CFA金融衍生品.ppt

Figure 3-7 澳元走势 中信泰富走势 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 upcoming 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. LOS 67.a: 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 their commitment). Some options trade in the over-the-counter market, notably bond options. LOS 67.b: Define a forward commitment 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 forward commitment is a legally binding promise to perform some action in the future. Forward commitments include forward contracts, futures contracts, and swaps. 远期和期货标的物 Forward contracts and futures contracts can be written on equities, indexes, bonds, physical assets, or interest rates. 远期中买卖的多空两方 In a forward