Margin[ edit ] The volatility of the spread is typically much lower than the volatility of the individual legs, since a change in the market fundamentals of a commodity will tend to affect both legs similarly. The margin requirement for a futures spread trade is therefore usually less than the sum of the margin requirements for the two individual futures contracts, and sometimes even less than the requirement for one contract.
Types of spread trades[ edit ] Intracommodity Calendar spreads[ edit ] Calendar spreads are executed with legs differing only in delivery date. They price the market expectation of supply and demand at one point in time relative to another point.
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When a futures contract expires, its seller is nominally obliged to physically deliver some quantity of the underlying commodity to the purchaser.
In practice, this is almost never done; it is far more convenient for both buyers and sellers to settle the trade financially rather than arrange for physical delivery.
This is most commonly done by entering into an offsetting position in the market. For example, someone who has sold a futures contract can effectively cancel the position out by purchasing an identical futures contract, and vice versa.
The contract expiry date is fixed at purchase. If a trader wishes to hold a position in the commodity beyond the expiration date, the contract can be "rolled over" via a spread trade, neutralizing the soon to expire position while simultaneously opening a new position that expires later.
Intercommodity spreads are formed from two distinct calendar răspândit pe opțiuni related commodities, reflecting the economic relationship between them. Common examples are: The crack spread between crude oil and one of its byproducts, reflecting the premium inherent in refining oil into gasoline, gas oil, or heating oil The spark spread between natural gas and electricity, for gas-fired power stations The crush spread between soybeans cum să scrieți propriul robot de tranzacționare one of calendar răspândit pe opțiuni byproducts, reflecting the premium inherent in processing soybeans into soy meal and soy oil Highly correlated instruments such as Brent Crude vs WTI Crude or London White Sugar vs New York Sugar.
Option spreads[ edit ] Option spreads are formed with different option contracts on the same underlying stock or commodity.
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There are many different types of named option spreads, each pricing a different abstract aspect of the price of the underlying, leading to complex arbitrage attempts. IRS Interest rate swap spreads[ edit ] Not to be confused with Swap spreadsIRS Spread trades are formed with legs in different currencies but the same or similar maturities.
Two notable examples, U. Dirham and Saudi Riyal interest rate swaps, are quoted in the inter-bank market as spreads to US dollar interest rate swaps.