金融專業(yè)英語(yǔ)-金融工具與外匯-期貨及期權(quán)-Futures and Options

金融專業(yè)PartThreeFinancialInstrumentsandForeignExchange英語(yǔ)七八九SecuritiesForeignExchangeFutures&OptionsContentsFutures&Options九ChapterLearningObjectives（學(xué)目地）一二三四UnderstandthecontentsandfeatureofafuturescontractMasterclearing,settlementandmark-to-marketinfutureMasterthemeaning,typesandwaystotradeoftheoptionsUnderstandthefunctionoffutures&optionsStudentswillbeableto:Futurescontract;（期貨易合同）一Margins;（保證金）二Futuresexchange;（期貨易所）三Options;（期權(quán)）四Mark-to-market.（逐日盯市）五KeyTopics

Chapter九Futures&OptionsSection九.一FuturestradingSection九.二FuturesexchangeSection九.三OptionsTextcontentsFuturestrading九.一.一Whatisfutures?九.一.二Margins九.一.三Settlement-physicalversuscash-settledfutures九.一.四FuturestradersSection九.一FuturestradingFuturesisacolloquialshowofafuturescontract,whichisastandardizedcontractbetweentwopartiestobuyorsellaspecifiedassetofstandardizedquantityandqualityforapriceagreedupontoday(thefuturesprice)withdeliveryandpaymentoccurringataspecifiedfuturedate,thedeliverydate*.九.一.一Whatisfutures?九.一.一Whatisfutures?Tominimizecreditrisktotheexchange,tradersmustpostamarginoraperformancebond*,typically五%-一五%ofthecontract'svalue.Clearingmargin*CustomermarginInitialmargin*九.一.二MarginsFuturestradingPhysicaldelivery*Cashsettlement九.一.三Settlement-physicalversuscash-settledfuturesSettlementistheactofconsummatingthecontract,andcanbedoneinoneoftwoways,asspecifiedpertypeoffuturescontract:九.一.四FuturestradersFuturestradersaretraditionallyplacedinoneoftwogroups:一二HedgersSpeculatorsSection九.二Futuresexchange九.二.一Historyoffuturesexchanges九.二.四Mark-to-market九.二.二Clearingandsettlement九.二.三CentralcounterpartyThefirstmodernorganizedfuturesexchangebeganin一七一零attheDojimaRiceExchangeinOsaka,Japan.TheLondonMetalMarketandExchangepanyChicagoMercantileExchangeNewYorkMercantileExchange(NYMEX)九.二.一HistoryoffuturesexchangesMostlargederivativesexchangesoperatetheirownclearinghousesOfthebigderivativesvenuesChicagoMercantileExchange,ICEandEurex*allcleartradesthemselves.settlementoftheresultingtradesareusuallyhandledbyclearinghousesthatserveascentralcounterpartiestotradesdoneintherespectiveexchanges.九.二.二ClearingandsettlementAclearinghouseinterposesthemselvesascounterpartiestoeverytradeandextendguaranteethatthetradewillbesettledasoriginallyintended.creditriskhonorthetradebyadoptinganefficientmarginingprocess九.二.三CentralcounterpartyTheMark-to-MarketMargin(MTMmargin)*ontheotherhandisthemargincollectedtooffsetlosses(ifany)thathavealreadybeenincurredonthepositionsheldbyafirm.九.二.四Mark-to-market九.二.五FinancialFuturesExample一:CSI三零零IndexFuturesExample二:五-yearTreasuryBondFuturesOption九.三.一Contractspecifications九.三.二Types九.三.三Optionstyles九.三.四TradingSection九.三OptionsWhethertheoptionholderhastherighttobuy(acalloption*)ortherighttosell(aputoption*).Thequantityandclassoftheunderlyingasset(s).Thestrikeprice,alsoknownastheexercisepriceTheexpirationdate,orexpiryThesettlementtermsThetermsbywhichtheoptionisquotedinthemarkettoconvertthequotedpriceintotheactualpremium–thetotalamountpaidbytheholdertothewriter.九.三.一Contractspecifications九.三.二TypesCalloptionPutoption*EquityoptionBondoptionFutureoptionIndexoptionmodityoptionExchange-tradedoptions*Over-the-counteroptionsAccordingtotheoptionrightsAccordingtotheunderlyingassetsAccordingtothetradingmarketsEuropeanoptionAmericanoptionBermudanoptionAsianoption九.三.三OptionstylesBarrieroptionBinaryoptionExoticoptionVanillaoptionStandardizedoptionscontractsthatarelistedbyvariousfutu