CFA 金融衍生品.ppt

Study Session 17 Derivative Market and Instruments 2中信泰富炒外汇亏 186 亿 3澳元走势& 中信泰富走势 4 Study Session 17: Derivative Market and Instruments 金融衍生品简介: 四类衍生品衍生品市场的作用 This topic review contains introductory material for the ing reviews of specific types of derivatives. Derivatives-specific definitions and terminology are presented along with information about derivatives markets. 基础:套利理论 Upon completion of this review, candidates should be familiar with the basic concepts that underlie derivatives and the general arbitrage framework. 5 LOS : Define a derivative and differentiate between exchange-traded and over-the-counter derivatives. 衍生品定义、交易所交易和场外交易( OTC )、违约风险 A derivative is a security that derives its value from the value or return of another asset or security. A physical exchange exists for many options contracts and futures contracts. Exchange-traded derivatives are standardized and backed by a clearinghouse. Forwards and swaps are custom instruments and are traded/created by dealers in a market with no central location. A dealer market with no central location is referred to as an over-the- counter market . They are largely unregulated markets and each contract is with a counterparty, which may expose the owner of a derivative to default risk (when the counterparty does not honor mitment). Some options trade in the over-the-counter market, notably bond options. Study Session 17: Derivative Market and Instruments 6 场内交易的标准仓单 7 LOS : Define a mitment and contingent claim, and describe the basic characteristics of forward contracts, futures contracts, options (calls and puts), and swaps. 远期合约和或有权益定义、四类衍生品定义远期协议 A mitment is a legally binding promise to perform some action in the future. Forward commitments include forward contracts, futures contracts, and swaps. 远期和期货标