NISM Series XIII Common Derivatives Certification Exam Notes
Page 224 Of 303
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Interest Rate Futures (IRF): Contracts to buy/sell interest rate instruments at a future date.
Payoff Structure: Linear, with gains/losses based on price movements.
Contract Specifications: Include underlying, lot size, tick size, and expiry date.
Rationale for IRFs: Hedge interest rate risk and enhance market liquidity.
Advantages Over FRAs: Standardized, transparent, and lower counterparty risk.
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