在FRM一級考試中，Hedging Using Futures Contract是其中內容之一。備考中的考生要對其內容有所了解。下文是小編為你介紹的相關內容，一起了解一下！

Short Hedges：

A short position in futures contracts；

Appropriate when the hedger already owns anasset and expects to sell it at some time in thefuture；

Long Hedges： ?

A long position in a futures contract；

Appropriate when a company knows it will have to purchase a certain asset in the future and wants to lock in a price now；

Arguments for hedging：

Reduce price risk；

Less uncertainty；

Arguments against hedging：

less profitability；

shareholders can easily hedge risk；

nature of the hedging company’s industry；

Basis Concept：

Basis=SP-FP；

Basis =0 at maturity；

spot price increases faster(slower) than the futures price over the hedging horizon, basis increases(decreases)；

Problems give rise to basis risk：【資料下載】點擊下載FRM二級思維導圖PDF版

The asset whose price is to be hedged may not be exactly the same as the asset underlying the futures contract；

There may be uncertainty as to the exact date when the asset will be bought or sold；

The hedge may require the futures contract to be closed out before its delivery month；

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