NISM Series XIII Common Derivatives Certification Exam Notes
Page 113 Of 303
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Underlying Asset: The underlying is independent; the derivative depends on it and cannot exist without it.
Accounting Standards Criteria: Value linked to underlying, settlement on a future date, no full cash outlay on trade date; net settlement (FAS 133).
Leverage: Derivatives allow buying/selling underlying assets without full upfront payment.
Classification: Derivatives cover interest rate, credit, equity, forex, and commodity asset classes.
Generic Products: Forwards, futures, swaps, and options in each asset class.
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