...derivados financieros son los siguientes: * Su valor cambia en respuesta a los cambios de precio del activo subyacente. Existen derivados sobre productos agrícolas y ganaderos, metales, productos energéticos, divisas, acciones, indices bursátiles, tipos de interés, etc. * Requiere una inversión inicial neta muy pequeña o nula, respecto a otro tipo de contratos que tienen una respuesta similar ante cambios en las condiciones del mercado. Lo que permite mayores ganancias como también mayores pérdidas. * Se liquidará en una fecha futura. * Pueden cotizarse en mercados organizados (como las bolsas) o no organizados ("OTC") [editar] Tipología [editar] Dependiendo del tipo de contrato * Permutas o intercambio ("swap") * Futuros (en Mercados Organizados)/Forwards (en OTC) * Opciones o "Americana" (ejecutable durante toda la duración del contrato) o...
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...内容摘要 金融衍生工具作为金融创新最为核心的部分，从其诞生开始到现在，经历了一个迅速发展的过程，已被越来越多的企业所使用。金融衍生工具的出现是为了规避风险，除此之外，金融衍生工具也在降低筹资成本、优化融资结构、提高企业价值等方面做出了巨大贡献，也正因为如此，金融衍生工具能够在如此短的时间内有如此迅猛的发展。一方面，国际金融市场因金融衍生工具的发展而变的异彩纷呈，另一方面，我们也感受到了金融衍生工具因其自身的高杠杆性、高复杂性等特点给金融市场所带来的巨大风险。 本文主要对金融衍生工具的内涵、发展等基础背景知识进行了介绍，分析金融衍生工具在金融危机中的作用以及传导机制；介绍了金融衍生工具的发展给我国经济造成的影响；并就后危机时代金融衍生工具的发展提出建议。 关键词：后危机时代；金融衍生工具； 金融创新 Abstract Financial derivatives as the most central part of the financial innovation, from its birth to the present, has gone through a process of rapid development, more and more enterprises have been used. The emergence of financial derivatives in order to avoid risks, In addition, financial derivatives are lower financing costs, optimize the financing structure, and enhance enterprise value has made a huge contribution, it is because of this, financial derivatives in such a short such rapid development in the period of time. On one hand, the colorful change of the international financial markets due to the development of financial derivatives, on the other hand, we also feel the financial derivatives for its own high-leverage, high complexity and characteristics of the financial markets of the enormous risk. This paper introduces this article research background and the significance, the research content, method and so on; introduces the mainly part of derivative financial instruments, such as the connotation development of background knowledge are introduced, analysis of the financial...
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...This will mean getting my clothes muddy, but this is insignificant, while the death of the child would be presumably a bad thing.”(p.231) In this thought experiment provided by Peter Singer he illustrates his two arguments by presenting a situation where we sacrifice something of little moral importance for something of greater moral importance. He uses his clothes to as an example of something that has no moral significance or value, and as an item that should not factor into his mind when deciding to save the child. While ruining his clothes maybe a bad thing, it is an even worse thing to allow the child to die. However, his thought doesn’t address the incompatibility of his version of giving with the real world. Of the many objections that can be presented the most clearly present are those surrounding the increase of transportation of charitable goods and the costs of it. For example, the moral risks associated with sending someone to a region in need of aid when doing so would put their lives at risk. How should society attempt to justify the risk of sending a ship through dangerous waters in areas with high levels of piracy? Another dilemma would be the obvious increase in C02 emissions produced by the increase of traffic throughout the world in order to get the goods and services to the areas in need....
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...“Liability Management at General Motors" Mr. Bello was in charge making the decision of whether or not it was ideal to modify GM’s interest rate exposure, and how. If he did nothing, it would insulate GM’s cash flows fully from any interest rate exposure if they locked in at a rate of 7.63% plus transaction costs. However, they would not be able to lower the cost of debt in the event that interest rates declined. If he went with Swaps, they would use the current 6-month LIBOR rate of 4.31%, which was likely never to go below 4%, making them unsuitable for insulating GM’s cash flows. The option on treasury notes would flatten the long-term yield curve, and the long-term yield rate was to remain high above the current level. Price at maturity would operate below the bull spread making this option also not suitable for GM’s interest rate exposure. If GM opted to do benchmark caps, selling a cap with an exercise price of 10% would meet GM’s objective about 65% of the time, however there is a huge risk of unlimited losses at interest rates above 10%. Still, this is not a bad option. Swaptions are another option that isn’t terrible for GM. This option protects GM pretty well because if interest rates are high gm would be paying higher floating rates, however they’d be offset by the premium received for selling the option. If interest rates were low, the swaption would not be exercised, and GM would again be paying the fixed rate obligation, but lowered costs of borrowing...
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...A project report on STUDY OF DERIVATIVES IN INDIAN STOCK MARKET PERIOD (2009-2012) Submitted to _______________________________________________________ __________________________________________________________ Nashik In partial fulfillment of the Requirement of the award of the degree Of Master of Business Administration (MBA-Finance) By: __________________________________________________ Under The Guidance of Through The Coordinator Study Centre Code: _________ CERTIFICATE This is to certify that the project report entitled on “STUDY OF DERIVATIVES IN INDIAN STOCK MARKET PERIOD (2009-2012)” for the Academic Year 2010-2012 Submitted to the School of Commerce and Management, Yashwantrao Chavan Maharashtra Open University, Nashik in partial fulfillment of the requirement for the award of Degree of Master of Business Administration (MBA) is original work carried out by __________________________________________________ with PRN-2010017002887675 under my guidance. The matter embodied in this project is genuine work done by the student and has not been submitted to this University or any other University/Institute for the partial fulfillment of the required study. Date: Place: DECLARATION I, __________________________________________________, the student of MBA-Finance, completed project on “STUDY OF DERIVATIVES IN INDIAN STOCK MARKET” PERIOD (2009-2012), for the Academic Year 2010-2012. The information provided in this project...
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...A project report on STUDY OF DERIVATIVES IN INDIAN STOCK MARKET PERIOD (2009-2012) Submitted to _______________________________________________________ __________________________________________________________ Nashik In partial fulfillment of the Requirement of the award of the degree Of Master of Business Administration (MBA-Finance) By: __________________________________________________ Under The Guidance of Through The Coordinator Study Centre Code: _________ CERTIFICATE This is to certify that the project report entitled on “STUDY OF DERIVATIVES IN INDIAN STOCK MARKET PERIOD (2009-2012)” for the Academic Year 2010-2012 Submitted to the School of Commerce and Management, Yashwantrao Chavan Maharashtra Open University, Nashik in partial fulfillment of the requirement for the award of Degree of Master of Business Administration (MBA) is original work carried out by __________________________________________________ with PRN-2010017002887675 under my guidance. The matter embodied in this project is genuine work done by the student and has not been submitted to this University or any other University/Institute for the partial fulfillment of the required study. Date: Place: DECLARATION I, __________________________________________________, the student of MBA-Finance, completed project on “STUDY OF DERIVATIVES IN INDIAN STOCK MARKET” PERIOD (2009-2012), for the Academic Year 2010-2012. The information...
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...1. Introduction The Global Derivatives Market how it is work a- Fundamentals and Market Characteristics 2.1 Basics of derivatives Derivatives are totally different from securities. They are financial instruments that are mainly used to protect against and manage risks, and very often also serve arbitrage or investment purposes, providing various advantages compared to securities. Derivatives come in many varieties and can be differentiated by how they are traded, the underlying they refer to, and the product type. Definition of derivatives A derivative is a contract between a buyer and a seller entered into today regarding a transaction to be fulfilled at a future point in time, for example, the transfer of a certain amount of US dollars at a specified USD-EUR exchange rate at a future date. Over the life of the contract, the value of the derivative fluctuates with the price of the so-called “underlying” of the contract – in our example, the USD-EUR exchange rate. The life of a derivative contract, that is, the time between entering into the contract and the ultimate fulfi llment or termination of the contract, can be very long – in some cases more than ten years. Given the possible price fluctuations of the underlying and thus of the derivative contract itself, risk management is of particular importance.1) Derivatives must be distinguished from securities, where transactions are fulfilled within a few days (Exhibit 1). Some securities have derivative-like characteristics...
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...other family members buy those shares or interests. But other family members did not either have the capital or interest in buying those interests. The solution was to list 25% of the company’s shares on the public marketplace, therefore accessing a liquid capital market for the firm’s shares. The risk of a public listing is the increasing reporting and transparency (information for customers, suppliers, and competitors), and the fact that any investor can purchase those shares – even LVMH. 2. Bernard Arnault and LVMH acquired a large position in Hermès shares without anyone knowing. How did they do it and how did they avoid the French regulations requiring disclosure of such positions? LVMH had acquired the position under the radar of the Hermès family, company management, and industry analysts, by using equity swap. Equity swaps can be structured so that only their value is tied to the equity instrument; at close-out the contract may be settled in cash, not shares. Using this structure, the swap holder is not required to file with the AMF, since they will never actually own the stock. 3. The Hermès family defended themselves by forming a holding company of their family shares. How will this work and how long do you think it will last? The holding company structure essentially prevents other family members from taking their shares to the public marketplace – a risk associated with any family business where the many generations have grown increasingly apart, distant...
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...An Ethical Dilemma: To Tell or Not To Tell The real problem in this case is an ethical dilemma as whether or not Jack’s action should be taken as stealing since what he did is not immediately harmful to the company. Jack created a conflict of interest with Aker & Aker, when he was denied a partner’s position. He has been working with Aker & Aker for 17 years since after his graduation. Having being denied to receive the partner’s position, Jack did something ethical by using the company’s software for his personal interest. Even worse, Jack knew what he was doing wasn’t right but he kept on doing it anyway because he is preparing to leave with Aker & Aker right after creating his own company. Being Assigned to Jack, Carla knows what Jack did is not right. After discovering Jack’s misdeeds, Carla is faced with another ethical dilemma. She is not sure whether or not to tell on his boss, Jack. Carla will have to be really be careful in deciding how to approach this ethical dilemma because she doesn’t have a concrete proof of her boss’s crime. Therefore she stands to risk her job and her reputation if she decides to inform Aker & Aker of Jack’s actions. Concerned about her boss, Carla confronted Jack about his action and he justified it by saying that he was counting on that promotion to help pay for his son’s costly education and his medical expenses. Jack also said that he is planning to put up his own company using the company’s software. Knowing of this information, if I...
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...this information is at risk, when stored through third party services. Today, almost all companies 94 percent have worries about employees mixing personal and business data on their mobile devices, according to a survey published by online-backup provider EVault in January. ( Lemos et al., 2013) What people do not know is that a lot of data being stored in one place, becomes very attractive to attackers, and hackers. While allowing these sites to have access to this information, you are allowing them access to other things like your location, additional pictures, voice recordings, and business documents that u have on your device. This becomes a very easy way for people to steal your personal information, and possibly your identity. It’s even worse that you can’t tell whether the information is stolen or not. Another scare is that someone may be able to subpoena you for past phone calls or text messages. Just by syncing your phone with things lie social site, and email addresses leave your information vulnerable to anyone. A solution to the problem is for companies to store their data through one service,...
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...this case, if Tina accepted doing the job, customers would be hurt the most. Since Tina wanted to act on her value instead of being a hypocrite, it would be reasonable for her to quit the job and continuingly look for other job opportunities. However, Tina’s situation was more complicated because she was in a hard time financing her living expenses like rents, school supplies, or even foods. Living independently is not easy, especially for Tina since she did not even have a job. Thus, Tina had better keep doing her job for another short amount of time. While working as an intern there, she should actively continue looking for other internships and job opportunities. She also might want to do job researches at home to avoid her coworkers or her boss to see because that could cause trouble for herself. Obviously, Tina’s job doesn’t make her a bad person, it is just a matter of time. She knew what she was doing, but she just needed more time to financially balance her life. If she did not balance well with her life, her study and her living expenses, she could hurt herself, and her situation could get even worse. In short, Tina should temporarily keep working to the best of her ability, and actively apply for other jobs at the same time. After getting accepted to a better job, she then can quit her current job and move to another one....
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...Interest Rate Swaps | | | Janis Vera Todd | BUS 250 International BusinessProfessor Masudur Chowdhury | 3/12/2010 | | The first article that we will look at deals with interest rate swaps is “New Jersey Swap for Unsold Bonds Cost $22,000 a Day (update2)”. This article is about mismanagement and misunderstanding of financial obligations on behalf of New Jersey and the officials of 2004. This administration used financial backing by the Bank of Montreal in an interest-rate swap that was linked to unsold bonds. They were basically gambling with the unknown future of the market that the funds are tied to with a floating interest rate to help cover the budget of building new schools in the future. The problem soon became apparent when the changes of fixed rates were moved to floating interest rates which started to rise. The swap rates were bench marks for debt and as the gap began to widen the bank rates started to change to allow the bank to make money and forcing New Jersey to go further into debt. They are now trying to reorganize what financial debts are left to get lower interest rates and to be able to sell off the remaining swaps in 2012. This way they can refinance without incurring the fifty million dollar penalty for canceling the contract with the approval of the Treasury department. Because James Florio and James McGreevey, the governors at the time, went through with these financial decisions without thought out and understanding of the swap more clearly...
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...permanently … and swiftly. Black Swan events, or those considered to be Gaussian anomalies or 9th degree standard deviation eclipses do not, and have not, occurred at the interval statistical quants have modeled. In fact the anomaly is to believe that Black Swan events are anything but a force of nature and occur about as common, as frequent and as necessary as the changing of the seasons. The “Follow Through Plan”, needed to retain economic leadership of the United States well into the 21st century, should include all of the following critical levels of change and direction. The order iterated is roughly paramount to its relative importance; however some of the quantum policy shifts have been deferred to the end of this dialogue even though their importance and measure of affect are considerably greater than the former tenets of the Plan. 1) The Stimulus Package The key focus of any Stimulus Package needs to center on three central themes; • Infrastructure;...
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...Traditional VS Islamic Financial Derivatives To: Prof. Naser Abu Mustafa By: Mwaffaq Al Jayousi & Mohammad Al Shdooh Abstract This study focuses the light on defining financial derivatives and briefly describe their different types (Options, Forwards, Futures, Swaps, etc.). At the same time it tries to find if these financial derivatives exists in the Arab world, how they are implemented, and if we have an Islamic alternatives for them. Introduction There is a big debate in the Arab world regarding the usage of financial derivatives, Wither they are legal according to Islam or not, and If they are illegal in Islam; are there any Islamic alternatives to them. First we have to ask our self: Is there any need to use derivatives? And why they recently became so popular in the western countries? The need for financial derivatives emerges when people realize that there must be a way to reduce the risk associated with the trading of different kinds of goods. Risks such as price fluctuations and the uncertainty about the future market conditions. And since there are some people who are willing to bear this risk instead of us, this market took off and recently because of the communications revolution it flourished. Then why these financial derivatives did not reach the Arab world? The answer is simply because they hugely rely on speculations and anticipation; which are considered illegal according to Islam. But someone can ask: if it is illegal in Islam, then how come we...
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...their crops’ prices, lobbied a congressman from Michigan named Gerald Ford to ban trading in onion futures. Supported by the president-to-be, they got their way. Onion futures have been prohibited ever since. Futures are agreements to trade something at a set price at a given date. They are perhaps the simplest example of a derivative, a contract whose value is “derived” from the price of a c ommodity or another asset. Derivatives c ontinue to be vilified, usually when someone loses a lot of money. Orange County and Procter & Gamble lost fortunes on them in the 1990s. They were at the core of Enron’s failure. And in September 2008 they brought American International Group (AIG), a mighty insurer, to its knees. Its fetish for credit default swaps (CDSs), a type of derivative that insures lenders against borrowers’ going bust, led it to guarantee at least $400 billion-worth of other c ompanies’ loans—inc luding those of Lehman Brothers. The Americ an government forked out $180 billion to save AIG from collapse. Every catastrophe brings c alls for restrictions on derivatives. This year Joseph Stiglitz, a Nobel economic s laureate, has said that their use by the world’s largest banks should be outlawed. But derivatives have defenders too. Used carefully, they are an excellent—some would say indispensable—tool of risk-management. Myron Scholes, another Nobel prize-winner, says a ban would be a “Luddite response that takes financ ial markets back decades.” Because of the mayhem of the...
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