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Lloydmichaux is now offering pass4sure (-rt), ie the change in value is exactly S in response to a change in the price of the underlying by S. Therefore the forward contract has a delta of 1.
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(-rt), where S is the current spot price, r the risk free rate, K the forward price, and t the time to maturity. As S changes from S to (S + S), the value changes to (S + S) - Ke

 



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