利率掉期(IRS-InterestRateSwap)-精品.pptVIP

Computational Finance Lecture 4 Part II Futures and Swaps Futures The trading of forward contracts is usually over-the-counter. It involves risks. Sometimes one of the parties may not have enough financial resources, or may regret the deal, to honor the agreement. To avoid the risk, futures (期貨) contracts are introduced. Futures Futures can be regarded as forward contracts traded in the exchanges. The Chicago Board of Trade (CBOT) and the Chicago Mercantile Exchange (CME) used to be the two largest futures exchanges in the US. In 2007, the CBOT and the CME merged to form the CME Group (