5. .
1. .
2.
3.
4.
5. ,
.
. (, ), , - . , ( ): , , . . , .
.
, - .
- , (, ), . , . . . , . .. , ( ) .
:
;
;
;
;
;
;
// . . ;
, , ;
, ;
, ,
1 .
, , , . , , . . , CFD (contract for difference) , .
|
|
:
( , , , , , );
, ;
.
, ( ), ( ) ( ) , , .
() , () .
. ().
( ) ( ) .
Call-
Call- , . R = R0 + , R0 , . R0 > Rm, Rm .
1. 90 R0 = 510 . . P = 5 . .
90 Rm = 530 ., R0 < Rm (510 < 530). Roe = R0 + = 510 + 5 = 515 . . -515 ( ) + 530 ( ) = 15 . .
90 Rm = 500 ., R0 > Rm (510 > 500). . , 5 . .
Put-
Put- , . R = R0 - , R0 , . R0 < Rm, Rm .
2. 90 R0 = 570 . . = 5 . .
90 Rm = 550 ., R0 > Rm (570 > 550). Roe = R0 - = 570 - 5 = 565 . . 550 ( ) + 565 ( ) = 15 . .
|
|
90 Rm = 580 ., R0 < Rm (570 < 580). . , 5 . .
, call put .
, , . ( ) .
. call put . , .
3. call- 350 . 5 . put- 350 . 7 . . 60 . 5 + 7 = 12 . .
60 340 ., put- . 350 . 340 . 12 - 350 + 340 = 2 . .
60 380 ., call- . 350 . , 380 . 12 - 380 + 350 = -18 . , .
, .
, ( ). .
4. call- 350 . 5 . put- 350 . 7 . . 90 . 5 + 7 = 12 . .
90 354 ., call-, 350 . , 354 . -12 - 350 + 354 = -8 . , .
90 326 ., 326 . put- 350 . . -12 - 326 + 350 = 12 . .
, .
call put , .
.
, , , , . , - call- - put-. , .
|
|
( ) , , . , .
, , . , , . .
, , , , .
1970- , . , .
, ( ) .
, , , , . , , .
() , . , , , - , .
, , 40-60%.
7. 500 . .
300 ., 500 - 300 = 200 . .
800 ., 800 - 500 = 300 . .
Pa, . , .
( ) call-, . (, ), call-. . , , .
, . , , .
|
|
. , .
call- . , . call- , . call- , . ; , .
call-, . . , , . + , . .
( ) . , , . . , .
.
,
:
$48 .
13 , 170 600 (, , 1 ) .
, 1987 , " ", , . : . , -, -, , ". : " 1990- . , . , , ( ). . , , . , . , . , , , ".
: " . , , . , , .. . , IT- , . , , - , . , ".
|
|
. , , , , , . , , , , , , , , ".
CDS (́ ́ )
CDS? , , . , . - , CDS, , , , , , . , ? , CDS, ".
, :
;
, . ;
, , , CDS ;
, , , .
, JP Morgan Chase (.).. 1997 300 , (Ford, Wal-Mart, IBM . .) 9,7 , . , JP Morgan , . , , , IBM Ford . , . , , .
2000 100 .
2004 6 , 10 ( - ). . . . , , , . AIG ( 440 ) Lehman Brothers (700 ).
"" : "JPMorgan Chase" $88 (66 ) . "Bank of America" $38 , "Citibank" $32 .
. , : " . , " " . , , "". , .
-, , : . : , , "