STOCK FUTURES

SUBJECT - DERIVATIVES MARKETS GUIDE SANJAY RODE 08/09/2011

Group

1.AAKASH HINDOCHA015

2.ROMIT PARIKH..033

3.RUSHABH SETH.042

INDEX

NOS 1 2 3 4 5 6 7 8 9 INTRODUCTION

TOPIC

BRIEF HISTORY OF SINGLE STOCK FUTURES DIFFERENT FROM STOCK OPTIONS OPPORTUNITIES OFFERED BY STOCK FUTURES STOCK FUTURES TRADING MARKET OUTCOME PARTIES IN SINGLE STOCK FUTURES TRANSACTIONS BENEFIT OF TRADING SINGLE STOCK FUTURES WHERE ARE SINGLE STOCK FUTURES TRADED ? SINGLE STOCK FUTURES MARKET

10 11 12 13 14 15 16 17 18

RISK OF SINGLE STOCK FUTURES EFFECT OF INDEX FUTURES ON STOCK MARKET OTHER RECOMMENDATION STANDARIZATION MARGIN FUTURE CONTRACTS WHO TRADES FUTURES CONCLUSION BIBLIOGRAPHY

INTRODUCTION

Stock Futures are financial contracts where the underlying asset is an individual stock. Stock Future contract is an agreement to buy or sell a specified quantity of underlying equity share for a future date at a price agreed upon between the buyer and seller. The contracts have standardized specifications like market lot, expiry day, and unit of price quotation, tick size and method of settlement.

Agreements to buy or sell a standardized value of a stock index, on a future date at a specified price, such as trading New York Stock Exchange composite index on the New York Futures Exchange (NYFE). As an investment instrument it combines features of securities trading based on stock indices with the features of commodity futures trading. It allows investors to speculate on the entire stock market's performance, short sell (see short sale) an index with a futures contract, or to hedge a long position against a decline in value.

A futures contract is a type of derivative instrument, or financial contract, in which two parties agree to transact a set of financial instruments or physical commodities for future delivery at a particular price. If you buy a futures contract, you are basically agreeing to buy something that a seller

has not yet produced for a set price. But participating in the futures market does not necessarily mean that you will be responsible for receiving or delivering large inventories of physical commodities - remember, buyers and sellers in the futures market primarily enter into futures contracts to hedge risk or speculate rather than to exchange physical goods (which is the primary activity of the cash/spot market). That is why futures are used as financial instruments by not only producers and consumers but also speculators. The first futures exchange market was the Dojima Rice Exchange in Japan in the 1730s, to meet the needs of samurai whobeing paid in rice, and after a series of bad harvestsneeded a stable conversion to coin. A closely related contract is a forward contract. A forward is like a future in that it specifies the exchange of goods for a specified price at a specified future date. However, a forward is not traded on an exchange and thus does not have the interim partial payments due to marking to market. Nor is the contract standardized, as on the exchange. Unlike an option, both parties of a futures contract must fulfill the contract on the delivery date. The seller delivers the underlying asset to the buyer, or, if it is a cash-settled futures contract, then cash is transferred from the futures trader who sustained a loss to the one who made a profit. To exit the commitment prior to the settlement date, the holder of a futures position can close out its contract obligations by taking the opposite position on another futures contract on the same asset and settlement date. The difference in futures prices is then a profit or loss.

BRIEF HISTORY OF SINGLE STOCK FUTURES

Single Stock Futures started trading in the US market on November 8, 2002. Prior to 2002, trading of futures contracts on securities were disallowed as a proper regulatory authority cannot be determined. This changed in 2000 with the passing of the Commodity Futures Modernization Act of 2000, where the Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission agreed to oversee and regulate the trading of single stock futures jointly. It was until 2002 when the first two single stock futures exchange started trading, one of which has closed down, with OneChicago Exchange still active today.

DIFFERENT FROM STOCK OPTIONS

In stock options, the option buyer has the right and not the obligation, to buy or sell the underlying share. In case of stock futures, both the buyer and seller are obliged to buy/sell the underlying share. Risk-return profile is symmetric in case of single stock futures whereas in case of stock options payoff is asymmetric. Also, the price of stock futures is affected mainly by the prices of the underlying stock whereas in case of stock options, volatility of the underlying stock affects the price along with the prices of the underlying stock. Futures and stock options are the two most widely publicized leveraged derivative instruments in the world today. In fact, futures and options are the two most widely used hedging instrument in the world as well.

This have inevitably led many investors into thinking that futures and stock options are the same thing. In fact, there have been laymen investors referring to both instruments collectively as "Options Futures". Nothing can be further from the truth.

Futures and options are two different things and a future trading really has nothing to do with options trading. Futures and options serve different needs in the capital market and will forever be important elements on their

own in every well diversified portfolio. Even though futures and options are two different things, even since the invention of options on futures, that is, options with futures as their underlying asset, this distinction has been greatly blurred and made it all the more confusing for beginners to futures and options trading.

OPPORTUNITIES OFFERED BY STOCK FUTURES

(1)

Stock futures are used for hedging the risk arising out of investment

in cash segment of the stock exchange. (II) made. (III) Arbitrage gain can be made by combing the futures market Speculation gains (by taking the risk of speculative loss) can be

transactions with cash market transactions or options.

Stock futures offer a variety of usage to the investors. Some of the key usages are mentioned below: Investors can take long term view on the underlying stock using stock futures. Stock futures offer high leverage. This means that one can take large position with less capital. For example, paying 20% initial margin one can take position for 100 i.e. 5 times the cash outflow. Futures may look overpriced or under priced compared to the spot and can offer opportunities to arbitrage or earn risk-less profit. Single stock futures offer arbitrage opportunity between stock futures and the underlying cash

market. It also provides arbitrage opportunity between synthetic futures (created through options) and single stock futures. When used efficiently, single-stock futures can be an effective risk management tool. For instance, an investor with position in cash segment can minimize either market risk or price risk of the underlying stock by taking reverse position in an appropriate futures contract.

STOCK FUTURES TRADING

Yes, a single stock future trading is a leveraged speculation on the price of the underlying stock.

The short benefits when the price of the underlying stock falls because the single stock futures contract allows the short to sell the underlying stock at a higher price. The long benefits when the price of the underlying stock rises because the single stock futures contract allows the long to buy the underlying stock at a lower price. Clearly, one would take the short side when speculating on a drop in the price of the underlying stock while one would take the long side when speculating on a rise in the price of the underlying stock.

No matter which side of the single stock futures trade you take, an initial margin is payable to the futures exchange for entering into the futures trading contract. Yes, this is unlike options trading where the short actually receive payment for the options contract that is sold. In futures trading, both the short and the long pays an initial margin for participating in the trade.

Even though the transaction for the underlying stock only take place upon maturity of the single stock futures contract, profits and losses incurred by the contracts are actually settled daily. This is a risk control measure set in place by the Clearing Houses in order to ensure that participants in the futures contract are able to fulfil their obligations upon maturity of the futures contract. This is where the risk of trading single stock futures lie. If

the stock should move against your favor (upwards when you are short or downwards when you are long), losses for the day is deducted from the initial margin that you deposited when putting on the position. When that initial margin goes down to a certain level, you receive a margin call to top up the deposit to the initial margin level otherwise your position is closed in what is known as a "forced liquidation" where the broker closes your position. As such, short term volatility can be extremely dangerous if a single stock futures position is not backed up by a significant fund ready for margin calls.

Conversely, if the stock moves in your favor (upwards when you are long or downwards when you are short), profits for the day are credited to your account, increasing the deposit that you made as initial margin. Your initial margin will continue building up on a daily basis as long as the stock continues to move in your favor, creating a base of profits acting as buffer should the stock move against you temporarily. This is why good entry points in single stock futures trading is so important. It can be critical for the stock to move in your favor during the first few days of putting on the position so that a good profit base is formed to absorb losses when the stock moves temporarily against your favor.

MARKET OUTCOME

1.

In India derivatives are traded only on two exchanges.

2.

The details of trades on these exchanged during 2002-03 are presented in the table below.

3.

The total exchange traded derivatives witnessed a volume of Rs. 4423333 million during the current year as against Rs. 1038480 million during the preceding year.

4.

While NSE accounted for about 99.4%of total turnover, BSE accounted for less than 1%. It is believed that India is the second largest market in the world for stock future

PARTIES IN SINGLE STOCK FUTURES TRANSACTIONS

Even though a futures transaction is theoretically an agreement between a buyer and a seller, there are really 3 parties involved in every Single Stock Futures transaction; the long, the short and the clearing house.

Single Stock Futures are guaranteed contracts. This means that both buyer and seller are guaranteed their "winnings" and there is no risk of default. This guarantee against default is made possible by the clearing house. The clearing house is the organization that all single stock futures traders are really trading with. The clearing house puts itself in the middle of each single stock futures transaction and obligates itself to the fulfillment of all futures contracts. This provides the performance guarantee that ensures liquidity in the futures market.

When you go long or short on a single stock futures contract, the clearing house creates one new futures contract just for you. There really isn't a short side selling that contract to you. You are really trading with the clearing house. The clearing house then deposits your "winnings" or deducts your "losses" on a daily basis through the mark to market process. When you decide to close the position, the clearinghouse offsets your position with an equal and opposite transaction from another party and when you hold to maturity, the clearing house randomly selects another single stock futures trader with an opposite transaction to deliver the stocks or buy your stocks.

BENEFITS OF TRADING SINGLE STOCK FUTURES

The main benefit of trading Single Stock Futures is definitely leverage. The ability to do more with the same amount of money. Single stock futures allow you to control the same amount of stock with only 20% of the price as we have discussed above. Apart from being a leverage instrument, single stock futures can also be hedging instruments for stocks or options positions. By taking a short side on a portfolio of stocks, you effectively nullify any directional risk and this can be useful when stocks are expected to take a short term hit. Single stock futures can also be shorted to hedge against a call options position or longed to hedge against a put options position.

Another benefit of buying Single Stock Futures rather than buying the underlying stock itself is that buying Single Stock Futures allows you to keep the remainder of the cash, which would otherwise have been invested if you had bought the underlying stock itself, in the bonds markets to earn a risk free rate of return! When you buy stock, your cash can no longer generate a risk free rate of return and that loss on interest is your opportunity cost right from the start. However, if you had bought Single Stock Futures instead, you would have been able to invest the remaining 80% (assuming a 20% initial margin requirement) at the risk free rate of return and thus reduce your opportunity cost. However, this benefit is a concern mainly for investors investing very big funds. For the common retail futures traders, this is not too much of a concern.

WHERE ARE SINGLE STOCK FUTURES TRADED? - SINGLE STOCK FUTURES MARKETS

Single Stock Futures are traded in many countries such as USA, Australia, Canada, Finland, Hong Kong, Spain, Sweden and UK.

In the USA, Single Stock Futures are traded in the USA through an electronic marketplace known as , One Chicago LLC. Several other exchanges such as AMEX are also looking to participate in electronic trading of Single Stock Futures (SSF) trading. In order to trade Single Stock Futures, all you have to do is open an online trading account with any of the Online Futures Trading Brokers and they will fill your orders in the respective marketplace for you. It's that simple. Most of these brokers would also support options trading because options is an important hedge for futures.

RISKS OF SINGLE STOCK FUTURES

The single most significant risk of trading single stock futures is that fact that you can lose more than the money you initially started the trade with.

If you are long a single stock futures position and the stock drops drastically in a single day, you could lose enough in one day to warrant a margin call and if you don't have enough money to fulfill the margin call, your position would not only be forcefully closed but you would also end up owing money to your broker.

This is how many multi-billion dollar companies collasped overnight trading futures. As such, careful risk management in terms of leverage and cash reserve needs to be planned out when trading single stock futures.

EFFECT OF INTRODUCTION OF INDEX FUTURES ON STOCK MARKET

VOLATILITY: THE INDIAN EVIDENCE

The Indian capital market has witnessed a major transformation and structural change during the past one decade or so as a result of on going financial sector reforms initiated by the Government of India since 1991 in the wake of policies of liberalization and globalization. The major objectives of these reforms have been to improve market efficiency, enhancing transparency, checking unfair trade practices, and bringing the Indian capital market up to international standards. As a result of the reforms several changes have also taken place in the operations of the secondary markets such as automated on-line trading in exchanges enabling trading terminals of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to be available across the country and making geographical location of an exchange irrelevant; reduction in the settlement period, opening of the stock markets to foreign portfolio investors etc. In addition to these developments, India is perhaps one of the real emerging markets in South Asian region that has introduced derivative products on two of its principal existing exchanges viz; BSE and NSE in June 2000 to provide tools for risk management to investors. There had, however, been a considerable debate on the question of whether derivatives should be introduced in India or not. The L.C. Gupta Committee on Derivatives, which examined the whole issue in details, had recommended in December 1997 the introduction of stock index futures in the first place (1). The preparation of regulatory framework for the operations of the index futures contracts took another two and a half year more as it required not only

an amendment in the Securities Contracts(Regulation) Act, 1956 but also the specification of the regulations for such contracts. Finally, the Indian capital market saw the launching of index futures on June 9, 2000 on BSE and on June 12, 2000 on the NSE. A year later options on index were also introduced for trading on these exchanges. Later, stock options on individual stocks were launched in July 2001.

The latest product to enter in to the derivative segment on these exchanges is contracts on stock futures in November 2001. Thus, with the launch of stock futures, the basic range of equity derivative products in India seems to be complete.

Despite the existence of a well-developed stock market for over a hundred years, trading on derivative contracts in India (index futures) started only in June 2000. It is but natural that the market players took time to understand the intricacies involved in the operations of these new instruments. This is clearly reflected in the growth of business in the index futures contracts during the period June 2000 to June 2002. The growth can at the best be said to be modest not only in terms of the number of contracts involved but also in terms of value of such contracts.

As far as developed capital markets are concerned, a number of in-depth studies have been carried out to examine various issues relating to financial derivatives. In recent years, some attempts have also been made to study various aspects of index futures relating to emerging markets. Since the introduction of index futures in India is are cent phenomenon, there has hardly been any attempt to examine the impact of their introduction on the underlying stock market volatility.

OTHER RECOMMENDATION

From the purely regulatory angle, a separate exchange for futures trading seems to be a neater arrangement. However, considering the constraints in infrastructure facilities , the existing stock exchanges having cash trading may also be permitted to trade derivatives provided they meet the minimum eligibility conditions as indicated below:

1. The trading should take place through an online screen based trading system which also has a disaster recovery site. The per half hour capacity of the computers and the network should be at least 4 to 5 times of the anticipated peak load in any half hour or of the actual peak load seen in any half hour during the preceding six months. This shall be reviewed from time to time on the basis of experience.

2. The clearing of the derivatives market should be done by an independent clearing corporation, which satisfies the conditions listed.

3. The exchange must have an online surveillance capacity which moniters positions, prices and volumes in real time so as to deter market manipulation. Price and position limits should be used for improving market quality.

4. Information about trades, quantities and quotes should be disseminated by the exchange in real time over at least two information vending networks which are accessible to investors in the country.

5. The exchange should have at least 50 members to start derivatives trading.

6. If derivatives trading is to take place at an existing cash market, it should be done in a separate segment with a separate membership i.e., all members of the existing cash market would not automatically become members of the derivatives market.

7. The derivatives market should have a separate governing council which shall not have representation of trading/clearing members of the derivatives Exchange beyond whatever percentage SEBI may prescribe after reviewing the working of the present governance system of exchanges.

8. The Chairman of the Governing Council of the Derivative Division/Exchange shall be a member of the Governing Council, if the chairman is a Broker/dealer, then, he shall not carry on any broking or dealing business on any Exchange during his tenure as Chairman. 9. The exchange should have arbitration and investor grievances redressal mechanism operative from all the four areas/regions of the country.

10. The exchange should have an adequate inspection capability.

11. No trading/clearing member should be allowed simultaneously to be on the governing council of both the derivatives market and the cash market.

12. If already existing, the exchange should have a satisfactory record of monitoring its members, handling investor complaints and preventing irregularities in trading

STANDARDIZATION

Futures contracts ensure their liquidity by being highly standardized, usually by specifying:

1.

The underlying asset or instrument. This could be anything from a barrel of crude oil to a short term interest rate.

2. 3.

The type of settlement, either cash settlement or physical settlement. The amount and units of the underlying asset per contract. This can be the notional amount of bonds, a fixed number of barrels of oil, units of foreign currency, the notional amount of the deposit over which the short term interest rate is traded, etc.

4. 5.

The currency in which the futures contract is quoted. The grade of the deliverable. In the case of bonds, this specifies which bonds can be delivered. In the case of physical commodities, this specifies not only the quality of the underlying goods but also the manner and location of delivery. For example, the NYMEX Light Sweet Crude Oil contract specifies the acceptable sulphur content and API specific gravity, as well as the pricing point -- the location where delivery must be made.

6. 7. 8.

The delivery month The last trading date. Other details such as the commodity tick, the minimum permissible price fluctuation.

MARGIN

To minimize credit risk to the exchange, traders must post a margin or a performance bond, typically 5%-15% of the contract's value. To minimize counterparty risk to traders, trades executed on regulated futures exchanges are guaranteed by a clearing house. The clearing house becomes the buyer to each seller, and the seller to each buyer, so that in the event of a counterparty default the clearer assumes the risk of loss. This enables traders to transact without performing due diligence on their counterparty. Margin requirements are waived or reduced in some cases for hedgers who have physical ownership of the covered commodity or spread traders who have offsetting contracts balancing the position. Clearing margin are financial safeguards to ensure that companies or corporations perform on their customers' open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of futures and options contracts are required to deposit with brokers. Customer margin Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations. Futures Commission Merchants are responsible for overseeing customer margin

accounts. Margins are determined on the basis of market risk and contract value. Also referred to as performance bond margin. Initial margin is the equity required to initiate a futures position. This is a type of performance bond. The maximum exposure is not limited to the amount of the initial margin; however the initial margin requirement is calculated based on the maximum estimated change in contract value within a trading day. Initial margin is set by the exchange. If a position involves an exchange-traded product, the amount or percentage of initial margin is set by the exchange concerned. In case of loss or if the value of the initial margin is being eroded, the broker will make a margin call in order to restore the amount of initial margin available. Often referred to as variation margin, margin called for this reason is usually done on a daily basis, however, in times of high volatility a broker can make a margin call or calls intra-day. Calls for margin are usually expected to be paid and received on the same day. If not, the broker has the right to close sufficient positions to meet the amount called by way of margin. After the position is closed-out the client is liable for any resulting deficit in the clients account. Some U.S. exchanges also use the term maintenance margin, which in effect defines by how much the value of the initial margin can reduce before a margin call is made. However, most non-US brokers only use the term initial margin and variation margin.

The Initial Margin requirement is established by the Futures exchange, in contrast to other securities Initial Margin (which is set by the Federal Reserve in the U.S. Markets). A futures account is marked to market daily. If the margin drops below the margin maintenance requirement established by the exchange listing the futures, a margin call will be issued to bring the account back up to the required level. Maintenance margin A set minimum margin per outstanding futures contract that a customer must maintain in his margin account. Margin-equity ratio is a term used by speculators, representing the amount of their trading capital that is being held as margin at any particular time. The low margin requirements of futures results in substantial leverage of the investment. However, the exchanges require a minimum amount that varies depending on the contract and the trader. The broker may set the requirement higher, but may not set it lower. A trader, of course, can set it above that, if he does not want to be subject to margin calls. Performance bond margin The amount of money deposited by both a buyer and seller of a futures contract or an options seller to ensure performance of the term of the contract. Margin in commodities is not a payment of equity or down payment on the commodity itself, but rather it is a security deposit. Return on margin (ROM) is often used to judge performance because it represents the gain or loss compared to the exchanges perceived risk as reflected in required margin. ROM may be calculated (realized return) /

(initial margin). The Annualized ROM is equal to (ROM+1)(year/trade_duration)-1. For example if a trader earns 10% on margin in two months, that would be about 77% annualized.

FUTURES CONTRACTS

Contracts There are many different kinds of futures contracts, reflecting the many different kinds of "tradable" assets about which the contract may be based such as commodities, securities (such as single-stock futures), currencies or intangibles such as interest rates and indexes. For information on futures markets in specific underlying commodity markets, follow the links. For a list of tradable commodities futures contracts, see List of traded commodities. See also the futures exchange article.

Foreign exchange market Money market Bond market Equity market Soft Commodities market

Trading on commodities began in Japan in the 18th century with the trading of rice and silk, and similarly in Holland with tulip bulbs. Trading in the US began in the mid 19th century, when central grain markets were established and a marketplace was created for farmers to bring their commodities and sell them either for immediate delivery (also called spot or cash market) or for forward delivery. These forward contracts were private contracts between buyers and sellers and became the forerunner to today's exchange-traded futures contracts. Although contract trading began with traditional commodities such as grains, meat and livestock, exchange trading has expanded to include metals, energy, currency and currency indexes, equities and equity indexes, government interest rates and private interest rates.

WHO TRADES FUTURES?

Futures traders are traditionally placed in one of two groups: hedgers, who have an interest in the underlying asset (which could include an intangible such as an index or interest rate) and are seeking to hedge out the risk of price changes; and speculators, who seek to make a profit by predicting market moves and opening a derivative contract related to the asset "on paper", while they have no practical use for or intent to actually take or

make delivery of the underlying asset. In other words, the investor is seeking exposure to the asset in a long futures or the opposite effect via a short futures contract. Hedgers Hedgers typically include producers and consumers of a commodity or the owner of an asset or assets subject to certain influences such as an interest rate. For example, in traditional commodity markets, farmers often sell futures contracts for the crops and livestock they produce to guarantee a certain price, making it easier for them to plan. Similarly, livestock producers often purchase futures to cover their feed costs, so that they can plan on a fixed cost for feed. In modern (financial) markets, "producers" of interest rate swaps or equity derivative products will use financial futures or equity index futures to reduce or remove the risk on the swap. Speculators Speculators typically fall into three categories: position traders, day traders, and swing traders (swing trading), though many hybrid types and unique styles exist. In general position traders hold positions for the long term (months to years), day traders (or active traders) enter multiple trades during the day and will have exited all positions by market close, and swing traders aim to buy or sell at the bottom or top of price swings.[7] With many investors pouring into the futures markets in recent years controversy has risen about whether speculators are responsible for increased volatility in commodities like oil, and experts are divided on the matter.
[8]

An example that has both hedge and speculative notions involves a mutual fund or separately managed account whose investment objective is to track the performance of a stock index such as the S&P 500 stock index. The Portfolio manager often "equitizes" cash inflows in an easy and cost effective manner by investing in (opening long) S&P 500 stock index futures. This gains the portfolio exposure to the index which is consistent with the fund or account investment objective without having to buy an appropriate proportion of each of the individual 500 stocks just yet. This also preserves balanced diversification, maintains a higher degree of the percent of assets invested in the market and helps reduce tracking error in the performance of the fund/account. When it is economically feasible (an efficient amount of shares of every individual position within the fund or account can be purchased), the portfolio manager can close the contract and make purchases of each individual stock. The social utility of futures markets is considered to be mainly in the transfer of risk, and increased liquidity between traders with different risk and time preferences, from a hedger to a speculator.

CONCLUSION

Trading in the futures market is risky. It can be quite complicated, especially, for those who are still new to investing. While it is not for everybody, the futures market can be suitable for a wide range of people. For those who have already started investing in stocks or bonds, it would be best to talk to your broker if you are interested in futures trading. Here are the key points covered in this tutorial:
1. 2.

The futures market is a global marketplace. The futures a market is all about trading futures contracts instead of the physical commodities involved.

3.

In the contract, it will state the price per unit, type, value, quality and quantity of the commodity involved, as well as the month the contract expires.

4.

There are basically two players in the futures market: hedgers and speculators. The hedger will, as much as possible, try to minimize risk from the rising or declining prices. Speculators are the risktakers, who will try to profit from the rising or declining prices.

5.

In the US, the futures markets are regulated by the CFTC and the NFA.

6.

Depending on the profits or losses incurred, a futures accounts can be credited or debited on a day-to-day basis.

7.

The futures market is characterized as being greatly leveraged due to its margins. Leverage works both ways in that it can get you huge

profits or huge losses (even greater than your initial investment) on your futures investment.
8.

There are 3 main strategies in futures trading: Going Long, Going Short and Spreads.

9.

Once you decide to trade in the futures market, there are 3 approaches used to participate in it: Managed Account, Commodity Pool and Do-It-Yourself.

BIBLIOGRAPHY

1. WWW.GOOGLE.COM 2. WWW.WIKIPEDIA.COM 3. WWW.NSEINDIA.COM 4. WWW.DERIVATIVEINDIA.COM 5. WWW.FINANCEMONEY.IN