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Lecture 1: Introduction to Derivatives 第一讲：衍生工具与衍生工具市场
Outline大纲 • Overview概览 • Types of Derivatives衍生工具的种类 • Derivatives Trading衍生工具交易 • The Notion of Arbitrage套利的概念

Lecture 1: Introduction

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衍生工具概念
Derivatives is an instrument whose value depends on the values of other more basic underlying variables. Unlike shares, which are issued by companies and purchased by investors. Derivatives represents an agreement between a buyer and a seller. Thus, a derivatives contract is a zero-sum game.衍生工 具的价值依附于其他更基本的标的物(不一定原生品)，这与 股票不同，因为股票由公司发行，由投资者购买。衍生工 具是买者和卖者之间的一种合约，因此衍生合约是一种零 合博弈。
Primary security Equity Derivatives ISF: futures contract on individual shares; share options Index futures: futures contract on equity index; index options Interest rate futures; swaps Interest rate options; swaptions

Bonds

Lecture 1: Introduction

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• Derivatives is not a terminology solely for rocket scientists. Real estate developers know options. They buy an option on a plot of land for a tiny fraction of its total value. That gives them the right to buy it at a fixed price by a fixed date. Insurance is also essentially an option of a different sort, an option that provides protection on your house and your car, your life. 衍生 工具不只是金融学家的术语。房地产开发商知道期权。他们以土地总 价值的很小比例来购买土地期权。这给与他们在特定日期以特定价格 购买土地的权力。保险也是一种能够为你的房子，车子和生活提供保 障的期权合约。

• Derivatives is becoming more important and popular in practice. „Derivative‟ appears in WSJ headlines only 2 times in 1990; in 1992, 8 times; in 1994, 128 times. According to the Bank for International Settlements, by the end of 2001, the total notional amount of derivatives was $111 trillion, while world GDP was $31.3 trillion, and the capitalization of stock markets of industralized countries was $21.2 trillion. 衍生工具变得越来越重要和普遍。1990年衍生工具只在华尔街日报的 头条上出现2次；而1992年，出现8次；1994年，128次。根据2001年 末BIS的数据，衍生工具的价值为111万亿美金，而全世界的GDP仅