Personally I think that an exchange offer is a very broad and sophisticated subject. It is sometimes difficult to understand what a company, government or individual means when he says “exchange offers”. I have certain sources and after my small research I tend to believe that sometimes exchange offers are very valuable, sometimes they can ruin your portfolio, sometimes it is a formality procedure, and sometimes it is just a name for something which is not connected to the subject of “exchange offers”. Now, I will try to justify my thoughts.
When I say “exchange offer” I should make a connection about which market I am talking about. Is it stocks, bonds, derivatives or treasury bills? Suppose that I am talking about derivatives. If I talk about derivates (futures contracts) then I am just describing the procedure of a trade. There is a great book entitled “getting started in futures” written by Todd Lofton. So, now I will take a moment and write about exchange offers on the futures market. There are a dozen major futures exchanges in the US. Most are private, non-profit organizations owned by their members. The oldest futures exchange in the US is the Chicago Board of Trade, founded in 1848. The newest is the New York Futures Exchange, opened in 1978. …
