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金融代写|期货期权代写Futures Options代考|MKTG3961 Payoffs from Forward Contracts

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金融代写|期货期权代写Futures Options代考|Payoffs from Forward Contracts

Consider the position of the corporation in the trade we have just described. What are the possible outcomes? The forward contract obligates the corporation to buy $£ 1$ million for $\$ 1,223,000$. If the spot exchange rate rose to, say,$1.3000$, at the end of the 6 months, the forward contract would be worth$\$77,000(=\$ 1,300,000-\$1,223,000)$ to the corporation. It would enable $£ 1$ million to be purchased at an exchange rate of $1.2230$ rather than $1.3000$. Similarly, if the spot exchange rate fell to $1.2000$ at the end of the 6 months, the forward contract would have a negative value to the corporation of $\$ 23,000$because it would lead to the corporation paying$\$23,000$ more than the market price for the sterling.

In general, the payoff from a long position in a forward contract on one unit of an asset is
$$S_T-K$$
where $K$ is the delivery price and $S_T$ is the spot price of the asset at maturity of the contract. This is because the holder of the contract is obligated to buy an asset worth $S_T$ for $K$. Similarly, the payoff from a short position in a forward contract on one unit of an asset is
$$K-S_T$$
These payoffs can be positive or negative. They are illustrated in Figure 1.2. Because it costs nothing to enter into a forward contract, the payoff from the contract is also the trader’s total gain or loss from the contract.

In the example just considered, $K=1.2230$ and the corporation has a long contract. When $S_T=1.3000$, the payoff is $\$ 0.077$per$£ 1$; when$S_T=1.2000$, it is$-\$0.023$ per $£ 1$.

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