衍生品和套期保值(英文版)(ppt 52页)

衍生品和套期保值目录：
一、ForwardContracts
二、FuturesContracts
三、Hedging
四、InterestRateFuturesContracts
五、DurationHedging
六、SwapContracts
七、ActualUseofDerivatives
八、Summary&Conclusions

 

衍生品和套期保值内容摘要：
A forward contract specifies that a certain commodity will be exchanged for another at a specified time in the future at prices specified today.
Its not an option: both parties are expected to hold up their end of the deal.
If you have ever ordered a textbook that was not in stock, you have entered into a forward contract.
A futures contract is like a forward contract:
It specifies that a certain commodity will be exchanged for another at a specified time in the future at prices specified today.
A futures contract is different from a forward:
Futures are standardized contracts trading on organized exchanges with daily resettlement (“marking to market”) through a clearinghouse.
Standardizing Features:
Contract Size
Delivery Month
Daily resettlement
Minimizes the chance of default
Initial Margin
About 4% of contract value, cash or T-bills held in a street name at your brokerage.

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