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Derivatives - options, forwards and futures
- Introduction to derivatives
- Examples of strategies
- Self-study with solutions
These brochures are available in Norwegian only.
Most people understand company shares (stocks). However many people are less well informed about options, forwards and futures, known collectively as derivatives. Derivatives are financial instruments where the price is derived from an underlying instrument. The underlying instruments for derivatives contracts listed on Oslo Børs are either individual stocks or the OBX stock index, but in general derivatives can be based on an almost unlimited range of underlying instruments ranging from raw materials and agricultural products through to interest rates, currencies, stocks and stock indices.
The use of derivatives is growing, and in many countries trading in derivatives is several times larger than trading in stocks and bonds. This is partly because derivatives offer investors unique opportunities for risk management and profits. This is particularly the case because derivatives make it possible to earn money not only when markets rise but also when they fall or when prices are stable.
Derivatives - Everything you need to know about options, forwards and futures
This brochure provides an introduction to the Norwegian derivatives market. Following a short introduction, the brochure explains the basic options positions of CALLs and PUTs, and goes on to give the reader an introduction to simple strategies for combinations of options. The next chapter deals with forwards and futures and how these contracts are traded, and the brochure closes with a review of the market in general with some tips on how to make a start in options trading. The brochure is full of practical examples and helpful illustrations. A short glossary is provided at the end of the brochure to explain the key terms and expressions used in the derivatives market.
Options and futures – strategies
This brochure provides a range of examples of derivatives strategies that might be used by an investor depending on his or her expectations of future movements in the markets. These examples assume that the reader is familiar with basic derivatives theory (at the level, for example, provided in the brochure “Derivatives - Everything you need to know about options, forwards and futures” and/or “Teach yourself options”). The brochure is intended to help investors decide on the right strategy for their market expectations, and also deals with follow-up strategies if their expectations prove to be incorrect. While this brochure provides advice and instruction on strategies, it is of course the investor’s own knowledge of the market together with his or her targets and approach to risk that will determine whether the right strategy is chosen. (The brochure is only available electronically).
Teach yourself options – a self-study guide
This brochure provides a thorough basic training in options. It provides an exploration of options theory supported by examples, and includes questions for the reader to complete with answers given at the back of the brochure. After starting with an introduction to basic options theory, the brochure than works through a number of strategies and concludes with a separate chapter on risk. This is an excellent training manual for anyone looking for thorough and systematic training in options. (This brochure is only available for electronic download).
Expiration date calendar
This calendar provides details of the expiration dates all options and forwards traded on Oslo Børs.