文档介绍：期权、期货与其她衍生品Chapter1第一章Whatis aDerivative?什么就是衍生品Aderivativeisaninstrument whosevaluedependson,or isderivedfrom,thevalueof anotherasset、衍生品就是一种金融工具,其价值取决于(衍生于)其她资产得价值。Derivativesvs PrimaryAssets衍生品vs初级资产(标得资产)PrimaryAssets初级资产Stocks股票Fixedine固定收益(利率)Foreignexchanges 外汇Loans贷款Corporatebonds 公司债券Mortgages住房抵押贷款modities大宗商品RealEstate房地产…、、、Whatis a Derivative?什么就是衍生品modityfutures商品期货(日本江户幕府时代,美国CBOT1865)Indexfutures 指数期货(美国1982年KCBT,CME)Forwards远期合约(美国CBOT1848)Options期权(18世纪,美国CBOE1973)Swaps互换(掉期美国1980sSwensen)Exotics奇异期权(1980s)Creditderivatives信用衍生品(1990s)(CMO, CLO,CDO, CDS,CDX,CMBS…)WhyDerivatives Are Important为什么衍生品很重要?Derivativesplaya keyrole in transferringrisksin theeconomy转移经济活动中得风险Pricediscovery 价格发现Theunderlyingassetsinclude stocks,currencies,interestrates,modities,debt instruments, electricity,insurancepayouts,the weather,etc标得资产可以就是股票,货币,利率,商品,债务,电力,保险支付金,天气等等.。。Anything!Manyfinancialtransactionshaveembeddedderivatives许多金融交易与金融业务中都包含了衍生品Therealoptionsapproachtoassessing capitalinvestmentdecisionshas beewidely accepted利用实物期权得方法评价投资决策已经被广泛使用HowDerivatives AreTraded衍生品如何交易On exchanges suchastheChicagoBoardOptionsExchange交易所:如CBOE(芝加哥期权交易所)Inthe over—the-counter (OTC)marketwheretradersworkingforbanks, fundmanagersandcorporatetreasurerscontacteachotherdirectly场外交易市场(OTC):代表银行、基金经理、公司财务主管得交易员们直接进行交易Sizeof OTCandExchange-TradedMarkets场外市场与交易所衍生品交易规模TheLehmanBankruptcy雷曼兄弟公司破产Lehman’sfiledforbankruptcyonSeptember15,2008、 Thiswasthebiggest bankruptcy inUShistory雷曼公司在2008年9月15日申请破产这就是美国历史上最大得破产案,负债6130亿美元Ithadhundredsof thousandsoftransactionsoutstandingwithabout 8,000counterparties此时,它上有成千上百个未完成得交易,涉及约8000个交易对手Lehmanwasan active participant inthe OTCderivativesmarkets andgotintofinancialdifficultiesbecauseit took highrisksand founditwasunabletorolloveritsshorttermfunding雷曼就是场外衍生品市场中活跃得参与者,后由于过高风险交易而致使短期资金周转困难,陷入财政困境Unwinding thesetransactions hasbeenchallengingfor boththe Lehmanliquidators andtheircounterparties解决这些交易,无论对雷曼得清算人员还就是她们得对手,都十分棘手HowDerivativesareUsed衍生品用途