Futures introduction

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Futures introduction발음듣기

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After the farmer and the pie chain get involved in this forward contract, a few questions start to pop up in each of their minds.발음듣기

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The main one is, what if the other party isn't able to uphold their end of the contract?발음듣기

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And this is called counterparty risk, which is essentially, the counterparty to the farmer is the pie store.발음듣기

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And the counterparty to the pie chain is the farmer.발음듣기

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It is the risk that the other party won't be able to uphold their end of the contract.발음듣기

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The other thing that starts to worry either one of these is what if they start to have second thoughts about this forward contract they entered into.발음듣기

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Would they be able to maybe sell their obligation to someone else?발음듣기

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So is there any way to trade the contract?발음듣기

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And then there's another issue, that even if you were to trade the contract, how do we know that the other party to the whoever you might want to trade with would be cool with a million pounds, or $200,000.발음듣기

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Maybe they would want to deal with a smaller quantity.발음듣기

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Maybe they would only want 1,000 pounds or $100,000 worth of apples.발음듣기

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So the local brain comes up with an idea.발음듣기

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He's like, why don't we standardize these forward contracts?발음듣기

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Why don't I just create a bunch of contracts, whenever someone wants to enter to one of these forward contract, but I standardize them.발음듣기

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And I say that it is 1,000, instead of having a million apples, I do a small enough increment.발음듣기

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So I say 1,000 pounds of apples for the delivery on let's say on November 15.발음듣기

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And every one of these contracts say the same thing.발음듣기

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1,000 pounds of apples for delivery on 11/15.발음듣기

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And this guy, he's also the richest guy in town.발음듣기

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He's already been running a stock exchange.발음듣기

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And so to help alleviate the counterparty risk fear, he also says that I'm going to guarantee any of these contracts.발음듣기

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So essentially he's taking on all of the counterparty risk to make people more comfortable with trading.발음듣기

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So all of a sudden, what happens is that now these guys don't have to do a one off contract.발음듣기

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They don't have to do this one off the forward contract.발음듣기

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There are these standardized contracts that this exchange can now trade.발음듣기

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And what happens is that smaller farmers.발음듣기

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Let me do this in a different color.발음듣기

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You have farmer A, farmer B. Farmer B can now can now transact with, I should say, I guess we could call it customer C and customer D.발음듣기

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Where they could agree to have a fixed price, but they could do smaller increments, more granular increments.발음듣기

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And if any of them want to get out of it, they can by selling their contract to another person on the exchange.발음듣기

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And these more standardized forward contracts, they're still essentially the same thing.발음듣기

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They're just standardized.발음듣기

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They're agreements to transact at a future date, give a certain amount of money for a certain amount of something else.발음듣기

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It could be a security.발음듣기

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It could be apples.발음듣기

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These things, these standardized forward contracts, these are called futures, where they're standardized, and they are traded on an exchange.발음듣기

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