FMI7e_ch13Financial Futures Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt

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1、Chapter13FinancialFuturesMarketsFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineBackgroundonfinancialfuturesInterpretingfinancialfuturestablesValuationoffinancialfuturesExplainingpricemovementsofbondfut

2、urescontractsSpeculatingwithinterestratefuturesClosingoutthefuturesposition2ChapterOutline(cont’d)HedgingwithinterestratefuturesBondindexfuturesStockindexfuturesSinglestockfuturesRiskoftradingfuturescontractsRegulationinthefuturesmarketsInstitutionaluseoffuturesmarketsGlobalizationoffutur

3、esmarkets3BackgroundonFinancialFuturesAfinancialfuturescontractisastandardizedagreementtodeliverorreceiveaspecifiedamountofaspecifiedfinancialinstrumentataspecifiedpriceanddateThebuyerofafuturesbuystheinstrumentwhilethesellerdeliverstheinstrumentFuturesaretradedonorganizedexchangesTheexch

4、angesclear,settle,andguaranteealltransactionsthatoccurontheexchangeFuturesareregulatedbytheCommodityFuturesTradingCommissions(CFTC)Approvesfuturescontractsandimposesregulations4BackgroundonFinancialFutures(cont’d)InterestratefuturesareondebtsecuritiessuchasT-bills,T-notes,T-bonds,andEurod

5、ollarCDsStockindexfuturesareonstockindexesSettlementdatesareinMarch,June,September,andDecemberMostfinancialfuturesaretradedontheChicagoBoardofTradeortheChicagoMercantileExchange5BackgroundonFinancialFutures(cont’d)PurposeoftradingfinancialfuturesTradedeithertospeculateonpricesofsecurities

6、ortohedgeexistingexposuretosecuritypricemovementsSpeculatorstakepositionstoprofitfromexpectedchangesinthepriceoffuturescontractsovertimeDaytradersattempttocapitalizeonpricemovementsduringasingledayPositiontradersmaintaintheirfuturespositionsforlongerperiodsoftimeHedgerstakepositionstoredu

7、cetheirexposuretofuturemovementsininterestratesorstockprices6BackgroundonFinancialFutures(cont’d)ElectronictradingTheChicagoMercantileExchangeestablishedGLOBEXthatcomplimentsitsfloortradingAllowsforaroundtheclockandweekendtradingTheChicagoBoardOptionsExchangeimpleme