如果你也在 怎样代写金融衍生品Financial Derivatives FINA1-CE9249这个学科遇到相关的难题,请随时右上角联系我们的24/7代写客服。金融衍生品Financial Derivatives是金融工具的三大类之一,另外两类是股权(即股票或股份)和债权(即债券和抵押贷款)。历史上最古老的衍生品例子,由亚里士多德证明,被认为是古希腊哲学家泰勒斯签订的橄榄合同交易,他在交换中获利。1936年被取缔的桶装水商店是一个较近的历史例子。
金融衍生品Financial Derivatives在金融领域,衍生品是一种合同,其价值来自于一个基础实体的表现。衍生品可用于多种目的,包括对价格变动进行保险(套期保值),为投机增加价格变动的风险,或进入其他难以交易的资产或市场。一些更常见的衍生品包括远期、期货、期权、掉期,以及这些的变体,如合成抵押债务和信用违约掉期。大多数衍生品在场外(场外)或芝加哥商品交易所等交易所进行交易,而大多数保险合同已经发展成为一个独立的行业。在美国,在2007-2009年的金融危机之后,将衍生品转移到交易所进行交易的压力越来越大。
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数学代写|金融衍生品代写Financial Derivatives代考|FINANCIAL DERIVATIVES
- Financial derivatives are financial instruments that are linked to a specific financial instrument or indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right. Transactions in financial derivatives should be treated as separate transactions rather than as integral parts of the value of underlying transactions to which they may be linked. The value of a financial derivative derives from the price of an underlying item, such as an asset or index. Unlike debt instruments, no principal amount is advanced to be repaid and no investment income accrues. Financial derivatives are used for a number of purposes including risk management, hedging, arbitrage between markets, and speculation.
- Financial derivatives enable parties to trade specific financial risks – such asinterest rate risk, currency, equity and commodity price risk, and credit risk, etc – toother entities who are more willing, or better suited, to take or manage these risks,typically, but not always, without trading in a primary asset or commodity. The riskembodied in a derivatives contract can be traded either by trading the contract itself,such as with options, or by creating a new contract which embodies risk characteristicsthat match, in a countervailing manner, those of the existing contract owned. Thislatter activity is termed offsetability1, and occurs in forward markets. Offsetabilitymeans that it will often be possible to eliminate the risk associated with the derivativeby therisk of the first derivative. Buying the new derivative is the functional equivalent ofselling the first derivative, as the result is the elimination of risk. The ability to offsetthe risk on the market is therefore considered the equivalent of tradability indemonstrating value. The outlay that would be required to offset the existingderivative contract represents its value – actual offsetting is not required todemonstrate value.
- Financial derivatives contracts are usually settled by net payments of cash, oftenbefore maturity for exchange traded contracts such as commodity futures. Cashsettlement is a logical consequence of the use of financial derivatives to trade riskindependently of ownership of an underlying item. However, some financial derivativecontracts, particularly involving foreign currency, are associated with transactions inthe underlying item.
- The value of the financial derivative derives from the price of the underlying item: the reference price. Because the future reference price is not known with certainty, thevalue of the financial derivative at maturity can only be anticipated, or estimated. Thereference price may relate to a commodity, a financial instrument, an interest rate, anexchange rate, another derivative, a spread between two prices, an index or basket ofprices. An observable market price or index for the underlying item is essential forcalculating the value of any financial derivative – if there is no observable prevailingmarket price for the underlying item, it cannot be regarded as a financial asset.Transactions in financial derivatives should be treated as separate transactions, ratherthan as integral parts of the value of underlying transactions to which they may belinked. This is because a different institutional unit will be the party to the derivativetransaction from that for the underlying transaction. However, embedded derivatives(see below para.5) should not be separately identified and valued from the primaryinstrument.
数学代写|金融衍生品代写Financial Derivatives代考|CLASSES OF FINANCIAL DERIVATIVES
There are two broad types of financial derivatives as described in paragraphs 1 to 2 , and provided that they can be valued separately from the underlying item to whichthey are linked, they should be included in the financial account of the balance ofpayments and in the international investment position, regardless of whether they are”traded” on- or off-exchange.
The two broad classes of financial derivatives are: forward-type contracts,including swaps, and option contracts.
Under a forward contract, the two counterparties agree to exchange a specifiedquantity of an underlying item (real or financial) at an agreed contract price strikeprice-on a specified date. Futures contracts are forward contracts traded onorganized exchanges. Futures and other forward contracts are typically, but notalways, settled by the payment of cash or the provision of some other financialinstrument rather than the actual delivery of the underlying item and therefore arevalued and traded separately from the underlying item. If the forward-type contract isa swap contract, the counterparties exchange cash flows based on the reference pricesof the underlying items in accordance with pre-arranged terms. Interest-rate, currency, and cross-currency interest-rate swaps are common types of swap contracts. (Seeparagraphs 25 and 26 for further discussion)
A forward contract is an unconditional financial contract that represents anobligation for settlement on a specified date. At the inception of the contract, riskexposures of equal market value are exchanged. Both parties are potential debtors, buta debtor/creditor relationship can be established only after the contract goes intoeffect. Thus, at inception, the contract has zero value. However, during the life of aforward contract, the market value of each party’s risk exposure may differ from thezero market values at the inception of the contract as the price of the underlying itemchanges. When this occurs, an asset (creditor) position is created for one party and aliability (debtor) position for the other. The debtor/creditor relationship may change $\backslash$ both in magnitude and direction over the life of the forward contract.
Under an option-type contract, the purchaser of the option, in return for anoption premium, acquires from the writer of the option, the right but not the obligationto buy (call option) or sell (put option) a specified underlying item (real or financial) atan agreed contract price – strike price $-$ on or before a specified date. A majordifference between forward and options contracts is that, whereas either party to aforward is a potential debtor, the buyer of an option acquires an asset, and the optionwriter incurs a liability. However, the option may expire worthless; the option will beexercised only if settling the contract is advantageous to the buyer. The buyer maymake gains of unlimited size, and the option writer may experience losses of unlimitedsize. Options are written on a rates (including cap, collar, and floor). Optionsare also written on futures, and swaps (known as swaptions), and other instruments such as caps (known as captions).
金融衍生品代写
数学代写|金融衍生品代写Financial Derivatives代考| Financial Derivatives
金融衍生品是与特定金融工具、指标或商品相关联的金融工具,通过它们可以在金融市场上自行交易特定的金融风险。金融衍生品的交易应被视为单独的交易,而不应被视为可能与之关联的基础交易价值的组成部分。金融衍生品的价值来源于基础项目的价格,如资产或指数。与债务工具不同的是,没有提前偿还的本金,也没有产生投资收益。金融衍生品被用于多种目的,包括风险管理、对冲、市场间套利和投机。金融衍生工具使各方能够将特定的金融风险——例如利率风险、货币风险、股票和商品价格风险以及信贷风险等——交易给更愿意或更适合承担或管理这些风险的其他实体,通常情况下,但并不总是这样,无需交易主要资产或商品。衍生品合约所包含的风险可以通过交易合约本身(如期权)进行交易,也可以通过创建一个包含与现有合约所拥有的风险特征相匹配的风险特征的新合约进行交易。后一种活动被称为可抵销性1,发生在远期市场上。可抵销性意味着通常可以通过一阶衍生品的风险来消除与衍生品相关的风险。购买新衍生品在功能上等同于出售第一衍生品,因为其结果是消除了风险。因此,在市场上抵消风险的能力被认为等同于显示价值的可交易性。抵销现有衍生合约所需的费用代表其价值——实际抵销并不需要证明价值。金融衍生品合约通常以现金净额支付的方式结算,通常在期货等交易所交易合约到期前结算。现金结算是使用金融衍生品进行风险交易的逻辑结果,而不依赖于标的项目的所有权。然而,一些金融衍生品合约,特别是涉及外币的金融衍生品合约,与标的项目的交易有关。金融衍生品的价值来源于相关项目的价格:参考价格。因为未来的参考价格是不确定的,所以到期时金融衍生品的价值只能预测或估计。因此,参考价格可能涉及一种商品、一种金融工具、一个利率、一个汇率、另一个衍生品、两个价格之间的差价、一个指数或一篮子价格。基础项目的可观察市场价格或指数对于计算任何金融衍生品的价值至关重要——如果基础项目没有可观察的普遍市场价格,它就不能被视为金融资产。金融衍生品的交易应该被视为独立的交易,而不是作为可能与之相关的基础交易价值的组成部分。这是因为衍生交易的一方与基础交易的一方是不同的机构单位。然而,内嵌衍生品(见下文第5段)不应与主要工具分开识别和估值
数学代写|金融衍生品代写金融衍生工具代考|金融衍生工具的类别
第1段至第2段描述了两大类金融衍生品,只要它们能与与之挂钩的基础项目分开计价,它们就应包括在国际收支的金融账户中和国际投资头寸中,无论它们是在交易所内外“交易”的
金融衍生品的两大类是:远期型合约,包括掉期和期权合约
在远期合约中,两个交易对手同意在指定的日期,以约定的合约价格交换指定数量的标的项目(实物或金融)。期货合约是在有组织的交易所进行交易的远期合约。期货和其他远期合约通常(但并不总是)通过现金支付或提供其他金融工具来结算,而不是通过标的商品的实际交割来结算,因此期货和其他远期合约的估值和交易与标的商品是分开进行的。如果远期合约是掉期合约,交易对手根据预先安排的条款,根据标的项目的参考价格交换现金流。利率、货币和跨货币利率掉期是常见的掉期合同类型。(进一步讨论见第25和26段)
远期合约是一种无条件的金融合约,代表在特定日期进行结算的义务。在合同开始时,交换了同等市场价值的风险敞口。双方都是潜在的债务人,但只有在合同生效后才能建立债务人/债权人关系。因此,在一开始,契约的价值为零。然而,在远期合同的有效期内,由于标的项目的价格发生变化,各方风险敞口的市场价值可能与合同开始时的零市场价值不同。当这种情况发生时,为一方创建资产(债权人)位置,为另一方创建负债(债务人)位置。在远期合同存续期内,债务人/债权人关系的规模和方向可能会发生变化$\backslash$
在期权型合同中,期权的购买者,作为期权溢价的回报,从期权的作者那里获得了在指定日期或之前以约定的合同价格(执行价格$-$)购买(看涨期权)或卖出(看跌期权)指定的基础项目(实物或金融)的权利,而不是义务。远期合约和期权合约的主要区别在于,尽管远期合约的任何一方都是潜在债务人,但期权的买方获得了一项资产,而期权的撰写者则要承担一项责任。然而,期权到期时可能一文不值;只有在达成合同对买方有利的情况下,期权才会行使。买方可能获得无限的收益,而期权编写人可能遭受无限的损失。选项写在一个比例上(包括上限、领子和下限)。期权也被写在期货、掉期(称为swaptions)和其他工具上,如caps(称为captions)
数学代写|金融衍生品代写Financial Derivatives代考 请认准UprivateTA™. UprivateTA™为您的留学生涯保驾护航。
微观经济学代写
微观经济学是主流经济学的一个分支,研究个人和企业在做出有关稀缺资源分配的决策时的行为以及这些个人和企业之间的相互作用。my-assignmentexpert™ 为您的留学生涯保驾护航 在数学Mathematics作业代写方面已经树立了自己的口碑, 保证靠谱, 高质且原创的数学Mathematics代写服务。我们的专家在图论代写Graph Theory代写方面经验极为丰富,各种图论代写Graph Theory相关的作业也就用不着 说。
线性代数代写
线性代数是数学的一个分支,涉及线性方程,如:线性图,如:以及它们在向量空间和通过矩阵的表示。线性代数是几乎所有数学领域的核心。
博弈论代写
现代博弈论始于约翰-冯-诺伊曼(John von Neumann)提出的两人零和博弈中的混合策略均衡的观点及其证明。冯-诺依曼的原始证明使用了关于连续映射到紧凑凸集的布劳威尔定点定理,这成为博弈论和数学经济学的标准方法。在他的论文之后,1944年,他与奥斯卡-莫根斯特恩(Oskar Morgenstern)共同撰写了《游戏和经济行为理论》一书,该书考虑了几个参与者的合作游戏。这本书的第二版提供了预期效用的公理理论,使数理统计学家和经济学家能够处理不确定性下的决策。
微积分代写
微积分,最初被称为无穷小微积分或 “无穷小的微积分”,是对连续变化的数学研究,就像几何学是对形状的研究,而代数是对算术运算的概括研究一样。
它有两个主要分支,微分和积分;微分涉及瞬时变化率和曲线的斜率,而积分涉及数量的累积,以及曲线下或曲线之间的面积。这两个分支通过微积分的基本定理相互联系,它们利用了无限序列和无限级数收敛到一个明确定义的极限的基本概念 。
计量经济学代写
什么是计量经济学?
计量经济学是统计学和数学模型的定量应用,使用数据来发展理论或测试经济学中的现有假设,并根据历史数据预测未来趋势。它对现实世界的数据进行统计试验,然后将结果与被测试的理论进行比较和对比。
根据你是对测试现有理论感兴趣,还是对利用现有数据在这些观察的基础上提出新的假设感兴趣,计量经济学可以细分为两大类:理论和应用。那些经常从事这种实践的人通常被称为计量经济学家。
MATLAB代写
MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中,其中问题和解决方案以熟悉的数学符号表示。典型用途包括:数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发,包括图形用户界面构建MATLAB 是一个交互式系统,其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题,尤其是那些具有矩阵和向量公式的问题,而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问,这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展,得到了许多用户的投入。在大学环境中,它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域,MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要,工具箱允许您学习和应用专业技术。工具箱是 MATLAB 函数(M 文件)的综合集合,可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。