期货期权及其衍生品配套课件全34章Ch14.ppt

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1、Derivatives Markets In Developing Countries,Chapter 14,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,1,签扛淫茬授敏疫漾隘轻攘饶削圆甭郸铂消草垂住挽廓烘晰轰讼椎隆鸣彬叹期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,Background,China:Population=1.3 billionIndia:Population=1.1 billionChina

2、and India between them currently account for about 36%of the worlds populationBy 2030 Indias population is expected to overtake that of ChinaBoth China and India are actively developing their derivatives marketsOther developing countries such as Brazil have already been very successful in developing

3、 their derivatives markets,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,2,氯焰芋勇本疼软粥时哩成局翟忙侗躬蝗烬盒洋馋四厦绒膘获赁工补攘款否期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,Key Issues in Developing Countries,Regulatory environment:governs what can be traded;who can trade;wh

4、at are the risk controls;approval process for exchange-traded contracts,etcHow well developed are equity and interest rate marketsConvertibility of currencyLegal framework,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,3,迟匠命腊皆鞍妄翔诊懊阅受芳浴酉酶田徊比锭揩孽骚绩民涝酗浙珍安逼吼期货期

5、权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,China:regulation,Prior to 2004 there were many restrictions on the trading of derivatives.In particular they could be used by financial institutions only for hedging purposes.The restrictions were eased by the China Bank Regulatory Authority in 2004The new

6、 rules allowed forward,futures,options,and swaps to be traded for hedging or profit-making purposes,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,4,辩脉素脱戍诅诣转纂膜产留幼咕傈褒燕氧扰眶钓域爷也亡反佣为贾蔼厩瘁期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,China:currency,Chinas curren

7、cy(known as the yuan,renminbi,RMB,or CNY)is not yet freely convertibleExchange rate movements are restricted by the governmentMost economists think that free convertibility would lead to its value against the U.S.dollar increasingThis in turn would lead to Chinas trade surplus with the U.S.increasin

8、g,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,5,札詹渊觅淋园沧卞挺窍享蹿早铅炯配铣镇高恨蕾胃劫卞偶窘眼元永喊蒙汞期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,China:commodity futures exchanges,Futures contracts trade on a number of exchangesShanghai Futures Exchange(SFE)trades futures

9、 on copper aluminum,natural rubber,fuel oil,gold and zincDalian Commodity Exchange(DCE)trades futures on soybean,soybean meal,soybean oil,corn,low-density polyethylene,and palm oleinZengzhou Commodity Exchange(ZCE)trades futures on wheat,copper,and pure terephthalic acid,Options,Futures,and Other De

10、rivatives,7th International Edition,Copyright John C.Hull 2008,6,吵框砂摩哮膊柴唤恬抹远影伙罪开洱举董副衬辖啮其保丙萝辕跪即齐盾枢期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,China:Financial Futures,The China Financial Futures Exchange(CFFEX)will launch a CSI 300 index futures once regulatory approval is obtainedThe CSI index tra

11、cks the daily performance of 300 stocks listed on the Shanghai Stock Exchange and the Shenzen Stock Exchange,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,7,唯兴摊秤苇悔厅戎消焉梢驳净孝冉府娠低载减喻谊臆独恰暗蟹狈柏橙建仗期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,China:OTC Markets,C

12、ontracts traded include forward and swap contracts on foreign exchange,interest rate swaps and bond forwardsConvertible bonds and warrants are popular,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,8,寨烛询食渗佩驶惧滴蕾箕狡恤戮悯旗啄意驶檬巾求私清该火世儿阎产死随期货期权及其衍生品配套课件（全34章）Ch14期

13、货期权及其衍生品配套课件（全34章）Ch14,India,Teji(call options),mandi(put options)and fatak(staddles)have traded in Mumbai since 1900The Securities Control and Regulation Acts of 1956 and 1969 severely restricted the types of products that could be traded and the development of derivatives markets suffered a set ba

14、ckIn 1995 the prohibition on the trading of options was lifted,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,9,剧凸拎拆坐何浪绦煎抄儒掇棍药冈汀答涅瓶辉皇亦翅哪艺甥拐窜签把旋壬期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,India continued,In 1999 a legal framework for the trading of deri

15、vatives was developedDerivatives trading has developed fast since 2000The National Stock Exchange(NSE)and the Stock Exchange,Mumbai(BSE)traded index futures,stock futures,index options,and stock optionsThe over-the-counter market is also active,Options,Futures,and Other Derivatives,7th International

16、 Edition,Copyright John C.Hull 2008,10,垢咀臻拯猎寻彝圃肯惯躁卧挑酵缄徒讶溜贱俩蛇赔铁维磐淳嘻潘庙谣捞瘦期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,A Future Development?,Derivatives trades between national governments to hedge their economic risksIf country X exports commodity A to country Y and country Y exports commodity B to country X it might make sense for them to enter into a swap that fixes prices for several years into the future.,Options,Futures,and Other Derivatives,7th International Edition,Copyright John C.Hull 2008,11,性绞卞顾伯狈功验炊诊嗜膨育叫撑拾尊颖瓤踌惯黑曰干专詹娘酌资匹垮具期货期权及其衍生品配套课件（全34章）Ch14期货期权及其衍生品配套课件（全34章）Ch14,