金融知识 英语_证券金融英语知识第18期:衍生证券市场

THE DERIVATIVE SECURITY MARKET

衍生证券市场　
Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
远期和期货合约：远期和期货合约不是股权，而是一项交易协议，使买方和卖方锁定他们交易基础资产或股票的最终价格。远期合约是双方在场外交易市场直接谈判达成的协议。
Commodity future contracts are the contracts that trade commodities.
商品期货合约是交易商品的合约。
Interest rate forward: （Forward Rate Agreement FRA）: The forward rate agreement is the most basic of theOTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
利率远期（利率远期协议FRA）：远期利率协议是场外交易利率合约中最基本的合约。远期利率协议是交易双方目前达成的在未来交换基于不同利息率的现金流的协议。
The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:（Libor-Fixedrate）xNatioal PrincipalxNumberOfDays/360

现金流结算将按照持有期的准确天数进行调整，并按下列公式计算：（Libor-固定利率）x名义本金x持有期天数/360
Long-term interest rate futures
长期利率期货
For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity （if non-callable） can be used for delivery.
对于国债期货，任何距最近的赎回日或到期日（假如不可赎回）长达至少15年的国债可用于交割。
Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
距离到期在6.5年到10年和4.25年到5.25年的债券可各自用于满足10年期和5年期的国债期货合约交割。
Delivery can take place on any day during the month of maturity, with the last trading day of the contractfalling 7 business days prior to the end of the month.
交割可在到期月份的任何一天行使，合约最后交易日是该月月底的前七个工作日。
The CBT uses conversion factors to correct for the differences in the deliverable bonds.
芝加哥债券交易使用转换因子对不同的可交割债券进行矫正。
THE DERIVATIVE SECURITY MARKET.jpg

Short-term interest rate futures: Eurodollar and treasury bill contract.Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.

短期利率期货：欧洲美元和国库券期货合约欧洲美元期货使用结算价格指数，因为这样方便地保留了价格和收益之间的相反关系。
The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in thevalue of the contract.（25=$1,000,000‰0.0001‰90/360）
最小价格变动，或“滴”，对这一合约是一个基本点，等于合约价值变动$25.。
Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price （or rate） is worth $25 per contract.
与欧洲美元衍生证券类似，国库券合约以$1,000,000的金额标准化，以至于每张合约的每个基本点变动引起价格变动$25.
Stock-index futures.
股票指数期货。
Currency forwards and futures.
货币远期或货币期货。
Option Contracts:
期权合约：
Equity options;
股票期权；
Stock index options;
股票指数期权；
Foreign currency options;
外汇期权；
Options on futures contracts;
期货合约期权；
Option-based interest rate contracts:
基于利率合约的期权：
Caps and floors;
利率顶和利率底；
Collars: special combinations of caps and floors;
利率套：利率顶和利率底的特定组合；
Swaption: Options that allow the holder to enter into a swap contract at a later date.
互换权：允许持有者在一个日期以后进入互换的期权。
OTHER EMBEDDED DERIVATIVES　
其他嵌入衍生证券

Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a differentcurrency than its principal amount.
二重货币债券：二重货币债券是一种债务工具，息票以不同与本金的货币币种标识。
Equity Index-Linked Notes;
与股票指数联系的债券；
Commodity-Linked Bull and Bear Bonds;
与商品联系的牛式/熊式债券；
Swap-Linked Notes.
与互换相联系的债券。

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