In that case, each position is settled at the HDD index value quoted in the market when the contract is offset. Commonly, however, the values of the streams, x;- and y, are chosen such that the initial side payment is zero. Gucci Large Duffel Bag. Hence, large purchases of the futures contract might drive up the price of futures contracts and, as a result, could induce the stock index to move in the same direction. Gucci Betty Mid-heel Platform Boot. Also in section 15.3, it is argued that speculation and hedging may not be so easy to distinguish as first appears. Gucci Large Duffel Bag. Some of the modifications are routine - for example, allowing for different tax rates on dividend income and capital gains. Gucci Wallets Offers. Fama and French (1992, 1993) stimulated much of the applied research that has taken place since the early 1990s. Gucci Large Duffel Bag. The speculator's profit or loss is then the difference in the price at which the futures contract was acquired and the spot price upon delivery.