According to pag 76 of Schweser, "compared to cash market instruments, futures are more liquid and less expensive. How can anything be more liquid and less expensive than cash? Isn’t cash the definition of being liquid?
I think they mean “cash” as in normal bond and equity markets. It’s like how some people say “cash equities”.
Yeah I see what they’re meaning now. “Cash” as in non-derivative. Thanks.
Amazing, no definition. LOS 30.d, demonstrate the advantages of using futures instead of cash market instruments to alter portfolio risk.