NISM Series XIII Common Derivatives Certification Exam Notes
Page 129 Of 303
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Contract Specifications (Cross Currency):E.g., EURUSD lot size = 1000 EUR; tick size = USD 0.0001.
Settlement Cycle:Daily MTM: T+1; final settlement: T+2.
Contract Value Calculation:E.g., USDINR: trade price × 1000.
Advantages of Futures:Eliminate counterparty risk, high liquidity, price transparency, standardized, accessible to all.
Limitations of Futures:May not perfectly hedge, standardized lot sizes, need for mark-to-market margins.
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