A spread is a position at one maturity, which is hedged, by an
offsetting position at a different maturity.
Only opposite positions can offset each other.
E.g. A short position can be offset only by a corresponding
long position in the series & not by another short position.
offsetting position at a different maturity.
Only opposite positions can offset each other.
E.g. A short position can be offset only by a corresponding
long position in the series & not by another short position.