NISM Series 8 (NISM VIII): Equity Derivatives Certification Exam Notes

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  • Systematic Risk: Market-wide risk affecting all securities, hedged via futures.
  • Unsystematic Risk: Stock-specific risk, not hedged by index futures.
  • Cross Hedge: Hedging an asset using futures of a related asset.
  • Naked Position: Single long or short futures position without offset.
  • Spread Position: Combining long and short futures to reduce risk.

NISM Equity Derivatives

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