Iran is in a special place in terms of Oil exports, and it is natural that in this valley traders are also looking for a better market and more profits. With development and progress of the Internet and new technologies, the world economy has taken an upward trend towards e-commerce. The questions that will be answered are the questions that can be answered between the Iranian Stock Exchange and the International Forex Market, which one can be suitable for Oil traders and what kind of Contracts they sign to make more profits. Therefore, this research aimed to explain the nature and fundamentals of stock and forex markets and future Contracts and their differences, to have a comparative view on their advantages and disadvantages towards each other and to investigate the conclusion of Futures Contracts in these two markets. The findings indicate that the international forex market in Iran is legal and legitimate and has many advantages for Oil traders compared to the stock market and it is proved that trading in this market is not gambling and usury. Also, if you use Contracts for difference or CFDs in their transactions, they will receive more points. Special formalities are needed to conclude future Contracts on the stock market and Forex markets.

Oil Futures Contracts make it possible for all market participants to remain safe against the crude Oil price fluctuations. Islamic Republic of Iran needs to import Oil Futures Contracts to energy exchange for two reasons: First, its national income is highly dependent on crude Oil price and instability in Oil price leads to unstable economic situation. Second, Oil Futures markets provide necessary instruments to reduce risk of Oil deals, reduce volatility, increase flexibility and provide broader commercial dimensions to refiners and other buyers of petroleum and related industries. But now, exchange energy, due to jurisprudential constraints, is not able to use this powerful instrument of hedging risk, and this is incompatible with the implementation of economic resistance and resilience policies. This study analyzes financial nature of Oil Futures Contracts and investigates the intend of the parties to the contract and shows that Oil Futures Contracts are not, in any way, type of selling or obligation to selling because the acquisition and consequently delivery of asset are not intended by parties. Therefore, all of those jurisprudential obstacles are wrong about these Contracts and are caused by the poor in recognizing the issue.

One of the main concerns of investors in the capital market entry, is the fear of unpredictable increase or decrease of prices. In this situation, the new financial instruments such as Futures Contracts because of its effective role in risk management and risk control can be useful in reducing these concerns. So it will increase the efficiency of capital markets. The writers in this paper want to explain the forward and Futures Contracts and its legal nature, then attempt to check its compliance with Islamic Contracts and legal norms. And then, the Jurisprudential verdict of the forward and Futures Contracts, in the primary and secondary markets and alternative solutions is expressed. It seems that the best way to correct forward and Futures Contracts is the conciliation contract. Using of this contract has no problem in primary and secondary markets because it is an independence contract and is not merely for settlement of disputes and quarrels and is applicable in all situations.

Optimal design of agricultural Futures Contracts specifications has an undeniable role in success or failure of these Contracts. This paper investigates the effects of the changing expiration interval on the behavior of the Futures prices of the agricultural products, for determining the best length of the averaging period for Futures contract's settlement. In this study, the choice of expiration interval of com Futures Contracts has been concerned, because of high level of traded spot Contracts in Iran Agricultural Commodity Exchange (IACE). By this purpose, first, a cash settlement index has been introduced and identified in order to calculating the Futures prices. The com trading data on IACE and traditional market in the period of 9/11/2005 to 19/3/2007 are used to calculating this index. Next, in order to determining the best expiration interval, a GARCH (1, 1) model has been applied to estimate the conditional volatility structure of calculated Futures prices, in different scenarios. The results show that increasing the expiration interval leads to decreasing the volatility and increasing the level of com Futures prices. Therefore, the choice of lengthy expiration intervals causes to increasing hedging performance and hence induces com producers and speculators to contribute in the Futures market.

Recently financial instruments designed and produced to Oil market. The main objective of designing these instruments is to improve portfolio risk management and also increasing efficiency of capital markets for making more efficient the Stock Exchange Which the financial instruments called Derivatives. It is require to issue different securities with diverse risk and return. Issuing new securities it must be considered that dealing such securities should not be in conflict with Islamic regulations. In this article, content and mechanism of dealing Options, Futures Contracts discussed first and answering to some criticisms raised in respect of this kind of transaction being such transactions as Ghrry Sale, being such transactions as a kali be kali (as named in Islamic Law) and being such transactions non-recognition of the sale right the Sale may be noted as this article s result.

According to the significance of margining process in derivatives Contracts in clearing houses, margin setting in Futures Contracts is noteworthy due to tradeoff between risk management and trading cost. Due to the extensive use of Value at Risk models in margin setting, this study, using gold coins Futures price returns, in the period from 2008 to 2016, estimates IME gold coin Futures Contracts initial margin by parametric and non-parametric Value at Risk models, such as historical simulation, general pareto distribution and adaptive GPD models. For models back testing, it applies Christoffersen conditional coverage likelihood ratio (LRcc) test and Lopez and Blanco-Ihle loss functions. The paper finds that historical simulation model has been outperforming parametric models, as the fat tail empirical distribution of Futures return in low confidence level. In high confidence level adaptive GPD had the proper results. As a result findings propose the use of these two models to margin setting in proper confidence level.

Smart Contracts are one of the most significant applications of blockchain technology, which have gained considerable importance in the financial industry. These Contracts promote transparency and enhance good governance in the banking sector. The present research aims to conduct a Futures Study of smart Contracts in the banking industry using a scenario-building approach. This research is applied in nature, and methodologically, it is a mixed-methods study. In this research, fuzzy Delphi, fuzzy WASPAS, and interviews with focus groups were used to analyze the data. In the first step, 37 drivers were identified through a literature review and interviews with blockchain experts. These drivers were then filtered using expert questionnaires and the fuzzy Delphi method. Nine drivers were selected for final prioritization using the fuzzy WASPAS method. The filtered drivers were ranked through prioritization questionnaires and the fuzzy WASPAS method. Based on the scores of the fuzzy WASPAS method and considering three criteria—expertise, importance intensity, and certainty level—the drivers of coordination and integration level of banks in adopting new technologies and Contracts, as well as the integration level of information systems in the banking industry, were given the highest priority and were selected for scenario mapping. The research scenarios were developed based on the two prioritized drivers and through interviews with focus groups. These scenarios included: Smart Banking, Integrated Banking, Island Banking, and Traditional Banking. Smart Banking represents the ideal scenario, and practical recommendations were developed based on this scenario.

The aim of this study is specification determination of agricultural Futures Contracts in Iran with high probability of success after establishment. We examined specifications for the margin requirements, daily price movement limits, length of expiration intervals, tick sizes and contract size of saffron, pistachios and rice as potential Futures Contracts in Iran. A new Value at Risk (VaR) optimization model using a nonparametric sampling approach is used to determine the daily margin requirements and daily price movement limits. Expiration intervals are determined by the simulated daily Futures price with the minimum volatility. The daily risk free interest rate and the minimum daily average trading value of a participant in the Tehran Stock Exchange (TSE) are used as benchmarks to determine the minimum tick size and contract size for each commodity. These contract specifications are initial suggested amounts for setting up an agricultural Futures market in Iran.

The movements in Oil prices are complex and, therefore, seem to be unpredictable. The traditional linear structural models have not been promising when applied to forecasting, particularly in the case of complex series such as Oil prices. Although linear and nonlinear time series models have done much better job in forecasting Oil prices, there is yet room for an improvement. If the data generating process is nonlinear, applying linear models could result in misleading forecasts. Model specification in nonlinear modeling can also be very case dependent and time-consuming. In this paper, we model and forecast daily Futures Oil price, listed in NYMEX, applying ARIMA, and GARCH models, for the period April June 1983 - Jan. 2003. Then, we test for chaos using BDS, Lyapunov exponent, Neural Networks, and Embedding Dimension methods. Finally, we will set up a nonlinear and flexible ANN model to forecast the series. Since the tests for chaos indicate that the Oil price in Futures markets is chaotic, the ANN model should make better forecasts. The forecasts comparison among the models approves that.