第八章貨幣期貨與期權市場(國際財務管理-josephfgre-展示頁
2024-11-20 04:20本頁面
【正文】 onal Monetary Exchange 5.) H.K.F.E. Hong Kong Futures Exchange,12,FUTURES CONTRACTS,B. 遠期合約與期貨合約的基本差異: 1. 交易方式 6. 結算 2. 管制 7. 標價法 3. 交割的頻率 8. 交易費用 4. 合約金額 9. 保證金 5. 到期日 10. 信用風險 235236,13,FUTURES CONTRACTS,Advantages of futures: 1.) Smaller contract size 2.) Easy liquidation 3.) Well organized and stable market.,Disadvantages of futures: 1.) Limited to 7 currencies 2.) Limited dates of delivery 3.) Rigid contract sizes.,14,PART II CURRENCY OPTIONS貨幣期權,I. OPTIONS A. Currency options 1. 獲得匯率有利變動所帶來的好處. 2. 費城股票交易所 (PHLX)1983. 3. 成長速度最快的風險套期市場.,15,CURRENCY OPTIONS,4. Definition:定義Ｐ２３８ a contract from a writer ( the seller) that gives the right not the obligation to the holder (the buyer) to buy or sell a standard amount of an available currency at a fixed exchange rate for a fixed time period.,16,CURRENCY OPTIONS,5. 類型: a. American exercise date may occur any time up to the expiration date. b. European exerc
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