国外金融衍生品发展历程及最新动态.pdf

国外金融衍生品发展历程及最新动态 刘建伟 jianwei.liu@ 德意志银行(中国)有限公司上海分行 Agenda  Part I: Overview of the Financial Derivatives Market  Part II: Trends in Corporate Currency Risk Management  Part III: Latest Development of the Derivatives (FX) Page 2 Part I: Overview of the Financial Derivatives Market Definition of Financial Derivatives Derivative Traders at the CBOT  A security whose price is dependent upon or derived from one or more underlying assets.  One of the oldest derivatives is rice futures  Two Main types based on the place of exchange:  Over the Counter  Exchange Traded  Common derivative Contract Types  Forwards  Futures  Swaps  Options  …  By Asset Class  Interest Rate  FX  Credit  Equity  Commodity  Hybrid Source: Page 4 A Long History of Financial Derivatives  The first exchange for trading derivatives appeared to be the Royal Exchange in London, which permitted forward contracting  1600s - Holland. Tulip dealing is big business, and growers and dealers are trading in options to guarantee prices.  Soon speculators are joining in and a thriving options market is born. But the market crashes, many speculators fail to honour their commitments, and the Dutch economy is brought to its knees.  1934 - USA. Investment act legitimises options. Annual volume 300, 000 contracts by 1968.  April 1973 - Chicago. The CBOT starts trading listed call options on 16 stocks, with a first-day