新编金融英语教程Chapter11FinancialDerivatives课件.pptx
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- 新编 金融 英语 教程 Chapter11FinancialDerivatives 课件
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1、Financial DerivativesChapter 11Lead-inLanguage NotesKey PointsFollow-up Tasks11.111.311.211.4CONTENTSExtended Tasks11.511.1Lead-inThis chapter will first of all examine the definitiondefinition of financial derivatives.Secondly,it will introduce in detail the common typescommon types of financial de
2、rivatives.Then it will go on to discuss the functionsfunctions of the derivative market.Finally,it will reveal the risksrisks of financial derivatives.In finance,derivatives are contracts between two parties that specify conditions(especially the dates,resulting values and definitions of the underly
3、ing variables,the parties contractual obligations,and the notional amount)under which payments are to be made between the parties.11.2 Key Points11.2.1 Definition of Financial Derivatives11.2 Key Points11.2.2 Types of Financial Derivatives11.2 Key Points11.2.2 Types of Financial DerivativesSwapsOpti
4、onsForwardsFuturesFutures generally refer to the futures contract,which includes the provisions of a specific time and place,delivery of a certain number of standard objects of the contract.an option is a contract which gives the buyer(the owner or holder of the option)the right,but not the obligati
5、on,to buy or sell an underlying asset or instrument at a specified strike price on a specified date,depending on the form of the option.A forward is the contract between the two sides promised in the future one day at a specific price to buy or sell a certain number of subject matter.A swap is a der
6、ivative contract through which two parties exchange financial instruments.11.2 Key Points11.2.3 Functions of the Derivative MarketFirstly,prices in a structured derivative market not only replicate the discernment of the market participants about the future but also lead the prices of underlying ass
7、ets to the professed future level.1Secondly,the derivative market reallocates risk from the people who prefer risk aversion to the people who have an appetite for risk.2Thirdly,in the presence of an organized derivatives market,speculation can be controlled,resulting in a more meticulous environment
8、.311.2 Key Points11.2.4 Risks of Financial Derivatives complexity leverage time restriction potential for scamscall k:l 买的指令congregate kgrget 聚集collateral kltrl 担保金,抵押物derivative drvtv 衍生工具expiration ekspren 告终,期满,截止forward f:wd 远期fraud fr:d 欺诈future fju:t(r)期货hedging hed 套头交易,对冲买卖,套期保值leverage li:v
9、rd 杠杆margin m:dn 保证金11.3 Language NotesI.Wordsobligor blg:债务人option pn 期权principal prnspl 本金put pt 卖的指令reconnaissance rknsns 勘查royalty rlti 版税scam skm 骗局settlement setlmnt 结算speculation spekjulen 投机买卖spot spt 现货swap swp 互换,掉期工具assorted markets at a discount at a premium back-to-back loans basic asse
10、ts bond index Call options capital structure cash flow Commodity Futures Trading Commission(CFTC)11.3 Language NotesII.Phrases contractual obligation credit default swap(CDS)credit ratings delivery price fixed rate floating rate Great Depression high leverage leverage effect the U.S.Treasury 美国财政部un
11、it of account计量单位London Metal Exchange market transparency mortgage-backed security(MBS)nominal principal notional amount open auctions performance bond Ponzi schemepositive market price movement put options 11.3 Language NotesII.Phrases resource allocation reverse market spot price spot transaction
12、 standard metal contract strike price subject matter synthetic collateralized debt obligationsunderlying asset U.S.Treasury 美国财政部unit of account计量单位1.Derivatives can be used for a number of purposes,including insuring against price movements(hedging),increasing exposure to price movements for specul
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