滋维博迪投资学Chap023.pptxVIP

CHAPTER 23Futures, Swaps, and Risk Management Futures can be used to hedge specific sources of risk.Hedging instruments include:Foreign exchange futuresStock index futuresInterest rate futuresSwapsCommodity futuresFutures2 Foreign Exchange FuturesForeign exchange risk: You may get more or less home currency than you expected from a foreign currency denominated transaction.Foreign currency futures are traded on the CME and the London International Futures Exchange.3 Figure 23.2 Foreign Exchange Futures4 Interest rate parity theorem Developed using the US Dollar and British Poundwhere F0 is to