THE DERIVATIVE SECURITY MARKET
衍生證券市場
Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
遠期和期貨合約：遠期和期貨合約不是股權，而是一項交易協(xié)議，使買方和賣方鎖定他們交易基礎資產(chǎn)或股票的最終價格。遠期合約是雙方在場外交易市場直接談判達成的協(xié)議。
Commodity future contracts are the contracts that trade commodities.
商品期貨合約是交易商品的合約。
Interest rate forward: （Forward Rate Agreement FRA）: The forward rate agreement is the most basic of theOTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
利率遠期（利率遠期協(xié)議FRA）：遠期利率協(xié)議是場外交易利率合約中最基本的合約。遠期利率協(xié)議是交易雙方目前達成的在未來交換基于不同利息率的現(xiàn)金流的協(xié)議。
The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:（Libor-Fixedrate）xNatioal PrincipalxNumberOfDays/360
現(xiàn)金流結算將按照持有期的準確天數(shù)進行調整，并按下列公式計算：（Libor-固定利率）x名義本金x持有期天數(shù)/360
Long-term interest rate futures
長期利率期貨
For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity （if non-callable） can be used for delivery.
對于國債期貨，任何距最近的贖回日或到期日（假如不可贖回）長達至少15年的國債可用于交割。
Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
距離到期在6.5年到10年和4.25年到5.25年的債券可各自用于滿足10年期和5年期的國債期貨合約交割。
Delivery can take place on any day during the month of maturity, with the last trading day of the contractfalling 7 business days prior to the end of the month.
交割可在到期月份的任何一天行使，合約最后交易日是該月月底的前七個工作日。
The CBT uses conversion factors to correct for the differences in the deliverable bonds.
芝加哥債券交易使用轉換因子對不同的可交割債券進行矯正。
THE DERIVATIVE SECURITY MARKET.jpg
Short-term interest rate futures: Eurodollar and treasury bill contract.Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.
短期利率期貨：歐洲美元和國庫券期貨合約歐洲美元期貨使用結算價格指數(shù)，因為這樣方便地保留了價格和收益之間的相反關系。
The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in thevalue of the contract.（25=$1,000,000‰0.0001‰90/360）
最小價格變動，或“滴”，對這一合約是一個基本點，等于合約價值變動$25.。
Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price （or rate） is worth $25 per contract.
與歐洲美元衍生證券類似，國庫券合約以$1,000,000的金額標準化，以至于每張合約的每個基本點變動引起價格變動$25.
Stock-index futures.
股票指數(shù)期貨。
Currency forwards and futures.
貨幣遠期或貨幣期貨。
Option Contracts:
期權合約：
Equity options;
股票期權；
Stock index options;
股票指數(shù)期權；
Foreign currency options;
外匯期權；
Options on futures contracts;
期貨合約期權；
Option-based interest rate contracts:
基于利率合約的期權：
Caps and floors;
利率頂和利率底；
Collars: special combinations of caps and floors;
利率套：利率頂和利率底的特定組合；
Swaption: Options that allow the holder to enter into a swap contract at a later date.
互換權：允許持有者在一個日期以后進入互換的期權。
OTHER EMBEDDED DERIVATIVES
其他嵌入衍生證券
Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a differentcurrency than its principal amount.
二重貨幣債券：二重貨幣債券是一種債務工具，息票以不同與本金的貨幣幣種標識。
Equity Index-Linked Notes;
與股票指數(shù)聯(lián)系的債券；
Commodity-Linked Bull and Bear Bonds;
與商品聯(lián)系的牛式/熊式債券；
Swap-Linked Notes.
與互換相聯(lián)系的債券。
衍生證券市場
Forward and future contract: Forward and futures contracts are not securities but rather trade agreements that enable both buyers and sellers of an underlying commodity or security to lock in eventual price of their traction. Forward contracts are agreements negotiated directly between two parties in the OTC markets.
遠期和期貨合約：遠期和期貨合約不是股權，而是一項交易協(xié)議，使買方和賣方鎖定他們交易基礎資產(chǎn)或股票的最終價格。遠期合約是雙方在場外交易市場直接談判達成的協(xié)議。
Commodity future contracts are the contracts that trade commodities.
商品期貨合約是交易商品的合約。
Interest rate forward: （Forward Rate Agreement FRA）: The forward rate agreement is the most basic of theOTC interest rate contract. The FRA is an agreement that two parties agree today to a future exchange of cash flows based on two different interest rates.
利率遠期（利率遠期協(xié)議FRA）：遠期利率協(xié)議是場外交易利率合約中最基本的合約。遠期利率協(xié)議是交易雙方目前達成的在未來交換基于不同利息率的現(xiàn)金流的協(xié)議。
The settlement flow will be adjusted to the actual number of days in the holding period and calculated by the following formula:（Libor-Fixedrate）xNatioal PrincipalxNumberOfDays/360
現(xiàn)金流結算將按照持有期的準確天數(shù)進行調整，并按下列公式計算：（Libor-固定利率）x名義本金x持有期天數(shù)/360
Long-term interest rate futures
長期利率期貨
For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity （if non-callable） can be used for delivery.
對于國債期貨，任何距最近的贖回日或到期日（假如不可贖回）長達至少15年的國債可用于交割。
Bonds with maturities ranging from 6.5 to 10 years and 4.25 to 5.25 years can be used to satisfy the 10 year and 5 year T-note contracts, respectively.
距離到期在6.5年到10年和4.25年到5.25年的債券可各自用于滿足10年期和5年期的國債期貨合約交割。
Delivery can take place on any day during the month of maturity, with the last trading day of the contractfalling 7 business days prior to the end of the month.
交割可在到期月份的任何一天行使，合約最后交易日是該月月底的前七個工作日。
The CBT uses conversion factors to correct for the differences in the deliverable bonds.
芝加哥債券交易使用轉換因子對不同的可交割債券進行矯正。
THE DERIVATIVE SECURITY MARKET.jpg
Short-term interest rate futures: Eurodollar and treasury bill contract.Eurodollar futures use this settlement price index because it conveniently preserves the inverse relation between price and yield.
短期利率期貨：歐洲美元和國庫券期貨合約歐洲美元期貨使用結算價格指數(shù)，因為這樣方便地保留了價格和收益之間的相反關系。
The minimum price change, or ”tick”, for this contract is one basis point and equals a $25 change in thevalue of the contract.（25=$1,000,000‰0.0001‰90/360）
最小價格變動，或“滴”，對這一合約是一個基本點，等于合約價值變動$25.。
Similar to the Eurodollar derivative, the T-bill contract is standardized to an amount of $1,000,000 so that each basis point change in the price （or rate） is worth $25 per contract.
與歐洲美元衍生證券類似，國庫券合約以$1,000,000的金額標準化，以至于每張合約的每個基本點變動引起價格變動$25.
Stock-index futures.
股票指數(shù)期貨。
Currency forwards and futures.
貨幣遠期或貨幣期貨。
Option Contracts:
期權合約：
Equity options;
股票期權；
Stock index options;
股票指數(shù)期權；
Foreign currency options;
外匯期權；
Options on futures contracts;
期貨合約期權；
Option-based interest rate contracts:
基于利率合約的期權：
Caps and floors;
利率頂和利率底；
Collars: special combinations of caps and floors;
利率套：利率頂和利率底的特定組合；
Swaption: Options that allow the holder to enter into a swap contract at a later date.
互換權：允許持有者在一個日期以后進入互換的期權。
OTHER EMBEDDED DERIVATIVES
其他嵌入衍生證券
Dual Currency Bonds: A dual currency bond is a debt instrument that has coupons denominated in a differentcurrency than its principal amount.
二重貨幣債券：二重貨幣債券是一種債務工具，息票以不同與本金的貨幣幣種標識。
Equity Index-Linked Notes;
與股票指數(shù)聯(lián)系的債券；
Commodity-Linked Bull and Bear Bonds;
與商品聯(lián)系的牛式/熊式債券；
Swap-Linked Notes.
與互換相聯(lián)系的債券。