金融创新与衍生品.ppt

金融创新：衍生产品策略 Derivative Securities Financial instruments that derive their values from other traded claims are called derivatives. Typically, the value of these instruments is very closely related to the value of the underlying asset. As a result derivatives are useful for: Speculating on the underlying asset, and; Hedging the underlying asset. Furthermore, arbitrage opportunities may be possible if the underlying asset and the derivative asset are not priced consistently. Speculators and Hedgers Speculators are individuals hope to make a profit by closing out their positions at a price that is