua mức giá $30, lệnh giới hạn sẽ
được kích hoạt và tài sản sẽ được bán với giá $30 hoặc cao hơn.
● There is a risk that a limit order may not be executed.

13. Trading volume and Open interest

● Trading volume is the number of contracts traded in a day.
● Open interest is the number of contracts outstanding.

Calculation Example: Open Interest and Trading Volume

● Question: Alice, Bob, Chris and Delta are traders in the futures market. The following trades occur
over a single day in a newly-opened equity index future that matures in one year which the exchange
just made available:
○ 1. Alice buys 3 futures from Bob.
○ 2. Chris buys 2 futures from Delta.
○ 3. Delta buys 1 futures from Alice.
 ○ Calculate the trading volume and open interest.

● Answer:
○ Trading volume is 6 contracts, the sum of all contracts bought.
○ Open interest is 4, best calculated by adding the traders’ net long positions (positive ‘net’
numbers = 2+2) as below.

SESSION 3 - CHAPTER 4: INTEREST RATES

1. Measuring Interest Rate

● If the rate is compounded once per annum, the terminal value of the investment is:

● If the rate is compounded m times per annum, the terminal value of the investment is:

Examples
● A = $100 ; r = 10%; t = 1 ⇒ 100(1+10%)= 110 (1)
● t=1, m=2 ⇒100(1+10%/2)^2 = 110.25 (2)
● t=1, m=4 ⇒ 100(1+10%/4)^4=110.38 (3)

2. Continuous Compounding ⇒ m = ∞
● With continuous compounding, it can be shown that an A invested for n years at rat R grows to:

Example: m = ∞ ⇒ 100e^(10%) (4)

 3. Equivalent rate
Suppose
● 𝑅𝑐 is a rate of interest with continuous compounding
● 𝑅𝑚 is the equivalent rate with compounding m times per annum

Công thức này dùng để tính:

● Tại 𝑅𝑐 hoặc 𝑅𝑚bằng bao nhiêu thì teminal value of investment của 2 trong 4 trường hợp ví dụ trên (1)
(2) (3) (4) sẽ bằng nhau

Công thức

Or

This means that

SESSION 3 - CHAPTER 5: DETERMINATION OF FORWARD AND FUTURES

PRICES

1. Consumption vs. Investment Assets

● Investment assets are assets held by significant numbers of people purely for investment purposes
(Examples: stock, bond, gold, silver)
● Consumption assets are assets held primarily for consumption (Examples: copper, oil)

2. Short Selling
● Short selling involves selling securities you do not own
● Your broker borrows the securities from another client and sells them in the market in the usual way
● At some stage, you must buy the securities back so they can be replaced in the account of the client
● You must pay to the broker any income, such as dividends or interest received from the securities that
have been shorted. There may be a small fee for borrowing the securities.

Example:
You short 100 shares when the price is $100 and close out the short position three months later when the
price is $90. During the three months, a dividend of $3 per share is paid.
● What is your profit?
 ● What would be your loss if you had bought 100 shares?

3. Notation (ký hiệu) for Valuing Futures and Forward Contracts

4. Arbitrage Opportunities?

Problem 1
Suppose that:
● The spot price of a non-dividend-paying stock is $40
● The 3-month forward is $43
● The 3-month US$ interest rate is 5% per annum
Is there an arbitrage opportunity?

● Action now:
○ Borrow $40 at 5% (per annum) for 3 months
○ Buy one unit of asset
○ Enter into forward contract to sell asset in 3 months for $43
● Action in 3 months:
○ Sell asset for $43
0.05 𝑥 3/12
○ Use $40.50 = $40 x 𝑒 to repay loan with interest
 ● Profit realized = $2.50 = $43 - $40.50
If they say nothing, that means the interest rate is continuously compounding

Problem 2
Suppose that:
● The spot price of non-dividend-paying stock is $40
● The 3-month forward price is $39
● The 3-month US$ interest arte is 5% per annum
Is there an arbitrage opportunity?

● Action now:
○ Short one unit of asset to realize $40
○ Sau đó lấy $40 lợi nhuận kiếm được từ short → Invest $40 at 5% for 3 months
○ Enter into forward contract to buy asset in 3 months for $39
● Action in 3 months:
○ Buy asset for $39
○ Close short position
0.05 𝑥 3/12
○ Received $40.50 = $40 x 𝑒 from investment
● Profit realized = $1.50 = $40.50 - 39

5. The Forward Price

● If the spot price of an investment asset is 𝑆0 and the futures price for a contract deliverable in 𝑇 years
is 𝐹0, then

where r is the T-year (domestic currency) risk-free rate of interest.

● In our examples, 𝑆0 = 40, 𝑇 = 0.25, and r = 0.05 so that

0.25
F = 40 × (1 + 0. 05) = 40.5

6. When Interest Rates are Measured with Continuous Compounding

This equation relates the forward price and the spot price for any investment asset that provides no income
and has no storage costs

7. If short sales are not possible..

The formula still works for an investment asset because investors who hold the asset will sell it and buy
forward contracts when the forward price is too low.

𝑟𝑇
If 𝐹0 > 𝑆0𝑒 , an investor can adopt the following strategy:
● Borrow 𝑆0 dollars at an interest rate r for T year
● Buy one unit of the asset
 ● Short a forward contract on one unit of the asset
𝑟𝑇
● At time T, the asset is sold for 𝐹0. An amount 𝑆0𝑒 is required to repay the loan at this time and the
𝑟𝑇
investor makes a profit of 𝐹0 > 𝑆0𝑒

𝑟𝑇
If 𝐹0 < 𝑆0𝑒 , an investor who owns the asset can:
● Sell the asset for 𝑆0
● Invest the proceeds at interest rate r for time T
● Take a long position in a forward contract on the asset
𝑟𝑇
● At time T, the cash invested has grown to 𝑆0𝑒 . The asset is repurchased for 𝐹0 and the investor
𝑟𝑇
makes a profit of 𝑆0𝑒 − 𝐹0 relative to the position the investor would have been in if the asset had
been kept

8. When an Investment Asset Provides a Known Dollar Income

● Where I is the present value of the income during life of forward contract.
𝑟𝑇
● If 𝐹0 > (𝑆0 − 𝐼)𝑒 , an arbitrageur can lock in profit by buying the asset and shorting a forward
contract on the asset
𝑟𝑇
● If 𝐹0 < (𝑆0 − 𝐼)𝑒 an arbitrageur can lock in a profit by shorting the asset and taking a long in a
forward contract

Chứng minh công thức

Arbitrage opportunities when 9-month forward price is out of line with spot price for asset providing
known cash income (asset price = $900; income of $40 occurs at 4 months; 4-month and 9-month rates are
3% and 4% per annum)
a) Forward price = $910
b) Forward price = $870
● Because we recognize that we’ll receive $40 in 4 months → we’ll not borrow $300 at start, we divide
● $39.60 được tính như thế nào?
40 −𝑟𝑇 −0.03 𝑥 (4/12)
○ PV = 𝑟𝑇 = 40 x 𝑒 = 40 x 𝑒 = 39.60
𝑒
● $23.40 được tính như thế nào?
○ $910 - $886.60 = $23.40
 9. When an Investment Asset Provides a Known Yield

● Where q is the average yield during the life of the contract (expressed with continuous
compounding)

* Equation (4.3):

10. Valuing Forward Contracts

● A forward contract is worth zero (except for bid-offer spread effects) when it is first negotiated
● Later it may have a positive or negative value
● Suppose that
○ K is delivery price in a forward contract (giá tương lai mình niêm yết trong hợp đồng)
○ 𝐹0 is forward price that would apply to the contract today (nói chung cái này là FV của 𝑆0)
○ f is value of forward contract today
● The value of a long forward contract, ƒ, is:

Or
○ The value of a long forward contract on an investment asset that provides a known income
with present value I

○ The value of a long forward contract on an investment asset that provides a known yield at
rate q

● Similarly, the value of a short forward contract is:

11. Forward vs Futures Prices
● Forward and futures prices are usually assumed to be the same. When interest rates are uncertain they
are, in theory, slightly different:
○ A strong positive correlation between interest rates and the asset price implies the futures
price is slightly higher than the forward price
○ A strong negative correlation implies the reverse
● The difference between forward and futures prices can be relatively large for Eurodollar futures (see
Chapter 6)

12. Stock Index

● Can be viewed as an investment asset paying a dividend yield
● The future price and spot price relationship is therefore

○ Where q is the dividend yield on the portfolio represented by the index during life of contract
● For the formula to be true it is important that the index represent an investment asset
● In other words, changes in the index must correspond to changes in the value of a tradable portfolio
● The Nikkei index viewed as a dollar number does not represent an investment asset
 13. Index Arbitrage
(𝑟−𝑞)𝑇
● When 𝐹0 > 𝑆0𝑒 an arbitrageur buys the stocks underlying the index and sells futures
(𝑟−𝑞)𝑇
● When 𝐹0 < 𝑆0𝑒 an arbitrageur buys futures and shorts or sells the stocks underlying the index
● Index arbitrage involves simultaneous trades in futures and many different stocks
● Very often a computer is used to generate the trades

14. Futures and Forwards on Currencies

● A foreign currency is analogous (tương tự) to a security providing a dividend yield
● The continuous dividend yield is the foreign risk-free interest rate
● It follows that if 𝑟𝑓 is the foreign risk-free interest rate

15. Explanation of the Relationship Between Spot and Forward

⇒ Suppose that an individual starts with 1,000 units of foreign currency. There are two ways it can be
converted to dollars at time T. One is by investing it for T years at rf and entering into a forward contract to
sell the proceeds for dollars at time T. This generates 1,000erf T F0 dollars. The other is by exchanging the
foreign currency for dollars in the spot market and investing the proceeds for T years at rate r. This generates
1,000S0erT dollars.

16. Consumption Assets: Storage is treated as Negative Income

● where u is the storage cost per unit time as a percent of the asset value.
● Alternatively,

● where U is the present value of the storage costs.

17. The cost of Carry

● The relationship between futures prices and spot prices can be summarized in terms of the cost of
carry
● The cost of carry, c, is the storage cost plus the interest costs less the income earned
○ For a non-dividend-paying stock, the cost of carry is r, because there are no storage costs and
no income is earned;
○ For a stock index, it is r - q, because income is earned at rate q on the asset.
○ For a currency, it is 𝑟 - 𝑟𝑓;
○ For a commodity that provides income at rate q and requires storage costs at rate u, it is r - q +
u
● Define the cost of carry as c. For an investment asset, the futures price is

● For a consumption asset8, it is

○ where y is the convenience yield9.

SESSION 4 - CHAPTER 9: MECHANICS OPTIONS MARKETS

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8
Consumption asset: Một tài sản được coi là "consumption asset" nếu nó mang lại lợi ích tiêu thụ cho chủ sở hữu. Ví dụ điển hình của
"consumption asset" là vàng. Vàng không chỉ có giá trị tài chính mà còn được sử dụng trong việc làm đồ trang sức, trang trí, và thậm chí làm nền
tảng cho một số nền kinh tế văn hóa. Đối với nhà đầu tư, việc nắm giữ "consumption asset" không chỉ là để đầu tư mà còn để sử dụng hoặc tiêu
thụ trong tương lai.
9
Convenience yield: "Convenience yield" là một yếu tố khó đo lường nhưng quan trọng trong tài chính, liên quan đến việc nắm giữ một tài sản cụ
thể. Nếu một người nắm giữ một tài sản như hàng hóa hoặc chứng khoán, và việc nắm giữ đó mang lại lợi ích ngoại trừ lợi ích tài chính, thì phần
lợi ích đó được gọi là "convenience yield". Ví dụ, nếu việc nắm giữ một loại hàng hóa cụ thể mang lại lợi ích thuận tiện như sẵn có khi cần sử
dụng ngay lập tức, thì đó là một "convenience yield".