大学金融英语二课件陈庆柏 王景仙ISBN 9787566304827 PPTchapter 12.pptVIP

Chapter Twelve Derivatives Markets (2)—Option and Swap Markets Learning objectives After studying this chapter you should be able to: 1. Define the terms of option and option markets 2. Illustrate the difference between the two basic types of options: puts and calls 3. Describe other classes of options used by investors in the option markets 4. Explain briefly the reason for using options 5. Tell the distinction between options, forwards and futures and factors affecting the prices of option premiums Notes I. New Words 1. to grant vt. 授予（权利等）to give 2. to hedge vi. 对冲，两面下注，e.g.~ device 对冲手段 3. volatility n. 易变性，飞腾性 4. interaction n. 相互作用 5. underlying a. 基本的 e.g.~ instrument 基础或基本（金融）工具 6. to term vt. 措词成，称为to name 7. asymmetric a. 不对称的（也可拼写成asymmetrical，它与symmetric (al)“对称的”相对） 8. to exploit vt. 利用 9. predetermined a. 事先确定的，预先决定的 Notes II. Useful and Idiomatic Expressions 1. to grant a right to sb. 授予某人一种权利 2. in relation to... 关于/涉及……或有关 3. to expend great effort doing sth. 花费很大努力做某事 4. to sell at a specified or agreed-on price 按特定的或互相同意的价格出售 5. to hedge against...防范...e.g. to ~ unanticipated damages 防范意料之外的损失 Notes III. Key Terms 1. derivative instruments 衍生工具（如期权options互换swaps还有期货futures都统称为derivatives）which are instruments derived from conventional direct dealings in securities, currencies and commodities used to hedge against security price changes and currency fluctuations, particularly in the distributed currency markets of the period. 2. striking price or exercise price or strike price履约价格=the price at which the purchaser of an option has the right to buy or sell the underlying financial instrument 3. derivatives markets 衍生工具市场（它包括swaps market, options market and futures market） 4. calls and puts 买入期权和卖出期权 call options (rights to buy) and put options (rights to sell) call options and put options (详细定义见课文相关部分) Notes 5. premium n. 选择权的现金价格，权利金 e.g. the~for the call option 买入期权的现金价格 6. tax advantages 赋税上的好处 7. position