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1、Chapter TwelveDerivatives Markets (2)Option and Swap Markets Learning objectivesAfter studying this chapter you should be able to:1. Define the terms of option and option markets2. Illustrate the difference between the two basic types of options: puts and calls3. Describe other classes of options us
2、ed by investors in the option markets4. Explain briefly the reason for using options5.Tell the distinction between options, forwards and futures and factors affecting the prices of option premiumsNotesI.New Words1. to grant vt. 授予（权利等）to give2. to hedge vi. 对冲，两面下注，e.g. device 对冲手段3. volatility n. 易
3、变性，飞腾性4. interaction n. 相互作用5. underlying a. 基本的 e.g. instrument 基础或基本（金融）工具6. to term vt. 措词成，称为to name7. asymmetric a. 不对称的（也可拼写成asymmetrical，它与symmetric (al)“对称的”相对）8. to exploit vt. 利用9. predetermined a. 事先确定的，预先决定的NotesII. Useful and Idiomatic Expressions1. to grant a right to sb. 授予某人一种权利2. in
4、 relation to. 关于/涉及或有关3. to expend great effort doing sth. 花费很大努力做某事4. to sell at a specified or agreed-on price 按特定的或互相同意的价格出售5. to hedge against.防范.e.g. to unanticipated damages 防范意料之外的损失NotesIII. Key Terms1.derivative instruments 衍生工具（如期权options互换swaps还有期货futures都统称为derivatives）which are instrume
5、nts derived from conventional direct dealings in securities, currencies and commodities used to hedge against security price changes and currency fluctuations, particularly in the distributed currency markets of the period.2.striking price or exercise price or strike price履约价格=the price at which the
6、 purchaser of an option has the right to buy or sell the underlying financial instrument3.derivatives markets 衍生工具市场（它包括swaps market, options market and futures market）4.calls and puts 买入期权和卖出期权 call options (rights to buy) and put options (rights to sell) call options and put options (详细定义见课文相关部分)
7、Notes5.premium n. 选择权的现金价格，权利金e.g. thefor the call option 买入期权的现金价格6.tax advantages 赋税上的好处7.position(s) n. 头寸the extent of a persons or a banks financial commitment to a stock, commodity or currency. For example, if a dealer sells 100 shares he does not own, he has sold short or has a short position
8、（空头或缺头寸）of 100 in the shares. If he owns 100 shares, he has a long position（多头（寸）of 100 in the stock on his books.8.pattern of return 回报模式Main TextDefinitions of Option and Option MarketsAn option is a contract granting the right, and not the obligation, to purchase or sell a stated security, or a f
9、inancial asset, at a specified or agreed-upon price, called the striking price or exercise price, on or before a specified date or during a specified period. Main TextTwo Basic Types of OptionsCall option (or simply “call”)a contract sold for a price that gives the holder the right to buy from the o
10、ption seller a specified amount of securities at a specified price.Put option (or simply “put”)a contract sold for a price that gives the holder the right to sell a specified amount of securities at a predetermined price.Main TextOther Classes of Options1. American Options2. European Options3. Stock
11、 Options4. Financial Futures OptionsMain TextReasons for Using OptionsOptions may offer a pattern of return that could not be obtained with the stock. This is probably the most often-mentioned reason for the investors use of options.Options may offer tax advantages unavailable with stock and bonds.O
12、ptions may allow lower transactions costs than the stock.Options my provide a means of hedging against unanticipated changes in stock volatility.1. What are the two basic types of options?2. How do you distinguish between American options and European options?3. Why do investors use options?4. Whats the difference between options contracts and forwards and futures contracts?5. What factors affect the prices of option premiums?Questions for Chapter 12This is the end of Chapter 12Thank you for your attention
