Multinational Financial Management（跨国公司财务管理）ch08 Options Contracts and Currency Futures.pptVIP

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2015-07-20 发布于江西
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Multinational Financial Management（跨国公司财务管理）ch08 Options Contracts and Currency Futures.ppt

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CHAPTER 8 Options Contracts and Currency Futures PART I Futures Contracts FUTURES CONTRACTS I. CURRENCY FUTURES A. Market History: 1. Background a. Long history b. Extremely volatile due to their information driven nature c. The market plays a Price Discovery Role for other financial markets such as the cash markets FUTURES CONTRACTS B. International Monetary Market (IMM) 1972: opened by the Chicago Mercantile Exchange Purpose: to provide a stable market for the exchange of currency futures. FUTURES CONTRACTS 2. IMM provides a. an outlet for hedging currency risk with futures contracts. Definition of a Futures Contract: contracts written requiring a standard quantity of an available currency at a fixed exchange rate at a set delivery date. FUTURES CONTRACTS b. Available Futures Contracts Currency/ Contract Size: 1.) British pound / 62,500 2.) Canadian dollar /100,000 3.) Euro / 125,000 4.) Swiss franc / 125,000 5.) Japanese yen / 12.5 million 6.) Mexican peso / 500,000 7.) Australian dollar / 100,000 FUTURES CONTRACTS c. Transaction costs: in the form of a commission payment to a floor trader d. Leverage is high 1.) Initial margin required is relatively low (less than 2% of contract value). FUTURES CONTRACTS: SAFEGUARDS e. Maximum price movement rules: Contracts set daily to a price limit that restricts maximum daily upward and downward movements. FUTURES CONTRACTS: SAFEGUARDS f. Maintenance Margins: When the account balance falls below the maintenance margin, a margin call may be necessary to maintain the minimum balance. FUTURES CONTRACTS g. Global futures exchanges: 1.) I.M.M. International Monetary Market 2.) L.I.F.F.E.London International Financial Futures Exchange 3.) C.B.O.T. Chicago Board of Trade 4.) S.I.M.E.X.Singapore International Monetary Exchange 5.) D.T.B. Deutsche Termin