Introduction to Derivatives 金融衍生工具导论

The Reuters Financial Training Series An Introduction to Derivatives A new concept in financial training, An Introduction to Derivatives guides novices through the often complex and challenging world of Derivatives. Full of definitions, concise descriptions, quizzes and examples, the book studies financial instruments - futures, options and swaps - from basic concepts to applications in trading, hedging and arbitrage. Key features include:
　　* Introductory sections defining terms and giving background to theories
　　* Examples of transactions and futures contracts
　　* Summaries and overviews at the end of each chapter recapitulating key points and definitions
　　* Quick quiz questions and answers to reinforce learning
　　* Further resources which point to other books, articles and internet tools to widen readers' comprehension of derivatives and entrench their foundation in the subject.
　　Each book in the series is supported by the Wiley-Reuters Financial Training web site (www.wiley-rft.reuters.com). This regularly updated site offers a range of screens taken directly from the Reuters terminal, information on professional exams, web links to key institutional finance web sites and much more. This book will be of particular interest to novice traders, investors and trainers in financial institutions looking for a key introductory text. By allowing readers to progress through the fundamentals and applications in a simulated trading environment at their own pace, the book will be an invaluable starting block for those new to the field of derivatives.

Section 1 Introduction
　what Are Derivatives?
　WhV Have Derivatives?
　Who Uses Derivatives?
　How Are Derivatives Traded?
　Summary
　Quick Quiz Questions
　Overview
　Quick Quiz Answers
　 Further Resources
Section 2 Forward and Futures Contracts
　IntroduCtiOn
　Forward Contracts
　Futures Contracts--Overview
　Why Have Futures Contracts?
　 Futures Contracts and Exchanges
　 Trading on Margin
　 Who Uses Futures Contracts?
　 Relationship Between Cash and Future Prices
　 Hedging Strategies
　 Trading Strategies
　 Off-Setting C：ontracts
　Commodity and Energy Futures Contracts
　FinanciaI Futures Contracts
　The Importance of Forwards and Futures
　OTC V Exchange Traded Derivatives
　 Exchange Traded Futures Contracts
　 Commodity V Financial Futures Contracts
　Summary
　Quick Quiz Questions
　Overview
　Quick Quiz Answers
　 Further Resources
Section 3 Options Contracts
　IntrOduCtiOn
　what Are Options?
　Why Do Holders and Writers Use Options?
　How Options Work
　Strike Prices
　 Premium．Intrinsic Value，Time Value
　Pricing an Option
　Strike Price
　 U nderlying Price
　 Time to Expi
　 Interest Rates
　Volatility
　Option Risks and Sensitivities
　Delta and Delta Hedge Ratio
　 Delta
　 Delta Hedging
　 Neutral Hedging
　The Other Sensivitjes
　Exchange V OTC Traded Options
　Trading Strategies for Options
Long Call
Short Put
Short Call
Long Put
Straddles
　　Strangles
　　Spreads
　　Synthetic Futu res and Options
　The Importance of Options
　Summary
　 Quick Quiz Questions
　Overview
　 Quick Quiz Answers
　 Further Resources
Section 4　Swaps Transactions
Section 5 Managing Rick and Trading