13、 possible outcomes?可能的结果有哪些？Profit from a Long Forward Position (K= delivery price=forward price at time contract is entered into)远期合约多头利润KProfitPrice of Underlying at Maturity, STProfit from a Short Forward Position(K= delivery price=forward price at time contract is entered into)远期合约空头利润KProfitPri 。

14、ce of Underlying at Maturity, STFutures Contracts 期货合约Agreement to buy or sell an asset for a certain price at a certain time同意在指定时刻以指定价格买/卖某种资产Similar to forward contract与远期合约类似Whereas a forward contract is traded OTC, a futures contract is traded on an exchange不同的是 ， 远期合约为场外交易 ， 期货合约在交易所内交易Exchanges T 。

15、rading Futures期货交易所CME Group (formerly Chicago Mercantile Exchange and Chicago Board of Trade)芝加哥商品交易所集团（前芝加哥交易所与芝加哥商品交易所）NYSE Euronext 纽约-泛欧交易所集团BM&F (Sao Paulo, Brazil)巴西商品和期货交易所（位于巴西圣保罗）TIFFE (Tokyo) 东京国际金融期货交易所CFFE （Shanghai）中国金融期货交易所 Examples of Futures Contracts期货合约例子Agreement to: 约定：Buy 100 o 。

16、z. of gold US$1400/oz. in December 以每盎司1400美元的价格购入12月到期的黄金100盎司Sell 62,500 1.4500 US$/ in March以每英镑1.45美元的价格购入三月份到期的62500英镑Sell 1,000 bbl. of oil US$90/bbl. in April以每桶90美元价格卖出四月份到期的1000桶石油 1. Gold: An Arbitrage Opportunity?黄金：有套利机会吗？Suppose that 假设：The spot price of gold is US$1,400黄金现价为1400美元The 1 。

17、-year forward price of gold is US$1,500一年期黄金远期价格为1500美元The 1-year US$ interest rate is 5% per annum一年期美元利率为5%Is there an arbitrage opportunity? 其中有套利机会吗？2. Gold: Another Arbitrage Opportunity?黄金：还有套利机会吗？Suppose that 假设：The spot price of gold is US$1,400黄金现价为1400美元The 1-year forward price of gold is。

18、US$1,400一年期黄金远期价格为1400美元The 1-year US$ interest rate is 5% per annum一年期美元利率为5%Is there an arbitrage opportunity? 其中有套利机会吗？The Forward Price of黄金远期价格（忽略租赁成本）If the spot price of gold is Sand the forward price for a contract deliverable in T years is F, then设黄金现价为S ， T时刻到期合约远期价格为F ， 则F= S (1+r )Twhere ris 。

19、 the 1-year (domestic currency) risk-free rate of interest.其中 ， r为一年期无风险利率（本国货币）In our examples, S = 1400, T = 1, and r=0.05 so that在我们的例子中 ， S=1400 ， T=1 ， r=0.05 ， 故F = 1400(1+0.05) = 14701. Oil: An Arbitrage Opportunity?石油：套利机会？Suppose that 假设：-The spot price of oil is US$95石油现价为95美元-The quoted 1-year futu 。

20、res price of oil is US$125一年期石油合约远期价格为125美元-The 1-year US$ interest rate is 5% per annum一年期美元利率为5%-The storage costs of oil are 2% per annum石油每年存储费率为2%Is there an arbitrage opportunity? 有套利机会吗？2. Oil: Another Arbitrage Opportunity?石油：其他套利机会？Suppose that 假设：-The spot price of oil is US$95石油现价为95美元-Th 。

21、e quoted 1-year futures price of oil is US$80一年期石油合约远期价格为80美元-The 1-year US$ interest rate is 5% per annum一年期美元利率为5%-The storage costs of oil are 2% per annum石油存储费率为2%Is there an arbitrage opportunity? 有套利机会吗？Options 期权A call option is an option to buy a certain asset by a certain date for a certain 。

22、 price (the strike price)看涨期权是一种可以在指定日期以指定价格（敲定价格）买入指定资产的权力A put option is an option to sell a certain asset by a certain date for a certain price (the strike price)看跌期权是一种可以在指定日期以指定价格（敲定价格）卖出指定资产的权力American vs European Options美式期权Vs 欧式期权An American option can be exercised at any time during its lif 。

23、e美式期权可在到期日之前任何时刻执行A European option can be exercised only at maturity 欧式期权只可在到期日执行 Google Call Option Prices (June 15, 2010;
Stock Price is bid 497.07, offer 497.25);
谷歌股票看涨期权价格（2010.6.15；股价买入价497.07 ， 卖出价497.25Strike PriceJul 2010 BidJul 2010 OfferSep 2010 BidSep 2010 OfferDec 2010 BidDec 2010Offer460 。

24、43.3044.0051.9053.9063.4064.8048028.6029.0039.7040.4050.8052.3050017.0017.4028.3029.3040.6041.305209.009.3019.1019.9031.4032.005404.204.4012.7013.0023.1024.005601.752.107.408.4016.8017.70Options vsFutures/Forwards期权vs期货/远期合约A futures/forward contract gives the holder the obligation to buy or sell at 。

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标题：期权|期权期货与金融衍生品( 二 )