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ID:40021795
大小:267.49 KB
页数:74页
时间:2019-07-17
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1、IntroductiontoFinancialDerivativesIntroductiontoFinancialDerivativesAgendaIntroductiontoDerivativesTypesofDerivativesFRAsFuturesOptionsSwapsExoticsTrading,ClearingandSettlement2FactorsDrivinggrowthofDerivativesIncreasedvolatilityinassetpricesinfinancialmarkets.
2、Increasedintegrationofnationalfinancialmarketswiththeinternationalfinancialmarkets.Markedimprovementincommunicationfacilitiesandsharpdeclineintheircosts.Developmentofmoresophisticatedtools,providingeconomicagentsawiderrangeofriskmanagementstrategies.Innovations
3、inthederivativesmarkets,whichoptimallycombinetherisksandreturnsoveralargenumberoffinancialassetsleadingto:higherreturns,reducedrisk&Lowertransactionscostsascomparedtoindividualfinancialassets.3Derivatives-TodayInadditiontoriskmanagement,derivativesmarketsplayav
4、eryusefuleconomicroleinpricediscovery.Pricediscoveryisthewayinwhichamarketestablishesthepriceorpricesforitemstradedinthatmarket,andthendisseminatesthosepricesasinformationthroughoutthemarketandtheeconomyasawhole.Inthiswaymarketpricesareimportantnotjusttothosebu
5、yingandsellingbutalsothoseproducingandconsuminginothermarketsandinotherlocationsandallthoseaffectedbycommodityandsecuritypricelevels,exchangeratesandinterestrates.Derivatives-TodayHedgingrisksnormallyassociatedwithcommerceandfinance.Farmerscanusederivativestohe
6、dgetheriskthatthepriceoftheircropscouldfallbeforetheyareharvestedandbroughttothemarket.Bankscanusederivativestoreducetheriskthattheshort-terminterestratestheypaytotheirdepositorswillriseandreducetheprofittheyearnonfixedinterestrateloansandsecurities.Mortgageins
7、titutions–useinterestrateswaps,optionsandswaptionstohedgeagainstprepaymentriskassociatedwithhomemortgagefinancing.Electricityproducershedgeagainstunseasonablechangesintheweather.Pensionfundsusederivativestohedgeagainstlargedropsinthevalueoftheirportfolios,andin
8、surancecompaniessellcreditprotectiontobanksandsecuritiesfirmsthroughtheuseofcreditderivatives.DerivativesgrowthThenumberofon-exchangefuturesandoptionscontractstradedin2011in
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