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1、StudySession17DerivativeMarketandInstruments中信泰富炒外汇亏186亿2澳元走势&中信泰富走势3StudySession17:DerivativeMarketandInstruments金融衍生品简介:四类衍生品衍生品市场的作用Thistopicreviewcontainsintroductorymaterialfortheupcomingreviewsofspecifictypesofderivatives.Derivatives-specificdefinitionsandterminologyarepresentedalongw
2、ithinformationaboutderivativesmarkets.基础:套利理论Uponcompletionofthisreview,candidatesshouldbefamiliarwiththebasicconceptsthatunderliederivativesandthegeneralarbitrageframework.4LOS67.a:Defineaderivativeanddifferentiatebetweenexchange-tradedandover-the-counterderivatives.衍生品定义、交易所交易和场外交易(OTC)、违
3、约风险Aderivativeisasecuritythatderivesitsvaluefromthevalueorreturnofanotherassetorsecurity.Aphysicalexchangeexistsformanyoptionscontractsandfuturescontracts.Exchange-tradedderivativesarestandardizedandbackedbyaclearinghouse.Forwardsandswapsarecustominstrumentsandaretraded/createdbydealersinam
4、arketwithnocentrallocation.Adealermarketwithnocentrallocationisreferredtoasanover-the-countermarket.Theyarelargelyunregulatedmarketsandeachcontractiswithacounterparty,whichmayexposetheownerofaderivativetodefaultrisk(whenthecounterpartydoesnothonortheircommitment).Someoptionstradeintheover-t
5、he-countermarket,notablybondoptions.StudySession17:DerivativeMarketandInstruments5场内交易的标准仓单6LOS67.b:Defineaforwardcommitmentandcontingentclaim,anddescribethebasiccharacteristicsofforwardcontracts,futurescontracts,options(callsandputs),andswaps.远期合约和或有权益定义、四类衍生品定义远期协议Aforwardcommitmentisaleg
6、allybindingpromisetoperformsomeactioninthefuture.Forwardcommitmentsincludeforwardcontracts,futurescontracts,andswaps.远期和期货标的物Forwardcontractsandfuturescontractscanbewrittenonequities,indexes,bonds,physicalassets,orinterestrates.远期中买卖的多空两方Inaforwardcontract,onepartyagreestobuy,andthecounterp
7、artytosell,aphysicalassetorasecurityataspecificpriceonaspecificdaleinthefuture.Ifthefuturepriceoftheassetincreases,thebuyer(attheolder,lowerprice)hasagain,andtheselleraloss.StudySession17:DerivativeMarketandInstruments7期货与远期的区别:Afuturescontractisaforward