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1、StudySession17DerivativeMarketandInstruments中信泰富炒外汇亏186亿2澳元走势&中信泰富走势3StudySession17:DerivativeMarketandInstruments金融衍生品简介：四类衍生品衍生品市场的作用Thistopicreviewcontainsintroductorymaterialfortheupcomingreviewsofspecifictypesofderivatives.Derivatives-specificdefinitionsandterminolog
2、yarepresentedalongwithinformationaboutderivativesmarkets.基础：套利理论Uponcompletionofthisreview,candidatesshouldbefamiliarwiththebasicconceptsthatunderliederivativesandthegeneralarbitrageframework.4LOS67.a:Defineaderivativeanddifferentiatebetweenexchange-tradedandover-the-coun
3、terderivatives.衍生品定义、交易所交易和场外交易（OTC）、违约风险Aderivativeisasecuritythatderivesitsvaluefromthevalueorreturnofanotherassetorsecurity.Aphysicalexchangeexistsformanyoptionscontractsandfuturescontracts.Exchange-tradedderivativesarestandardizedandbackedbyaclearinghouse.Forwardsands
4、wapsarecustominstrumentsandaretraded/createdbydealersinamarketwithnocentrallocation.Adealermarketwithnocentrallocationisreferredtoasanover-the-countermarket.Theyarelargelyunregulatedmarketsandeachcontractiswithacounterparty,whichmayexposetheownerofaderivativetodefaultrisk
5、(whenthecounterpartydoesnothonortheircommitment).Someoptionstradeintheover-the-countermarket,notablybondoptions.StudySession17:DerivativeMarketandInstruments5场内交易的标准仓单6LOS67.b:Defineaforwardcommitmentandcontingentclaim,anddescribethebasiccharacteristicsofforwardcontracts,
6、futurescontracts,options(callsandputs),andswaps.远期合约和或有权益定义、四类衍生品定义远期协议Aforwardcommitmentisalegallybindingpromisetoperformsomeactioninthefuture.Forwardcommitmentsincludeforwardcontracts,futurescontracts,andswaps.远期和期货标的物Forwardcontractsandfuturescontractscanbewrittenonequ
7、ities,indexes,bonds,physicalassets,orinterestrates.远期中买卖的多空两方Inaforwardcontract,onepartyagreestobuy,andthecounterpartytosell,aphysicalassetorasecurityataspecificpriceonaspecificdaleinthefuture.Ifthefuturepriceoftheassetincreases,thebuyer(attheolder,lowerprice)hasagain,and
8、theselleraloss.StudySession17:DerivativeMarketandInstruments7期货与远期的区别：Afuturescontractisaforward
