国际金融英文版课件刘园 ISBN9787811341027 PPTChapter 7 International financial markets.ppt

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1、Chapter7Currencyfutures,options,andswaps7.1Introduction7.2Currencyfutures7.3Currencyoptions7.4Currencyandinterestswaps7.1IntroductionDerivativeinstrumentsarefinancialclaimswithvaluebasedonthatoftheunderlyingsecurities.Derivativesareoriginatedandtradedbothonorganizedexchangesandover-the-counter.Marke

2、tstructureAbasicfunctionofexchange-tradedderivativesmarketsistoprovideliquiditythroughlargevolume,standardizedcontracts,pricetransparency,andtheinterpositionoftheclearinghouseasacentralcounterparty.Over-the-countermarketsprovideuserswithcontractsthatcanbetailoredtoindividualrequirements.7.2Currencyf

3、uturesFuturesmarkets-roleoftheexchange:Futurescontractsprovideimportantservicestothosewhomakeuseoftheexchangemarket.Theseinclude:1)pricediscovery,thatis,hedgersandspeculatorscometogethertodiscoverthefuturespriceofacurrency;2)liquidity,theabilityofmarketparticipantstobuyandsellatanytimewhenthemarketi

4、sopenfortrading3)customerprotection.Customerprotectionisprovidedbytheenforcementofexchangerules.TheCMEmakesuseofthefollowingtoassureahighlevelofcustomerprotection.1.MarginrequirementsTheserequirementsminimizepotentialinjurytocustomersintheeventofanymemberfirm’sfinancialreversalorinsolvency.2.Protect

5、ionagainstinsolvencyThislawrequiresthatmemberfirmsoffuturesexchangesmaintaincapitalatprescribedlevels,andthatcustomers’fundsbesegregatedfromamemberfirm’sfunds.3.ProtectionagainstdefaultTheCMEClearingHousedealsdirectlywithitsownmemberfirmsandnotindividualmarketparticipants.4.ClearingsystemTheclearing

6、housefunctionsasguarantorofperformanceforeachfuturesandoptionscontract.ContractspeculationsStandardizedfuturescontractscontainnumerousfeaturesthataredefinedbytheexchange.Thestandardizedfeaturesofforeigncurrencyfuturescover1)tradingunitorsizeofcontract,2)methodofpricequotation,3)minimumpricechange,4)

7、pricelimits,5)maturities,6)specifiedfinaltradingdate,7)settlementdate,and,8)collateralormarginrequirements.ThefollowingsummarydefinesseveralaspectsoffuturescontractspecificationsontheCME.TradingunitOn