金融衍生工具培训教材课件.ppt

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1、IntroductiontoFinancialDerivativesIntroductiontoFinancialDerivativesAgendaIntroductiontoDerivativesTypesofDerivativesFRAsFuturesOptionsSwapsExoticsTrading,ClearingandSettlement2FactorsDrivinggrowthofDerivativesIncreasedvolatilityinassetpricesinfinancialmarkets.Increasedi

2、ntegrationofnationalfinancialmarketswiththeinternationalfinancialmarkets.Markedimprovementincommunicationfacilitiesandsharpdeclineintheircosts.Developmentofmoresophisticatedtools,providingeconomicagentsawiderrangeofriskmanagementstrategies.Innovationsinthederivativesmark

3、ets,whichoptimallycombinetherisksandreturnsoveralargenumberoffinancialassetsleadingto:higherreturns,reducedrisk&Lowertransactionscostsascomparedtoindividualfinancialassets.3Derivatives-TodayInadditiontoriskmanagement,derivativesmarketsplayaveryusefuleconomicroleinpricedi

4、scovery.Pricediscoveryisthewayinwhichamarketestablishesthepriceorpricesforitemstradedinthatmarket,andthendisseminatesthosepricesasinformationthroughoutthemarketandtheeconomyasawhole.Inthiswaymarketpricesareimportantnotjusttothosebuyingandsellingbutalsothoseproducingandco

5、nsuminginothermarketsandinotherlocationsandallthoseaffectedbycommodityandsecuritypricelevels,exchangeratesandinterestrates.Derivatives-TodayHedgingrisksnormallyassociatedwithcommerceandfinance.Farmerscanusederivativestohedgetheriskthatthepriceoftheircropscouldfallbeforet

6、heyareharvestedandbroughttothemarket.Bankscanusederivativestoreducetheriskthattheshort-terminterestratestheypaytotheirdepositorswillriseandreducetheprofittheyearnonfixedinterestrateloansandsecurities.Mortgageinstitutions–useinterestrateswaps,optionsandswaptionstohedgeaga

7、instprepaymentriskassociatedwithhomemortgagefinancing.Electricityproducershedgeagainstunseasonablechangesintheweather.Pensionfundsusederivativestohedgeagainstlargedropsinthevalueoftheirportfolios,andinsurancecompaniessellcreditprotectiontobanksandsecuritiesfirmsthroughth

8、euseofcreditderivatives.DerivativesgrowthThenumberofon-exchangefuturesandoptionscontractstradedin2011in