【正文】 會計和稅收 Accounting Tax ? Ideally hedging profits (losses) should be recognized at the same time as the losses (profits) on the item being hedged ? Ideally profits and losses from speculation should be recognized on a marktomarket basis ? Roughly speaking, this is what the accounting and tax treatment of futures in the . and many other countries attempt to achieve ? 美國財務(wù)會計準(zhǔn)則委員會 (FASB) ? 以公平價格計入資產(chǎn)負(fù)債表 67 遠(yuǎn)期與期貨合約比較 Forward Contracts vs Futures Contracts (Table , page 41) 68 Contract usually closed out Private contract between 2 parties Exchange traded Nonstandard contract Standard contract Usually 1 specified delivery date Range of delivery dates Settled at end of contract Settled daily Delivery or final cash settlement usually occurs prior to maturity FORWARDS FUTURES Some credit risk Virtually no credit risk 外匯報價 Foreign Exchange Quotes ? Futures exchange rates are quoted as the number of USD per unit of the foreign currency ? Forward exchange rates are quoted in the same way as spot exchange rates. This means that GBP, EUR, AUD, and NZD are quoted as USD per unit of foreign currency. Other currencies (., CAD and JPY) are quoted as units of the foreign currency per USD. 69 小結(jié) ? 絕大部分最初訂立的期貨合約最終不進(jìn)行標(biāo)的資產(chǎn)的交割，而是在交割月份的交割日之前就進(jìn)行了平倉。 ? 訂立期貨合約的細(xì)則是交易所的一項(xiàng)重要的活動。 ? 保證金是期貨市場的一個重要組成部分。經(jīng)紀(jì)人或者是交易清算所會員，或者在清算所會員處開設(shè)一定的保證金賬戶。許多報紙（如 《 華爾街日報 》 ）每日都載有前一交易日的各種交易信息。因?yàn)檫h(yuǎn)期合約的交易不是在交易所中進(jìn)行，所以遠(yuǎn)期合約沒有標(biāo)準(zhǔn)化的合約條款。 思考： ? 金融投資在什么地方或者什么情景下變成了賭博？ ? 什么是機(jī)會？ ? 人生機(jī)會 ? 經(jīng)濟(jì)機(jī)會 ? 市場機(jī)會 ? 套利機(jī)會 套利交易 ? 別名：收購風(fēng)云 ? 主演：蒂姆 米勒是個事業(yè)有成的億萬富翁，備受業(yè)界尊重和家人崇拜。 。一天夜里，米勒因疲勞駕駛而發(fā)生車禍，情婦當(dāng)場死亡，而他逃離現(xiàn)場?；鶢? 蘇珊 ? 在后面幾個章節(jié)中，我們將更詳細(xì)地考察遠(yuǎn)期合約和期貨合約是怎樣用于套期保值。遠(yuǎn)期合約由兩個交易對方之間私下簽約，而期貨合約則在交易所進(jìn)行標(biāo)準(zhǔn)化的交易。清算所每日對保證金賬戶余額進(jìn)行調(diào)整，以便反映會員所從事業(yè)務(wù)的盈利或虧損。保證金賬戶每日進(jìn)行調(diào)整，以反映投資者的盈利或虧損。他們也必須知道如下細(xì)節(jié)：如交易時間、價格的報價方式、最大價格變動幅度等。對于每個期貨合約來說，在一定的時間范圍內(nèi)都可以進(jìn)行交割，且存在著一整套完整的交割程序。涉及的話題包括不道德的銷售活動，資金管理者的個人交易，住宅抵押貸款中的歧視，機(jī)構(gòu)投資者的角色，社會責(zé)任的投資活動，內(nèi)幕交易，宣告破產(chǎn)的濫用，以及不友善的接受合并等等。 ? 擠空就是逼空：多頭利用空頭手中無貨，把價格推到一個很高的地步，讓空頭認(rèn)虧砍倉！ ? 老鼠倉（ Rat Trading） 是指莊家在用公有資金在拉升股價之前，先用自己個人（機(jī)構(gòu)負(fù)責(zé)人，操盤手及其親屬，關(guān)系戶）的資金在低位建倉，待用公有資金拉升到高位后個人倉位率先賣出獲利。 ? 或者 ? 由于持有成本的存在，期貨價格總是高于現(xiàn)貨價格，這是“正向市場”。 raid on it was the establishment firm of Dillon, Read—and its former chairman, Nicholas F. Brady, was now Secretary of the Treasury. Brady had never fiven Drexel for its role in the Unocal deal, and would not ? even consider signing off on a bailout. Accordingly, he, the SEC, the NYSE and the Fed strongly advised Joseph to file for bankruptcy. Later the next day, Drexel officially filed for Chapter 11 bankruptcy protection. [6] DBL Trading, a subsidiary, was involved in the temporary gold loan default with the Central Bank of Portugal at that time. Even before the firm39。s lines of credit at any time. Unfortunately, Drexel had no corporate parent that could pump in cash, unlike most American financial institutions. Groupe Bruxelles Lambert refused to even consider making an equity investment until Joseph improved the bottom line. The firm posted a $40 million loss for 1989—the first operating loss in its 54year history.[5] ? Drexel managed to survive into 1990 by transferring some of the excess capital from its regulated broker/dealer subsidiary into the Drexel holding pany—only to be ordered to stop by the SEC in February out of concerns about the broker39。s credibility with many at Drexel who believed in Milken39。t known about. This partnership had been involved in the issuing of bonds for Storer Broadcasting. Several equity warrants were sold to one client who sold them back to Milken39。s case, 96 percent—by far the most of any firm). This debt would have to take second place to this performance bond. Additionally, if the bond ever had to be paid, Drexel39。s own internal investigation, only speaking through his attorneys. [5] For two years, Drexel steadfastly denied any wrongdoing, claiming that the criminal and SEC cases were based almost entirely on the statements of an admitted felon looking to reduce his sentence. However, it was not enough to keep the SEC from suing Drexel in September 1988 for insider trading, stock manipulation, defrauding its clients and stock parking (buying stocks for the benefit of another). All of the transactions involved Milken and his department. The most intriguing charge was that Boesky paid Drexel $ million in 1986 for Milken39。在 2023~2023年的金融動蕩中，政府拯救了許多大型金融機(jī)構(gòu)使其免于破產(chǎn)，其原因是政府對系統(tǒng)風(fēng)險的顧慮。假如財務(wù)并不處于高杠桿狀態(tài) ， LTCM也許能夠承受“擇優(yōu)而棲”現(xiàn)象帶來的壓力，這樣公司就有機(jī)會等到流動性強(qiáng)的產(chǎn)品價格和流動性差的產(chǎn)品價格趨向一致的時候。 ? 當(dāng)利率增長時， LTCM預(yù)計債券價格下降的數(shù)量基本相同，因此對