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1、ChapterElevenDerivativesMarkets(1)OverviewLearningobjectivesAfter studying this chapter you should be able to:1. Know the meaning of a derivatives2. Tell the types of financial derivatives3. Define the term of derivatives markets4. Tell the main users of financial derivatives5. Explain the chief pur
2、poses of using derivativesNotesI.New Words1.customizeda.定做的，量身打造的，定制的makesth.tosuittheneedsoftheowner2.underlyinga.基本的，原生的e.g.asset原生资产security原始证券3.extraordinarilyadv. 格外的4.notionala. 概念上的，抽象的5.remaininga.剩余的，剩下的NotesII. Useful and Idiomatic Expressions1.toderivefrom.从派生出来，起源于2.beequalto.相当于相当于，等于3
3、.toreferto.指，谈及NotesIII. Key Terms1.derivativen.衍生物instruments衍生工具financialderivative金融衍生工具2.forwardsn. 远期3.optionsn.选择权4.futuresn.期货5.swapsn.互换6.balancesheet资产负债表（一种财务报表）=astatementofthetotalassetsandliabilitiesofanorganizationataparticulardate,usuallythelastdayoftheaccountingperiodMain TextMeaning
4、 of DerivativesDerivatives are also called derivative instruments or financial derivatives or financial instruments. So you can define a derivative as a financial instrument or any form of security or contract that derives its value from that of an underlying financial asset like bonds and stocks or
5、 from the value of a rate (as of interest or currency exchange) or index of asset value (as a stock index).Main TextDerivatives TypesForwardsFuturesOptions Swaps Main TextDerivative MarketsIt is a futures or options market derived from a cash market. Users of DerivativesCommercial banksMainTextPurpo
6、ses of Using Derivativesto modify the reprising or maturity characteristics of certain assets and liabilities (known as the hedging use of derivatives)to price cash products (known as pricing use of derivatives) to trade for profitto manage risks, such as foreign exchange rate risk.1. What are derivatives?2. How many types of derivatives do you know?3. Whats your definition of derivative markets?4. Who are the main users of derivatives?5. Explain the purposes of using derivatives.QuestionsforChapter11ThisistheendofChapter12Thankyouforyourattention
