英语论文网

      在指定的情况下，报告解释了可能来自衍生品市场风险。对各种风险进行分析后，非系统性风险，尤其是流动性风险和利率风险是应注意在套期保值策略。基于给定的市场数据，英语论文格式该策略是卖40英镑未来三个月的合同或购买一个为期三个月的看跌期权价17500。根据计算和评价对利率的变化鲍凯斯现金流，它表明，在现货市场的得失成败，期货市场和期权市场。作为一个结果，将选择不损失利息率下，由于在高风险的不良。得失和成熟的日期显示，看跌期权在逆境中损失较少的试验。

      Under the given scenario, the report explains the risks that might be derived from the derivative market. After the analysis on various risks, the non-systematic risks especially the liquidity risk and interest rate risk are should be noticed before making the strategies of hedging. Based on the given market data, the strategies are selling 40 three-month sterling future contracts or purchasing a three-month put option at a price of  17500. According to the calculations and evaluations on the cash flow of Boakes with changes in interest rate, it demonstrates the gains and losses in cash market, future market and option market. As a result, the put option is chosen for less loss under falls in interest rate, due to highly adverse in risk. And the test of gains and losses at mature date show that the put option has less loss in the adverse circumstance.

      第二部分，报告解释了货币互换的运行具有鲍凯斯提出的互换协议的例子。的好处包括借用国外资金和对冲货币风险的负债和资产的成本降低。在交换项设计在这里，鲍凯斯可以进入一个主要的￡200.86million和伦敦银行同业拆借利率+ 1.5%的浮动利率十年的货币互换协议，在与主要对手4亿美元的外汇率4%。每年鲍凯斯将节省4百万美元的利息。由于利率是固定的，鲍凯斯可以得到固定的提名的现金流入规避利率风险。此外，参与了互换协议的风险，包括信用风险，市场风险，风险和货币风险。

      In the second part, report explains how currency swap operates with the examples of Boakes’s proposed swap agreement. And the benefits include lower costs in borrowing foreign funding and hedging the currency risk from liabilities and assets. In the swap term devised here, Boakes can enter the ten-year currency swap agreement with a principal of ￡200.86milliohttps://www.51lunwen.org/yingyulunwengeshi/ n and the floating rate of LIBOR+1.5%,  in exchange of a finer rate 4% with a principal of $400million from the counterparty. Each year Boakes will save interest of $4 million. Since the interest rate is fixed, Boakes can receive fixed nominate cash inflow avoiding the interest rate risk. In addition, the risks involved in the swap agreement are demonstrated, including credit risk, market risk, and currency risk.