英国作业相关投资管理之金融衍生产品介绍
ABF 305 INVESTMNET MANAGEMENT
SURGERY 3 Financial Derivatives
ABF305投资管理
金融衍生产品
Options
选项
• A call option gives its holder the right to purchase an asset for a specified price, called exercise, or strike, price on or before some specified expiration date.
看涨期权赋予其持有人有权以指定的价格购买资产，一些指定的到期日或之前称为锻炼，或罢工，价格。
• A put option gives its holder right to sell an asset for a specified exercise or strike price on or before some expiration data.
认沽期权赋予其持有人权利届满之前的一些数据或指定的行使或行使价出售资产。
• The purchase price of a option contract is called the premium. It represents the compensation the purchaser of the call (put) must pay for the right to exercise the option if exercise becomes profitable.
一个期权合约的购买价被称为溢价。它代表了补偿，买方必须支付的认购（售）有权行使购股权，如果行使变得有利可图。
• Option strategies
期权投资策略
• Protective Put
• Covered Call
• Straddle
• Spreads
• Collars
Futures
前途
• The futures contract calls for delivery of a commodity at a specified delivery or maturity date, for an agreed –upon price, called the futures price, to be paid at a contract maturity.
期货合约要求在指定的交割商品交付或到期日，在商定价格时，称为期货价格在合约到期支付。
• Holders of futures contract carry the obligation to go through with the agreed-upon transaction.
• The trader taking the long position commits to purchasing the commodity on the delivery date.
该交易员采取长仓承诺购买的商品的交货日期。
• The trader who takes the short position commits to delivering the commodity at contract maturity.
淡仓交易谁承诺提供商品合约到期。
• Profit to long = Spot price at maturity – Original futures price
• Profit to short = Original futures price – Spot price at maturity
• The clearinghouse and open interest
• The open interest on the contract is the number of contracts outstanding.
• The daily settling is called marking to market
• If a trader accrues sustained losses from daily marking to market, the margin account may fall below a critical value called the maintenance margin.
• The Spot-Futures Parity Theorem
Rate of return on perfectly hedged stock portfolio (Rf) = ((F0 + D) – S0)/S0
• the parity relationship also is called the cost-of-carry relationship#p#分页标题#e#
