第5章.the_foreign_exchange_market课件.ppt

CH 6;Key terms;Key terms;§1 The Foreign Exchange Market;;;1.3 Characteristics of the Market The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years. New technologies, such as Internet links, are used among the major foreign exchange trading centers (London, New York, Tokyo, Frankfurt, and Singapore). The integration of financial centers implies that there can be no significant arbitrage. The process of buying a currency cheap and selling it dear. ;1.4 Vehicle currency A currency that is widely used to denominate international contracts made by parties who do not reside in the country that issues the vehicle currency. Example: In 2001, around 90% of transactions between banks involved exchanges of foreign currencies for U.S. dollars.;§2 外汇交易概况;§3 外汇交易类型;3.2远期外汇交易(forward transaction);（1）直接报价;（2）掉期率;远期汇水的表示方式和计算方法;习题;（3）利用货币利率差计算远期汇率;即期汇率：US$/SF 1.9980 3个月（91天）瑞朗利率 12％，美元利率18％，求远期差额？;2）远期汇水折合年率;现汇汇率：2.4210/20 三个月 80/70求远期汇水折合年率。;有关计算;例题;;;习题;;;套期保值Hedging;;投机Speculation;买空举例;3.3 套汇交易(arbitrage);1、直接套汇举例：设伦敦和纽约同时出现如下行情：LD ￡/＄ 2.0040/50NY ￡/＄ 2.0070/80投入资金￡10万，可获利多少美元？; 2、间接套汇举例，设伦敦、纽约和法兰克福同时出现如下行情：NY ＄/ € 1.9100/10FF ￡/ € 3.7790/800LD ￡/＄ 2.0050/65投入资金＄10万，可获利多少美元？;3、三角套汇要点：;地点套汇习题;;（二）时间套汇又称掉期交易;（三）利息套汇Interest arbitrage;利息套汇两种情况：;抵补套利例题;抵补套利习题;3.4 futures;Futures and Options Futures contract The buyer buys a promise that a specified amount of foreign currency will be delivered on a specified date in the future. Foreign exchange option The owner has the right to buy or sell a specified amount of foreign currency at a specified price at any time up to a specified expiration date. ;3.5 options