2011年北京市教学名师讲课材料.pptVIP

下载本文档

1
0
约7.26千字
约 19页
2017-07-05 发布于四川
举报
版权申诉

2011年北京市教学名师讲课材料.ppt

1、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li Department of finance and economics by shujie Li The Forward Currency Market and Financial Arbitrage ——Managing Foreign Exchange Risk Department of finance and economics by shujie Li Forward Market The forward market is the market for contracts that ensure the future delivery of a currency at a specified exchange rate. Typical maturity is 1,3,6, 9 and 12 months. The forward rate is determined by the forces of supply and demand in the forward market Department of finance and economics by shujie Li The Forward Market for the Pound Initially the forward market for the pound is in equilibrium at the forward rate of 1.620. An increase in the demand for the pound forward shifts the demand curve to the right. This results in an appreciation of the pound. Department of finance and economics by shujie Li Forward Premium The forward premium or discount is the difference between the forward exchange rate and the spot rate, expressed as a percentage of the spot rate. The standard forward premium is the forward premium or discount annualized. The formula for the standard forward premium is: N-----the number of the months. Department of finance and economics by shujie Li Example For example, suppose the spot rate is 1.4926 (SFr/$) , the 3-month forward rate is 1.4887(SFr/$) . The forward premium on the Swiss franc is: Department of finance and economics by shujie Li Premium versus Discount Note that in this examp