金融英語chapter 7 Foreign Exchange Market

1、Financial English金融英語recle02yahooourse Structure Chapter 1 Money, the Functions of Money and the Financial System Chapter 2 The Banking system Chapter 3 Foreign exchange rates & International Monetary System Chapter 4 Money MarketCourse Structure Chapter 5 Bond Market Chapter 6 Equi

2、ty Market Chapter 7 Foreign Exchange Market Chapter 8 International Settlements Chapter 9 Insurance Basics :/forexclub /open_virtual_account/ 福瑞斯外匯 :/forex/cns/trading_forex.html?src=ID.02.04.01.01.3552 嘉盛外匯 :/proedgefx/chinese/ 博易外匯 :/boc /cn/common/whpj.html 中國銀行 :/fx bchina/ 招商銀行 Key Words: 外匯市場

3、Foreign Exchange Market、 匯率 Foreign Exchange Rates 外匯交易 Foreign Trading 外匯儲備 Foreign Reservation 國際收支順差 balance of payments surplus 外匯報價單 Forex Quote 匯率基點 Basic Points 買方報價 Bid Price 賣方報價 Ask PriceKey Words: futures 期貨 options 期權(quán) swaps 互換 margin 保證金 premium 升水 options on futures call option 買權(quán) put o

4、ption 賣權(quán) interest swap 利率互換 currency swap 貨幣互換 7.1 the basics of foreign exchange market Foreign Exchange Market: What is it? Foreign Exchange Market Participants Foreign Exchange Rates 7.2 mechanics of foreign exchange market Determination of Foreign Exchange Rates Foreign Currency Trading Types of

5、 Transactions 7.1 the basics of foreign exchange market Foreign Exchange Market: What Is It? The foreign exchange market, or the FX market, is where the buying and selling of different currencies takes place. The price of one currency in terms of another is called an exchange rate.Foreign Exchange M

6、arket: What Is It? The market itself is actually a worldwide network of traders, connected by telephone lines and computer screensthere is no central headquarters. There are three main centers of trading, which handle the majority of all FX transactionsUnited Kingdom, United States, and Japan.全球外匯交易

7、時間清晰圖Foreign Exchange Market: What Is It? The FX market is fast paced, volatile(動蕩不定的 ) and enormousit is the largest market in the world. In 2001 on average, an estimated $1,210 billion was traded each dayroughly equivalent to every person in the world trading $195 each day.Foreign Exchange Market

8、Participants There are four types of market participantsbanks, brokers, customers, and central banks. The participants in the FX market trade for a variety of reasons: to earn short-term profits from fluctuations in exchange rates, to protect themselves from loss due to changes in exchange rates, an

9、d to acquire the foreign currency necessary to buy goods and services from other countries. 11231342135248967Foreign Exchange Market Participants Central banks, which act on behalf of their governments, sometimes participate in the FX market to influence the value of their currencies.對央行對央行: :調(diào)控匯率調(diào)控

10、匯率; ;調(diào)整儲備幣種結(jié)構(gòu)調(diào)整儲備幣種結(jié)構(gòu) With more than $1.2 trillion changing hands every day, the activity of these participants affects the value of every dollar, pound, yen or euro Foreign Exchange Market Participants Brokers act as intermediaries between banks. Dealers call them to find out where they can get the

11、 best price for currencies. Such arrangements are beneficial since they afford anonymity to the buyer/seller. Brokers earn profit by charging a commission on the transactions they arrange. Foreign Exchange Market Participants Banks and other financial institutions are the biggest participants. They

12、earn profits by buying and selling currencies from and to each other. Roughly two-thirds of all FX transactions involve banks dealing directly with each other. Foreign Exchange Market Participants Customers, mainly large companies, require foreign currency in the course of doing business or making i

13、nvestments. Some even have their own trading desks if their requirements are large. Other types of customers are individuals who buy foreign exchange to travel abroad or make purchases in foreign countries. 對商業(yè)交易者對商業(yè)交易者: :媒介貨幣兌換需要媒介貨幣兌換需要; ;賺取買賣差賺取買賣差價價; ;保保 值值; ;投投 機機7.2 mechanics of foreign exchan

14、ge marketForeign Currency Trading 1.Spot transaction即期交易a foreign exchange transaction to be settled on the second following business day 2.Forward transaction遠期交易a foreign exchange transaction agreed upon today but to be settled at some specified future date, often one, two or three months after th

15、e transaction date. 3.Futures:期貨交易 Foreign currency futures are forward transactions with standard contract sizes and maturity dates for example, 500,000 British pounds for next November at an agreed rate. These contracts are traded on a separate exchange set up for that purpose. Foreign Currency Tr

16、ading 4.Option 期權(quán)交易transactionthe customers right to deliver or to take delivery of a specified sum in foreign currency at any time or times during an agreed period. 5.Swap transaction掉期交易The most common type of forward transaction is the currency swap. In a swap, two parties exchange currencies for

17、 a certain length of time and agree to reverse the transaction at a later date. 1.Spot transactions Spot transactions: This type of transaction accounts for almost a third of all FX market transactions. Two parties agree on an exchange rate and trade currencies at that rate. 又稱現(xiàn)匯交易，指交易雙方成交后在兩在兩個營業(yè)日內(nèi)

18、個營業(yè)日內(nèi)辦理交割的外匯買賣。1.Spot transactions Spot Transaction: How it works ？ A trader calls another trader and asks for a price of a currency, say British pounds. This expresses only a potential interest in a deal, without the caller saying whether he wants to buy or sell.1.Spot transactions 即期外匯交易的結(jié)算方式有電匯、信

19、匯和票匯三種。信匯和票匯應(yīng)用很少，大部分交易是采用電匯方式 在電匯方式下，買賣雙方首先通過 達成交易，然后用電傳予以確認。即期外匯交易程序即期外匯交易程序一、訂價一、訂價 二、詢價與報價二、詢價與報價三、交易及確認三、交易及確認四、交割四、交割Foreign Currency Trading Yoshi, its Maria in New York. May I have a price on forty cable.“ Sure. One seventy-five, twenty-thirty. Yoshi, its Maria in New York. I am interested in

20、 either buying or selling 40 million British pounds. Sure I will buy them from you at 1.7520 dollars to each pound or sell them to you at 1.7530 dollars to each pound.“ The second trader provides the first trader with prices for both buying and selling (two-way price). When the traders agree to do b

21、usiness, one will send pounds and the other will send dollars. Foreign Currency Trading Mine forty.“ All right. At 1.7530, I sell you forty million pounds.“ Done. Id like to buy them from you at 1.7530 dollars to each pound. All right. I sell you 40 million pounds at 1.7530 dollars per pound.“ The d

22、eal is confirmed at 1.7530. What do you think about the Japanese yen? Its up 100 pips.“ Is there any information you can share with me about the fact that the Japanese yen has risen one-one hundredth of a yen against the U.S. dollar in the past hour? I saw that. A few German banks have been buying s

23、teadily all day. Yes, German banks have been buying the Japanese yen all day, causing the price to rise a little. By convention the payment is actually made two days later, but next day settlements are used as well. 交易日是交易雙方達成交易的日子，不一定是交割日。 關(guān)于交割日的規(guī)定： 1.交割日根據(jù)不同市場習(xí)慣而不同，在歐美和香港市場，交割日為成交后第二個營業(yè)日成交后第二個營業(yè)日，

24、在遠東市場為成交后第一個營業(yè)日成交后第一個營業(yè)日。之所以交割時間有所滯后是因為不同貨幣的清算中心一般在其發(fā)行國，彼此過戶需要時間。結(jié)算地：貨幣的發(fā)行地或地區(qū)結(jié)算地：貨幣的發(fā)行地或地區(qū) (一）電匯匯率：如果沒有特別說明，即期匯率都是電匯匯率。電匯匯率是外匯市場最高的匯率，因為通過電匯劃撥資金貨幣的時間最短，交易雙方互不占用資金。 （二）信匯匯率和票匯匯率 信匯和票匯因占用交易雙方的資金，銀行在即期交易中使用這兩種匯率都要扣除所占用資金的利息。計算公式如下： 信匯或電匯匯率=電匯匯率【1-占用貨幣資金的利息（郵程天數(shù)-2）/360】 信匯或電匯匯率=電匯匯率【1-占用貨幣資金的利息（郵程天數(shù)-2）

25、/360】 例：設(shè)香港市場利率8%，香港到美國郵程時間為10天，某銀行向客戶報出即期匯率USD/HKD7.8123-7.8514,則信匯、票匯為： 買價 7.8123（1-8%8/365）=7.7984 賣價 7.8514（1-8%8/365）=7.8376 遠期票匯匯率（3個月）： 買價 7.8123（1-8%3/12）=7.6561 賣價 7.8514（1-8%3/12）=7.69441.Spot transactions Although spot transactions are popular, they leave the currency buyer exposed to som

26、e potentially dangerous financial risks. 盡管即期交易非常普遍，單同時也使得貨幣的買方暴露在風(fēng)險之中。 Exchange rate fluctuations can effectively raise or lower prices and can be a financial planning ordeal for companies and individuals. 1.Spot transactions One alternative for a company is to pay for the foreign good right away t

27、o avoid the exchange rate risk. 一條有效的途徑就是將這筆買入的外匯趕緊支付出去規(guī)避匯率風(fēng)險。 But no one wants to part with money any sooner than necessaryif the company does pay the money in advance, it loses six months interest and risks losing out on a favorable change in exchange rates. 然而沒有人愿意放棄持有外匯。如果早付出就無法獲取利息收益和潛在匯率升值的收益。

28、2.Forward transaction: One way to deal with the FX risk is to engage in a forward transaction. In this transaction, money does not actually change hands until some agreed upon future date. A buyer and seller agree on an exchange rate for any date in the future and the transaction occurs on that date

29、, regardless of what the market rates are then. The date can be a few days, months or years in the future. 買賣雙方在成交時先就交易的幣種，匯率，數(shù)額，交割日等達成協(xié)議，并以合約確定下來。在規(guī)定的在規(guī)定的交割日再由雙方履行合約交割日再由雙方履行合約，結(jié)清有關(guān)貨幣金額的收付。合同內(nèi)容無通用標(biāo)準和限制合同內(nèi)容無通用標(biāo)準和限制：幣種，匯率，金額，交割日隨意。到期時須實際支付全部金額。2.Forward transaction: Two parties specify a value date f

30、urther away than two days30 days, 90 days, 180 days or even several years to execute the deal.Margin保證金保證金 The deposit required to open or maintain a position. Margin can be either free or used. Used margin is that amount which is being used to maintain an open position, 已經(jīng)占用的保證金 whereas free margin

31、 is the amount available to open new positions. 自由保證金 With a $1,000 margin balance in your account and a 1% margin requirement to open a position, you can buy or sell a position worth up to a notional $100,000. This allows a trader to leverage his account by up to 100 times or a leverage ratio of 10

32、0:1. Margin保證金保證金 If a traders account falls below the minimum amount required to maintain an open position, he will receive a “margin call” requiring him to either add more money into his or her account or to close the open position.保證金保證金保證金保證金保證金保證金 Most brokers will automatically close a trade w

33、hen the margin balance falls below the amount required to keep it open. The amount required to maintain an open position is dependent on the broker and could be 50% of the original margin required to open the trade.2.Forward transaction: The 1980s and 1990s witnessed a rapid growth in the volume and

34、 a variety of use of derivative instruments. This is related to the increased importance of financial markets around the world, securitization of previously non-tradable financial instruments and obligations, and the need for borrowers and investors to hedge against volatility in the securities mark

35、ets. 最初是為了套期保值，規(guī)避風(fēng)險 Derivative instruments are financial claims with value based on that of the underlying securities.在原生金融工具諸如即期交易的商品和約、債券、股票、外匯等基礎(chǔ)上派生出來的有自身價值的金融產(chǎn)品 Therefore a change in the value of an underlying security (T-bond) is expected to be accompanied by a similar change in the value of th

36、e related derivative instrument (T-bond future). Derivatives are originated and traded both on organized exchanges and over-the-counters. 指交易商私下直接議價的交易方式，以區(qū)分透過交易所的集中市場進行買賣的交易方式。與交易所不同的是，場外市場沒有向其他市場參與者自動披露交易價格的機制，而且可以進行非標(biāo)準化的交易。 Exchange traded instruments have an aggregate value that is somewhat less

37、 than over-the-counter traded instruments.交易所交易量小于場外交易量 Interest rate futures account for（占）占） more than 65% of the value of exchange traded derivatives. These include short-term interest rate instruments and long-term instruments (bond futures). Short-term instruments account for 94% of all interes

38、t rate futures. 3.Future In addition to these two interest rate futures, two other financial futures occupy this field. These include currency futures and stock market index futures. （貨幣期貨和股指期貨） 本世紀70年代初“布雷頓森林體系”的解體使固定匯率體制被浮動匯率體制所取代，主要西方國家的貨幣紛紛與美元脫鉤，匯率波動頻繁，市場風(fēng)險加大。同時經(jīng)濟的全球化使得越來越多的企業(yè)面臨匯率波動的風(fēng)險，市場迫切需要規(guī)避這

39、種風(fēng)險的工具，貨幣期貨就是在這種背景下產(chǎn)生。Currency futures Currency futures are similar to forward contracts. They make it possible to lock in the price of a given currency where delivery takes place at a future point in time. 貨幣期貨貨幣期貨指以匯率為標(biāo)的物的期貨合約。指以匯率為標(biāo)的物的期貨合約。可轉(zhuǎn)讓期貨合約，其中定明持有人可在未來可轉(zhuǎn)讓期貨合約，其中定明持有人可在未來日期以特定價格買入或賣出特定貨幣日期以

40、特定價格買入或賣出特定貨幣 。目的。目的是借此規(guī)避匯率風(fēng)險是借此規(guī)避匯率風(fēng)險 In the United States currency futures contracts are traded on the International Monetary Market (IMM國際貨幣市場國際貨幣市場 ), a division of the Chicago Mercantile Exchange (CME芝加芝加哥商品交易所哥商品交易所 ).Currency futures 最早的有形貨幣期貨市場是成立于最早的有形貨幣期貨市場是成立于1972年年5月的國際貨幣市場（月的國際貨幣市場（Inte

41、rnational Monetary Market），簡稱），簡稱IMM，它是芝加哥商業(yè)交易，它是芝加哥商業(yè)交易所的一個分支。開始，中要交易品種是六種所的一個分支。開始，中要交易品種是六種國際貨幣的期貨合約，即美元、英鎊、加拿國際貨幣的期貨合約，即美元、英鎊、加拿大元、德國馬克、日元、瑞上法郎，后義增大元、德國馬克、日元、瑞上法郎，后義增加了上述貨幣的期權(quán)交易加了上述貨幣的期權(quán)交易Currency futures 倫敦國際金融期貨期權(quán)交易所是另一家重要倫敦國際金融期貨期權(quán)交易所是另一家重要的貨幣交易所，它成立丁的貨幣交易所，它成立丁1982年，主要交易年，主要交易品種有英鎊、瑞上法郎、德國馬克

42、、日元、品種有英鎊、瑞上法郎、德國馬克、日元、美元的期貨合約及期權(quán)。此后，澳大利亞、美元的期貨合約及期權(quán)。此后，澳大利亞、加拿大、荷蘭、新加坡等國又陸續(xù)成立了多加拿大、荷蘭、新加坡等國又陸續(xù)成立了多家貨幣期貨交易所。但在新加坡期貨交易所家貨幣期貨交易所。但在新加坡期貨交易所（SIMEX）、中美洲商品交易所（）、中美洲商品交易所（MAC）、）、及紐約棉花交易所金融部門（及紐約棉花交易所金融部門（FINEX）等，）等，都有貨幣期貨掛牌交易。以芝加哥、倫敦兩都有貨幣期貨掛牌交易。以芝加哥、倫敦兩家交易所的交易量最大家交易所的交易量最大 不同交易所的合約規(guī)格及交易條件不完不同交易所的合約規(guī)格及交易條件

43、不完全相同，必須仔細加以比較。期貨市場全相同，必須仔細加以比較。期貨市場至少要包括兩個部分：一是交易市場，至少要包括兩個部分：一是交易市場，另一個是清算中心。期貨的買方或賣方另一個是清算中心。期貨的買方或賣方在交易所成交后，清算中心就成為其交在交易所成交后，清算中心就成為其交易對方，直至期貨合同實際交割為止。易對方，直至期貨合同實際交割為止。 外匯期貨交易的特征（以外匯期貨交易的特征（以IMMIMM為例說明）為例說明） （一）交易的貨幣種類少，僅限于幾個國際性的貨幣，如（一）交易的貨幣種類少，僅限于幾個國際性的貨幣，如英鎊、日元、加拿大元、瑞士法郎、歐元和澳大利亞元等；英鎊、日元、加拿大元、瑞

44、士法郎、歐元和澳大利亞元等；（二）交易具有一定標(biāo)準數(shù)量的合約單位，和合約單位的（二）交易具有一定標(biāo)準數(shù)量的合約單位，和合約單位的倍數(shù)才能交易，如倍數(shù)才能交易，如6250062500英鎊、英鎊、100000100000加拿大元、加拿大元、125000125000歐歐元等；元等；（三）美元報價，即每單位外幣的價值等于多少美元；（三）美元報價，即每單位外幣的價值等于多少美元；（四）合約時間標(biāo)準化，即以（四）合約時間標(biāo)準化，即以3 3個月為一個周期，交易屆滿個月為一個周期，交易屆滿月為月為3 3、6 6、9 9、1212月；月；（五）交割日統(tǒng)一，即（五）交割日統(tǒng)一，即3 3、6 6、9 9、1212月

45、的第三個星期三；月的第三個星期三；（六）對每一種交易貨幣的最低價格變動幅度限制和每日（六）對每一種交易貨幣的最低價格變動幅度限制和每日最高價的限制。最高價的限制。貨幣期貨交易與遠期外匯交易的比較 貨幣期貨交易與遠期外匯交易相比，具有以下幾個特點： 市場參與者不同 流動性不同。 交易手段不同。 合約的標(biāo)準化程度不同。 信用風(fēng)險不同。 履約方式不同。Currency futures Unlike a forward, futures contracts are standardized and are traded on an organized exchange. The ability to

46、buy and sell futures contracts in an exchange market gives futures an advantage over forward contracts, namely, market liquidity（市場流動性）市場流動性） . 合約的標(biāo)準化程度不同。遠期外匯交易的合約內(nèi)容合約的標(biāo)準化程度不同。遠期外匯交易的合約內(nèi)容是由金融機構(gòu)與客戶根據(jù)其要求協(xié)商而定的，貨幣是由金融機構(gòu)與客戶根據(jù)其要求協(xié)商而定的，貨幣期貨交易的臺約則是標(biāo)準化的合約，交易品種單位、期貨交易的臺約則是標(biāo)準化的合約，交易品種單位、變化幅度、漲跌停板、交割時間等項目都是事先確

47、變化幅度、漲跌停板、交割時間等項目都是事先確定的。定的。交易所交易的合約交易所交易的合約 外匯期貨買賣最少是一個合約，每一個合約的金額，不外匯期貨買賣最少是一個合約，每一個合約的金額，不同的貨幣有不同的規(guī)定。主要外匯品種每份合約（以同的貨幣有不同的規(guī)定。主要外匯品種每份合約（以美元計價）的金額：美元計價）的金額： 幣種幣種 期貨合約期貨合約 報價刻度報價刻度 報價點值報價點值英鎊（英鎊（GBP） 62,500 s0.0002 0.0002*62 500=$12.50日元（日元（JPY） 12,500,000 s0.000001 $12.50歐元（歐元（EUR）125,000 s0.0001 $

48、12.50澳元（澳元（AUD）100,000 s0.0001 $10.00瑞土法郎（瑞土法郎（CHF）125,000 s0.0001 $12.50加拿大元（加拿大元（CAD）100,000 s0.0001 $10.00新西蘭元（新西蘭元（NZD）100,000 s0.0001 $10.00Currency futures The holder of a futures contract can sell the contract in a liquid market, providing an additional advantage in the form of flexibility to

49、 alter the hedging or speculative position as conditions or needs change. 遠期外匯交易由于參與者在數(shù)量上的局限性，一般遠期外匯交易由于參與者在數(shù)量上的局限性，一般而言合約的流動性較低，貨幣期貨交易則由上參與而言合約的流動性較低，貨幣期貨交易則由上參與者眾多，且有大量的投機者和套利者，流動性較好。者眾多，且有大量的投機者和套利者，流動性較好。 可以隨現(xiàn)實情況變化進行套期保值或投機交易?？梢噪S現(xiàn)實情況變化進行套期保值或投機交易。Currency futures Corporate or institutional inves

50、tor participants can benefits significantly by the hedging in financial futures. Trading currency futures can help a multinational company offset exchange risk related to an investment position. Portfolio managers can offset currency exposure positions or take on currency investment positions by buy

51、ing and selling currency futures. 遠期外匯交易的參與者主要是銀行等金融機構(gòu)及跨遠期外匯交易的參與者主要是銀行等金融機構(gòu)及跨國公司等大企業(yè)，貨幣期貨交易則以其靈活的方式國公司等大企業(yè)，貨幣期貨交易則以其靈活的方式為各種各樣的企業(yè)提供了規(guī)避風(fēng)險的管理工具為各種各樣的企業(yè)提供了規(guī)避風(fēng)險的管理工具Currency futuresCurrency futuresCurrency futures Exchange-traded instruments also include interest rate options, currency options, and sto

52、ck market index options. The largest of these in value are the interest rate options. (外匯交易工具還包括各種期權(quán))4. Currency options Currency options give the holder the right to exercise the option until its expiration. Call options give the holder the fight, but not the obligation, to purchase the Currency at

53、 a price set in the contract called the strike price. Put options give the holder the right, but not the obligation, to sell the currency at a price set in the contract. American style options can be exercised at any time until expiration of the option. By contrast European style options can be exer

54、cised only at the maturity date. 4. Currency options There are two parties to an option contract: the option seller or writer and the option buyer who can be a hedger or speculator. The buyer essentially purchases a commitment that the open writer will stand ready to sell or purchase a specified amo

55、unt of the underlying currency on demand. 是一種選擇權(quán)契約，其持有人即期權(quán)的買方付出一定的費用后，享有在契約到期或到期之前，以既定的價格買入或賣出一定數(shù)量的某種貨幣的權(quán)利。外匯期權(quán)交易中，期權(quán)買方只有以合約規(guī)定的價格是否買進或賣出期貨合約的權(quán)利，但是沒有一定買進或賣出的義務(wù)； 4. Currency options No margin is required to buy an option. The buyer pays a premium for the call or the put and if the holder sells the opt

56、ion back, there should be a receipt of funds based upon the premium on that particular option at that point in time. 在外匯期權(quán)交易中，買方支付期權(quán)費，但不交納保證金。賣方收到期權(quán)費，但要交納保證金。4. Currency options 雙方的權(quán)利與義務(wù)：雙方的權(quán)利與義務(wù)： 買方的權(quán)利是可以要求賣方履行期買方的權(quán)利是可以要求賣方履行期權(quán)合同；義務(wù)是交納期權(quán)費，并且權(quán)合同；義務(wù)是交納期權(quán)費，并且不管是否履行期權(quán)賣方都不退還此不管是否履行期權(quán)賣方都不退還此費用。費用。 賣方的權(quán)利是

57、賣方的權(quán)利是收取期權(quán)費收取期權(quán)費；義務(wù)是；義務(wù)是按買方的要求履行期權(quán)合同。按買方的要求履行期權(quán)合同。5. Interest Rate and Currency Swaps 1.currency swapare motivated by comparative advantage. A currency swap (or cross currency swap) is a foreign exchange agreement between two parties to exchange principal and fixed rate interest payments on a loan i

58、n one currency for principal and fixed rate interest payments on an equal (regarding net present value) loan in another currency. 貨幣互換(又稱貨幣掉期)是指交易雙方按固定匯率在期初交換兩種不同貨幣的本金，并按預(yù)約日期進行利息和本金的分期互換；雙方可以議定期初不交換本金，到期日也可不交換本金。5. Interest Rate and Currency Swaps 貨幣互換交易的一般步驟：貨幣互換交易的一般步驟： （1 1）確定和交換本金，以便按不同貨幣）確定和交換本金，以便按不同貨幣金額定期支付利息。本金的互換可以是金額定期支付利息。本金的互換可以是名義上的互換，也可以是實際轉(zhuǎn)手；名義上的互換，也可以是實際轉(zhuǎn)手； （2 2）利息的互換。雙方按照貨幣互換合）利息的互換。雙方按照貨幣互換合約規(guī)定的各自固定利率，以未償