BFC-M-03: Options & Futures

Summer Term 2026

The module provides theoretical foundations and practical applications for the valuation and use of derivatives, in particular options and futures. The focus is on the structure and functioning of derivatives markets as well as the characteristics and applications of standardized derivatives in risk management, speculation, and arbitrage.

Students learn how to value futures and forwards, understand the underlying pricing mechanisms, and apply them in different contexts. A central element of the module is the analysis of options, particularly using the binomial model and the Black–Scholes model. In this context, key concepts such as hedging, replication, and sensitivity measures (the “Greeks”) are introduced and interpreted.

In addition to the theoretical models, special emphasis is placed on the practical relevance and application of these instruments in real financial markets. The aim of the module is to develop a deep understanding of the use and valuation of derivatives and to recognize their importance for modern financial markets.

Course and exam language: German

The corresponding bibliography and further information on the course can be found in the course catalogue ("Modulhandbuch", German only).

Course material as well as information on organisational details will be provided on the Virtual Campus. The access code will be communicated in the course of the first lecture and may be requested by email.

Registration and deregistration for the exam online through FlexNow! during the official registration period of the Faculty of Social Sciences, Economics and Business Administration.