1.

To undoisland inloiosl ialos and lhoii aIloinalivos
in financiaI naikols.
2. To caIcuIalo inloiosl ialos foi diffoionl doll
insliunonls.
3. To caIcuIalo piicos of slocks.
4. IiincipaIs of IinanciaI doiivalivos: foivaid,
fuluios conliacls and oplions
1-1. Whal aio inloiosl ialos`
DcfInItInn:
4 piico¨ of suipIus funds in lond naikols, ioluin foi
Iondois, and cosl foi loiiovois.
4 YioId lo naluiilv: noasuios of lho piofilaliIilv of
invoslnonls poi unil of lino.
1-1. Whal aio inloiosl ialos`
,25c:
Min loughl a lvo voai lioasuio liII vilh $1OO faco vaIuo and
1O° coupon ialo al discounlod piico $9O.OO.
Coupon ialo(c)=1O°
Coupon (C) =$1OO×1O°=$1O
Inloiosl ialo(i)=$1O/$9O~11° (* vilhin 1voai)
Roluin ialo (i)1O=($1O+$1O+($1OO-$9O))/$9O~33°
Nntcs:
4 Inloiosl ialo = coupon ialo = ioluin ialo
4 Inloiosl ialos and piicos of londs aio nogalivoIv coiioIalod
4 RoaI i (i
i
)=NoninaI (i
n
) -oxpoclod infIalion ialo (ĉ
o
)
1-2. Doloininalion of inloiosl ialos
A) Assol naikol appioach (diiocl):
inloiosl ialos doloininod lv S and D of ßond naikols
* inloiosl ialos and
lond piicos aio
nogalivoIv
coiioIalod.
1-2. Doloininalion of inloiosl ialos
A) Assol naikol appioach (diiocl):
Shifl of SuppIv of ßonds:
* Lxpoclod piofilaliIilv of
invoslnonl oppoilunilios |, S|
* Lxpoclod infIalion |, S|
* Covoinnonl ludgol |, S|
1-2. Doloininalion of inloiosl ialos
A) Assol naikol appioach (diiocl):
Shifl of Donand of londs:
*WoaIlh |, D|
*Lxpoclod ioluin |, D|
*Risk|, D|
*Liquidilv |, D|
1-2. Doloininalion of inloiosl ialos
A) Assol naikol appioach (diiocl):
AppIicalion 1:
Rosponso lo a
lusinoss cvcIo
oxpansion:
D | (incono|)
S | (oppoilunilv |)
O | , I and i dopond
1-2. Doloininalion of inloiosl ialos
A) Assol naikol appioach (diiocl):
AppIicalion 2:
Rosponso
lo a infIalion
D | (oxpoclod ioluin|)
S | (infIalion|, cosl |)
O doponds, I |, I |
1-2. Doloininalion of inloiosl ialos
ß) Monov Maikol appioach: (indiiocl) :
inloiosl ialos doloininod lv S and D of nonov naikol
!7IncI5,: Liquidilv piofoionco fianovoik:
* Assols (voaIlh) aio usod lo consunplion (nood Iiquid nonov
M
d
) oi saving (lo invosl in financiaI naikols: Iol´s sinpIv
supposo aII savings go lo lond naikols, donand of londs ß
d
).
* TolaI donands nusl nool lolaI suppIv: ß
d
+M
d

s
+M
s
* Sopaialo nonov naikol and lond naikol shouId lo cIoaiing:
vhon nonov naikol cIoais , M
d
= M
s
, lho lond naikol cIoais
as voII, ß
d

s
, so vo can sludv lho nonov naikol lo gol
infoinalion of lond naikol indiioclIv.
1-2. Doloininalion of inloiosl ialos
ß) Monov Maikol appioach: (indiiocl) :
inloiosl ialos
doloininod lv
S and D of
nonov naikol
M
s
: Iod
M
d
: consunplion
nood, nogalivoIv
coiioIalod vilh i
1-2. Doloininalion of inloiosl ialos
ß) Monov Maikol appioach: (indiiocl) :
Shifl of M
s
|
* issuo nov cuiioncv
* Docioaso iosoivo ialio
/discounl ialo
* ßuv govoinnonl lond
lhiough opon naikoi
opoialion
1-2. Doloininalion of inloiosl ialos
ß) Monov Maikol appioach: (indiiocl) :
Shifl of M
d
|
* Incono |, M
d
|
* Iiico-IovoI |, M
d
|
* infIalion |, M
d
|
1-2. Doloininalion of inloiosl ialos
ß) Monov Maikol appioach: (indiiocl) :
AppIicalion:
Kovnos: Iod can
incioaso lho
suppIv of nonov
lo docioaso
lho inloiosl ialos.
1-2. Doloininalion of inloiosl ialos
ß) Monov Maikol appioach: (indiiocl) :
Ciiliquo fion Iiiodnan:
afloi inloiosl ialos docioaso, poopIo´s incono incioaso and piico
IovoI incioaso, vhich viII liiggoi :
a) incono offocl,
l) piico IovoI offocl
c) oxpoclod infIalion offocl
lho donand of nonov viII incioaso. LvonluaIIv lho inloiosl ialo viII
incioaso in sono dogioo.
1-2. Doloininalion of inloiosl ialos
ß) Monov
Maikol
appioach:
(indiiocl) :
Conpioniso:
Kovnos
~shoil-iun
Iiiodnan
~Iong-iun
1-3. Tho lohavioi of inloiosl ialos
1-3. Tho lohavioi of inloiosl ialos
A) Cnnvc7cncc
4 Inloiosl ialos of diffoionl londs aio cIoso lo oach olhoi
4 Inloiosl ialos novo al lho siniIai diioclion.
#c,snn: Iioo of aililiago:
As foi highoi ialo londs lho donand incioasos and lho
suppIv docioasos: as foi Iovoi ialo londs, lho donand
docioasos and lho suppIv incioasos, unliI inloiosl ialos
convoigo lo a coilain dogioo.
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-1) Highoi iisk londs havo highoi inloiosl ialos
Dcf,:t 7Isk:
occuis vhon lho issuoi
of lho lond is unalIo oi
unviIIing lo nako
inloiosl pavnonls oi pav
off lho faco vaIuo
#c,snn:
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-1) Highoi iisk londs havo highoi inloiosl ialos
A55Ic,tInn: Risk Sliucluio of Inloiosl Ralos
U.S. T-londs aio considoiod dofauIl fioo, govoinnonl londs usuaIIv Ioss
iiskv lhal coipoialo londs
Risk pioniun~lho spioad lolvoon lho inloiosl ialos on londs vilh
dofauIl iisk and lho inloiosl ialos on T-londs
Liquidilv~lho oaso vilh vhich an assol can lo convoilod inlo cash.
UsuaIIv highoi iiskv londs aio Ioss Iiquid lhal Iovoi iiskv londs.
Ono oxcoplion: Incono lax considoialions: nunicipaI londs aio oxonpl foi
lho fod incono lax, so, lhoii inloiosl ialos aio Iovoi lhan fod londs.
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
F,cts ,-n:t Intc7cst 7,tcs ,nd 2,t:7Itv:
i. Inloiosl ialos novo logolhoi
ii. Whon shoil loin inloiosl ialos aio Iovoi, vioId cuivo is upvaid sIopo,
vhon shoil loin inloiosl ialos aio highoi, vioId cuivo is dovnvaid sIopo.
iii. YioId cuivos aInosl aIvavs sIopo upvaid
* YioId cuivo: a pIol of lho vioIds on londs vilh diffoionl
naluiilv lul sano iisk, Iiquidilv, and lax considoialion.
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
5,n,tInn 1: Lxpoclalions lhooiv (oxpIain facls i, ii)
4 ßuvois of londs do nol piofoi londs of ono naluiilv ovoi anolhoi: lhov
viII nol hoId anv quanlilv of a lond if ils oxpoclod ioluin is Ioss lhan lhal
of anolhoi lond vilh a diffoionl naluiilv
4 ßonds aio poifocl sulslilulos givon sano ioluins
4 Tho inloiosl ialo on a Iong-loin lond viII oquaI an avoiago of lho shoil-
loin inloiosl ialos lhal poopIo oxpocl lo occui ovoi lho Iifo of lho Iong-
loin lond
e e e
t t 1 t 2 t (n 1)
nt
i i i ... i
i
n
+ + +
+ + + +
=
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
5,n,tInn 2: Sognonlod naikols lhooiv (oxpIain facl iii)
4 ßonds of diffoionl naluiilios aio nol sulslilulos al aII. Invoslois havo
piofoioncos foi londs of ono naluiilv ovoi anolhoi.
4 Tho inloiosl ialo foi oach lond vilh a diffoionl naluiilv is doloininod lv
lho donand foi and suppIv of lhal lond.
4 If invoslois havo shoil dosiiod hoIding poiiods and gonoiaIIv piofoi londs
vilh shoiloi naluiilios lhal havo Ioss inloiosl-ialo iisk, lhon lhis oxpIains
vhv vioId cuivos usuaIIv sIopo upvaid
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
5,n,tInn 2: Sognonlod naikols lhooiv (oxpIain facl iii)
4 ßonds of diffoionl naluiilios aio nol sulslilulos al aII. Invoslois havo
piofoioncos foi londs of ono naluiilv ovoi anolhoi.
4 Tho inloiosl ialo foi oach lond vilh a diffoionl naluiilv is doloininod lv
lho donand foi and suppIv of lhal lond.
4 If invoslois havo shoil dosiiod hoIding poiiods and gonoiaIIv piofoi londs
vilh shoiloi naluiilios lhal havo Ioss inloiosl-ialo iisk, lhon lhis oxpIains
vhv vioId cuivos usuaIIv sIopo upvaid
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
5,n,tInn 3: Liquidilv pioniun lhooiv (oxpIain aII facls)
4 ßonds of diffoionl naluiilios aio sulslilulos lul nol poifocl sulslilulos
4 Tho inloiosl ialo on a Iong-loin lond viII oquaI an avoiago of shoil-
loin inloiosl ialos oxpoclod lo occui ovoi lho Iifo of lho Iong-loin
lond pIus a Iiquidilv pioniun lhal iosponds lo suppIv and donand
condilions foi lhal lond
e e e
t t 1 t 2 t (n 1)
nt nt
i i i ... i
i l
n
+ + +
+ + + +
= +
1-3. Tho lohavioi of inloiosl ialos
) DIvc7cncc
ß-2) UsuaIIv, Iongoi loin londs havo highoi inloiosl ialos
5,n,tInn 3:
Liquidilv
pioniun
lhooiv
koops in nind: Wo aio caIcuIaling lho noninaI inloiosl ialos
%nns:
If in a financiaI naikol, Iond $1OO, can gol lack 11O al ond of lhis voai.
1)
2) Iuluio vaIuo: noasuios a coilain fuluio noninaI vaIuo of a piosonl pavnonl
assuning a coilain inloiosl ialo. IV
l
=CI*(1+i)
l
L.g. Al lho ond of poiiod 1: IV (CI
1
) =-1OO * (1+1O°) =-11O
3) Iiosonl vaIuo: lho vaIuo on a givon dalo of a fuluio pavnonl oi soiios of
fuluio pavnonls, discounlod lv lho inloiosl ialo. IV=CI
l
/(1+i)
l
L.g. Al lho poiiod O: IV (CI
2
) =11O / (1+1O°) =1OO
4) ßaIanco: givon a inloiosl ialo, lolaI cosl (sun of nogalivo cash fIovs) = lolaI
lonofil (sun of piosonl vaIuo of posilivo cash fIovs) al anv poinl of lino.
2-1 A sinpIo Ioan (o.g. connoiciaI Ioans)
ConoiaI: CI
O
=IV (CIn) = CI
1
/ (1+i)
n
o.g. CI
O
=IV=anounl loiiovod=1OO
CI
1
=IV=anounl ioluinod afloi 1 voai=11O
n=n=1
so, 1OO=11O/ (1+i)
n
i=i=annuaI inloiosl ialo = (11O/1OO)-1=1O°
* IinanciaI caIcuIaloi
2-2 A fixod pavnonl Ioan (noilgago, cai Ioans)
ConoiaI:
o.g LV =IV= Loan vaIuo anounl = $1OO,OOO
i =i= annuaI inloiosl ialo = O.O7
n =n= nunloi of voais = 2O
II=IMT = fixod voaiIv pavnonl = $9,439.29
* IinanciaI caIcuIaloi
2 3 n
FP FP FP FP
LV ...
1 i (1 i) (1 i) (1 i)
= + + + +
+ + + +
2-3 A coupon lond (o.g. lioasuiv londs)
ConoiaI:
o.g. I=IV= piico of coupon lond = $889.2O
I =IV= faco vaIuo of lho lond = $1OOO
C = IMT= voaiIv coupon pavnonl = $1OO
n=n= voais lo naluiilv=8
i =i= annuaI inloiosl ialo = 12.25°
* IinanciaI caIcuIaloi
2 3 n n
C C C C F
P ...
1 i (1 i) (1 i) (1 i) (1 i)
= + + + + + +
+ + + + +
2-3 A coupon lond (o.g. lioasuiv londs)
spociaI oxanpIo of coupon londs : Ioipoluilv
i
c
= C/I
c
o.g. I
c
= voaiIv inloiosl ialo = 5°
I
c
= piico of poipoluilv = $2OOO
C = voaiIv pavnonl =$1OO
* IinanciaI caIcuIaloi
2-4 Discounl ßond
SiniIai as a sinpIo Ioan
if n=1 i=(I-I)/I
o.g. I = faco vaIuo of lho discounl lond = $1OOO
I = cuiionl piico of lho discounl lond = $9OO
i = voaiIv inloiosl ialo = 11.1°
2-4 Discounl ßond
If n<1 voai
YioId on a discounl lasis
UsuaIIv i
dl
undoioslinalo lho vioId lo naluiilv i
db
F P 360
i
P days to maturity

= -
#ct:7n 7,tcs
RLT=ioluin fion hoIding lho lond fion lino l lo
lino l+1
Il =piico of lho lond al lino l
Il+1=piico of lho lond al lino l+1
C=coupon pavnonl
= cuiionl vioId= ic
=ialo of capilaI gain =g
t 1 t
t t
P P C
RET
P P
+

= -
t
C
P
t 1 t
t
P P
P
+

3-1) 3 nodoIs lo CaIcuIalo slock piicos
3-1-1) Ono Ioiiod VaIualion nodoI

= +
+ +
=
=
=
=
e e
e
Div P
P
( k ) ( k )
P the current price of the stock
Div the dividend paid at the end of year
k the required return on investment in equity
P the sale price of the stock at the end of the first period
3-1 3 nodoIs lo CaIcuIalo slock piicos
3-1-2 ConoiaIizod Dividond VaIualion ModoI
II Pn is Iar in the Iuture, it will not aIIect P
%he price oI the stock is determined only by the present value
oI the Iuture dividend stream.

= + + + +
+ + + +
n n
n n
e e e e
D P D D
P ...
( k ) ( k ) ( k ) ( k )

C
=
=
+
¯
t
t
t
e
D
P
( k )
3-1) 3 nodoIs lo CaIcuIalo slock piicos
3-1-3 Coidon Ciovlh ModoI
DO=lho nosl ioconl dividond paid
g= lho oxpoclod conslanl giovlh ialo in dividonds
ko= lho ioquiiod ioluin on an invoslnonl in oquilv
dividonds aio assunod lo conlinuo gioving al a
conslanl ialo foiovoi, lho giovlh ialo is assunod
lo lo Ioss lhan lho ioquiiod ioluin on oquilv.

+
= =

e e
D ( g) D
P
(k g) (k g)
3-1) 3 nodoIs lo caIcuIalo slock piicos
Conpaiison lolvoon lhioo nodoIs
Civon conslanl 0 (lho ioquiio ioluin on an invoslnonl in oquilv)
and (lho oxpoclod conslanl giovlh ialo in dividonds), lhioo
nodoIs aio idonlicaI.
a gonoiaIizod dividond vaIualion nodoI Ioosos iosliiclion on
dividond giovlh ialos vaiv
Tho ono poiiod vaIualion nodoI Ioosos iosliiclions on 0 and ,
lolh of lho ioquiiod ioluin and dividond giovlh vaiv.
So, lho Coidon giovlh nodoI is nosl oasiIv caIcuIalod ono, and
lho ono poiiod vaIualion nodoI is lho nosl fIoxilIo ono.
3-2) Thooiv of RalionaI Lxpoclalion
ConoiaI idoa:
4 Tho naikol piico is sol lv lho luvoi viIIing lo pav lho
highosl piico
4 Tho highosl piico is usuaIIv sol lv lho luvoi vho can
lako losl advanlago of lho assol
4 Supoiioi infoinalion aloul an assol can incioaso ils
vaIuo(I) lv ioducing ils iisk, Iovoi k
o.
3-2) Thooiv of RalionaI Lxpoclalion
Thooiv of RalionaI Lxpoclalions:
Lxpoclalions viII lo idonlicaI lo oplinaI foiocasls using aII avaiIalIo
infoinalion
If lhoio is a chango in lho vav a vaiialIo novos, lho vav in vhich
oxpoclalions of lho vaiialIo aio foinod viII chango as voII
Ioiocasl oiiois of oxpoclalions viII avoiagoIv lo zoio and can´l lo
piodiclod ahoad of lino
Lvon lhough a ialionaI oxpoclalion oquaIs lho oplinaI foiocasl using
aII avaiIalIo infoinalion, a piodiclion lasod on il nav nol aIvavs
lo poifoclIv accuialo
Il lakos loo nuch offoil lo nako lho oxpoclalion lho losl guoss possilIo
piodicloi is unavaio of sono ioIovanl infoinalion
=
=
e of
e
of
X X
X expectation of the variable that is being forecast
X = optimal forecast using all available information
3-2) Thooiv of RalionaI Lxpoclalion
AppIicalion: Lfficionl Maikols
In an officionl naikol, a socuiilv´s piico fuIIv iofIocls aII avaiIalIo
infoinalion (lhus, lho oplinaI foiocasl of a socuiilv´s ioluin oquaIs
lho ioaI oquiIiliiun ioluin): aII unoxpIoilod piofil oppoilunilios
viII lo oIininalod
Al lho loginning of lho hoIding poiiod, vo knov I
l
and C, I
l+1
is
unknovn and vo nusl foin an oxpoclalion of il, lho oxpoclod
ioluin lhon is
Lxpoclalions of fuluio piicos aio oquaI lo oplinaI foiocasls using aII
cuiionlIv avaiIalIo infoinalion so
S & D anaIvsis slalos viII oquaI lho oquiIiliiun ioluin so
Olhoi viso
oi
unliI
+
+ +
=
e
e
t t
t
P P C
R
P

e of e of
t t
P P R R
+ +
= ÷ =
of *
R R =
of * of
t
R R P R > ÷ T÷ +
of * of
t
R R P R · ÷ +÷ T
of *
R R =
#Isks In fIn,ncI, 2,7kcts
M,7kct 7Isks: lho vaIuo of assol docioasos duo lo lho chango in
vaIuo of lho naikol iisk faclois, such as slock piicos, inloiosl
ialos, foioign oxchango ialos, and connodilv piicos.
C7cdIt 7Isks: lho Ioss duo lo a dolloi's non-pavnonl of a Ioan oi
olhoi Iino of ciodil, dofauIls incIudo a doIav in iopavnonls,
iosliucluiing of loiiovoi iopavnonls, and lankiuplcv.
O5c7,tInn, 7Isks: a iisk aiising fion oxoculion of a conpanv's
lusinoss funclions. o.g. fiaud iisks, IogaI iisks, phvsicaI oi
onviionnonlaI iisks.
ª F:ndIn 7Isks: piolaliIilv of Ioss fion highoi funding cosls,
oi fion a Iack of funds lo financo a piojocl.
4-1) IiincipIos of doiivalivos
HcdIn : Lngago in a financiaI liansaclion (doiivalivos) lhal
ioducos oi oIininalos iisks (naikol and ciodil iisks)
4 Long posilion (luv) and Shoil posilion (soII)
4 Hodging iisk invoIvos ongaging in a financiaI liansaclion
lhal offsols a Iong posilion lv laking an addilionaI shoil
posilion, oi offsols a shoil posilion lv laking an addilionaI
Iong posilion.
4-2) Tvpos of doiivalivos
-- Doll doiivalivos
(lo hodgo naikol iisk)
foivaid conliacl
fuluios conliacl
oplion
svap
-- Ciodil doiivalivos
(lo hodgo ciodil iisk)
Unfundod ciodil doiivalivo
(such as Ciodil dofauIl svap, CDS foi shoil)
Iundod ciodil doiivalivo
(such as CoIIaloiaIizod Doll OlIigalion, CDO foi shoil)
4-3) Doll doiivalivos
4-3-1) Ioivaid and fuluios conliacls
LxanpIo: uso a foivaid conliacl lo hodgo naikol iisks
You loughl $1O,OOO faco vaIuo of lho 6s of 2O15 lioasuiv londs, lho piico
vioIds lho sano inloiosl ialo on lhoso londs lodav, 6°. And vou soII a
foivaid conliacl, soII lho lond al pai ono voai fion lodav
Noxl voai, if naikol inloiosl ialo iisos lo 8°
lho naikol vaIuo of lho lond= $9337
Wilhoul foivaid conliacl, Ioss=$9337-$1OOOO=-$663
Wilh foivaid conliacl, Ioss=$1OOOO-$1OOOO=O
Noxl voai, if naikol i diops lo 4°, lho naikol vaIuo of lho lond=1O725
Wilhoul lho foivaid conliacl, gain=1O725-1OOOO=725
Wilh lho foivaid conliacl, gain=1OOOO-1OOOO=O
4-3) Doll doiivalivos
4-3-1) Ioivaid and fuluios conliacls
Ioivaid conliacls
Agioononls lv lvo pailios lo ongago in a financiaI liansaclion al a fuluio
(foivaid) poinl in lino.
Dinonsions of Inloiosl-ialo foivaid conliacls:
4 Spocificalion of acluaI doll insliunonls lhal viII lo doIivoiod al a
fuluio dalo
4 Anounl of lho doll insliunonl lo lo doIivoiod
4 Iiico (inloiosl ialo) on lho doll insliunonl vhon il is doIivoiod
4 Dalo on vhich doIivoiv viII lako pIaco
Iios and Cons:
4 Iios: As fIoxilIo as lho pailios invoIvod vouId Iiko
4 Cons: DifficuIl lo find a counloipailv (a Iack of Iiquidilv)
Suljocl lo dofauIl iisk
4-3) Doll doiivalivos
4-3-1) Ioivaid and fuluios conliacls
Iuluios conliacls
SiniIai lo an inloiosl-ialo foivaid conliacl lul diffois in vavs lhal
ovoicono sono of lho Iiquidilv and dofauIl piolIons
Dinonsions:
quaIilv of lho undoiIving assols, conliacl sizo, doIivoiv Iocalion,
doIivoiv lino, piico quolalions and lick sizo, daiIv piico Iinils, posilion
Iinils
Oiganizalion of Tiading in lho IinanciaI Iuluios Maikol
4 Oiganizod oxchangos
4 RoguIalod lv lho Connodilv Iuluios Tiading Connission (CITC)
Lnsuio piicos aio nol nanipuIalod
Rogislois and audils liokois, liadois, and oxchangos
Appiovos pioposod fuluios conliacls lo onsuio lhov soivo lho pulIic
inloiosl
4 Tiading has locono inloinalionaIizod and dono 24 houis a dav
4-3) Doll doiivalivos
4-3-1) Ioivaid and fuluios conliacls
Iuluios conliacls
Diffoionco fion foivaid conliacls:
4 Ioivaid: piivalo and cuslonizod conliacls.
4 Iuluios: slandaidizod highIv oxchango-liadod olIigalion
LxpIaining lho Succoss of Iuluios Maikols
4 Moio Iiquid: quanlilios doIivoiod and doIivoiv dalos aio slandaidizod
4 Linils lho possiliIilv of coinoiing lho naikol: anv Tioasuiv lond lhal
naluios in noio lhan fifloon voais and is nol caIIalIo foi fifloon voais is
oIigilIo foi doIivoiv
4 Iioo of dofauIl: ßuvoi and soIIoi nako lho conliacl vilh a cIoaiinghouso,
naigin ioquiiononl lhal is naikod lo naikol ovoiv dav
4 Mosl fuluios conliacls do nol iosuIl in doIivoiv of lho undoiIving assol on
lho oxpiialion dalo
4-3) Doll doiivalivos
4-3-1) Ioivaid and fuluios conliacls
Doloininalion of foivaid and fuluios piicos and lho nunloi of
conliacls foi hodgod
I
O
= S
O
(1+i)
T
=S
O
o
iT
I
O:
foivaid/fuluios piico lodav
S
O:
undoiIving piico lodav
i: conlinuousIv conpound iisk-fioo annuaI ialo
T: lino lo naluiilv (in voai) of lho foivaid /fuluios conliacls.
Nunloi of Conliacl=VaIuo of Assol/VaIuo of Conliacl
Al lho oxpiialion dalo of a fuluios conliacl, lho piico of lho conliacl is
lho sano as lho piico of lho undoiIving assol lo lo doIivoiod (non
aililiago condilion)
4-3) Doll doiivalivos
4-3-2) Oplions
LxanpIo: uso a Luiopoan pul oplion lo hodgo naikol iisks
You loughl $1O,OOO faco vaIuo of lho 6s of 2O15 lioasuiv londs, lho piico
vioIds lho sano inloiosl ialo on lhoso londs lodav, 6°. And vou luv a
pul Luiopoan oplion al lho pioniun $2OO, so vou havo iighl lo soII lho
lond al pai ono voai fion lodav.
Noxl voai, if naikol i iisos lo 8°, lho naikol vaIuo of lho lond= $9337
Wilhoul oplion, Ioss=$9337-$1OOOO=-$663
Wilh pul oplion, oxoiciso il, Ioss=$1OOOO-$1OOOO-2OO=-2OO
Noxl voai, if naikol i diops lo 4°, lho naikol vaIuo of lho lond=1O725
Wilhoul oplion, gain=1O725-1OOOO=725
Wilh pul oplion, do nol oxoiciso, gain=725-2OO=525
4-3) Doll doiivalivos
4-3-2) Oplions
Conliacls lhal givo lho puichasoi lho oplion (iighl) lo luv oi soII lho
undoiIving financiaI insliunonl al a spocifiod piico (oxoiciso oi
sliiko piico) vilhin a spocific poiiod of lino (loin lo oxpiialion)
4 Tho soIIoi is olIigalod lo luv oi soII lho financiaI insliunonl if lho
luvoi of lho oplion oxoicisos lho iighl lo soII oi luv
4 Tho luvoi doos nol havo lo oxoiciso lho oplion
4 RoguIalod lv lho SLC (slocks oplions) and lho CITC (fuluios
oplions)
Dinonsions of oplions
4 Iioniun
4 Lxoiciso piico (X)
4 Maluiilv
4-3) Doll doiivalivos
4-3-2) Oplions
%v5cs nf n5tInns
Anoiican oplion can lo oxoicisod al anv lino up lo lho oxpiialion dalo
Luiopoan oplions can onIv lo oxoicisod on lho oxpiialion dalo
C,sscs nf n5tInns
CaII oplion givos lho ovnoi lho iighl lo luv a financiaI insliunonl al lho
oxoiciso piico(X) vilhin a spocific poiiod of lino
VaIuo of caII oplion (Slock oplions)
C = nax (S
T
-X, O)
S
T
: slock piico al lino T
pul oplion givos lho ovnoi lho iighl lo soII a financiaI insliunonl al lho
oxoiciso piico vilhin a spocific poiiod lo lino
VaIuo of Iul oplion (Slock oplions)
I = nax (X-S
T
, O)
4-3) Doll doiivalivos
4-3-2) Oplions
4-3) Doll doiivalivos
4-3-2) Oplions
Iiicing Oplion: Iioniun
Iioniun: lho ovnoi of an oplion is viIIing lo pav an anounl foi il. il
is nol oquaI lo vaIuo of oplion, lul ioIalod lo lho oxpoclod vaIuo of
caII/pul oplion vaIuo, lho pioniun of caII oplion is usuaIIv highoi
lhan pul oplion vilh lho sano sliiko piico.
4 Tho highoi lho sliiko piico, ovoivlhing oIso loing oquaI, lho Iovoi
lho pioniun on caII (luv) oplions and lho highoi lho pioniun on
pul (soII) oplions
4 Tho gioaloi lho loin lo oxpiialion, ovoivlhing oIso loing oquaI, lho
highoi lho pioniuns foi lolh caII and pul oplions
4 Tho gioaloi lho voIaliIilv of piicos of lho undoiIving financiaI
insliunonl, ovoivlhing oIso loing oquaI, lho highoi lho pioniuns
of lolh caII and pul oplions
4-3) Doll doiivalivos
4-3-3) Svap
LxanpIo: (a pIain vaniIIa svap)
4-3) Doll doiivalivos
4-3-3) Svap
IinanciaI conliacls lhal olIigalo oach pailv lo lho conliacl lo oxchango a sol
of pavnonls (nol assols) il ovns foi anolhoi sol of pavnonls ovnod lv
anolhoi pailv
Tvpos
Inloiosl-ialo svaps invoIvo lho oxchango of ono sol of inloiosl pavnonls foi
anolhoi sol of inloiosl pavnonls, aII dononinalod in lho sano cuiioncv
Cuiioncv svaps: invoIvo lho oxchango of a sol of pavnonls in ono cuiioncv
foi a sol of pavnonls in anolhoi cuiioncv
4-3) Doll doiivalivos
4-3-3) Svap
!7ns ,nd Cnns
Advanlagos:
assols oi IialiIilios liansfoin (conpaialivo advanlago on liansaclion cosl.
4 Assols:
Iixod ialo pavois liansfoin lhoii ialo-fixod assols lo ialo-sonsilivo assols.
VaiialIo ialo pavois liansfoin lhoii ialo-sonsilivo assols lo ialo-fixod assols.
4 LialiIilios:
Iixod ialo pavois liansfoin lhoii ialo-sonsilivo IialiIilv lo ialo-fixod IialiIilios.
VaiialIo ialo pavois liansfoin ialo-fixod IialiIilios lo ialo-sonsilivo IialiIilios.
Disadvanlago(Iiko foivaid conliacl)
A Iack of Iiquidilv (infoinalion)
Suljocl lo dofauIl iisk
4-4) Ciodil doiivalivos
Ciodil oplions
4 Righl lo iocoivo piofils liod oilhoi lo lho piico of an
undoiIving socuiilv oi lo an inloiosl ialo
4 Tios piofils lo changos in an inloiosl ialo
Ciodil svap
4 Incioasos divoisificalion and Iovois ovoiaII iisk
4 Ciodil dofauIl svap
Ciodil-Iinkod nolos
4 Conlinalion of a lond and a ciodil oplion
MßI 2
nd
ß Ldilion,
Chaploi 4 undoislanding inloiosl ialos
Chaploi 5 lho lohavioi of inloiosl ialos
Chaploi 6 lho iisk and loin sliucluio of inloiosl ialos
Chaploi 7 Tho slock naikol lhooiv .
Chaploi 14 IinanciaI doiivalivos
oi
MßI AIl Ldilion,
Chaploi 4 undoislanding inloiosl ialos
Chaploi 5 lho lohavioi of inloiosl ialos
Chaploi 6 lho iisk and loin sliucluio of inloiosl ialos
Chaploi 7 Tho slock naikol lhooiv .
Chaploi 13 IinanciaI doiivalivos

  



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