【正文】 sent by parcel post. It is both a receipt and evidence of dispatch and also the basis for claim and adjustment if there is any damage to or loss of parcels. Chapter 7II. financing, discounting, factoring, forfaiting, without recourse, accounts receivable, factor, trade obligations, promissory notes, trade receivables, specialized.III. 1. a cash flow disadvantage 2. without recourse 3. negotiable instruments 4. promissory notes 5. profit margin 6. at a discount, maturity, credit risk 7. A bill of exchange, A promissory noteIV. 1. When a bill is dishonored by nonacceptance or by nonpayment, the holder then has an immediate right of recourse against the drawer and the endorsers.2. If a bill of lading is made out to bearer, it can be legally transferred without endorsement. 3. The presenting bank should endeavor to ascertain the reasons nonpayment or nonacceptance and advise accordingly to the collecting bank. 4. Any charges and expenses incurred by banks in connection with any action for protection of the goods will be for the account of the principal. 5. Anyone who has a current account at a bank can use a cheque. Chapter EightStructure of the Foreign Exchange Market 外匯市場的構(gòu)成1. Key Terms 1）foreign exchange： “Foreign exchange” refers to money denominated in the currency of another nation or group of nations. 2）payment “payment” is the transmission of an instruction to transfer value that results from a transaction in the economy.3）settlement“settlement” is the final and unconditional transfer of the value specified in a payment instruction.2. True or False1) true 2) true 3) true 4) true3. Cloze1) The dollar is by far the most widely traded currency. In part, the widespread use of the dollar reflects its substantial international role as: “investment” currency in many capital markets, “reserve” currency held by many central banks, “transaction” currency in many international modity markets, “invoice” currency in many contracts, and “intervention” currency employed by monetary authorities in market operations to influence their own exchange rates. In addition, the widespread trading of the dollar reflects its use as a “vehicle” currency in foreign exchange transactions, a use that reinforces, and is reinforced by, its international role in trade and finance.2） In foreign exchange trading, London benefits not only from its proximity to major Eurocurrency credit markets and other financial markets, but also from its geographical location and time zone. In addition to being open when the numerous other financial centers in Europe are open, London39。s morning hours overlap with the late hours in a number of Asian and Middle East markets。s afternoon sessions correspond to the morning periods in the large North American market. Thus, surveys have indicated that there is more foreign exchange trading in dollars in London than in the United States.4. Discussions1) Tell the reasons why the dollar is the market39。 the leadership of USD in the world economy 。 if one or both dates are one month or more from the deal date, it is a “forward swap.”5) putcall parity“Putcall parity” says that the price of a European put (or call) option can be deduced from the price of a European call (or put) option on the same currency, with the same strike price and expiration. When the strike price is the same as the forward rate (an “atthemoney” forward), the put and the call will be equal in value. When the strike price is not the same as the forward price, the difference between the value of the put and the value of the call will equal the difference in the present values of the two currencies.2. True or False1) true 2) true 3) true3. Cloze1) Traders in the market thus know that for any currency pair, if the base currency earns a higher interest rate than the terms currency, the currency will trade at a forward discount, or below the spot rate。t gain (or lose) from both the interest rate differential and the forward premium/discount. A trader who loses on the interest rate will earn the forward premium, and vice versa.2) A call option is the right, but not the obligation, to buy the underlying currency, and a put option is the right, but not the obligation, to sell the underlying currency. All currency option trades involve two sides—the purchase of one currency and the sale of another—so that a put to sell pounds sterling for dollars at a certain price is also a call to buy dollars for pounds sterling at that price. The purchased currency is the call side of the trade, and the sold currency is the put side of the trade. The party who purchases the option is the holder or buyer, and the party who creates the option is the seller or writer. The price at which the underlying currency may be bought or sold is the exercise , or strike, price. The option premium is the price of the option that the buyer pays to the writer. In exchange for paying the option premium up front, the buyer gains insurance against adverse movements in the underlying spot exchange rate while retaining the opportunity to benefit from favorable movements. The option writer, on the other hand, is exposed to unbounded risk— although the writer can (and typically does) seek to protect himself through hedging or offsetting transactions.4. Discussions1) What is a derivate financial instrument? Why is traded? 2) Discuss the differences between forward and futures markets in foreign currency.3) What advantages do foreign currency futures have over foreign currency options?4) What is meant if an option is “in the money”, “out of the money”, or “at the money”?5) What major international contracts are traded on the Chicago Mercantile Exchange ? Philadelphia Stock Exchange?Chapter 10Managing Risk in Foreign Exchange Trading 外匯市場交易的風險管理1. Key Terms 1) Market risk Market risk, in simplest terms, is price risk, or “expos