2022 CFA Level I Exam: Study Session 15. Derivatives - Reading 45. Derivative Markets and Instruments

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	1. Introduction a. define a derivative and distinguish between exchange-traded and over-the-counter derivatives;
	2. Exchange-Traded versus Over-the-Counter Derivatives a. define a derivative and distinguish between exchange-traded and over-the-counter derivatives;
	3. Forward Commitments b. contrast forward commitments with contingent claims; c. define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives and compare their basic characteristics; d. determine the value at expiration and profit from a long or a short position in a call or put option;
	4. Contingent Claims: Options b. contrast forward commitments with contingent claims; c. define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives and compare their basic characteristics; d. determine the value at expiration and profit from a long or a short position in a call or put option;
	5. Other Derivatives b. contrast forward commitments with contingent claims; c. define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives and compare their basic characteristics; d. determine the value at expiration and profit from a long or a short position in a call or put option;
	6. Purposes and Criticisms of Derivative Markets e. describe purposes of, and controversies related to, derivative markets;
	7. Arbitrage f. explain arbitrage and the role it plays in determining prices and promoting market efficiency.

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