期货期权Ch01.pptVIP

19 20 21 22 15 1.* Trading Note 1.1 Hedging with forward contracts It is June 3,2003. ImportCo must pay ￡10 million on September 3,2003, for goods purchased from Britain. Using the quotes in Table 1.1. it buys ￡10 million in the three-month forward market to lock in an exchange rate of 1.6l 92 for the sterling it will pay. ExportCo will receive ￡30 million on September 3,2003, from a customer in Britain. Using quotes in Table 1.1 it sells ￡30 million in the three-month forward market to lock in an exchange rate of 1.6187 for the sterling it will receive. Hedging Examples 1.* Bid Offer Spot