衍生性金融商品可以归类为.pdf

A derivative is an instrument whose value depends on the values of other more basic underlying variables 衍生性金融商品可以歸類為： 1. 遠期、期貨 、交換  對於要以約定價格買進的那人，她既是權利， 也是義務  對於要以約定價格賣出的那人，她既是權 利，也是義務 除了7-11 ，大部份的生意，多少帶有些遠期交易特 性 2. 選擇權、認股權證 • 對於付出權利金，『握有』約定價格買進或是賣出 『權』的那人，她只享有權利， 並不需要擔負義務 • • 對於收受權利金，任『對方』行使以約定價格買進或 是賣出『權』的那人，她擔負義務，並不享有權利 •買房屋先付訂金，就是一種買「選擇權」的例子，您 為了這選擇權利付出的代價，就是所付訂金；對方收 受訂金的同時，等於是賣「選擇權」。 • •參加保險，就是一種買「選擇權」的例子；保險公司 很類似賣「選擇權」。 Derivatives Markets • Exchange traded – Traditionally exchanges have used the open- outcry system, but increasingly they are switching to electronic trading – Contracts are standard there is virtually no credit risk (交易所居於其間) • Over-the-counter (OTC) – A computer- telephone-linked network of dealers at financial institutions, corporations, fund managers – Contracts can be non-standard there is some small amount of credit risk Ways Derivatives are Used • To hedge risks • To speculate (take a view on the future direction of the market) • To lock in an arbitrage profit • To change the nature of a liability • To change the nature of an investment without incurring the costs of selling one portfolio buying another Forward (遠期) Contracts • A forward contract is an agreement to buy or sell an asset at a certain time in the future for a certain price (the delivery price) • It can be contrasted with a spot contract which is an agreement to buy or sell immediately • It is traded in the OTC market Foreign Exchange Quotes on Aug 16, 2001 Bid Offer Spot 1.4452 1.4456 1-month forward 1.4435