principal is not exchanged. FRAs are cash settled. t2 t1 origination date Loan period settlement date, or delivery date end of **forward** period **Forward** **Rate** **Agreements** (FRAs) If the spot **rate** at delivery (“settlement **rate**”, r(t1,t2)) exceeds the **forward** **rate** agreed to in the FRA (“contract **rate**” = fr(0,t1,t2), the FRA buyer profits. The amount paid (at time t1) is the present value of the/

value of an IR swap as the difference between the values of a fixed-**rate** bond and a floating-**rate** bond (see Slide 7.7) 2.Regard an IR swap as a portfolio of **forward** **rate** **agreements** (FRAs) (For the Intel and MS 3- year IR swap, it can/the swap 7.59 Other Types of Swaps –LIBOR-in-arrears ( 遞延 ) swaps The LIBOR observed on the payment date is used to **calculate** the payment on that date Note that for standard IR swaps, the 6-month LIBOR prevailing six months ago determines the current floating payment –Accrual/

1+2.4/97.5) 365/90 -1 =10.36% for Euro$ Euro$ Futures Price Same as T-bill Futures Price **Calculation** Futures price per $100 = 100 - (100-IMM Index)x (90/360), Face value = $1 MM, Ex. Dec./ = 7.45 + 5(1.0546) -.25 = 12.52 Chapter 14: Swaps & Other Interest **Rate** **Agreements** Key Concepts –Interest **Rate** Swaps (pricing, Apllications, Termination) –**Forward** **Rate** **Agreements** & Similarity to Swaps –Interest **Rate** Options Use & Pricing –Caps, Floors, Collars Use & Pricing –The Derivative Intermediary –The Nature of /

retain qualified physicians and other healthcare professionals, and enforce our non-compete **agreements** with our physicians; failure to implement some or all of our /are included in “Supplemental Materials” presented herein. Reconciliations for the **forward**-looking full-year 2015 Adjusted EBITDA and Adjusted EPS projections presented in/ **calculated** based on last quarter of indicated period. Days Sales Outstanding Low asset intensity Outsourced service provider Net CapEx as a % of Revenue Contract Retention **Rate**/

) I nvestment A nalysis II Investment Analysis II - © 2012 Houman Younessi 4 Interest **Rate** **Calculation** Simple Time Normalized Interest (usually called simple interest **RATE**) is the difference between the purchase price of the debt (the amount to pay at/ annualized **forward** **rate** f(i,j) between the ith and the jth period is: The formula for annualized **forward** **rate** with continuous compounding is: I nvestment A nalysis II 16 Investment Analysis II - © 2012 Houman Younessi **Forward** Contract: An **agreement** between /

2 with both **rates** continuously compounded. The **forward** **rate** for the period between times T 1 and T 2 is 10/4/2009BAHATTIN BUYUKSAHIN, CELSO BRUNETTI 5 **CALCULATION** OF **FORWARD** **RATES** 10/4/2009BAHATTIN BUYUKSAHIN, CELSO BRUNETTI 6 Zero **Rate** forForward **Rate** an n -year/.43. The borrower can invest this amount, which gives $200,000 in March. 10/4/2009BAHATTIN BUYUKSAHIN, CELSO BRUNETTI 18 **FORWARD** **RATE** **AGREEMENT** (CONTINUED) Consider a FAR where company X is agreeing to lend money to company Value of a FRA: /

include **forward** **forwards**, **forward** **rate** **agreements** (FRAs), and Eurodollar futures. Michael Dimond School of Business Administration **Forward** **Forwards** & FRAs **Forward** **Forward**: a contract which fixes an interest **rate** today on a future loan or deposit. The contract specifies the interest **rate**, the principal amount of the future deposit or loan, and the start and ending dates of the future interest **rate** period. **Forward** **forwards** have been largely displaced by the **forward** **Rate** **Agreement** (FRA). **Forward** **Rate** **Agreement**/

the three-month LIBOR (annual) in five months and a notional principal, NP (principal used only for **calculation** purposes) of $10M. **Forward** Contracts and **Forward** **Rate** **Agreements** (FRA) In five months the payoff would be If the LIBOR at the end of five months exceeds the specified **rate** of 6%, the buyer of the FRA (or long position holder) receives the payoff from the seller. If/

or by discussions of strategy, plans, objectives, goals, future events or intentions. These **forward**-looking statements include all matters that are not historical facts. They include, but are not/") standards and a variation of the SEC standards pursuant to which reserves are **calculated** through the economic life of the fields ("SEC-LOF"). The SEC-LOF standards/ petroleum gas (APG) sales and utilization **rate** Rospan gas production Rospan A long-term transportation **agreement** signed with Gazprom in 3Q10 with 6-/

time line and is called the tenor for the period to 36 **Forward** **rate** **agreement** (FRA). n Definition A **forward** **rate** **agreement** (FRA) is an **agreement** made at time t to exchange fixed- **rate** interest payments at **rate** k for variable **rate** payments, on a principal amount A, for the loan period / payoff function at time, we have to know the evolution of the **forward** **rate** at time We construct the binomial tree of and known the, r = 0, 1, …, i. **Calculating** the expectation of the payoff at time and then multiple the ZCB of/

Ryerson, Ltd Slide 8 T21.6 Exchange **Rate** Quotations (Derived from Figure 21.1) The upper triangular half of the table is easily **calculated** as the inverse of its exchange **rate** on the lower half of the table./**agreement** to trade currencies based on the exchange **rate** today for settlement within two business days Spot exchange **rate** The exchange **rate** on a spot trade **Forward** trade An **agreement** to exchange currency at some time in the future **Forward** exchange **rate** The agreed-upon exchange **rate** to be used in a **forward**/

based on ozone–PV reconstruction. [Swartz et al., 2002] Air Parcel Trajectories Jan 15–Mar 31 Diabatic **forward** and back trajectories of air parcels sampled with the January 23 occultation. Ozone Change since Jan 23 [Swartz et/profiles within the polar vortex during SOLVE good temperature **agreement** with UKMO analysis good ozone **agreement** with POAM III ozone–PV reconstructions analysis using diabatic descent trajectory **calculations** to derive photochemical ozone loss **rates** in the Arctic during SOLVE: up to ~/

+ r S ) August 23, 2004 OMS 04 IR Derivatives |4 FRA (**Forward** **rate** **agreement**) OTC contract Buyer committed to pay fixed interest **rate** R fra Seller committed to pay variable interest **rate** r s on notional amount M for a given time period (contract period) at/ Underlying asset90-days TB Nominal valueUSD 1 million MaturitiesMarch, June, September, December TB Quotation (n days to maturity) –Discount ratey% –Cash price **calculation**: S t = 100 - y (n/360 ) –Example : If TB yield 90 days = 3.50% St = 100 - 3/

+ r S ) August 23, 2004 OMS 04 IR Derivatives |4 FRA (**Forward** **rate** **agreement**) OTC contract Buyer committed to pay fixed interest **rate** R fra Seller committed to pay variable interest **rate** r s on notional amount M for a given time period (contract period) at/ Underlying asset90-days TB Nominal valueUSD 1 million MaturitiesMarch, June, September, December TB Quotation (n days to maturity) –Discount ratey% –Cash price **calculation**: S t = 100 - y (n/360 ) –Example : If TB yield 90 days = 3.50% St = 100 - 3/

other healthcare professionals, and enforce our non-compete **agreements** with our physicians; failure to implement some or /in accordance with GAAP and are susceptible to varying **calculations**, these measures, as presented, may not be/“Supplemental Materials” presented herein. Reconciliations for the **forward**-looking full-year 2015 Adjusted EBITDA and Adjusted /Revenue Growth and Continued Margin Improvements Increasing New Contract Win **Rates** Strengthened AMR Management Team Proven Superior Clinical Outcomes (AMR/

Some currencies may appreciate and some others may depreciate. Then we need to **calculate** the effective exchange **rate**. So it is a weighted average of the exchange **rates** between the domestic currency and the nations most important trade partners, with weights/exchange **rate** R = $/€= 1 in Figure 14.1 is a spot **rate**. A **forward** transaction: It is an **agreement** today to buy or sell a specified amount of a foreign currency at a specified future date at a **rate** agreed upon today (the **forward** **rate**). An **agreement** today /

also use the navigation buttons at the top and bottom of the screen to move **forward** or backward within the course. Use “EXIT” button in upper right when leaving/basic form, the variable annuity contract is best described as a formal written **agreement** between an insurance company and an individual or a group. This sets forth/ the excludable portion that is **calculated**. This is done, by dividing the investment in the contract, by the expected return multiple contained in **rate** tables provided under the Internal/

also use the navigation buttons at the top and bottom of the screen to move **forward** or backward within the course. Use “EXIT” button in upper right when / complex than the “plain vanilla” fixed annuity. Also, different life insurance companies **calculate** the **rate** payable on their equity-indexed annuities in diverse ways. In fact, there is/need to be aware of the characteristics of such products prior to entering into **agreements**. There has been a trend of marketing to senior citizens through seminars that/

business exited through reinsurance **agreements**. Due to the acquisition of Aviva USA in 2013, the consolidated average invested assets was **calculated** by taking the average / increased capital requirements coming from Solvency II and the low interest **rate** environment, many players in the German insurance market are retrenching to/business, its liquidity and capital resources and the other non‐historical statements. These **forward**‐looking statements are based on management’s beliefs, as well as assumptions made /

costs for the service center. 11 Billing **Rate** Example Internal Customer **Rate** **Calculation**: Estimated # of samples 5,000 Estimated cost per samplex $10 Internal portion of total$ 50,000 allowable costs Carry **forward** surplus$( 5,000) from internal customers Subsidy/Accounting Standards ( See Appendix A of OMB A-21) OMB Circular A-110: Uniform Requirements for Grants and **Agreements** with Institutions of Higher Education, Hospitals, and Other Nonprofit Organizations 17 Who Do I Contact With Questions? Contacts:/

4 A FUTURES IS NOTHING MORE THAN A STANDARDIZED **FORWARD** TRADED ON AN ORGANIZED EXCHANGE. STANDARDIZATION THE COMMODITY TYPE AND QUALITY THE QUANTITY PRICE QUOTES DELIVERY DATES DELIVERY PROCEDURES 5 AN OPTION IS A BILATERAL **AGREEMENT** IN WHICH ONE PARTY HAS THE RIGHT, BUT/investors lend capital. By selling the risk-free asset, investors borrow capital. Both activities are at the risk-free **rate**. 39 We are now ready to **calculate** the current value of a T-Bill. P t = NPV{the T-bill Face-Value}. Thus: the current /

indirect **rate** **agreements** for all DOL-grantees (when cognizant) Tasked with negotiating indirect **rate** **agreements** for all/**forward** (mainly gov’t) Fixed with carry **forward** (mainly gov’t) Predetermined (rare) Predetermined (rare) USDOL/Cost Determination42 Billing **Rate** **Rate** stated in the award to allow recovery of indirect costs until an indirect cost proposal is completed and submitted. **Rate**/ governmental agencies USDOL/Cost Determination47 Methods of **Calculation** (cont’d) Direct Allocation Method Direct /

**rate** for the period Fixed with Carry-**Forward** **Rates** is a **rate** that is adjusted by the difference between the estimated costs and the actual costs of the period covered by the **rate**. The variance is carried **forward** as an adjustment to the **rate** computation of a subsequent period. Types of **Rates** Carryforward **Calculation** FY15 **Rate**/, 2016 MDE Reviews and Approves ICRPs June, 2016 MDE issues FY 2017 ICRP **Rate** **Agreements** to LEAs Types of Costs Direct Indirect Exclude/Disallow Allowable Costs Necessary & reasonable /

Chapter 4 Currency Derivatives **Forward** Contract “An **agreement** between a commercial bank and a client about an exchange of two currencies to be made at a future point in time at a specified exchange **rate**” **Forward** **rate**: “ **Rate** at which a bank is willing to exchange one currency for another at some/points from last digits (H/L=Subtract) i.e. 1.75 90 - 20 1.75 70 **Calculation** Second He can sell 6-month **forward** GBP 5 m @ 1.7625 Suppose **rates** are: GBP/USD spot: 1.75 85 /95 6-months: 40 /60 After selecting Bid price/

-0.3% Microsoft receives LIBOR-0.3% Day Count Conventions when we **calculate** the party`s positions in a swap we have to consider day count convention when we **calculate** the party`s positions in a swap we have to consider day count /of two bonds. Otherwise we can consider the swap as a sequence of **Forward** **Rates** **Agreements** (FRA) and price this FRA portfolio. Otherwise we can consider the swap as a sequence of **Forward** **Rates** **Agreements** (FRA) and price this FRA portfolio. If Cash Flows between parties are /

the following factors,- Size of the transaction Customer relationship Customer awareness **Forward** A **forward** exchange contract is an **agreement** between a bank and another party to exchange one currency for another at some future date. The **rate** at which the exchange is to be made, the delivery /will receive $1,000,000.00 (note: USD is paid without interest as the interest earned in USD is priced into the swap **calculation** for BDT) CPT 1CPT 2 USD 1,000,000 BDT 69,242,600 ILLUSTRATION : FX SWAP - FC / BDT On Jan /

Coupon swap: one party pays a fixed **rate** **calculated** at the time of trade as a spread to a particular government bond, and the other side pays a floating **rate** that resets periodically throughout the life of /currencies. 19 INTEREST **RATE** **FORWARDS** AND FUTURES **Forward** and futures contracts: - three types used to manage interest **rate** risk A.**Forward** **forwards** B.**Forward** **rate** **agreements** C.Eurodollar futures 20 INTEREST **RATE** **FORWARDS** AND FUTURES A. **Forward** **forwards** 1.a contract that fixes an interest **rate** today on a /

go back to the lender and refinance the entire **agreement** **Forward** **Rate** **Agreements** (FRAs) – The firm could lock in the future interest **rate** payment in much the same way that exchange **rates** are locked in with **forward** contracts Interest **Rate** Futures Interest **Rate** Swaps – The firm could swap the floating **rate** note for a fixed **rate** note with a swap dealer **Forward** **Rate** **Agreements** (FRAs) A **forward** **rate** **agreement** is an interbank-traded contract to buy or/

-**forward** are correctly identified Provisional **rates** carry risk that changes in base or pool may have material impact on programmatic costs General Risk Areas Key areas of Audit Risk include (cont’d): Consistency in applying **rate** to correct base Consistent treatment of costs (no “double dipping”) Inadequate documentation / Unsupported costs Timeliness of preparing and submitting **rate** proposals (6 months after year end) Expired **Rate** **Agreements** **Rate** **Agreement** **Rate** **Agreement** - Predetermined **Rate** **Agreement**/

and Midwest October 12, 2006 4 Futures Market Fundamentals The evolution of the futures markets A temporary solution: **Forward** contracts –A privately negotiated **agreement** in which the buyer and seller agree on price, quality, quantity and a future delivery date of the /cash settled against the average effective overnight fed funds **rate**, rounded to the nearest one-tenth of one basis point, for the delivery month. The daily effective fed funds **rate** is **calculated** and reported by the Federal Reserve Bank of New/

-based floating-**rate** cash flow on a swap payment date is **calculated** as: LRn/360 (L : principal ,R : relevant LIBOR **rate** n : the number of day since the last payment date) 7.3 Confirmation A confirmation is the legal **agreement** underlying a /**rate** bond and the value of a floating-**rate** bond Alternatively, they can be valued as a portfolio of **forward** **rate** **agreements** (FRAs) Valuation in Terms of Bonds Form a point of view of the floating-**rate** payer The fixed **rate** bond is valued in the usual way. The floating **rate**/

**agreement** Motivation - desire to manage future interest **rate** risk but reflecting today’s interest **rate** conditions Deferred Swap - Example ABC corporation has a required borrowing 2 years from now interest **rate** outlook is for **rates** trending upward deferred swap could lock in today’s fixed **rates** for a premium a deferred or **forward**/ **Calculating** Cap and Floor Payoffs (cont’d) Floor payout formula: Interest **Rate** Collar An interest **rate** collar is simultaneously long an interest **rate** cap and short an interest **rate** /

Unite rejoins negotiations Other Schemes have formally set out there proposals based on December **agreement** still Union opposition to member contribution increases LGPS timescales End Feb to 20 th/ after allowing for any carry **forward**, there will be a tax charge Any tax charge will be assessed on the Member’s marginal tax **rate** Scheme Pays Annual Allowance If /on behalf of the member Using a factor supplied by GAD, the scheme will **calculate** a deduction to the member’s pension, to be operated when the pension /

Science and Technology 2 Part 1 - Basic interest **rate** and currency swap products Basic **forward** products Bond **forward** **Forward** **rate** **agreement** and **forward** interest **rate** American currency **forward** Valuation of vanilla interest **rate** swap - Pricing off the yield curve Currency swaps Origin/the intermediate floating **rate** interests are forgone. “Assume **forward** **rates** will be realized” rule 1.**Calculate** the swap’s net cash flows on the assumption that LIBOR **rates** in the future equal today’s **forward** LIBOR **rates**. 2.Set /

the swap. Swap **agreement** may be coterminous with related credit facility. Accounting for swap. Termination Values Swap termination values are **calculated** in a similar way to traditional ‘prepayment’ or ‘make whole’ provisions in most fixed **rate** bank loans. /**Rates** LIBOR **Forward** Curve Steepens As reflected in the graph above and Fed Funds futures, the market believes floating **rates** will rise sharply from 2015 to 2019; there has been significant movement in the **forward** curve since May. Floating **rates**/

a notional principal; the NP is used for **calculating** the swap payments. Plain Vanilla Interest **Rate** Swaps: Terms 6. Maturity ranges between 3 and/Swaps: Features –Size Problem: Swap dealers often match a swap **agreement** with multiple end parties. For example, a fixed for floating /**forward** **rates**, f M1, being used to estimate the future floating payments. Swap Valuation: Break-Even Swap **Rate** Recall, implied **forward** **rates** are future interest **rates** implied by today’s **rates**; these **rates** are also equal to the **rates**/

exchanged for another. Currency is exchanged now. **Forward** exchange **rate**: **Rate** at which one currency can be exchanged for another in **agreements** to exchange currencies at a specific future time. Most **forward** contracts have a maturity of less than two years Long-term **forward** contracts are not readily available and when obtainable have a large bid-ask spread **Forward** **rates** can be viewed as the markets forecast of/

Options: Call and Put Option Contract Option contract – is an **agreement** to buy or sell an underlying asset within a specified time period (exercise/30 **Forward** **Rate** Sensitivity Standard foreign currency options are priced around the **forward** **rate** (which is central to valuation) because the current spot **rate** and both the domestic and foreign interest **rates** are included in the option premium **calculation**. The option pricing formula **calculates** a subjective probability distribution centered on the **forward** **rate**./

retain qualified physicians and other healthcare professionals, and enforce our non-compete **agreements** with our physicians; failure to implement some or all of our /are included in “Supplemental Materials” presented herein. Reconciliations for the **forward**-looking full-year 2015 Adjusted EBITDA and Adjusted EPS projections presented in/ **calculated** based on last quarter of indicated period. Days Sales Outstanding Low asset intensity Outsourced service provider Net CapEx as a % of Revenue Contract Retention **Rate**/

160,000 0.58 = 58% Understanding F&A **Rates** Another Allocation & **Rate** **Calculation** Total Allocated Allocated Subtotal Total Allocated Allocated Subtotal Cost O/**rates** - normally for 2-4 years (C.4) Predetermined **rates** - normally for 2-4 years (C.4) Fixed **rates** and carry **forward** provisions (C.5) Fixed **rates** and carry **forward** provisions (C.5) Provisional and final **rates** (C.6) Provisional and final **rates**/operations”. [may be included as direct costs to sponsored **agreements**] 200.413(b) “If directly related to a /

Swaps An **agreement** between two parties in which the parties make periodic payments to each other based on floating **rate** indices / and current fair values with comparison to NCUA limits NEV **calculations** with and without derivatives Evaluation of effectiveness in mitigating IRR Evaluation/**forward** **rate** in all periods, this cap is out-of-the-money at inception. Fair Value of Derivatives $25 MM 5-year interest **rate** cap with a 3.50% strike price Fair value of the interest **rate** cap changes as interest **rates**/

the futures **rate** for the period of three months after two years **Forward** **Rates** and Eurodollar Futures Two reasons to explain the difference between the **forward** **rate** and futures **rate** Futures contracts are settled daily, whereas **forward** contracts (i.e., **forward** **rate** **agreements**) are/short-term interest **rate** changes per year (typically 𝜎 is about 1.2%) Note that the above formula is for **rates** with continuous compounding **Forward** **Rates** and Eurodollar Futures Suppose we wish to **calculate** the **forward** **rate** when the 8-/

.Step-ups 3.Step-downs III.Interest **Rate** **Forwards** and Futures A.Include: 1. **Forward** **forwards** 2.**Forward** **rate** **agreements** 3.Eurodollar futures Interest **Rate** **Forwards** and Futures B.**Forward** **Forwards** 1.Definition: a contract that fixes an interest **rate** today on a future loan or deposit 2. Contract specifies –interest **rate** –principal amount –start and ending dates of future interest **rate** period Interest **Rate** **Forwards** and Futures C.**Forward** **Rate** **Agreements** 1.Definition: a cash-settled, over-the/

**calculations** are exactly opposite of the market makers. BAHATTIN BUYUKSAHIN, CELSO BRUNETTI 24 YearFloating **Rate** Debt Payment Net Swap Payment Net 1-6%6%-6.9548%-6.9548% 2 3 COMPUTING THE SWAP **RATE** IN GENERAL Suppose there are n swap settlement, occurring on dates t i, i=1,2,…,n. The implied **forward** **rate**/versa for a fall in **rates**. BAHATTIN BUYUKSAHIN, CELSO BRUNETTI 41 AN EXAMPLE OF A “PLAIN VANILLA” INTEREST **RATE** SWAP An **agreement** by Microsoft to receive 6-month LIBOR & pay a fixed **rate** of 5% per annum /

36,420,000 - Rs.307,500 = Rs.36,112,500. Interest **Rate** Derivatives Over-the-counter (OTC) interest **rate** derivatives include instruments such as **Forward** **Rate** **Agreements**(FRAS): A **Forward** **Rate** **Agreement** (FRA) is a financial contract between two parties to exchange interest payments for / following formula applied in **calculating** the compensation payable under FRA: Compensation = (L-R) or (R-L) × D × A (B × 100) + D × L Where, L = Settlement **Rate** (LIBOR, MIBOR, etc.) i.e. 6% R = Contract reference **rate** i.e. 5.45/

at a specified future date and at a fixed exchange **rate**. THE **FORWARD** MARKET 2. Purpose of a **Forward**: Hedging the act of reducing exchange **rate** risk. THE **FORWARD** MARKET B.**Forward** **Rate** Quotations 1. Two Methods: a.Outright **Rate**: quoted to commercial customers. b.Swap **Rate**: quoted in the interbank market as a discount or premium. THE **FORWARD** MARKET **CALCULATING** THE **FORWARD** PREMIUM OR DISCOUNT = F-S x 12 x 100/

-regulated LocationCentral exchange floorWorldwide FX Futures/**Forwards**: Basic Terminology Short: **Agreement** to Sell. Long: **Agreement** to Buy. Contract size: number of/of a hedging position. Goal: Make the overall position insensitive to changes in FX **rates**. Hedger has an overall portfolio (OP) composed of (at least) 2 positions:/hedge ratios are very effective. (ii)Optimal cross-hedge ratios are quite unstable. Example: **Calculation** of Cross-hedge ratios. Situation: - Veron SA, a U.S. firm, has /

place on a determined future date. **Calculation** of **forward** exchange **rate** The **forward** **rate** is **calculated** from the spot **rate** and interest **rates** by the Interest Parity Theorem. Suppose the spot **rate** of USD / HKD is 7.7960, the 3-month deposit interest **rate** of USD is 7.25% and / of time for the delivery (settlement) of an amount of foreign currency at a predetermined exchange **rate**. Futures vs Option An option is an **agreement** between a buyer and a seller by which the buyer has the right to exercise his option,/

risk LDF liability - £1.17m (est.) Essential Points Areas of Importance No exemption from criminal prosecution (example 4) Swiss **agreement** only deals with Swiss assets (LDF worldwide) Compare to LDF Moving funds – risk in future (Criminal, 50% + penalties)/Use actual **rates** of tax or elect for the special composite **rate** of tax Composite **Rate** of Tax (CRO). Single **rate** of 40% for beneficial period only – covers all taxes. But - no reliefs, deductions or allowances in **calculation** or to carry **forward**. (Except/

the contract could be sold or transferred. Drake Drake University Fin 288 **Forward** Contract Risks Assuming an **agreement** is reached by the two participants, the greatest risk is that the /bonds with a low coupons and longer maturities become relatively cheaper to deliver. As **rates** increase all bond prices decrease, but the price decrease for the longer maturity / 8pm to file a notice of intention to deliver. Since the price is **calculated** on the closing price in the CBOT the party with a short position sometimes/

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