欢迎来到天天文库
浏览记录
ID:57057457
大小:352.00 KB
页数:44页
时间:2020-07-30
《FMI7e_ch13Financial Futures Markets(金融市场好机构―7e, by Jeff Madura))课件.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、Chapter13FinancialFuturesMarketsFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineBackgroundonfinancialfuturesInterpretingfinancialfuturestablesValuationoffinancialfuturesExplainingpricemovementsofbondfut
2、urescontractsSpeculatingwithinterestratefuturesClosingoutthefuturesposition2ChapterOutline(cont’d)HedgingwithinterestratefuturesBondindexfuturesStockindexfuturesSinglestockfuturesRiskoftradingfuturescontractsRegulationinthefuturesmarketsInstitutionaluseoffuturesmarketsGlobalizationoffutur
3、esmarkets3BackgroundonFinancialFuturesAfinancialfuturescontractisastandardizedagreementtodeliverorreceiveaspecifiedamountofaspecifiedfinancialinstrumentataspecifiedpriceanddateThebuyerofafuturesbuystheinstrumentwhilethesellerdeliverstheinstrumentFuturesaretradedonorganizedexchangesTheexch
4、angesclear,settle,andguaranteealltransactionsthatoccurontheexchangeFuturesareregulatedbytheCommodityFuturesTradingCommissions(CFTC)Approvesfuturescontractsandimposesregulations4BackgroundonFinancialFutures(cont’d)InterestratefuturesareondebtsecuritiessuchasT-bills,T-notes,T-bonds,andEurod
5、ollarCDsStockindexfuturesareonstockindexesSettlementdatesareinMarch,June,September,andDecemberMostfinancialfuturesaretradedontheChicagoBoardofTradeortheChicagoMercantileExchange5BackgroundonFinancialFutures(cont’d)PurposeoftradingfinancialfuturesTradedeithertospeculateonpricesofsecurities
6、ortohedgeexistingexposuretosecuritypricemovementsSpeculatorstakepositionstoprofitfromexpectedchangesinthepriceoffuturescontractsovertimeDaytradersattempttocapitalizeonpricemovementsduringasingledayPositiontradersmaintaintheirfuturespositionsforlongerperiodsoftimeHedgerstakepositionstoredu
7、cetheirexposuretofuturemovementsininterestratesorstockprices6BackgroundonFinancialFutures(cont’d)ElectronictradingTheChicagoMercantileExchangeestablishedGLOBEXthatcomplimentsitsfloortradingAllowsforaroundtheclockandweekendtradingTheChicagoBoardOptionsExchangeimpleme
此文档下载收益归作者所有