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CommoditiesMarkets, Performance, and Strategies$
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H. Kent Baker, Greg Filbeck, and Jeffrey H. Harris

Print publication date: 2018

Print ISBN-13: 9780190656010

Published to Oxford Scholarship Online: March 2018

DOI: 10.1093/oso/9780190656010.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 October 2021

Commodity Derivatives

Commodity Derivatives

Chapter:
(p.71) 5 Commodity Derivatives
Source:
Commodities
Author(s):

Neil C. Schofield

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190656010.003.0005

Like most asset classes, commodity derivatives consist of the traditional building blocks: forwards, futures, swaps, and options. The main structures used by investors to take exposure to commodities are exchange-traded products, total return swaps, and structured notes. This chapter discusses the main features of each of these products within an investment context. For example, the coverage focuses on using exchange-traded futures to compile investment indices. The section on swaps examines the total return variant of the classic “fixed for floating” structures. Because the fundamentals of derivatives are generally well documented, this chapter highlights the instances in which commodities differ from traditional financial assets. The chapter includes some popular investment structures to illustrate the use of these instruments.

Keywords:   commodity derivatives, forwards, futures, option, total return swap

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