<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"><channel><title>numados — blog</title><description>software engineering &amp; other experiments</description><link>https://numados.com/</link><item><title>The Dangers of Derivatives</title><link>https://numados.com/blog/1-11-dangers/</link><guid isPermaLink="true">https://numados.com/blog/1-11-dangers/</guid><description>How hidden trades and poor risk estimates create large losses, and what effective controls need to examine.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>risk</category></item><item><title>The OTC Market and Counterparty Risk</title><link>https://numados.com/blog/1-2-otc-markets/</link><guid isPermaLink="true">https://numados.com/blog/1-2-otc-markets/</guid><description>How private derivative agreements work, how banks quote prices, and why notional amounts are different from risk.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>otc</category></item><item><title>Hedgers, Speculators, Arbitrageurs</title><link>https://numados.com/blog/1-6-types-of-traders/</link><guid isPermaLink="true">https://numados.com/blog/1-6-types-of-traders/</guid><description>How hedgers, speculators, and arbitrageurs use derivatives for different purposes, sometimes with the same contract.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>traders</category></item><item><title>Exchange-Traded Markets</title><link>https://numados.com/blog/1-1-exchange-traded-markets/</link><guid isPermaLink="true">https://numados.com/blog/1-1-exchange-traded-markets/</guid><description>How exchanges define standard contracts, match orders, and use clearing and margin to manage obligations.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>exchanges</category></item><item><title>Speculation and Leverage</title><link>https://numados.com/blog/1-8-speculators/</link><guid isPermaLink="true">https://numados.com/blog/1-8-speculators/</guid><description>How futures and options change the size of a speculative position, its possible profit, and its possible loss.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>speculation</category><category>leverage</category></item><item><title>Futures: The Standardized Exchange Contract</title><link>https://numados.com/blog/1-4-futures-contracts/</link><guid isPermaLink="true">https://numados.com/blog/1-4-futures-contracts/</guid><description>How standard futures contracts work, how price changes affect their results, and why margin is not a loss limit.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>futures</category></item><item><title>Forwards: Obligation, Payoff, Price</title><link>https://numados.com/blog/1-3-forward-contracts/</link><guid isPermaLink="true">https://numados.com/blog/1-3-forward-contracts/</guid><description>How a forward fixes a future payment, how its payoff is calculated, and what connects its price to spot.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>forwards</category></item><item><title>Options: The Buyer&apos;s Right, the Seller&apos;s Duty</title><link>https://numados.com/blog/1-5-options/</link><guid isPermaLink="true">https://numados.com/blog/1-5-options/</guid><description>How calls and puts work for buyers and sellers, with clear examples of premiums, payoffs, and profit.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>options</category></item><item><title>Hedging: Fix the Price or Buy Protection</title><link>https://numados.com/blog/1-7-hedgers/</link><guid isPermaLink="true">https://numados.com/blog/1-7-hedgers/</guid><description>How forwards fix currency payments and puts protect shares, and how to assess the result of a hedge.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>hedging</category></item><item><title>Arbitrage and Consistent Prices</title><link>https://numados.com/blog/1-9-arbitrageurs/</link><guid isPermaLink="true">https://numados.com/blog/1-9-arbitrageurs/</guid><description>How linked trades can capture a price difference, why costs matter, and how arbitrage connects related prices.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>hull</category><category>arbitrage</category></item><item><title>What Derivatives Really Are</title><link>https://numados.com/blog/what-derivatives-really-are/</link><guid isPermaLink="true">https://numados.com/blog/what-derivatives-really-are/</guid><description>How forwards, futures, and options work, why companies use them, and where the risks come from.</description><pubDate>Tue, 20 Oct 2026 00:00:00 GMT</pubDate><category>derivatives</category><category>foundations</category></item></channel></rss>