登录之后可查看解析

Basis risk occurs when a derivatives instrument used to hedge a position does not exactly correspond to the position being hedged. Hedging jet-fuel with oil futures and hedging Spanish natural gas futures for delivery in Louisiana are not perfect hedges and are therefore subject to basis risk. Basis risk can also occur when the maturity of the underlying position and the maturity of the derivative used to hedge are significantly different. Stack hedges, in which multiple future liabilities are hedged with a single near-term futures contract, are subject to basis risk. Strip hedges match the dates of the underlying position and the derivatives positions and, assuming the commodity in the futures contract matched the commodity to be hedged, are not subject to basis risk.