金融创新与衍生品培训课件.ppt

金融创新：衍生产品策略 ;Derivative Securities;Speculators and Hedgers;Example: Wheat Forwards;Wheat Forwards;Arbitrageurs;Wheat Forwards;Futures Contracts - Definition;Futures - Common Examples;Futures – Contract Specification;Futures Contracts - Margin;Margin (cont’d);Margin Example;Margin Example;Important Points;Futures Payoffs;Option Contracts;; Value of the put option at expiration: Payoff to put owner = K - ST if ST K Payoff to put owner = 0 if ST ? K;Derivative Strategies;Options Strategies;Put-Call Parity;An Alternative;The Put-Call Parity Relationship;Covered Strategies;Protective Put;Covered Call;Covered Call;Spreads;Bull Spread;Straddle;Straddle;Butterfly Spread;问题;Zero-cost collar;Innovation;Who？;David Bowie;Bowie Bonds;Innovation;你最愿意投资于美国的哪个名人 ?;;资产证券化;特点;资产证券化的主要种类;融资的分配;利息的分配;发行动机;出售资产与证券化资产;例子;例子;资产证券化的步骤;资产证券化的步骤 （续）;中远集团的案例：步骤;中远集团的案例：步骤（续）;中远集团的案例：现金流动;中远集团的案例：现金流动;Collateralized Debt Obligation债务抵押债券;抵押贷款证券化;;;;;;;CDO Special Purpose Vehicle (SPV);Equity 40M;Equity 20M;From: the Wall Street Journal;信用衍生品（Credit derivatives）;市场参与者;为什么使用信用衍生品？;债券分解;资产互换(Asset Swaps);Swap定义;互换银行;Interest Rate Swap Quotations;利率互换例子;例子（续）;;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;外汇互换的例子;例子;$9.4%;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;A is the more credit-worthy of the two firms. ;B has a comparative advantage in borrowing in ￡.;Credit Default Swap;CDS;CDS;;CDS;CDS;;主要风险;CDS 定价