ch11金融衍生产品概要2015_货币银行学解析.pptVIP

ch. 11 Financial derivatives ch9 10 ----Future, option and swap initial margin: refers to the amount a futures market participant must deposit into his margin account with a broker at the time he places an order to buy or sell a futures contract. Maintenance deposit: the minimum amount of margin that must be kept in account at all times. FCMs are responsible for overseeing customer margin accounts. Margins are determined on the basis of market risk and contract value. Mark-to-the-market: a daily check of an investor’s margin position, determined at the end of each session, at which time the broker debits or credits the account as needed. To debit or credit on a daily basis a margin account based on the settle price at the close of that days trading session. In this way, buyers an sellers are protected against the possibility of contract default. 外汇互换 合约双方商议在未来按照特定的比例交换现金流。 如未来2年每年用160万美元交换100万英镑 定价： * Essential features of financial futures contracts explain how the market operates How profit are made and lost in future market The role of hedgers and speculators in the future market Function of financial future Mechanism of swap Function of swap Features of interest rate swap 11.1 Process of trading at a organized exchange (future, option) 11.1.2 Rules Process prevent form contract default: Mechanism to safeguard the trade----- Margin and Mark-to-the-market Margin: initial margin, maintenance margin, clearing margin Margins deposit: amount deposited with a broker to cover any loss in the market value of a futures contract that may result from adverse price movements. It exists simply as a way to guarantee fulfillment of the contract. 11.1.1 Process of an investment: Clearing Margin Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of futures and options contracts