金融市场学Ch9-金融衍生市场

1、2021-12-19Market of Financial Derivatives12021-12-19Market of Financial Derivatives2 2021-12-19Market of Financial Derivatives32021-12-19Market of Financial Derivatives42021-12-19Market of Financial Derivatives52021-12-19Market of Financial Derivatives62021-12-19Market of Financial Derivatives72021-

2、12-19Market of Financial Derivatives82021-12-19Market of Financial Derivatives92021-12-19Market of Financial Derivatives102021-12-19Market of Financial Derivatives112021-12-19Market of Financial Derivatives122021-12-19Market of Financial Derivatives132021-12-19Market of Financial Derivatives142021-1

3、2-19Market of Financial Derivatives152021-12-19Market of Financial Derivatives162021-12-19Market of Financial Derivatives172021-12-19Market of Financial Derivatives182021-12-19Market of Financial Derivatives19惯例时隔惯例时隔（2 2天）天）远期合约期限远期合约期限合同期合同期惯例时隔惯例时隔（2 2天）天）2021-12-19Market of Financial Derivatives

4、202021-12-19Market of Financial Derivatives21 2021-12-19Market of Financial Derivatives222021-12-19Market of Financial Derivatives232021-12-19Market of Financial Derivatives242021-12-19Market of Financial Derivatives252021-12-19Market of Financial Derivatives262021-12-19Market of Financial Derivativ

5、es272021-12-19Market of Financial Derivatives282021-12-19Market of Financial Derivatives292021-12-19Market of Financial Derivatives302021-12-19Market of Financial Derivatives31期货的英文期货的英文 为为FuturesFutures，由由“未来未来”一一词演化而来词演化而来2021-12-19Market of Financial Derivatives322021-12-19Market of Financial Der

6、ivatives332021-12-19Market of Financial Derivatives342021-12-19Market of Financial Derivatives352021-12-19Market of Financial Derivatives362021-12-19Market of Financial Derivatives372021-12-19Market of Financial Derivatives382021-12-19Market of Financial Derivatives392021-12-19Market of Financial De

7、rivatives402021-12-19Market of Financial Derivatives412021-12-19Market of Financial Derivatives422021-12-19Market of Financial Derivatives432021-12-19Market of Financial Derivatives442021-12-19Market of Financial Derivatives452021-12-19Market of Financial Derivatives462021-12-19Market of Financial D

8、erivatives472021-12-19Market of Financial Derivatives482021-12-19Market of Financial Derivatives492021-12-19Market of Financial Derivatives502021-12-19Market of Financial Derivatives512021-12-19Market of Financial Derivatives522021-12-19Market of Financial Derivatives532021-12-19Market of Financial

9、Derivatives542021-12-19Market of Financial Derivatives55 2021-12-19Market of Financial Derivatives562021-12-19Market of Financial Derivatives572021-12-19Market of Financial Derivatives582021-12-19Market of Financial Derivatives592021-12-19Market of Financial Derivatives602021-12-19Market of Financia

10、l Derivatives612021-12-19Market of Financial Derivatives622021-12-19Market of Financial Derivatives632021-12-19Market of Financial Derivatives642021-12-19Market of Financial Derivatives652021-12-19Market of Financial Derivatives662021-12-19Market of Financial Derivatives672021-12-19Market of Financi

11、al Derivatives682021-12-19Market of Financial Derivatives692021-12-19Market of Financial Derivatives702021-12-19Market of Financial Derivatives712021-12-19Market of Financial Derivatives722021-12-19Market of Financial Derivatives732021-12-19Market of Financial Derivatives742021-12-19Market of Financ

12、ial Derivatives752021-12-19Market of Financial Derivatives762021-12-19Market of Financial Derivatives772021-12-19Market of Financial Derivatives782021-12-19Market of Financial Derivatives792021-12-19Market of Financial Derivatives802021-12-19Market of Financial Derivatives812021-12-19Market of Finan

13、cial Derivatives822021-12-19Market of Financial Derivatives832021-12-19Market of Financial Derivatives842021-12-19Market of Financial Derivatives852021-12-19Market of Financial Derivatives862021-12-19Market of Financial Derivatives872021-12-19Market of Financial Derivatives882021-12-19Market of Fina

14、ncial Derivatives892021-12-19Market of Financial Derivatives902021-12-19Market of Financial Derivatives912021-12-19Market of Financial Derivatives922021-12-19Market of Financial Derivatives932021-12-19Market of Financial Derivatives942021-12-19Market of Financial Derivatives952021-12-19Market of Fin

15、ancial Derivatives962021-12-19Market of Financial Derivatives972021-12-19Market of Financial Derivatives982021-12-19Market of Financial Derivatives992021-12-19Market of Financial Derivatives1002021-12-19Market of Financial Derivatives1012021-12-19Market of Financial Derivatives1022021-12-19Market of

16、 Financial Derivatives1032021-12-19Market of Financial Derivatives1042021-12-19Market of Financial Derivatives1052021-12-19Market of Financial Derivatives1062021-12-19Market of Financial Derivatives1072021-12-19Market of Financial Derivatives1082021-12-19Market of Financial Derivatives1092021-12-19M

17、arket of Financial Derivatives1102021-12-19Market of Financial Derivatives1112021-12-19Market of Financial Derivatives1122021-12-19Market of Financial Derivatives1132021-12-19Market of Financial Derivatives1142021-12-19Market of Financial Derivatives1152021-12-19Market of Financial Derivatives116202

18、1-12-19Market of Financial Derivatives1172021-12-19Market of Financial Derivatives1182021-12-19Market of Financial Derivatives1192021-12-19Market of Financial Derivatives1202021-12-19Market of Financial Derivatives1212021-12-19Market of Financial Derivatives122定义定义产生产生2021-12-19Market of Financial D

19、erivatives1232021-12-19Market of Financial Derivatives1242021-12-19Market of Financial Derivatives1252021-12-19Market of Financial Derivatives1262021-12-19Market of Financial Derivatives1272021-12-19Market of Financial Derivatives1282021-12-19Market of Financial Derivatives1292021-12-19Market of Fin

20、ancial Derivatives1302021-12-19Market of Financial Derivatives13110 9 8 7 6 5 4 3 2 1 02021-12-19Market of Financial Derivatives1322021-12-19Market of Financial Derivatives1332021-12-19Market of Financial Derivatives1342021-12-19Market of Financial Derivatives1352021-12-19Market of Financial Derivat

21、ives1362021-12-19Market of Financial Derivatives1372021-12-19Market of Financial Derivatives1382021-12-19Market of Financial Derivatives1392021-12-19Market of Financial Derivatives140d2= d1 =Ln( (SE) )+( (r 22) )TTTd1=ln（SE）+（r+ 22）TTC = SN（d1） Xe -rTN（d2）看涨期权价格看涨期权价格C基础金融工具价格基础金融工具价格S期权执行价格期权执行价格X标

22、准正态分布变量的累计概率分布函数标准正态分布变量的累计概率分布函数N(x)期权到期时间期权到期时间T无风险利率无风险利率r基础金融工具波动率基础金融工具波动率s s2021-12-19Market of Financial Derivatives1412021-12-19Market of Financial Derivatives142d1=Ln= 0.38890.3889d2= 0.38890.3889 = 0.23080.2308e 0.080.252021-12-19Market of Financial Derivatives1432021-12-19Market of Financ

23、ial Derivatives1442021-12-19Market of Financial Derivatives1452021-12-19Market of Financial Derivatives1462021-12-19Market of Financial Derivatives1472021-12-19Market of Financial Derivatives1482021-12-19Market of Financial Derivatives1492021-12-19Market of Financial Derivatives1502021-12-19Market o

24、f Financial Derivatives151英镑本金英镑本金英镑还本付息英镑还本付息美元本金美元本金美元还本付息美元还本付息2021-12-19Market of Financial Derivatives152英国母英国母公司公司A A美国母美国母公司公司B BA A子公司子公司B B子公司子公司英镑贷款英镑贷款美元贷款美元贷款英镑还本付息英镑还本付息美元还本付息美元还本付息美美元元英英镑镑2021-12-19Market of Financial Derivatives1532021-12-19Market of Financial Derivatives1542021-12-19Market of Financial Derivatives1552021-12-19Market of Financial Derivatives1562021-12-19Market of Financial Derivatives1572021-12-19Market of Financial Derivatives1582021-12-19Market of Financial Derivatives1592021-12-19Market of Financial Derivatives1602021-12-19Market of Financial Derivative