(繁体)外汇市场.doc

是全球最快的MT4外匯黃金喊單平臺，目前擁有半年500%利潤以上收益高級操盤手3個,帶客戶自動交易賺錢Chapter ThreePart EightForeign Exchange Markets 外匯市場 Teaching Aim This chapter includes exchange rate, spot transactions, forward transactions, swap transactions, futures, options, etc. The students will be taught some general knowledge on foreign exchange dealing and some special expressions used in foreign exchange markets. It is planned that 4 or 5 periods will be used to study this chapter. The students will read the 10 passage with the help of their instructor and improve their both reading and listing comprehension. They will also have time to discuss their problems in understanding the passages and make some practice in calculation of the futures gain or loss, forward rate or in decision whether or not to exercise the option contract. They will be interested in the study of this chapter and be ready to learn more from their specialty courses. Key Words & Expressions1) pound sterling 英鎊; 2) Canadian dollar 加拿大元3) purchasing power 購買力4) foreign exchange rate 外匯匯率5) the dollar exchange rate 美元匯率6) reciprocal 倒數7) external value 對外價值8) appreciate 升值, 漲價9) depreciate (depreciation n.) 貶值, 跌價, 折舊10) domestic demand (for) 國內需求11) domestic supply (of) 國內供應12) equilibrium exchange rate 平均匯率13) supply and demand condition 供求條件14) offset 抵消15) exchange some dollars for pounds 把一些美元兌換成英鎊 類似的表示法還有：exchange dollars against pounds; exchange dollars in terms of pounds; trade dollars for pounds; convert dollars into pounds; buy pounds with dollars等。16) stock exchange 股票交易所17) financial center 金融中心 18) exchange service 兌換業務19) at an exchange rate 按某一匯率20) forward rate 遠期匯率21) direct quote 直接標價 (又稱direct quotation)22) indirect quote 間接標價（又稱indirect quotation）23) retail price 零售價格24) domestic price 國內價格25) country of origin 商品的生產國26) economic fundamental 經濟基本原理27) cross rate 套匯匯率 以兩種貨幣與同一關鍵貨幣的比價所確定的匯率28) spot transaction (=spot deal) 即期外匯交易 29) bid price (=buying price, buying rate) 買價, 買方出價；（銀行）買進匯率 30) deliver 交付, 交割31) ask price (=asked, asking price, offered price, selling price, selling rate) 賣價, 出價; （銀行）賣出匯率32) spread 差額33) round-trip profit 買賣所得收益34) flow chart 流程圖35) dealing department (銀行)外匯交易部36) foreign exchange trade 外匯交易37) confirm the transaction 確認交易38) approve the confirmation 核准確認書39) trading ticket (=dealing slip) (外匯)成交單 40) transacted price 交易的價格41) forward rate agreement 遠期匯率協議42) operations department 營業部43) percentage spread 利差比率44) overhead 經常開支45) profit margin 利潤率46) handle 大數 47) Reuters screen 路透社監視螢幕 48) trading room 交易室49) spot Swiss francs 即期瑞士法郎50) enter the fill 下達(執行)指令51) the order is filled (按某價格)執行指令52) on a good-faith basis 以誠信為基礎53) enter a buy 填寫買進指令54) trading sheet 交易（匯總）記錄表55) excessive foreign exchange trading 過度的外匯交易56) settlement risk 結算風險57) spot rate 即期匯率58) forward exchange market 遠期外匯市場59) forward rate 遠期匯率60) forward contract 遠期合約61) forward quotation 遠期標價62) foreign exchange rate fluctuation 外匯匯率波動63) a 90-day forward rate 90天期遠期匯率64) firm commitment 確定的責任65) lock in a price 鎖定價格66) at a discount 貼水 表示遠期匯率低於即期匯率67) at a premium 升水 表示遠期匯率高於即期匯率68) differences in interest rates 利率的差異69) macroeconomic activity 宏觀經濟活動70) growth in gross domestic product 國內生產總值的增長71) inflation rate 通貨膨脹率72) hedger 套期保值者73) speculator 投機者74) arbitrageur 套利者75) purchase order 訂購單76) forward point 遠期報點數77) swap transaction 掉（調）期交易 78) forward option 遠期擇期 79) forward cover 遠期合約中關於風險的安排，遠期拋補80) forward/forward swap 遠期/遠期掉期81) spot/forward swap 即期/遠期掉期82) arbitrary period 任意期83) Turning these quotes into full forward data, 將報價轉換成遠期匯率，84) bid/offer spread 買賣差價85) net sterling proceeds淨英鎊收益86) leg （過程的）一段87) interest rate differential 利率差別88) a simultaneous pair of foreign exchange contracts同時簽訂的兩個外匯交易合約89) roll forward 遠期滾動，遠期掉期 90) futures contract期貨合約91) commodity futures 商品期貨 92) currency futures 貨幣期貨93) interest rate futures 利率期貨 94) stock index futures 股票指數期貨 95) freight index futures 運價指數期貨 96) gilt (=gilt-edged securities)金邊證券97) exchange (期貨)交易所98) clearing house清算所99) deposit保證金100) initial margin 初始保證金 （也稱initial deposit, opening margin, original margin或security deposit）101) spot futures price 期貨現價102) settlement price 收市價，收盤價103) variation margin 價格變動保證金 104) equal to the gap等於其差額105) marking-to-market逐日盯價106) minimize any risk of default使違約的風險降到最低程度107) terminate his contract終止合約108) currency futures market 外匯期貨市場109) settlement date 結算日，交割日 (=delivery date)110) trading floor 交易廳111) Chicago Mercantile Exchange 芝加哥商品交易所112) execute order 委託定單, 下指令113) brokerage firm 經紀公司114) floor broker 場內經紀人115) trading pit 交易池116) December settlement date 12月份交割日117) automated order entry and matching system 自動指令入帳交易系統118) GLOBEX 全球交易網路119) over-the-counter currency futures market 貨幣期貨場外交易市場120) floor trading 場內交易121) assess contract specifications評估合約的詳細說明122) standardized number of units 標準化數量單位123) phase out 逐步淘汰, 逐步停止交易124) euro 歐元125) euro futures 歐元期貨126) security deposit 保證金, 抵押金 （又稱margin）127) clearing operation清算業務128) FX (=foreign exchange) 外匯129) FX futures contract外匯期貨合約130) FX forward contract外匯遠期合約131) organized exchange trading管理嚴謹的交易所交易132) variable變數133) go long買進，買空134) portfolio有價證券組合135) long position多頭交易部位136) go short賣出，賣空137) short position空頭交易部位138) government regulated exchange政府管理的交易所139) exchange member交易所會員140) exchange floor交易廳141) open outcry公開喊價142) zero-sum game零和規則143) bring about equilibrium使平衡144) two-sided futures bet有兩方的期貨賭博145) open interest空盤量，持盤量，未平倉合約量146) binding agreement有約束力的協議147) in effect(=in force)有效148) specified date規定的日期149) underlying asset相關的資產150) reverse whatever you did to get into it與當初相反的交易151) be long買空，買進，多頭，買空者152) kill the bet終止賭博，終止交易153) be short賣出，賣空，空頭，賣空者154) opening price開盤價格，開市價格155) long side多方，買空的一方156) short side 空方，賣空的一方157) brokerage firm期貨經紀公司158) security bond保證金159) post margin with a clearing house把保證金登入清算所的帳戶160) account balance 帳戶餘額161) surplus cash盈餘的現金162) option 期權，選擇權 163) currency options market貨幣期權市場164) foreign currency options 外匯期權165) Australian dollar 澳元166) options exchange 期權交易所167) the Securities and Exchange Commission (SEC) （美國）證券交易委員會168) over-the-counter market場外交易市場169) strike price(=striking price)敲定價格170) credit guarantee信用擔保171) collateral擔保品172) call option (簡稱call, 複數calls, call options) 看漲期權，買方期權，買進期權，買權 173) designated price 規定的價格174) exercise price 履約價格175) premium期權費, 期權權利金，權價176) in the money 實值期權，贏利期權，優價期權177) at the money 平值期權，兩平期權，等價期權178) out of the money 虛值期權，失利期權，劣價期權 179) put option (簡稱put; 複數puts, put options) 看跌期權，賣方期權，賣出期權，賣權 它180) in-the-money put option 贏利看跌期權，實值賣出期權181) futures style options期貨種類的期權182) IMM (=International Money Market) 國際貨幣市場183) leading institutional investor主要機構投資人184) multinational corporation (MNC)跨國公司185) corporate treasurer公司財務主管186) derivative (金融)衍生物187) underlying commodity相關的商品188) underlying instrument相關的交易工具189) buyer of the option期權的買方190) American-style option美式期權191) European-style option歐式期權192) by paying a premium通過支付權利金193) option seller（=option writer）期權賣方194) coffee trading house咖啡交易所195) regional stock exchange地方股票交易所196) Wall Street Journal華爾街日報197) trading volume交易量198) September German mark American-style call 9月期德國馬克美式看漲期權199) Japanese 101 call日本101號看漲期權200) options on currency futures contract貨幣期貨合約期權201) currency options on spot貨幣即期期權202) futures-style options contract on currency spot貨幣現貨期貨期權合約203) LIFFE (=London International Financial Futures Exchange)倫敦國際金融期貨交易所204) Futures-style options contracts on futures期貨合約期貨期權合約205) expiration month到期月206) listed currency options上市貨幣期權207) intrinsic value內涵價值208) time value (=extrinsic value) 時間價值，外涵價值209) option exercise price期權履約價210) listed options上市期權211) currency unit貨幣單位 Teaching Approach & Method1. The chapter will be divided into 4 parts and explanation will be given in the form of PPT, not only in words but also in pictures, flow chart. 2. The study of the chapter will be combined with the lectures by the instructor and the discussion and presentation by the students. It will be necessary for them to get the listed books on the subject and learn more from their own study besides their teachers instruction. 3. Teaching Procedure: Period OneForeign Exchange BusinessForeign Exchange Quotations 外匯標價l What is a direct quotation? The quotation which is given in terms of the amount of local currency required to buy one unit of a foreign currency is called a direct quotation. 按照購買一個單位的外幣所需的本國貨幣的數量標出的價格叫作直接標價。 The direct quotation is the price of a certain unit of a foreign currency quoted in terms of the amount of domestic currency. 按照購買一個單位的本國貨幣所需的外國貨幣的數量標出的價格稱為間接標價。l What is an indirect quotation? An indirect quotation is the price of one unit of the domestic currency quoted in terms of the amount of the foreign currency.l Spot rate: The rate prevailing at the moment currencies are exchanged is called the spot rate .l Forward rate: The rate which is fixed some time before currencies are exchanged is called the forward rate.An example: (PPT) The exchange rate applied is the current exchange rate. 所使用的匯率是現時匯價（現價）。 This is known as the spot rate.這種匯率被稱為即期匯率。Another example: (PPT)The trader can arrange the exchange rate in advance. 客戶可以事先確定匯率。The bank will supply the foreign currency at the rate fixed in advance at the maturity.到期銀行將按事先確定的匯率提供外幣。 This rate is known as forward rate of exchange.l What is meaning of the word discount (貼水)? If the forward rate quoted makes the currency cheaper than it would be at current spot rates, the currency is said to be at a discount. 如果標出的遠期匯率使貨幣的價格低於現時的即期匯率，就說這種外幣是貼水。l What is meant by premium(升水)? If the forward rate makes the currency dearer than the current spot rate, it is said to be at a premium. 如果遠期匯率使貨幣的價格比現時的即期匯率高，就說這種外幣是升水。l Calculation:Try to work out how much the bank will debit to the sterling current account of the customer to enable him to settle the debt if a UK importer needs to pay FF500,000 today to his supplier. Spot rates are quoted as: Spot 9.2950 9.3055 buying rate selling rateThe bank is going to buy sterling from and sell French francs to the customer. So, GBP? = 500,000 9.2950 = 53,792.36What is the rate at which a UK bank would buy US dollars under a three month fixed forward contract?if the spot rate of US dollars is 1.59 - 1.60 (dollars)and the three month premium is 0.50 - 0.45 (cents)The bank is going to buy dollar from and sell sterling to the customer. So the rate at which the bank would buy the dollar under a three-month fixed forward contract is: 1.6000 0.0045 = 1.5955l Forward Exchange Options (=Option Forward Exchange)擇期外匯買賣 Compared with forward exchange transaction: The exchange rate is fixed in advance. At the maturity the contract must close out by a reversing transaction if the customer can not complete the contract. The customer of the option forward can choose any date to complete the contract during a specified period. l An Example of a Spot Transaction： Assume that on Wednesday, January 10, the XYZ Company, a U.S. manufacturer, must make a payment for tools ordered from Germany. The invoice shows that the payment due is 50,000 German marks (DM).Three steps are involved: First, XYZ Company calls the foreign exchange department of its bank and requests the foreign exchange rate for purchasing DM 50,000. Second, the bank tells XYZ Company that the current spot rate for DM is 1.4910. Therefore, the bank will sell DM 50,000 to XYZ in exchange for U.S.$33,534.54 (DM 50,000/1.4910). The transaction is valued for two business days later on Friday, January 12. That is, a spot transaction exchange rate is good for two business days. Third, on Friday, January 12, the bank will deliver DM 50,000 to XYZ Companys supplier in Germany and XYZ Company will deliver U.S.$33,534.54 to the bank. l How to determine the percentage discount or premium for forward exchange, the following equation can be used: For a Direct Quote (直接標價）(forward pricespot price)spot price (360N)100For an Indirect Quote (間接標價)(spot priceforward price)forward price (360N)100Where N is the number of days to future delivery in the contract.l A Case of A Forward Contract Assume that on Wednesday, January 10, XYZ Company, a U.S. manufacturer, signs a purchase order to buy a machine from a supplier in Italy.The invoice is for L250,000,000 (Italian lira). The payment is due on June 10. XYZ Company first calls the foreign exchange department at its bank and requests the rate to purchase L250,000,000 for value on June 10. The bank tells XYZ Company that the current rate to purchase lira is 1610 per U.S. dollar and the forward points for June 10 are L25 premium. Therefore, the forward rate for June is L1635USD. The bank agrees to sell L250,000,000 to XYZ Company for value 10 at a rate of L1635 in exchange for USD152,905.20 (L250,000,000/L1635 = USD152,905.20). On June 10, the bank delivers L250,000,000 to XYZ Companys supplier and XYZ delivers USD152,905.20 to the bank. This transaction is completed at the rate agreed to on January 10 regardless of any movements that have occurred in the meantime between the Italian lira and the U.S. dollar. Period TwoA swap is a trade that combines both a spot and a forward transaction into one deal. Some swaps combine two forward transactions, which are called forward/forward swaps.l Types of swaps: Overnight swap (O/N) 隔夜掉期(資金從交割日開始起息,第二天(工作日)到期歸還資金。在同業拆放中，第二天不記息。） tomorrow-next swap(T/N)明日掉期，明天後一天（賣出起息日為交易日的後一個工作日，買回起息日是交易日的第二個工作日） spot next swap(S/N)次次日掉期（即期買入並開始起息，但在即期後一天同時被賣出。在同業拆放中，S/N指拆出資金於第二個工作日起息，第三個工作日資金收回。） week-end swap 7天掉期，週末掉期 1,2,3,etc. months swap 一個月（2個月，3個月, )掉期 for broken period: e.g. 45, 65, 95 days 不規則交割日掉期An example:We should have: (on June 5)e.g. spot rate: GBP/USD=USD2.003-month forward rate: GBP/USD=USD2.10 There is a USD0.10 premium on the pound. USD0.10 premium can convert into a swap rate of 1000 points. Points here refers to the basis points.The forward premium or discount of a currency or swap rate is computed as follows:12_Number of months forward(Forward rate - Spot rate) Spot ratee.g. (2.102.00)2.00(123) = 0.102.004 = 0.2(年升水率或掉期率） A currency swap is a technique for hedging long-term transaction exposure to exchange rate fluctuations. It can take many forms. For example: One U.S. firm is hired to build an oil pipeline within the U.K. One U.K. firm is hired by a U.S. bank for a long-term consulting project.l Interest rate swap 利率互換Interest rate swaps involve two counterparties who swap streams of interest payments. In this swap, A will pay each year to B a floating amount equal to the amount that it has borrowed times LIBOR; this will add to As costs but reduce Bs costs. In turn, B will pay each year to A a fixed amount equal to 51/2% of the identical amount that it has borrowed; this will reduce As costs but raise Bs costs.The effects of liability interest rates swap on borrowing rates: Available rates Actual RatesA 7% and (LIBOR+2%) 7%B 9% and (LIBOR+3%) (LIBOR+3%) Effects of swap Effective ratesA LIBOR51/2% (LIBOR+ 11/2% )B LIBOR 51/2% 81/2% Period Three Futures 期貨: 期貨合約(Futures contract) 期貨合約是期貨交易雙方通過交易所而簽定的法律憑證，是雙方分別向對方承諾在將來某一特定時間買進或賣出某一商品、貨幣或有價證券等的書面協議。它是一種可以轉讓的標準化合約，其中規定了商品的標準數量、標準品質、規格、交割期限、交割地點及保證金的數額，唯一的變數是在交易廳內產生的價格。期貨合約必須絕對可靠並獲得履行。如果客戶不能履約，經紀商要代客戶履約。同時，到期不交割的客戶將受到制裁，即按交割日的市價清盤，並須承擔全部交易虧損及管理費用，有時還需支付罰款。實際上，絕大多數期貨合約到期前就通過對沖交易，即先買後賣或先賣後買，而了結了履約義務，因此不需要進行實物轉移的商品交割。期貨合約的交割一般是指合約本身的買賣，是紙上的交易，所以期貨合約又稱為紙合約(paper contract)。 What is the purpose of the margin?The margin is a security designed to cover any initial loss due to adverse price movements. 保證金是一種抵押金，用來支付由於不利的價格走向而產生的損失。The initial margin is approximately 2.5% of the value of the contract. What is the maintenance margin? The maintenance margin is the minimum amount of the margin. If the amount is below that limit, a margin call will be sent to the trader, requiring an addition of money to the margin account. What about the size of the futures contract? The size of the futures contract for each currency is standardized and determined by the Futures Exchange. What is the main difference between futures and forward transactions?The adjustment of the margin account balance is completed daily and the trader will know his gain or loss on a daily basis, while the gain or loss in a forward exchange contract is not settled until maturity. Interest Rate Futures: 利率期貨是以附有利率的有價證券作為相關商品的期貨。利率期貨交易就是買賣利率期貨合同的交易。 Stock Index Futures 股票指數期貨 指以股票市場上股票價格指數為 “商品”的期貨。股票指數期貨交易，就是買賣這種商品期貨合同的交易。（Explanation in details will be presented in the form of PPT.）Period FourOptions 期權:期權的交易實際上是一種權利的買賣，而不是實物交易。期權交易的程式是雙方簽訂一個期權買賣契約，規定期權的購買者支付一定數額的權利金後，獲得一種選擇權。這種權利就是在一定時期內以一定的價格買進或賣出一定數量的相關商品或相關期貨合約的權利。對於期權購買者（又稱持有者），買賣相關商品或相關期貨合約僅僅是一種權利，而不是義務，可以放棄這種權利，也可以轉賣或履行這種權利，他有靈活的選擇權。對於期權的出售者，如果期權購買者要求履約，他就必須承擔買賣相關商品或相關期貨合約的義務。現在，期貨交易已經比較規範化、比較成熟，從傳統的實物商品的期權交易發展到貨幣、證券、利率、指數等各個領域，範圍相當廣泛，交易方式多種多樣，有效期從一個小時（或更短）到一年（或更長）。世界上進行期權交易的交易所數量大大超過進行期貨交易的交易所，期權和期貨相結合產生複雜多變的交易戰略，為生產者、消費者和各種交易者控制風險提供了一種重要的保險方法，這正是期權交易蓬勃發展的重要原因。Technical terms on option