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1、金融創(chuàng)新：衍生產(chǎn)品策略DerivativeSecuritiesFinancialinstrumentsthatderivetheirvaluesfromothertradedclaimsarecalledderivatives.Typically,thevalueoftheseinstrumentsisverycloselyrelatedtothevalueoftheunderlyingasset.Asaresultderivativesareusefulfor:Speculatingontheunderlyingasset,and;Hedgingtheu
2、nderlyingasset.Furthermore,arbitrageopportunitiesmaybepossibleiftheunderlyingassetandthederivativeassetarenotpricedconsistently.SpeculatorsandHedgersSpeculatorsareindividualshopetomakeaprofitbyclosingouttheirpositionsatapricethatisbetterthantheinitialprice.Theydonotproduceorusethe
3、assetintheirdailycourseofbusiness.Hedgersareindividualswhousederivativestooffsetanotherwiseriskypositionintheunderlyingasset.Theyeitherproduceorusetheassetintheirdailycourseofbusiness.Example:WheatForwardsInawheatforwardcontracttwocounter-partiesagreetoexchangesomequantityofwheata
4、tsomedateinthefutureatapricenegotiatedtoday.Awheatfarmerhasexposuretothefuturespotpriceofwheat.Thespotpriceisthemarketpriceofwheatforimmediatedelivery.Thecropplantedinthespringandharvestedinthefallwillbesoldatfallspotprices.Sincethesespotpricesareuncertain,theprofitsonthefarmer’sc
5、roparerisky.Arisk-aversefarmercanhedgethisriskbysellingwheatnowusingaforwardcontract.WheatForwardsWhomighttaketheoppositesideofthistrade?Abreadproducermaywishtohedgeproductioncosts.Aweatherforecastermayspeculatethatthefuturespotpricewillbewellabovetheforwardpriceandthereforeusethi
6、scontractaspartofatradingstrategy(buyusingtheforwardcontractandsellinthefuturespotmarket).ArbitrageursTwobasictypesofarbitragetrades:Investnothingandmakepositivefutureprofits;Receiveprofitstodaywithoutanyfutureobligations.Arbitrageursusederivativecontractstoextractarbitrageprofits
7、.Theiractions,alongwithnormalsupplyanddemandforces,ensureconsistentrelationshipsamongtheunderlyingassetpricesandthederivativesecurityprices.WheatForwardsWhomightbeinapositiontoderivearbitrageprofitsfromwheatforwardcontracts?Ifyouhaveatechnologyforstoringwheatandtheforwardpriceishi
8、ghrelativetotoday’sspotprice,youm
