CFA一级培训项目讲师：Catherine吸 sitvM；卅瓶曲 啊叫祝里亘业?创新?信值Topic Weightings in CFA Level ISession NO.ContentEthics & Professional StandardsQuantitative AnalysisEconomicsWeightings 1Study Session 1Study Session 2-3Study Session 4-5Study Session 6-9Study Session 10-11Study Session 12Study Session 13-14Study Session 15-1615121020Financial Reporting and AnalysisCorporate Finance7Portfolio Management and Wealth PlanningEquity InvestmentFixed IncomeDerivatives71010Study Session 17Study Session 1854多亚?图新?惬值Alternative Investments@ FrameworkDerivativesConcepts of derivativesForwardFuturesSwapOptionPricing and valuation of derivatives4-106豆亚?创新? 1811? Derivative Markets and Instruments> Definition: A derivative is a financial instrument (contract) that derives its performance from the performance of an underlying asset.? Buy or Sell Something:/ Buy or Sell now/ Buy or Sell sometime in the future.> Key words ：? contract? Hedge vs. Speculate? Depend on the performance of underlying assets6-106号W ?创新? ISflDerivative Markets and Instruments> Type of Derivatives7-106专亚?创新?廛值? Derivative Markets and Instruments> Type of Derivatives? Forward commitment & Contingent claim/ Forward commitment: is an agreement between two parties in which one party, the buyer; agrees to buy from the other party, the seller; an underlying asset at a future date at a price established at the start -> forward, futures and swap contracts/ Contingent claim: is derivative in which the payoffs occur if a specific event happens -> option contracts亘业?创新?信值> Types of Derivatives? Exchange-traded & Over-the-counter traded/ Exchange-traded： (A-Clearinghouse 今 B)^OTC traded： (A今B)? Difference：Exchange-tradedStandardized^ LiquidOver-the-counterCustomized/Specific needsTrade with counterparty Backed by a clearinghouse(default risk)Trade in the a physical exchangenot trade in organized marketsRegulatedUnregulated9-106多亚?图新?惬值Derivative Markets and InstrumentsA主要术语：? Forward commitment/ Long : buy/ Short ： sell? Contingent claimLong：指获得一个权利Short：指卖出一个权利/Call：指买入标的物的权利/Put：指卖出标的物的权利10-106豆亚?创新?廛值? Derivative Markets and Instruments> Advantage:? Price discovery? Risk management hedge and speculation? Lowering transaction costs? Low capital requirement? Greater liquidity? Ease of going short? Enhance market efficiency> Disadvantage:? Too risky 今 High leverage? Complex instruments? Sometimes likened to gambling> Attention :? Always increase risk? ~>No.11-106行业.创新?信值Derivative Markets and Instruments-Forward> Forward contract:? A forward contract is an private agreement that obligates one party to buy and the other party to sell a specific quantity of an underlying asset, at a set price, at a future date?约定未来特定时间以约定价格买卖标的物的合约? If the future price of the underlying assets increase, the buyer has a gain, and the seller has a loss13-106专亚?创新?廛值? Derivative Markets and Instruments—Forward> Definition: A forward contract is a bilateral contract that obligates one party to buy and the other party to sell a specific quantity of an underlying asset, at a set price, on a specific date in the future> Long and short forward position? Long: buy underlying? Short: sell underlying? No payments will be made at the inception of a forward contract. So both parties of a forward contract is exposed to potential default risk亘业?创新?信值? Derivative Markets and Instruments—Forward> Forward contracts? Commodity forward contract? Financial forward contract> Purposes of trading forward contracts? Hedge risk & Speculation> Characteristics of Forward contracts? Each party are exposed to default risk (or counterparty risk).? Zero-sum game.多亚?图新?惬值
CFA一级培训项目 derivative investments 固定收益 衍生证券分析
