financial products

Futures

Learn about Futures and how to trade them on BYMA

What is a Future?

It is a standardized contract where a price is agreed upon for the exchange of a specific underlying asset on a predetermined future date.

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Components of a Futures Contract

Underlying asset: The asset whose future price is being traded in the contract.
Expiration date: The reference date in the contract when the transaction is settled, with one party paying the difference between the market price at that time and the agreed price.
Contract price: The price at which the parties agree to exchange the underlying asset.

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Cash settlement

A Futures contract has a financial settlement (or Cash Settlement) when the underlying asset is not delivered upon expiration, and instead, the difference between the market price and the contract price is paid.

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All Futures contracts traded on BYMA have a cash settlement.

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BYMAEDUCA

Futures Training

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What are the advantages of Future contracts?

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Hedging against fluctuations of the underlying asset. The parties secure a price they deem suitable for the transaction, thus mitigating the risk of potential volatility.

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Profit from arbitrage opportunities arising from discrepancies between the spot price of the underlying asset and the futures contract price.

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To enhance capital efficiency by leveraging the price performance of the underlying, requiring a smaller initial investment.

Initial Margin

To ensure both parties comply with their obligations when the contract expires, BYMA requires each party to provide an initial margin.

Learn more about initial margin

Initial margin call

Buyer

BYMA requests an initial guarantee from each party, the purpose of which is to ensure that both parties will fulfill their obligations upon expiration of the contract.

Mark to market

Seller

The profits and losses generated by the variation in the price of the future contract are settled and cleared on a daily basis.

Learn about the different Futures traded on BYMA

Currency Futures

Currencies

Find out more about Dollar Futures and Real Futures

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Index Futures

Indices

Find out more about Futures S&P Merval index

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Equity and Fixed Income Futures

Equity and Fixed Income Securities

Explore Equity and Fixed Income Securities

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How to trade Future Contracts

Choose an ALYC

Choose the future you want to trade

Submit order, with the price to be paid at expiration.

Upon finalization of the order (when a counterparty is willing to trade at the same price), the margin must be posted by 11:00 AM the subsequent business day.