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Learning Outcomes


The candidate should be able to:

  1. define a derivative and distinguish between exchange-traded and over-the-counter derivatives;

  2. contrast forward commitments with contingent claims;

  3. define forward contracts, futures contracts, options (calls and puts), swaps, and credit derivatives and compare their basic characteristics;

  4. describe purposes of, and controversies related to, derivative markets;

  5. explain arbitrage and the role it plays in determining prices and promoting market efficiency.

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