ch1无文字修改-zhuanye无文字要点解析.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * Ch. 1: * 资料来源：期货业协会(Futures Industry Association) Ch. 1: * Ch. 1: * 在传统的农产品期货上，值得一提的是至2010年底，中国的大连商品交易所、郑州商品交易所、上海期货交易所的7个农产品期货合约跻身世界农产品期货成交最活跃的10强之列，其中郑州商品交易所的白糖和上海交易所的天然橡胶跃至世界农产品期货成交量之冠 Ch. 1: * 1.2 Types of Derivatives(continued) Swaps Definition of a swap: a contract in which two parties agree to exchange a series of cash flows Exclusively over-the-counter Ch. 1: * Futures Forward contracts Options Calls Puts Swaps Derivatives Basic instruments Options on futures hybrids Financial engineering This process of creating new financial product called financial engineering. Ch. 1: * Financial Engineering Financial engineering is the notion that you can use a combination of assets and financial derivatives to construct cash flow streams that would otherwise be difficult or impossible to obtain. Ch. 1: * 1.3 Participants in the Derivatives World Hedgers(套期保值者) Speculators（投机者） Arbitrageurs（套利者） Ch. 1: * 1.3 Participants in the Derivatives World Hedgers If someone bears an economic risk and uses derivative markets to reduce that risk, the person is a hedger. Sep.9.2014 188$/share Ch. 1: * 100 IBM shares $188/share September Buy Dec. put options Strike price=$190 Stock price falls bellow $190 Exercise option Forgo option The strategy guarantees that the shares can be sold for at least 190$ per share during the life of option December Example Stock price stays above $190 Ch. 1: * 1.3 Participants in the Derivatives World Speculator Whereas hedgers want to avoid an exposure to adverse movements in the price of an asset, speculators bet on the movement of the market to make windfall profits. Speculators attempt to profit from guessing the direction of the market. Ch. 1: * 1.3 Participants in the Derivatives World Speculator Sep.9 $1.29/Euro He bet the Euro will strengthen over the next 2 months Ch. 1: * Example continued The treasurer enters into a (long/sho