- 1、本文档共17页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
D. M. Chance An Introduction to Derivatives and Risk Management, 6th ed. Chapter 1: Introduction The speed of money is faster than it’s ever been. Loleen Doerrer Time, April 11, 1994, p. 33 Important Concepts in Chapter 1 Different types of derivatives Risk preferences, risk-return tradeoff, and market efficiency Theoretical fair value Arbitrage, storage, and delivery The role of derivative markets Criticisms of derivatives Business risk vs. financial risk Derivatives A derivative is a financial instrument whose return is derived from the return on another instrument. Size of the derivatives market at year-end 2001 $111 trillion notional principal $3.8 trillion market value Real vs. financial assets Derivative Markets and Instruments Options Definition: a contract between two parties that gives one party, the buyer, the right to buy or sell something from or to the other party, the seller, at a later date at a price agreed upon today Option terminology price/premium call/put exchange-listed vs. over-the-counter options Derivative Markets and Instruments (continued) Forward Contracts Definition: a contract between two parties for one party to buy something from the other at a later date at a price agreed upon today Exclusively over-the-counter Derivative Markets and Instruments (continued) Futures Contracts Definition: a contract between two parties for one party to buy something from the other at a later date at a price agreed upon today; subject to a daily settlement of gains and losses and guaranteed against the risk that either party might default Exclusively traded on a futures exchange Derivative Markets and Instruments (continued) Options on Futures (also known as commodity options or futures options) Definition: a contract between two parties giving one party the right to buy or sell a futures contract from the other at a later date at a price agreed upon today Exclusively traded on a futures exchange Derivative Markets and Instruments (continued) Swaps
您可能关注的文档
- Chapter 2 The Structure of Options Markets 衍生工具与风险管理课件.ppt
- Chapter 3 Principles of Option Pricing 衍生工具与风险管理课件.ppt
- Chapter 4 Option Pricing Models The Binomial Model 衍生工具与风险管理课件.ppt
- Chapter 5 Option Pricing Models The Black-Scholes Model 衍生工具与风险管理课件.ppt
- Chapter 6 Basic Option Strategies 衍生工具与风险管理课件.ppt
- Chapter 7 The Structure of Forward and Futures Markets 衍生工具与风险管理课件.ppt
- Chapter 8 Principles of Pricing Forwards, Futures, and Options on Futures 衍生工具与风险管理课件.ppt
- Chapter 9 Futures Hedging Strategies 衍生工具与风险管理课件.ppt
- Chapter 10 Swaps 衍生工具与风险管理课件.ppt
- Chapter 11 Interest Rate Forwards and Options 衍生工具与风险管理课件.ppt
最近下载
- Hameg HM5010-5011频谱分析仪维修手册.pdf
- 基于工业机器人的码垛控制系统设计.docx
- 艾赛康A110系列变频器用户手册使用说明.pdf
- 海德格尔 《艺术作品的本原》The Origin of the Work of Art.pdf VIP
- 低空经济行业市场前景及投资研究报告:发展前景广阔,关注产业链投资机会.pdf
- 2024年第五届“红旗杯”班组长综合技能知识大赛考试题库及答案(通用版).docx
- (2023春)教科版六年级科学下册《 探索宇宙》PPT课件.pptx
- DLT 5237-2010-灌浆记录仪技术导则.doc
- 人工智能算力中心项目可行性研究报告写作模板-申批立项.doc
- 家用全自动面条机的设计.doc VIP
文档评论(0)