7

I.
. II.
.
III. 1.
2. 3.
I
A. 1. 2.
() 3.
(
)
1972: Chicago Mercantile Exchange
(the International Monetary Market - IMM). : .
:
( ) .
( )
, .
: 1.)
/ 62,500 2.) /100,000 3.) / 125,000 4.)
/ 125,000 5.) / 12.5 6.) /
500,000 7.) / 100,000
: .
- ( 0.02% ).
a :
.

. , .. (daily settlement)
.

, .
, a .

.
( 75%), ,
.

( ).
( )

, ..
125.000 0,75 / .
1.452 .
0,755 , 625 (125.000 x 0.005).
( ) .

625 , .
0,743 1.500
(125.000 x 0,012).
: 625 1500 = - 875 .
( )
, .
, .
,
, .
1.)
.
 2.) .. margin call
() .
( ) :
10 ,
. 1 = 1 ,
.
.
( ) 10
o .
$125,000 , short ()
40 .
, $2,000 , $80,000.
,
.
.
( ) ,
1 = $0.96, 10
() $9,600,000.
, $480,000 ($400,000
$80,000). ,
$10,000,000 .
: 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 Bourse 6.) H.K.F.E. Hong Kong Futures Exchange
B. : 1.
2. 3. 4.
5. 6. 7. 8.
: 1.) 2.)
. : 1.) 7 2.)
3.)
.
II
.
Philadelphia Exchange (PHLX).
.
CALL PUT
: ,
,
.
a. :
. b. :
, .
a. strike . b.

.
: 1) Call - 2) Put -

a. Call: Spot > strike Put: Spot < strike b.
Call: Spot < strike Put: Spot > strike c. Spot = the
strike
? -
.
? 1.
, ,
. 2.
.

.
put (: FF250,000)
$0.01/FF. $0.21
$0.216, ( ) ?

FF250,000 $0.21. $2,500 ($0.01
). $0.216.
,
( $0.006 ).
$2,500.
,
FF250,000 $0.21: ,
$0.006 $1,500.
$1,000, $1,500
$2,500.
PUT =
( + ) : = 0.21
(0.216 + 0.01) = - 0.016 CALL = (
+ ) : = 0.216 (0.21 + 0.01) = -
0.004
(
) ( )
() (
)
, .
:
, ;
,
, .
,
.
III
1.
, ,
,
.
2.
,
,
.
(Citibank)
.
(Lloyds) .
. / $2.00,
$2.10 $0.1
.
: (
) / = 0.1 $ / 2.00 $ = 0.05 %
() : 0.05 / 3 (
) x 12 = 0.2 20%
20 %
()

. -
.

7
I .
.II. .III.
1. 2. 3.

II . A .

1 . 2.
( ) 3.
( )
1972:Chicago Mercantile Exchange (the International Monetary Market -
IMM).: .

:
(
) .

( ) , .

:1.) / 62,5002.)
/100,0003.) / 125,0004.) / 125,0005.) / 12.5 6.)
/ 500,0007.) / 100,000
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,
, . ,
, ,
.

,
, ,
.
, ,
.
,
.


.

1 . , 3 6 + 1,5%
. ,
 , ,
. 2%.

3,5% (1,5% + 2%).

,
-, .

,

, .


,
.

.

.

.

 (: financial derivative)
.
, (), (),
() . ,
.[1]

1
2
o 2.1
o 2.2
o 2.3
o 2.4
o 2.5
o 2.6
3

,
(underlying) . ,
: , , ,
. ,
(notional
amount) .[2]
:
1970-,
1980-.[3] , ,
, .. ,
, ,
, .
, 1988 ,
2 634 , , 1 330
, 1 304
. , .
, 1998 ,
94 254 , , 80 318
, 13 936
.[4] XXI : 2006 ,
485 703 !
- 415 182 ,
85% ,
- 70 521 .[5]

[ | ]
,
, , o .[6] , ,
, .
,
: , , ,
. , : ,
2006 , 90%
. ,
 , 62 652
, (7 612 )
(257 ). ,

70%. , 2006 ,
291 987 ,
(40 179 ), (7 485
), (6 938 ) (68 593
).[7]

(forward contract) ,
, (
- , , .)
, . ,
,

.
, .
, ,
, ,
.[8]
, : ,
.

. :

;
;
( ) ,
.
:
10 , 2013 ,
6%, ,
, 6%.
, ,
.[9]
- ,
.
10 , 2013 ,
, ,
. ,
.
, 10
,
6%. ,
. ,
.

. ,
, .

. ,
 ,
. ,
.
,
. ,
, .
,
.

.[10]

: .
.
(futures)
:

,
,
. ,
.
,
,
. ,
, ,
-
.
, .
(margin)
,
.

( , ),
,
, .[11]
: (hedgers)
(speculators).
,
-
. ,
.
. ,
. ,
. , ,
.[12]

(options)
,
(exercise price; strike price) .
,
.
:
 , (American option),
,
. (European option)
.

'''' (premium). ,
.
, , ,
.[13]
.
, .
,
. ,
.
, .
, , .[14]
: . (call option)

. (put option)
.

, ;
,
.[15]

(swaps) ,
1981 , , .

( ) . ,
,
. ,
9%, (notional principal) 1
, 8% ,
.

, aa
. , ,
,
, . ,
9% ,
.

, (interest rate
swaps).
(currency swaps).[16]

(warrants)
.
.


, .[17]
 ,
. , ,
, ,
. ,
,
, ,
. , ,
.
, ..
. ,
.
, ,
, .[18]

(stock rights; preemptive rights) .
,
, .

, .
, ..
, , .

.
, ,
( 10-20%). ,
.[19]

1. , , : , 2008, .
265.
2. , , : , 2008,
. 413.
3. , , : , 2008,
. 413.
4. Shelagh Heffernan, Modern Banking, Chichester, England: John Wiley & Sons, UK,
2005, .43.
5. OTC derivatives market activity in the second half of 2006, Bank for International
Settlements, Monetary and Economic Department, Basel, May 2007, . 9.
6. , , : , 2008, .
265.
7. , , : , 2008,
. 415.
8. , , : , 2008, .
265-266.
9. , - ,
: , 2009, . 252-253.
10. , - ,
: , 2009, . 253-254.
11. , - ,
: , 2009, . 254.
12. , - ,
: , 2009, . 256-25.
13. , - ,
: , 2009, . 258.
14. , - , :
, 2009, . 258.
15. , - ,
: , 2009, . 258.
16. , - ,
: , 2009, . 261.
17. , , : , 2008, .
272-273.
18. , , : , 2008, .
272-273.
19. , , : , 2008, .
274.