期货和互换详细分析课件.ppt

第23章  期货与互换的详细分析 Futures and Swaps: A Closer Look;期货与互换Futures and Swaps;期货市场 Futures markets 芝加哥商品交易所 ( 国际货币市场 ) Chicago Mercantile (International Monetary Market) 伦敦国际金融期货交易所 London International Financial Futures Exchange 中美洲商品交易所 MidAmerica Commodity Exchange 活跃的远期市场 Active forward market 期货市场和远期市场的差异 Differences between futures and forward markets;利率平价理论Interest rate parity theorem 用美元和英镑来举例Developed using the US Dollar and British Pound;定价举例Text Pricing Example ;外汇期货Foreign Exchange Futures;汇率风险套期保值Hedging Foreign Exchange Risk;汇率风险套期保值Hedging Foreign Exchange Risk;汇率风险套期保值Hedging Foreign Exchange Risk;对本国和国际股票都有效 Available on both domestic and international stocks. 与直接购买股票相比的优点 Advantages over direct stock purchase: 更低的交易成本 lower transaction costs 有利市场时机和重组的选择 better for timing or allocation strategies 减少资产组合的时间 takes less time to acquire the portfolio;用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;使用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;使用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;使用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;使用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;使用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;使用股指期货建立综合头寸Using Stock Index Contracts to Create Synthetic Positions;股指期货定价Pricing on Stock Index Contracts; 寻找股票和股指间的价格差 Exploiting mispricing between underlying stocks and the futures index contract. 期货价太高-卖空股指期货买股指股票 Futures Price