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论文作者:51lunwen论文属性:考试题 Examination登出时间:2008-08-18编辑:点击率:9875
论文字数:3036论文编号:org200808181159277556语种:英语 English地区:英国价格:免费论文
关键词:intrnational financial managementInternational Monetary FundDISSTERTATIONfutures marketExchange Rates
(1) The futures market is a market where foreign currencies may be bought and sold for delivery at a future date. The futures market differs from the forward market in that only a few currencies are traded; moreover, trading occurs in standardized contracts and in specific geographic location, such as the International Monetary Market of the CME.
Initial Margin is the percentage of the purchase price of securities (that can be purchased on margin) that the investor must pay for with his or her own cash or marginable securities, also called the "initial margin requirement". Variation margin means a variable margin payment that is made by clearing members to their respective clearing houses based upon adverse price movements of the futures contracts that these members hold. Basis is the variation between the spot price of a deliverable commodity and the relative price of the futures contract for the same actual that has the shortest duration until maturity. A futures market's tick value is the cash value of one tick (one minimum price movement). The future contract has advantages over a forward contract in that it is not subject to default risk and is more liquid.
(2) An option is simply an agreement between a holder (buyer) and a writer (seller) that gives the holder the right, but not the obligation, to buy or sell financial instruments an any time through a specified date. A call option gives the right to buy currency and a put option gives the right sell. The prices at which currency can be bought or sold is the strike price or exercise price. An option is said to be “in the money” if the strike price is less than the current spot rate for a call or greater than the current spot rate for a put. Out of the money means a call option whose strike price is higher than the market price of the underlying security, or a put option whose strike price is lower than the market price of the underlying security. A foreign currency option is a contract that provides the right to buy or sell a given amount of currency at a fixed exchange rate on or before the maturity date (these are known as “American” options; “European” options may be exercised only at maturity).
The use of options for hedging purposes is straightforward. Suppose a US importer is buying equipment from a Swiss manufacturer, with a SF1 million payment due in December. The importer can hedge against a franc appreciation by buying a call option that confers the right to purchase francs over the next three months, until the December maturity (European options), at a specified price. Specifically, assume that the current spot exchange rate is $0.70 per franc. At this exchange rate, SF1 million would cost $700,000. 本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。