版權說明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權，請進行舉報或認領
文檔簡介
Forward,Futures,andOptionsAgreements
2ASingleSolutionInthepasttwodecades,financialpriceshavebecomemorevolatilethishadledtogreaterrisksRisk-averseFIsandcorporationsusefinancialforward,futures,andoptionscontractstoreducetherisksassociatedwiththesepricefluctuations3ForwardTransactionsFinancialforwardtransactionscanbeusedtohedgetherisksassociatedwithpricechangesassociatedwithanyfinancialinstrumentprimarilyusedtodealwiththeriskscreatedbythefluctuationsinforeignexchangemarkets4ForwardTransactionsTheexchangeratesisthepriceofonecurrencyintermsofanotherExchangerateriskistheriskthatchangesintheexchangeratewillcausesomeonetoexperienceunexpectedlossesthemoreunpredictableandunstableexchangeratesare,thegreatertheexchangeraterisk5ForwardTransactionsSpotratesaredeterminedbysupplyanddemandthespotrateistheexchangerateofforeigncurrencyforimmediatedeliveryInfinancialforwardagreements,thetermsaresettodayforatransactionthatwilltakeplaceonaspecifieddateinthefuturetheexchangerateintheseagreementsisknownastheforwardrate6ForwardTransactionsTheforwardrateforaforeigncurrencywillgravitatetowardtheexpectedfuturespotrateforthatcurrencyaffectedbythesamefactorsthataffectspotratesthesupplyanddemandforforeignexchangeexpectedinflationandinterestratedifferentialseconomicoutlookdomesticandforeignmonetaryandfiscalpolicies7ForwardTransactionsAtypicalforeignexchangerateforwardagreementworksinthefollowingwayabankhasacustomerthatwillreceive1millioneurosin6monthsandanothercustomerwhowillneed1millioneurosin6monthsbothcustomersareworriedthatchangesintheexchangeratecouldreducetheirprofitsthebankcanbuyaforwardcontractfromthefirstcustomerandsellaforwardcontracttotheother8ForwardTransactionsThebankwillbuytheforwardcontractataslightlylowerratethanitwillselltheforwardcontractthisisthebank’sprofitmarginonthetransaction9ForwardTransactionsWhywillthecustomersagree?thecustomerexpectingtoreceivethe1millioneurosmaybeconcernedthattheexchangeratewillfallthecustomerneedingthe1millionin6monthsmaybeconcernedthattheexchangeratewillrisedramatically10ForwardTransactionsIfthespotexchangerates6monthsfromnowareequaltothecurrentforwardrates,thecustomersbothbuyingandsellingforwardagreementswouldbenobetterorworseoffiftheactualspotrateshappentobedifferentfromthecurrentforwardrates,onecustomerwouldbebetteroffandonewouldbeworseoff11TheMechanicsofSpotandForwardMarkets12ForwardTransactionsSinceitisnotknownwhatthefuturespotratewillbe,bothcustomerscanreducetheuncertaintyofthefutureexchangeratebyengaginginaforwardagreementforreducingtheprobabilityofaloss,theyaregivinguptheopportunitytogainsincetheforwardratewillconvergetothemarket’sexpectationofthefuturespotrate,participantsonlygiveuptheopportunitytogainifthereareunexpectedchangesinthefuturespotrate13ForwardTransactionsAnymarketparticipantthatholdsforeigncurrencyisexposedtoexchangerateriskthisincludesbothfinancialandnonfinancialfirmsthatoperateinmanydifferentcountriesSincetheforwardagreementsarrangedbetweenbanksandcustomersareoftennotperfectlyoffsetting,thebankcanalsobeexposedtoexchangeraterisk14ForwardTransactionsForwardagreementscanalsobeusedtospeculateaboutfutureexchangeratesifthespeculatorbelievesthatthefuturespotratein6monthswillbelowerthanthecurrent6-monthforwardrate,hewillenterintoanagreementtosellattheforwardrateifheiscorrect,hecouldenterthespotmarketin6monthsandpurchasetheforeignexchangeatapricelowerthanhesolditforintheforwardmarkettheoppositeistrueaswell15LimitationsofForwardAgreementsFindingpartnersmaybedifficulttransactionscostsmaybehighandoutweighthepossiblegainOnepartytotheagreementmaydefaultgettingcompliancemayrequirelegalactionandmaybecostly16FinancialFuturesFinancialfuturesmarketstradefuturesinfinancialinstrumentsFinancialfuturesarecontractsinwhichtwopartiesagreetotradestandardizedquantitiesoffinancialinstrumentsonstandardizedfuturedatesaccordingtothetermsdeterminedtodayusedtoreducetheriskassociatedwithfuturepricechangesoffinancialinstruments17FinancialFuturesFuturescontractsdifferfromforwardagreementsinthattheamountsandthedeliverydatesarestandardizedforwardagreementsforspecificamountsanddatesarenegotiatedwiththefinancialintermediaryinvolvedfuturescontractswithstandardizedamountsanddatesaretradedonthefloorsoforganizedexchangesforasmallfee18FinancialFuturesFinancialfuturesmarketstradeawidevarietyoffinancialinstrumentsgovernmentsecuritiesstockmarketindexesEurodollarsnumerousforeigncurrenciesThecontractsaretradedonmajorexchangesaroundtheworld19FinancialFuturesAfuturescontracttradesafixedamountofafinancialinstrumentfordeliveryonaspecificdateinthefutureTreasurybondfuturestradeincontractsof$100,000facevaluefordeliveryinMarch,June,September,andDecemberthereare4pricestodayfordeliveryof$100,000ofTreasurybondsonthe4futuredates20FinancialFuturesAfuturescontractcanbeboughtorsoldonanygivendaybetweennowandthefuturedeliverydatethepredicamentforbuyersandsellersisthatthespotpriceonthedeliverydatemaybedifferentfromthefuturespriceagreedupontoday21FinancialFuturesThebuyerrarelytakesphysicalpossessionofthesecuritiesonthedeliverydateandthesellerrarelydeliversIfthepricechanges,thebuyerorthesellermerelysettleupfinanciallyforanychangesinvalue22FinancialFuturesFuturesmarketscanalsobeusedforspeculationifaninvestorbelievesthatthespotpriceofasecurityisgoingtobehigherin6monthsthantoday’sfuturesprice,hewillbuyafuturescontractifheiscorrect,hecanresellthefuturescontractatthehigherspotpriceonthedeliverydatetheoppositeholdstrueaswell23FinancialFuturesBecausefinancialfuturesarewrittenforstandardizedamountsfordeliveryonafewspecificdates,perfectoffsettingtransactionsbetweenbuyersandsellersarerarelymaderiskcanstillbereducedbyfindingaclosematchsinceaperfectmatchdoesnothavetobefound,hightransactionscostsareavoided24FinancialFuturesThefuturespriceissetbybiddingandofferinginanauction-likesettingeachfinancialinstrumentthatistradedusuallyhasitsownpitwhereauthorizedbrokersgathertobuyandsellfortheircustomersbidandaskedpricesarecalledoutuntilthebrokersbecomeawareofthepricesinthemarketthemostfavorabletransactionsareconsummated25FinancialFuturesOnceanagreementisstruck,aclearinghousetakesontheresponsibilityofenforcingthecontractthesellerlookstotheclearinghousetodeliverthebuyerlookstotheclearinghousetopaytheamountdueonthedeliverydatethisreducesthedefaultriskbecausetheclearinghouseguaranteesthatthetermsoftheagreementwillbemet26FinancialFuturesTofacilitatetheguarantee,theexchangerequiresbuyersandsellersoffuturestoputupaperformancebond(calledamarginrequirement)setbytheexchangebrokersarerequiredtocollectmarginrequirementsfromtheircustomersbeforetheymakeanyfuturespurchasesorsales27DeterminingtheFuturesPriceThefuturespriceandthespotpricearehighlycorrelatedthisisduetoactionsofarbitrageurswhoseekarisklessprofitwhenanopportunityforrisklessprofitopensup,arbitrageursmoveinandtakeactionsthatalterspotpricesandfuturesprices,movingthemclosertogether28DeterminingtheFuturesPriceSupposethatthefuturespriceforTreasurybondstobedelivered3monthsfromnowismuchhigherthanthepresentspotpriceanarbitrageurwouldbuythebondsinthespotmarketwhilesellingafuturescontracthewouldthenholdthebondsuntilthedeliverydateofthefuturesagreementthismeansthathewouldincursomecarryingcosts29DeterminingtheFuturesPriceAslongasthefuturespriceisgreaterthanthecurrentspotpriceplusthecarryingcosts,thearbitrageurwillmakearisklessprofitIfthisopportunityexists,arbitrageurswillpurchaseinthespotmarket(drivinguptheprice)andsellinthefuturesmarket(drivingthepricedown)30DeterminingtheFuturesPriceArbitragecontinuesuntilthefuturespriceisbiddowntothespotpricepluscarryingcostsconvergenceAsthedeliverydateapproaches,carryingcostsfallthefuturespricewillapproachthespotprice31OptionsBusinessfirmsandindividualscanusethefuturesmarkettoreducetheriskofpricechangesAnunattractivefeatureofthefuturesmarketisthatiteliminatesapossiblegainfromapricechange32OptionsSupposethatanindividualknowsthathewillneedtoborrow$1million1monthfromnowandisworriedthattheinterestratewillbehigherthenhecansellaT-billfuturefor$1millionthatwillrequirehimtosellT-billsin30daysatapricedeterminedtoday33OptionsIftheinterestraterises,hemustborrowatthehigherrate,butthepriceofthefuturescontractwillfallandhemakesaprofitIftheinterestratefalls,hegainsbyborrowingatthelowerratebuthelosesonthefuturesagreementbecausethefuturespricewillrisewhileheislockedintosellingatthelowerprice34OptionsOptionsaresimilartofuturesinthattheyareusedtoreducetheriskoffuturepricechangesortospeculatetheygivethebuyertherightbutnottheobligationtobuyorsellaninstrumentinthefutureforapricedeterminedtodaytheagreed-uponpriceisthestrikepricetherightcontinuesuntilanexpirationdatespecifiedinthecontract35OptionsOptionsexistformanyagriculturalproducts,commodities,individualstocks,andotherfinancialinstrumentsOptionsarealsoavailableonthemajortypesoffuturescontractscalledoptionsonfuturesgivethebuyertherighttobuyorsellafuturescontractuptotheexpirationdate36OptionsOptioncontractsareoftenwrittenonfuturescontractsratherthanontheunderlyingfinancialinstrumentsbecausethefuturescontractsareoftenmoreliquidthantheunderlyingfinancialinstrumentssecondarymarketsformostfinancialinstrumentsarenotashighlydevelopedasfuturesmarkets37PutOptionsPutoptionsgivethebuyertheright(butnottheobligation)tosellastandardizedcontractofafinancialinstrumentorafuturesagreementatastrikepricedeterminedtodaythesellerhastheobligation(butnottheright)tobuythecontractifthebuyerexercisestheoptionbeforetheexpirationdate38PutOptionsLikefutures,financialoptionsarewrittenonlyinstandardizedamountsfordeliveryonspecificdatesandaperfectlyoffsettingtransactionisrarelyfoundRiskisstillreducedputoptionsallowtheriskofaninterestrateincreasetobehedgedwithoutlosingthepossibilityofagainiftheinterestrategoesdown39CallOptionsCalloptionsgivethebuyertheright(butnottheobligation)tobuyafinancialinstrumentanytimebeforetheexpirationdateatthestrikepricedeterminedtodaythebuyerexercisestherightonlyifitisinhisinteresttodosoifthecurrentpriceisgreaterthanthestrikepriceallowsthebuyertolimitthelossesfromapriceincreasewithoutlimitinghisabilitytotakeadvantageofapricedecrease40TheOptionPremiumWhywouldanyonehedgeriskwithfuturesthatlimitbothlossesandgainswhentheycanuseoptionsthatlimitonlylosses?becausefuturesarecheapersmallbrokeragefeebothpartiestotheagreementhaverightsandobligations41TheOptionPremiumWithoptions,thebuyeroftheoptionhasrightsandnoobligations,whiletheselleroftheoptionhasobligationsandnorightsinadditiontopayingtheexchangeabrokeragefee,thepartywiththerights(andnoobligation)paysanoptionpremiumtothepartywiththeobligation(butnorights)thepremiumistherewardtotheselleroftheoptionforacceptingtheriskofalosswithnopossibilityofagain42DeterminingtheOptionPremiumThepriceofacalloraputoptionisdeterminedbysupplyanddemandOnlythebuyerofacalloraputoptioncanbeahedgermayalsobeaspeculatorThesellerofacalloraputoptioncanneverbehedging43DeterminingtheOptionPremiumForagivenoptionscontract,theoptionpremiumwillgenerallybelargerwhenthepriceofthecontractinstrumentismorevolatiletheexpirationdateoftheoptionisfurtherawaythestrikepricerelativetothespotpriceishigher(forputoptions)thestrikepricerelativetothespotpriceislower(forcalloptions44SummaryofMajorPointsInforwardmarkets,thetermsofthetransactionthatwilloccuronafuturedatearearrangedtodayusedtoreducetheriskthatfuturepricechangeswilleliminateprofitarearrangedbyintermediariescanhavehightransactionscostsusuallyrequiretheexactmatchingbetweentwopartiesandeachpartyfacesadefaultrisk45SummaryofMajorPointsInfinancialmarkets,forwardcontractsinthemostwidelytradedcurrencieshavebeenestablishedbylargecommercialbanksthebankisanactualparticipantintheagreementtheredoesnothavetobeanexactmatchingoftwopartiesthebankwillfacesomeexchangeraterisk46SummaryofMajorPointsFinancialfuturesarestandardizedcontractsbetweentwopartiestobuyorsellfinancialsecuritiesonafuturedateata
溫馨提示
- 1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請聯(lián)系上傳者。文件的所有權益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁內(nèi)容里面會有圖紙預覽，若沒有圖紙預覽就沒有圖紙。
- 4. 未經(jīng)權益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 人人文庫網(wǎng)僅提供信息存儲空間，僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護處理，對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對任何下載內(nèi)容負責。
- 6. 下載文件中如有侵權或不適當內(nèi)容，請與我們聯(lián)系，我們立即糾正。
- 7. 本站不保證下載資源的準確性、安全性和完整性, 同時也不承擔用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
最新文檔
- 建筑裝修施工合同書
- 電子商務平臺搭建及運營服務協(xié)議
- 咨詢服務代理合同
- 應屆畢業(yè)生頂崗實習協(xié)議書
- 游戲開發(fā)授權合作協(xié)議
- 房地產(chǎn)開發(fā)權益轉讓合同
- 外接電源合同協(xié)議
- 的擔保借款合同
- 汽車零部件制造技術轉讓合作協(xié)議
- 農(nóng)家樂住宿房裝修合同
- 妊娠期用藥安全課件
- GB/T 44958-2024化工設備安全管理規(guī)范
- 《化妝品包裝材料相容性試驗評估指南》
- 6張精美甘特圖圖表可編輯課件模板
- 2025年軋鋼原料工技能考試題庫
- 【政治】法律保障生活課件-+2024-2025學年統(tǒng)編版道德與法治七年級下冊
- 大學生考研規(guī)劃
- 四川政采評審專家入庫考試基礎題復習試題
- 智研咨詢-2025年中國生鮮農(nóng)產(chǎn)品行業(yè)市場全景調(diào)查、投資策略研究報告
- 車輛采購論證方案
- 尼康D7000簡體中文說明書
評論
0/150
提交評論