北语11秋《金融英语》导学资料三.docVIP

北语Chapter 5 options第五章 期 权 developments is worth more than the option premium. 他们认为购买期权获得抵御不利情况的保障价值大于支付的期权费用。 Derivatives are in a much stronger position now than they were. 衍生品现在处于比以前更强有力的位置上。 The bank can no longer stick (bury/hike) its head in the sand about financial innovations. 银行再也不能对金融创新业务视而不见了。 As many have found to their cost, ignoring interest rate, currency risks can hurt the company badly. 许多人在吃了苦头后才意识到，忽视利率及货币风险会使公司遭受重大损失。 The diversity of forms of innovation that have been developed over the years states the inventiveness of human race. 多年来创新的形式不断更新，显示了人类的创造力。 Like other industries, the financial industry is in business to earn profits by selling its products. 像其他行业一样，金融业通过出售其产品来获取利润。 Financial institutions develop new products to satisfy their own needs as well as those of their customers. 金融机构开发新产品以满足自己和客户的需要。 Researching and developing new products and services to meet customers’ needs and prove profit referred to as financial engineering. 研究、开发新产品和服务以满足客户需要并改善利润状况被称为金融工程。 A change of the financial environment will stimulate a search by financial institutions for innovations that are likely to be profitable. 经济环境的变化将刺激人们去寻求可能有利可图的创新。 Necessity was the mother of innovation.需要是创新之母。 Asset and liability management has traditionally been the major concern of banks.在传统上，资产负债管理是银行关注的焦点。 Banks have been aggressively seeking out profits by engaging inoff-balance-sheet activities in the more competitive environment of recent years.在近年来的竞争环境下，银行一直在积极地通过从事表外业务来寻求利润。 Off-balance-sheet activities involve trading financial instruments and generation income from fees and loan sales.表外业务包括金融工具的交易以及通过收费和出售贷款等取得收入的业务。 Activities affect bank profits but do not appear on bank balance sheets.所有这些业务均影响银行利润，但并不反映在银行的资产负债表上。 Financial markets have grown more volatile since exchange rates were freed in 1973.自1973年汇率浮动以来，金融市场变得越来越不稳定了。 Hedging does not necessarily remove all of a company’s financial risk.套做并不能消除公司全部财务风险。 Derivatives is able