文档介绍：Fi8000 Basicsof Options:Calls,PutsMilindShrikhandeDerivatives--moditiesandpreciousmetalsExamplesofderivativesecurities:Options(Call,Put)eandforeignexchangeinstrumentssuchasswapsDerivatives-OverviewTradingvenues:Exchanges–standardizedcontractsOvertheCounter(OTC)–custom-tailoredcontractsTheyserveasinvestmentvehiclesforboth:Hedgers(decreasetheriskleveloftheportfolio)Speculators(increasetherisk)LongPositioninaStockThepayoffincreasesasthevalue(price)ofthestockincreasesTheincreaseisone-for-one:foreachdollarincreaseinthepriceofthestock,thevalueofourpositionincreasesbyonedollarLongStock–aPayoffDiagramStockprice=STPayoff=+ST005510101515202025253030STPayoffShortPositioninaStockThepayoffdecreasesasthevalue(price)ofthestockincreasesThedecreaseisone-for-one:foreachdollarincreaseinthepriceofthestock,thevalueofourpositionincreasesbyonedollarNotethattheshortpositionisaliabilitywithavalueequaltothepriceofthestock(mirrorimageofthelongposition)ShortStock–aPayoffDiagramStockprice=STPayoff=-ST005-510-1015-1520-2025-2530- inaStock–PayoffDiagramsLongandShortPositionsintheRisk-freeAsset(Bond)ThepayoffisconstantregardlessofthechangesinthestockpriceThepayoffispositiveforalender(longbond)andnegativefortheborrower(shortbond)