Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 33

A typical transaction, where the exchange of cash for the asset being procured takes place immediately, is referred to as a cash or a spot transaction. As soon as the deal is struck, the buyer hands over the payment for the asset to the seller, who in turn transfers the rights to the asset to the buyer at the same time. In the case of a forward or a futures contract, however, the actual transaction does not take place at the moment an agreement is reached between the two parties. What happens in such cases is that at the time of negotiating the deal, the two parties merely agree on the terms on which they will transact at a future point in time. The actual transaction per se occurs only at a future date that is decided at the outset, and at a price that also is decided at the beginning. Thus, no money changes hands when two parties enter into such contracts; however, both the parties to the contract have an obligation to go ahead with the transaction on the predetermined date, as per the agreed terms. Failure to do so will be tantamount to default.