2017备战FRM 复习计划知识框架梳理..pdf.pdfVIP

2010 2010 Financial Risk Manager (FRM) Financial Risk Manager (FRM) Program Program Preparation Scheme The 2nd Half January 30 , 2010 扬亚凯 CFA FRM Financial Markets and Products STRUCTURAL HUBS: CLEARINGHOUSE, DERIVATIVE PRODUCT STRUCTURAL HUBS: CLEARINGHOUSE, DERIVATIVE PRODUCT COMPANIES, AND EXCHANGES COMPANIES, AND EXCHANGES Settings to reduce counterparty risk: participant standards contract standardization margin requirements netting collateral requirements downgrade triggers marking to market surveillance Financial Risk 2010 Copyright by DMC 22 Management Financial Markets and Products The relationship between exchanges and clearing houses Limitations of structural hubs: Marking-to-market Netting Standardized contracts transparency requirement on regulations complex and time-consuming development Financial Risk 2010 Copyright by DMC 33 Management Financial Markets and Products INTRODUCTION (OPTIONS, FUTURES, AND OTHER DERIVATIVES) INTRODUCTION (OPTIONS, FUTURES, AND OTHER DERIVATIVES) The difference between an open outcry system electronic trading system OTC vs. trading on an exchange Hedging strategies and its payoff via forward contracts and options Speculative strategies and its payoff via futures and options Financial Risk 2010 Copyright by DMC 44 Management Financial Markets and Products Arbitrage payoff and the nature that arbitrage opportunities are ephemeral (i.e. short-lived) The risks arising from the (mis)use of derivatives MECHANICS OF FUTURES MARKETS Key features of a future contract as comparing to a forward contract