Avertissement : les CFD sont des instruments complexes et comportent un risque élevé de perte rapide d'argent en raison de l'effet de levier.
Vous devez vous demander si vous comprenez le fonctionnement des CFD et si vous pouvez vous permettre de prendre le risque élevé de perdre votre argent.
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F
Fungibility
The ease at which one asset can be swapped for another without losing value, such as trading one $10 bill for ten $1 bills.
Futures
When a buyer and seller agree to make a transaction at a predetermined future date and at a set price, they have entered a futures contract.
Futures Commission Merchant
A Futures Commission Merchant is a person or firm that places or receives orders for the purchase or sale of futures contracts and receives money or collateral from customers for such contracts. FCMs are the main intermediaries that deal with retail and institutional clients: they hold customers’ money, execute trades, and are accountable for meeting the requirements for depositing margin.
In the United States, FCMs are required to be registered with the Commodity Futures Trading Commission and to be members of the National Futures Association, which has capital and conduct requirements.
Example: A commodity trader wishing to enter a transaction to purchase crude oil futures does not access the exchange directly. Instead, they route their order through a registered FCM, which holds the trader’s margin deposit, sends the order to the exchange, and manages its clearing and settlement. Then, the FCM may send a “margin call,” which, if unanswered, gives the FCM the authority to liquidate the trade if the margin is below the minimum requirement.
Futures contract
A futures contract is an agreement that is legally binding for the purchase or sale of a particular asset at a fixed price at a certain time in the future. Both parties agree they will deliver, and both parties are committed – in reality, most futures contracts are not delivered at expiration time but are closed out.
Futures are traded on exchanges, which standardize and clarify the trade and are cleared via a central counterparty to limit the likelihood of either party defaulting. These are employed in a variety of ways, such as hedging commodity price risk, speculating on interest rate movements, and obtaining leveraged exposure to equity indices.
The margin requirement (the amount of money that must be deposited to take a futures position) allows traders to control a significantly larger notional value of futures with a relatively small amount of capital, leading to larger-than-usual gains and losses.
Example: An airline is concerned about rising oil prices, as this will affect the cost of jet fuel it will require in six months. It purchases oil futures, which will secure the current price for future oil purchases. If oil prices go up, the profit from the futures contract is offset by the higher cost of purchasing fuel in the “real” market. The hedge is not definitive, but it eliminates the potential worst-case scenario from the planning process.
FX Swap
An FX swap is a two-leg trade in which two parties agree to enter into a forward exchange at the spot rate now, and then enter into a forward exchange at a later date at the agreed forward rate.
Because of the spot and forward trades in the same trade, it is one of the most popular foreign exchange instruments, especially for short-term liquidity and rollovers. FX swaps are also a highly used instrument for the central bank to supply dollar liquidity to foreign institutions during market stress.
Example: A European bank requires dollars for 30 days but has euros to offer. It takes a position in an FX swap: selling euros today at the spot rate and buying dollars today at the spot rate, with a promise to buy back the euros and return the dollars in 30 days at the forward rate. The bank is getting its dollar liquidity, the counterparty is getting temporary euro funding, and both parties have agreed to the terms of the reversal from the outset.
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