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1、金融衍生及風(fēng)險管理（Financialderivativesandriskmanagement）CharacteristicsandriskmanagementoffinancialderivativesFinancialderivativesarefinancialinstrumentsbasedonorderivedfromfinancialbaseproducts(suchascurrency,exchangerate,interestrate,stockindex,etc.).Unlikeotherfinanci
2、alinstruments,derivativesthemselvesarenotvaluable,andtheirpricesarederivedfromthevalueofcurrencies,exchangerates,securities,etc.,whichcanbetradedusingderivatives.Thisderivativegivesinnovativetoolstoabroadrangeofapplicationsandflexibleanddiverseformsoftransactions
3、.Atpresent,themostwidelyusedderivativesininternationalfinancialmarketsarefinancialfutures(financialfuture),options(option)andswaps(swap).First,thecharacteristicsoffinancialderivativesAtpresent,throughavarietyofderivativetechnologyforportfoliodesign,themarkethasem
4、ergedalargenumberofdifferentcharacteristicsofderivativeproducts.Thereare:1combinationofderivativetoolsandbasictools.Suchasthecombinationoffuturesderivativesandbasictools,thatis,foreignexchangefutures,stockfutures,stockindexfutures,bondfutures,commercialpaperfutur
5、es,certificatesofdepositfuturesandothervarieties.Acombinationof2derivativescreatesa"derivative"tool".Inadditiontothebasictoolsasthesubjectmatter,therighttoschedulecanalsobecombinedwithotherderivatives.Canconstruct"rederivativetools"".Inadditiontothebasictoolsasth
6、esubjectmatter,therighttoschedulecanalsobecombinedwithotherderivatives.Wecanconstructanewderivativetooloffuturesoptionandswapoption.3designtheindividualparametersandpropertiesofthederivativesdirectly,andproducederivativesthataredifferentfromthebasicderivatives.Ri
7、ghtonscheduleinadditiontothe"standardoption",withsomeadditionalconditions,wecanconstructtheso-called"specialderivatives",suchas"twosidescanceloption(binarydoublebarrierknockoutoption)","corridoroption(corridoroption)".Therearecountlesskindsoftechnologiesforcreati
8、ngderivativeproductsinfinancialderivatives,whicharecharacterizedbythefollowingpoints.(1)thevalueofderivativesissubjecttotheunderlyinginstrumentsFinancialderiva
