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所在平台: Udemy |
课程主页: https://www.udemy.com/course/financial-derivatives-forward-and-futures/
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**Coursera课程总结：金融衍生品——远期与期货** 本课程深入探讨金融衍生品中的远期合约（Forward Contracts）和期货合约（Futures Contracts）。 **核心概念：** * **金融衍生品：** 指其自身没有独立价值，价值完全来源于标的资产（如股票、商品、货币等）的合约。 * **远期合约：** 双方约定在未来特定时间，以预先确定的价格买卖特定资产的合约。 * **期货合约：** 一种标准化的远期合约，通常规定了固定的合约数量（例如，至少买卖10股股票），并在交易所进行交易。 **远期与期货合约的主要特点对比：** | 特点 | 远期合约 | 期货合约 | | :----------- | :------------------------------------- | :------------------------------------------ | | **交易方** | 仅限于最初的两个交易方 | 通过交易所进行，数量标准化 | | **违约风险** | 存在交易方违约的风险 | 交易所标准化，降低了违约风险 | | **合约设计** | 独一无二，可定制（资产类型、数量、到期日等） | 标准化（如固定数量、约定到期日） | | **交易方向** | 一方做多（买方），一方做空（卖方） | 同远期合约：一方做多，一方做空 | | **交割方式** | 到期时通常需实际交割资产 | 通常进行现金结算 | | **初始资金** | 通常无需初始保证金 | 需要支付保证金 | | **结算方式** | 到期一次性结算 | 每日进行盯市（marking-to-market）结算 | **课程内容还将涵盖：** * 如何通过远期和期货合约实现无风险套利。 * 远期和期货合约在对冲风险中的应用。 本课程旨在帮助学习者理解并运用这两种重要的金融衍生工具。
In Financial World, the term derivative refers to contract which has no independent value but whose value is entirely derived from the value of the underlying asset.Underlying assets can be securities, commodities, currency, shares etc.Financial Derivatives are mainly bifurcated into forwards, futures, options and swaps.In this series, we will mainly learn about forwards and futures.Forward Contracts and Future Contracts:Forward contract is a contract between two parties where one party agrees to buy let say share of the company and other party agrees to sell the same share at a fixed time in future for a price determined in advance between two parties.Future contract is special type of forward contract where fixed number of contracts to be entered. Let us say minimum 10 shares to be bought and sold).Features of forward contract & future Contracts:1. Forward contract are contract between 2 parties and hence there is risk of non-performance of obligation by either of the party. Such risk is not there in future contracts as they are standardized by exchanges.2. Each contract is designed between 2 parties and hence they are unique in terms of asset type, quantity, Contract size, expiration date etc.3. In forward contract, one party agrees to buy (Long in finance terms) an asset and other party agrees to sell (Short in finance terms) the same asset at the same date for same specified price. In future contract same thing happens only thing is that contracts need to be entered into lot of quantities as discussed above.4. In forward market, the contract has to be settled by delivery of the asset on expiration date however in future contracts they are cash settled.5. In forward contract initial money is not required to enter the contract commonly called as margin money but same is required for future contracts.6. Forward contracts are settled on expiry while future contracts are daily settled.So Lets learn how risk less profits can be earned through forward and future contracts. Also we can learn how it can be used as hedging tool.
