第一章johnhull期权与期货市场基本原理第七版.pptVIP

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第一章johnhull期权与期货市场基本原理第七版.ppt

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* 16 17 18 19 20 21 22 Fundamentals of Futures and Options Markets, 7th Ed, Ch 1, Copyright ? John C. Hull 2010 Exchanges Trading Options Chicago Board Options Exchange International Securities Exchange NYSE Euronext Eurex (Europe) and many more (see list at end of book) * Fundamentals of Futures and Options Markets, 7th Ed, Ch 1, Copyright ? John C. Hull 2010 Options vs Futures/Forwards A futures/forward contract gives the holder the obligation to buy or sell at a certain price An option gives the holder the right to buy or sell at a certain price * Fundamentals of Futures and Options Markets, 7th Ed, Ch 1, Copyright ? John C. Hull 2010 Hedge Funds (see Business Snapshot 1.1, page 10) Hedge funds are not subject to the same rules as mutual funds and cannot offer their securities publicly. Mutual funds must disclose investment policies, makes shares redeemable at any time, limit use of leverage take no short positions. Hedge funds are not subject to these constraints. * Three Reasons for Trading Derivatives:Hedging, Speculation, and Arbitrage Hedge funds trade derivatives for all three reasons When a trader has a mandate to use derivatives for hedging or arbitrage, but then switches to speculation, large losses can result. (See SocGen, Business Snapshot 1.2) Fundamentals of Futures and Options Markets, 7th Ed, Ch 1, Copyright ? John C. Hull 2010 * Fundamentals of Futures and Options Markets, 7th Ed, Ch 1, Copyright ? John C. Hull 2010 Hedging Examples (Example 1.1 and 1.2, page 11) A US company will pay ￡10 million for imports from Britain in 3 months and decides to hedge using a long position in a forward contract An investor owns 1,000 Microsoft shares currently worth $28 per share. A two-month put with a strike price of $27.50 costs $1. The investor decides to hedge by buying 10 contracts * Fundamentals of Futures and Options Markets, 7th Ed, Ch 1, Copyright ? John C. Hull 2010 Value of Microsoft Shares with and without Hedging (Fig 1.4, page 12) * Fu