金融衍生工具培训教材
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• In this way market prices are important not just to those buying and selling but also those producing and consuming in other markets and in other locations and all those affected by commodity and security price levels, exchange rates and interest rates.
5
Derivatives growth
The number of on-exchange futures and options contracts traded in 2011 increased by 8.9% to 18.5 billion Bond trading on exchanges increased sharply in 2011, up 35.5% to $US 32.5 trillion, reflecting the growing interest for fixed-income products as well as the security and transparency of the exchange offer. The 2011 ETF turnover value was $US 10.3 trillion
international financial markets. • Marked improvement in communication facilities and sharp decline in
their costs. • Development of more sophisticated tools, providing economic agents
4
Derivatives - Today
• Hedging risks normally associated with commerce and finance. • Farmers can use derivatives to hedge the risk that the price of their
• higher returns, • reduced risk & • Lower transactions costs as compared to individual financial assets.
3
ห้องสมุดไป่ตู้
Derivatives - Today
• In addition to risk management, derivatives markets play a very useful economic role in price discovery.
Introduction to Financial Derivatives
Introduction to Financial Derivatives
Agenda
• Introduction to Derivatives • Types of Derivatives
• FRAs • Futures • Options • Swaps • Exotics
a wider range of risk management strategies. • Innovations in the derivatives markets, which optimally combine the
risks and returns over a large number of financial assets leading to :
• Trading, Clearing and Settlement
2
Factors Driving growth of Derivatives
• Increased volatility in asset prices in financial markets. • Increased integration of national financial markets with the
crops could fall before they are harvested and brought to the market. • Banks can use derivatives to reduce the risk that the short-term
interest rates they pay to their depositors will rise and reduce the profit they earn on fixed interest rate loans and securities. • Mortgage institutions – use interest rate swaps, options and s to hedge against prepayment risk associated with home mortgage financing. • Electricity producers hedge against unseasonable changes in the weather. • Pension funds use derivatives to hedge against large drops in the value of their portfolios, and insurance companies sell credit protection to banks and securities firms through the use of credit derivatives.
• Price discovery is the way in which a market establishes the price or prices for items traded in that market, and then disseminates those prices as information throughout the market and the economy as a whole.
5
Derivatives growth
The number of on-exchange futures and options contracts traded in 2011 increased by 8.9% to 18.5 billion Bond trading on exchanges increased sharply in 2011, up 35.5% to $US 32.5 trillion, reflecting the growing interest for fixed-income products as well as the security and transparency of the exchange offer. The 2011 ETF turnover value was $US 10.3 trillion
international financial markets. • Marked improvement in communication facilities and sharp decline in
their costs. • Development of more sophisticated tools, providing economic agents
4
Derivatives - Today
• Hedging risks normally associated with commerce and finance. • Farmers can use derivatives to hedge the risk that the price of their
• higher returns, • reduced risk & • Lower transactions costs as compared to individual financial assets.
3
ห้องสมุดไป่ตู้
Derivatives - Today
• In addition to risk management, derivatives markets play a very useful economic role in price discovery.
Introduction to Financial Derivatives
Introduction to Financial Derivatives
Agenda
• Introduction to Derivatives • Types of Derivatives
• FRAs • Futures • Options • Swaps • Exotics
a wider range of risk management strategies. • Innovations in the derivatives markets, which optimally combine the
risks and returns over a large number of financial assets leading to :
• Trading, Clearing and Settlement
2
Factors Driving growth of Derivatives
• Increased volatility in asset prices in financial markets. • Increased integration of national financial markets with the
crops could fall before they are harvested and brought to the market. • Banks can use derivatives to reduce the risk that the short-term
interest rates they pay to their depositors will rise and reduce the profit they earn on fixed interest rate loans and securities. • Mortgage institutions – use interest rate swaps, options and s to hedge against prepayment risk associated with home mortgage financing. • Electricity producers hedge against unseasonable changes in the weather. • Pension funds use derivatives to hedge against large drops in the value of their portfolios, and insurance companies sell credit protection to banks and securities firms through the use of credit derivatives.
• Price discovery is the way in which a market establishes the price or prices for items traded in that market, and then disseminates those prices as information throughout the market and the economy as a whole.