Chapter 3 Tools and Techniques for the Management.pptVIP

以即期汇率兑换等额的两种货币的初始本金金额。合约期间，各方通过掉期货币支付固定或浮动利率利息。合约到期时，以预定的汇率再次互换本金，最终双方获得初始货币。 买入或卖出未来交割的外国货币，在签订合约时规定好货币的交割价格（远期外汇汇率）。 债券发行人可能会违约，即无法在规定的日期偿还本金和利息。也称为信贷风险。 该理论强调远期汇率是对未来即期汇率的最好和最恰当的估计。该理论基于有效市场理论，被广泛认为是精确的表述。 在未来某一特定日期，以现在规定的价格买进或卖出某一外国货币。在这个意义上，期货与远期外汇合约完全一样。它们的区别在于它们的形式。虽然远期合约在资金数额、合约到期日等方面要适合客户的需要，但是期货合约有标准的面值和到期日。因此，期货合约可以在有组织的市场交易，如组织芝加哥商业交易所。 通常指购买人有权按照股票期权规定的固定价格购买某公司股票。 期权购买者或者出售者（卖方）在期权到期之前以特定价格（称为“执行价”）通过支付期权市场价来获得购买（认购）或出售（认沽）标的证券权力。溢价由期权交易者的供求决定，因为它们决定标的证券的未来市场价值。溢价以8或16为单位的增量报价。 VI. Sentences 1. Debt—borrowing in the currency to which the firm is exposed or investing in interest-bearing assets to offset a foreign currency payment—is widely used hedging tool that serves much the same purpose as forward contracts. 译文 债务—借贷公司暴露头寸的那种货币，或者投资于记息的资产来抵消未来的外汇支付—这是一种广泛使用的套期保值工具，可以实现与远期合同一样的功能。 2. A foreign exchange option is a contract for future delivery of a currency in exchange for another, where the holder of the option has the right to buy (or sell) the currency at an agreed price, the strike or exercise price, but is not required to do so. 译文 外汇期权是一种货币兑换另一种货币而进行远期交割的合约，期权的持有者有权利以事先约定的价格，即敲定价或履约价购买（或出售）该货币，但他并不是必须要执行 Tools and Techniques for the Management of Foreign Exchange Risk Chapter 3 I . Open Questions 1. What are the criteria for contrasting different tools for the management of foreign exchange risk? 2. How do FX forwards function in hedging exchange exposure? What problems may arise? 3. What are the similarities and differences between forward contracts and currency futures? 4. Use your own words to describe how debt and currency options function in hedging. II. Teaching Plan This chapter will cover 3 hours. 2 hours for the introduction of background information and explanations of terms and the texts. And the other 1 hour for discussion and practice. III. Teaching Methods Translation of key sentences Paraphrasing of key words and expressions Explanation of new terms Summarizing of key passages Discussion of important issues Questions and