Derivatives Demystified A Step-by-Step Guide to Forwards, Futures, Swaps and Options phần 9 docx

... p .a. Table A. 4 assumes that the FRA is sold at 6.01% p .a. , and the arbitrage profit disappears. FORWARD RATES AND INTEREST RATE SWAPS An interest rate swap (IRS) is an agreement between two parties ... future. r A dollar to be received in the future is worth less than a dollar received today. The reason for this is because a dollar today can be invested at a rate of intere...

Ngày tải lên: 10/08/2014, 07:20

... swap to manage cash flows CHAPTER SUMMARY A forward contract is an agreement between two parties to deliver a commodity or a financial asset on a future date at a predetermined price. In many cases ... contract has to move by a certain amount before a variation margin call is triggered. Only the larger banks and financial institutions are clearing members of an exchange an...

Ngày tải lên: 10/08/2014, 07:20

... investor would sell or buy shares to maintain a constant allocation. OTHER APPLICATIONS OF EQUITY SWAPS Equity swaps are extremely versatile tools and have many applications for companies, banks and ... position in a share or a basket of shares as it is to take a long position. The client agrees to pay over to the swap dealer any changes (positive and negative) in th...

Ngày tải lên: 10/08/2014, 07:20

... the Japanese yen and the Swiss franc. All deals are made against the US dollar. There is a range of expiration dates and both European- and American-style contracts are traded. If a contract is ... contracts which allow investors to tailor certain terms of a contract. However, most exchange-traded options are standardized. There are a set number of strikes and expiry dates...

Ngày tải lên: 10/08/2014, 07:20

... value that will be calculated. Standard deviation is a measure of dispersion from an average value and is widely used in many practical applications, not just in finance and business. As an example, ... Option Valuation Concepts 131 IMPLIED VOLATILITY The advantage of using historical volatility to price an option is that (normally) the sample data are readily available and the metho...

Ngày tải lên: 10/08/2014, 07:20

... $100 Maturity: 1 year Exchange ratio: Each bond is mandatorily exchangeable into one share at maturity. Coupon rate: 0% A mandatorily exchangeable (ME) might be issued by a company that has a cross-holding of ... if, rather than investing in the CB, an investor used the money to buy XYZ shares in the cash market at $5 each. MANDATORILY CONVERTIBLES AND EXCHANGEABLES A mandatorily...

Ngày tải lên: 10/08/2014, 07:20

... on standard par interest rate swaps. Swap rate The fixed rate on an interest rate swap. Swaption An option to enter into an interest rate swap. A payer swaption is an option to pay fixed and receive ... into or exchanged for shares on or by a certain date. Margin call When a trader on a derivatives exchange receives a call to make an additional payment because of an advers...

Ngày tải lên: 10/08/2014, 07:20

... storage to operate at DR capacity on Site 2 and have enough storage to give some level of protection and duplication capability in an extended DR scenario. Resource Management The target architecture ... development/application and database. So this is a fairly automatic and straight forward mapping. Organizationally, folder structure is replicated for each protection group...

Ngày tải lên: 18/02/2014, 00:20

... The Portrait ( 199 3), The Mirror Has Two Faces ( 199 6), My Fellow Americans ( 199 6), Day and Night ( 199 7), Madeleine ( 199 8), Diamonds ( 199 8), The Venice Project ( 199 8), and Presence of Mind ( 199 9). She ... NY 2004 Introduction xi winner, and actors, directors, producers, editors, screenwrit- ers, etc., are almost always able to demand higher salaries after receiving an Ac...

Ngày tải lên: 19/02/2014, 10:20

... Northeast United States. For exa Vermont and West Virginia an amenable animal can be inspected and slaught Equivalent” state facility and the particular state. In Delaware, Ma inspection at a Talmadge-Aiken ... fr • Sire and Dam identifica • Immunizations, date and d • Parasite tests, da • Parasite treatment, date and dosage • Feed quantity and type • Injuries and illness...

Ngày tải lên: 21/02/2014, 01:20