跨国公司财务管理(第七版)教学课件 ppt 作者 夏皮罗 ch08.ppt

CHAPTER8OptionsContractsandCurrencyFuturesPARTIFuturesContractsFUTURESCONTRACTSI. CURRENCYFUTURES A. MarketHistory: informationdrivennature c. ThemarketplaysaPrice DiscoveryRoleforotherfinancial marketssuch asthecash (IMM)1972: openedbytheChicagoMercantile Exchange Purpose: toprovideastablemarketforthe . IMMprovides a. anoutletforhedgingcurrency riskwithfuturescontracts. DefinitionofaFuturesContract: contractswrittenrequiringa standardquantityofanavailable currencyatafixedexchangerate . AvailableFuturesContracts Currency/ContractSize: 1.)Britishpound /62,500 2.)Canadiandollar/100,000 3.)Euro/125,000 4.)Swissfranc/125,000 5.)Japaneseyen/ 6.)Mexicanpeso/500,000 7.)Australiandollar/100,000FUTURESCONTRACTSc. Transactioncosts: missionpaymenttoa floortrader d. Leverageishigh 1.) Initialmarginrequiredis relativelylow(lessthan2%of contractvalue).FUTURESCONTRACTS:SAFEGUARDSe. Maximumpricemovement rules: Contractssetdailytoaprice limitthatrestrictsmaximum dailyupwardanddownward :: ountbalancefallsbelow themaintenancemargin,amargincall maybe necessarytomaintainthe . Globalfuturesexchanges: 1.) Market 2.) FinancialFuturesExchange 3.) 4.) aryExchange 5.) 6.) Exchange