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| Bolsa de futuros |
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1) The importance of the future? |
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The objective of the economic future markets is to serve as a tool for risk management in price, allowing investors to protect themselves against unfavorable changes in prices of inputs and products with which you are involved. |
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Well organized and operated, the futures markets offer greater transparency to prices trained in various markets. |
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The fixing of prices for agricultural goods (eg, fatty cow and coffee) and financial assets (for example, indexes of stocks and currencies) through negotiations with exchange-traded futures contracts, allows the risk is transferred to third parties, which are willing to take it in exchange for the expectation of profit. |
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By applying the futures market, the participant does not purchase a product (for example, share of funds, shares or gold), but runs the risk of changes in price. |
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2) How does the future market? |
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The buying and selling of futures contracts are held through a broker of goods associated with a stock exchange. |
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The futures contracts are always standard, with reference to a product with predetermined dates of maturity, which guarantees greater liquidity. |
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The main advantage of futures contracts is that they can be closed before the due date, in a reverse to the initial operation. This feature provides for future negotiations with certainty as to price, flexibility and opportunities for all involved in the process. |
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3) Commodities & Futures Exchange - BM&F |
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| In Brazil, the Commodities & Futures Exchange (BM&F) has the task of organizing the derivatives markets. Establishes rules and contracts, and performs the clearing and settlement of instruments to ensure that the operation, according to the regulation of government authorities. |
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The BM&F also offers appropriate place for the transaction of futures contracts and options. |
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Step by Step Minicontratos |
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1) Purpose |
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The first minicontratos of Brazilian products were launched in the BM&F in 2001, in electronic system. Are available on computers installed in brokerage and with exclusive access to its representatives, or the brokers. |
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Currently, the minicontratos attract more investors around the world in terms of transparency, flexibility and speed of trading, making it possible for individual investors and professionals in the market operate on equal terms. |
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Until December 2004, to negotiate such contracts was necessary to give an order to buy or sell expressed to the representative of the broker associated with BM&F, which, in turn, took the integration into the system. From that date, was launched WebTrading the BM&F (WTR). |
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2) Electronic Trading |
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On 03 December 2004, the BM&F made available to the electronic platform of the brokerage called WebTrading (WTR). |
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With this platform, the stock exchange allows you, the end investor, putting their offerings directly on the system WTR the Internet. |
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3) Market expansion in Future |
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The knowledge of the functioning of future markets is key to the investor has the necessary clarification about the role of markets in the economy of the country |
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In this context, the future minicontratos finally open the channels of negotiation to retail investors, like you, egalitarian form of providing quotes and opportunities for private gains. |
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4) Contract for Future Mini Ibovespa
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The object of negotiation is the value of the index of shares of Bolsa de Valores de Sao Paulo (Bovespa index or Ibovespa). |
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Price of each contract is defined by points of the index. To know the size of the contract in reais, just multiply the points of negotiation for unity 0.20. For example, if the contract is being quoted at 20,000 points, multiply by 0.20, which is R$ 4,000.00 per contract. |
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The value set by the Stock Exchange for the initial margin for the Ibovespa minicontrato is R$ 1,800.00. It is important to note that this value can be changed at any time by the BM&F. |
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It is important to emphasize that, at maturity, these contracts are settled financially because of the difficulty of performing the physical delivery of the active-object of the contract, the basket of shares of the Ibovespa. |
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5) Mini Future of Contract Dollars |
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The exposure to exchange rate risk is a problem for many investors, provided those directly involved in foreign trade (importers and exporters), with financial institutions (with an exchange or those who trade securities exchange), by multinational companies, managers of portfolios of investment , farmers, among others. |
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The object of the contract for future mini dollar is the exchange rate of U.S. dollar (dollar trade). The contract provides access to retail investors who need smaller quantities of negotiating contract to protect themselves against price fluctuation of the dollar. |
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Each contract is 10% of the contract negotiated directly in session or $ 5,000.00. The contract is quoted in reais per U.S. $ 1,000.00.
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WEBTRADING BMF |
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1) What is Webtrading? |
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WebTrading is the system of negotiating future minicontratos internet. It was designed and developed by BM&F. |
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In this system, you can negotiate the minicontratos of the BM&F directly placing their own orders for the purchase and sale. |
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This software, communication and administration was installed in these brokers and provide, via the Internet, access to the platform for the business are made in real time. |
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How to Participate? |
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| Any person or company can negotiate future contracts. |
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To participate in that market, it is necessary to pre-register on the website of the broker of your choice. This should be linked to BM&F and be able to operate in the WTR. |
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The pre-registration is required so that the broker can evaluate the profile of the customer. The broker is responsible for business of all its customers. |
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3) What is Operational Limit |
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| After approval of the register, at which time you will receive a login and password to access the WTR, the brokerage seek the input of guarantees, which will be transferred to its account of guarantees WTR in BM & F. This deposit guarantees serve to determine the value of its operational limits. |
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4) Monitoring Daily |
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From the moment you hold a business, thus opening a position bought or sold, the WTR will monitor its daily level of risk exposure, helping monitor the portfolio with respect to the use of its operational limits. |
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It is very important to monitor the balance available for trading, which corresponds to the value of the guarantees have not blocked for the coverage of risk. |
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A balance available for trading less than or equal to zero means that the securities deposited are insufficient to adequately cover the risk of its position. If this occurs, the system will prevent you increase your exposure to risk, blocking business and seeking new intake of guarantees, if necessary. |
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HOW IT WORKS |
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1) Exemplificando |
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Consider that you have deposited in the brokerage value of $ 5,000.00, constituting its operational limit, and decided to put an offer to purchase 1 contract of future mini Ibovespa via WebTrading. |
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So, you must enter the code of the contract (for example, WING09), the number of contracts and the purchase price (for example, 35,000 points) of the contract negotiated at that time. |
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From there, the system makes its bid against an offer of sale of another participant. In that instant, the WTR blocks R $ 1,800.00 in your account WTR guarantees to cover the margin of the business. |
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2) ee what happens if you: |
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1. Perform a transaction contrary to the original position, closing your risk on the same day and the position zerando. (Day-trade) |
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In this case, the difference between purchase price and selling price will be the result. |
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Example: |
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Suppose that the price of the original mini Ibovespa index is 35,000 points and you decided to enter the market believe in buying 1 contract high. The market rose to 35,600 points and you decided to exit the market by doing a reverse operation (SALE). The result was a gain of 600 points. To calculate your profit or loss to following: (difference between purchase price and price of R$ 0.20 against x x number of contracts). In the above example we have [(35,600 - 35,000) x U.S. $ 0.20 x 1] = R$ 120.00. |
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2) Be positioned for the next day. |
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In this case, the deposit will be blocked as initial margin and the transaction is subject to adjustment by the daily price of adjustment of the day. |
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Example: |
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Suppose that the price went up and you were in a position to buy 35,000 points, believing in a high. The score of the mini Ibovespa index of closing the previous day was 36,000. As an adjustment on closing day, you have a credit to your account on the day of operation of 1000 points. And start the day with the position to 36,000 points (before closing). |
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3) Important |
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If the market has a contrary movement of prices of its position, its operational limits can be calculated. |
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When it reaches the level of margin which is R$ 1,800.00, as the first example, the system inhibit the insertion of new offers and can lock up the business requesting that you make a new contribution of guarantees to ensure the risk of its position on the BM& F. |
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How to monitor the operations |
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You can see the balance and handling of their guarantees, and the adjustments paid and received. |
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The authorization for withdrawal of security is linked to the standards set by the WTR System Risk, based on the balance of securities available for redemption. |
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HOW TO OPERATE |
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1) How to operate |
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The minicontratos futures are traded electronically through a management and communication software, installed in the participating financial institution. |
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All the information flow from the deals until the settlement of transactions is done via WebTrading, electronically without manual intervention. |
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It is worth mentioning that this system has been tested and approved by the BM&F, which provides total reliability of processing. |
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2) To access the WTR |
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To access the WTR, you must have the login and password to access guided by brokerage. You can change them at any time in the personal data within the electronic trading platform. |
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From now on, you'll see the platform available to brokers. It is up to each customize their environment by changing the visual features. |
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3) Simulating Operations |
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At any time you can simulate the outcome or the risk of their positions open in the WTR. |
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Simulating an operation in WTR now and monitor the results to understand the dynamics of future market mini. |
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You get a tutorial and some examples of dynamic operations that can help you better understand this market. |
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Access
the simulator BM&F:
http://www.bmf.com.br/simulador |
