(ADR) , . , , , . , , : , . , , , .
. , , . , , , ; , , , ; . , .
, 80% , , 20%:
(equities, stocks, shares) , , .
(depositary receipts) , . (ADR) (GDR), .
.
(mature markets) , , , .
, . Dow Jones Industrial Average . Nikkei 225 - . , , .
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(emerging markets) , , , .
, (mutual funds). .
4.3.
(financial derivatives) , .
( ) , - :
- (commodities): ;
- (equities): ;
- (foreign exchange): ;
- (interest rate): , , - .
, , , . , . . - ( ), () , , ().
.
(forward-type contracts) , , , . , , . .
, .
(net present value, NPV) , , .
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:
(14.1)
PV (present value) ;
FA (future amount) , ;
r , ;
.
:
(14.2)
NPV ;
HPVr ;
HPVf .
NPV , , , , . NPV , , , , . NPV .
(swaps) , .
:
(commodity swaps) , , .
(currency swaps) .
(equity swaps) , .
(interest rate swaps) , . : (coupon swap) ; (basis swap) ; (cross-currency swap) .
(option-type contracts) , , , . , , . , , . , , .
:
(commodity option) , , .
(equity option) , , , .
(currency option) , , .
(interest rate option) .
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:
(American-style option) , .
(European-style option) , .
, (exchange-traded derivatives), , (over-the-counter, ).
, :
1) , , ;
2) ;
3) , ; 4) , .
. , , 2%. . .
, , . , , London International Financial Futures and Options Exchange (LIFFE), Marche a Terme International de France (MATIF), Deutsche Terminborce (DTB); Chicago Board of Trade (CBOT), Chicago Board Options Exchange (), Chicago Mercantile Exchange (). , , , , , , .
over-the-counter (otc), , , , , , . . . , , . , , . , , . , .