But, if (as is common) dividends have increased less rapidly, d/p will be low and forecasts of dividend growth may be more modest than recently observed appreciations in stock prices. Once a futures contract has been agreed, the clearing house guarantee effectively makes the contract an anonymous agreement, thus facilitating further trading in the contract prior to the stipulated delivery date.8 At the delivery date, a trader with short position must deliver the asset but would not know, until that date, to whom delivery should be made. Gucci Charlotte Leather Hobo. The client sells at 5525, a loss of 45 = 5570 ' 5525 points, thus incurring a loss of ?450 (at ?10 per point). Gucci Guccissima Heart Flip Flop. For the model relies on assumptions that, even when relaxed in the ways outlined above, may be too restrictive to encompass rational behaviour. Gucci Charlotte Leather Hobo. For example, a company may know that in six months' time it will seek to enter into a swap agreement but does not know, today, the terms of such an agreement (in particular, the level of the fixed rate or the mark-up over the the floating rate). Gucci Wedges Pictures. In view of the reservations outlined above, however, theories of the term structure that allow for risk-averse decision makers are, at the very least, worthy of consideration. Gucci Charlotte Leather Hobo. The 'basis' is a widely used term in futures markets and in studies of the determination of futures prices.