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Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
3
How Derivatives Are Traded
On exchanges such as the Chicago Board Options Exchange In the over-the-counter (OTC) market where traders working for banks, fund managers and corporate treasurers contact each other directly
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
6
How Derivatives are Used
To hedge risks To speculate (take a view on the future direction of the market) To lock in an arbitrage profit To change the nature of a liability To change the nature of an investment without incurring the costs of selling one portfolio and buying another
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
2
Why Derivatives Are Important
Derivatives play a key role in transferring risks in the economy The underlying assets include stocks, currencies, interest rates, commodities, debt instruments, electricity, insurance payouts, the weather, etc Many financial transactions have embedded derivatives The real options approach to assessing capital investment decisions has become widely accepted
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
7
Foreign Exchange Quotes for GBP, May 24, 2019 (See page 5)
Spot Bid 1.4407 Offer 1.4411
Chapter 1 Introduction
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
1
What is a Derivative?
A derivative is an instrument whose value depends on, or is derived from, the value of another asset. Examples: futures, forwards, swaps, options, exotics…
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 20uptcy (Business
Snapshot 1.10)
Lehman’s filed for bankruptcy on September 15, 2019. This was the biggest bankruptcy in US history Lehman was an active participant in the OTC derivatives markets and got into financial difficulties because it took high risks and found it was unable to roll over its short term funding It had hundreds of thousands of transactions outstanding with about 8,000 counterparties Unwinding these transactions has been challenging for both the Lehman liquidators and their counterparties
1-month forward
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
4
Size of OTC and Exchange-Traded Markets
(Figure 1.1, Page 3)
Source: Bank for International Settlements. Chart shows total principal amounts for OTC market and value of underlying assets for exchange market
3
How Derivatives Are Traded
On exchanges such as the Chicago Board Options Exchange In the over-the-counter (OTC) market where traders working for banks, fund managers and corporate treasurers contact each other directly
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
6
How Derivatives are Used
To hedge risks To speculate (take a view on the future direction of the market) To lock in an arbitrage profit To change the nature of a liability To change the nature of an investment without incurring the costs of selling one portfolio and buying another
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
2
Why Derivatives Are Important
Derivatives play a key role in transferring risks in the economy The underlying assets include stocks, currencies, interest rates, commodities, debt instruments, electricity, insurance payouts, the weather, etc Many financial transactions have embedded derivatives The real options approach to assessing capital investment decisions has become widely accepted
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
7
Foreign Exchange Quotes for GBP, May 24, 2019 (See page 5)
Spot Bid 1.4407 Offer 1.4411
Chapter 1 Introduction
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
1
What is a Derivative?
A derivative is an instrument whose value depends on, or is derived from, the value of another asset. Examples: futures, forwards, swaps, options, exotics…
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 20uptcy (Business
Snapshot 1.10)
Lehman’s filed for bankruptcy on September 15, 2019. This was the biggest bankruptcy in US history Lehman was an active participant in the OTC derivatives markets and got into financial difficulties because it took high risks and found it was unable to roll over its short term funding It had hundreds of thousands of transactions outstanding with about 8,000 counterparties Unwinding these transactions has been challenging for both the Lehman liquidators and their counterparties
1-month forward
Options, Futures, and Other Derivatives, 8th Edition, Copyright © John C. Hull 2019
4
Size of OTC and Exchange-Traded Markets
(Figure 1.1, Page 3)
Source: Bank for International Settlements. Chart shows total principal amounts for OTC market and value of underlying assets for exchange market