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A Brief History of Stock Market_5

hợp đồng tương lai này kêu gọi cung cấp của một cổ phiếu cá nhân thay vì một rổ cổ phiếu bao gồm một số chỉ số. Ví dụ, một nhà đầu tư muốn mua cổ phiếu Dell trong thời gian sáu tháng có thể làm như vậy bằng cách mua (sẽ dài) một cổ phiếu duy nhất Dell hợp đồng tương lai. | 80 The Stock Market publications like the Wall Street Journal the Financial Times and Barron s provide information on trading in these instruments. Single Stock Futures Contracts A very recent addition to the family of stock derivatives in the United States is the single-stock futures contract. As the name suggests this futures contract calls for delivery of an individual stock instead of a basket of stocks that comprise some index. For example an investor who wants to buy Dell stock in six months time could do so by buying going long a single Dell stock futures contract. Recently a new futures exchange called OneChicago began trading single stock futures contracts. These contracts call for delivery of 100 shares of the particular underlying stock with delivery dates generally set for a few months in the future. The margin for these contracts is 20 percent of the notional value of the futures contract where the notional value is essentially 100 times the individual stock price. OneChicago lists numerous individual stocks for which a futures position can be established but the contract is really too new to say whether or not it is going to be used much by the investment community. Nonetheless the single stock futures contract is likely to be a significant financial innovation in today s financial market. Options Contracts Another important financial derivative for the stock market comes in the broad class of derivatives known as option contracts. Unlike a futures contract which obligates both sides of the contract to either take or make delivery of the underlying asset at a future date an options contract obligates only one party to act giving the other party the option to do something. A long position in an option contract the party buying an option contract is the party given the option to act. They get the option that they will never exercise unless it is to their advantage for a price. The price of the option is referred to as the premium. The buyer of an option