资源描述：
《financial services lecture 4 derivatives：金融服务讲座4衍生物》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。
1、FinancialServicesLecture8:DerivativesGeneral:1)Derivativesarefinancialcontractswhosevalueisbasedonthevalueofsomeunderlyingasset.Thevalueisusuallyafunctionofassetprice,andthecontractalwayshasapredeterminedlifespan—itexpiresatsomepoint.Thisiscalledexpiration.2)Therear
2、etwobasictypesofderivativecontracts:ForwardorFuturescontracts,andOptions.ForwardsandFuturesareanagreementtobuyanassetatapredeterminedprice,sometimeinthefuture.Optioncontractionsgivetheholderthe“option”tobuythatassetatapredeterminedprice.Butdonotcreateanobligation.3)
3、Derivativesmaybeusedforspeculativepurposes,e.g.gambling,orforinsurancepurposes,e.g.hedging.Thecontractspermitustobetontheoccurrenceofanevent,orbuyprotectionagainstit.Forexample:wecouldmakeabeton,orbuyinsuranceagainst,theS&Ptumbling500points.4)Wecanalsousederivatives
4、tofixthepriceofanassetseveralmonths(oryears)inadvance.Thiscanbeenormouslyvaluableifyou’reawheatfarmer,areabouttobyseed,andwishtolockin(withcertainty)yourprofit.Derivatives,inthisexample,canallowafarmertominimizehisrisk.5)Fromhereon,wewillfocusonfinancialderivatives—
5、derivativesonfinancialassets.However,mostofwhatwewilltalkaboutisalsoapplicabletocommodities,orotherunderlyingparameters.FuturesandOptionsMarkets:StatisticalData·FuturesandOptionsprovidevirtuallyunlimitedtradingvolumepotentialoContractsarewrittenbyinvestors,notissued
6、likesharesofstockorbondsoThevalueofthecontractisbasedonvalueofanunderlyingasset,index,commodity,orinterestrateoThus,investorscanwriteasmanycontractsastheywishbasedonthatvalue—thefixedquantityoftheassetandrequirementstodeliveranassetdonotconstrainthewritingofcontract
7、s·GrowthoftheFuturesandOptionsMarketoChicagoBoardofTrade(CBOT),theworld’soldestfuturesandoptionsexchange,wasestablishedin1848oOvertwentymajorfuturesandoptionsexchanges,trading4.7Billioncontractsoverthefirstsixmonthsof2005oLinkstoworld-widefuturesandoptionsexchanges:
8、http://www.ace.uiuc.edu/ofor/resource.htmhttp://www.wu-wien.ac.at/usr/h92/h9208766/seit3.htmlGlobalTradingVolumeJan-May2005:Contracts(Mill
