•            How can an investor use forward and futures contracts to speculate on a particular view about changing market conditions?
•            How can forward and futures contracts be designed to hedge interest rate   risk?
•            What is stock index arbitrage, and how is it related to program   trading?
•            How can forward and futures contracts be designed to hedge foreign exchange rate risk?
•            What is interest rate parity, and how would you construct a covered interest arbitrage   transaction?