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文檔簡(jiǎn)介
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'▲?И?4UZKY?3-109Topic
Weightings
in
CFA
Level
ISession
NO.ContentWeightingsStudy
Session
1Ethics
&
Professional
Standards15Study
Session
2-3Quantitative
Analysis12Study
Session
4-6Economics10Study
Session
7-10Financial
Reporting
and
Analysis20Study
Session
11Corporate
Finance7Study
Session
12Portfolio
Management7Study
Session
13-14Equity
Investment10Study
Session
15-16Fixed
e10Study
Session
17Derivatives5Study
Session
18Alternative
Investments4【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程高清視頻+講義4-109FrameworkDerivativesSS17
DerivativesR57
Derivative
Markets
andInstrumentsR58
Basics
of
DerivativePricing
and
ValuationR59
Risk
ManagementApplications
of
OptionStrategies5-109Reading57Derivative
markets
and
instrumentsFrameworkR57?Derivative
markets
and
instruments
?
?
?D
erivative?
У?
?
?
?
?
ф
?
?
??
?
ф
?
?
?Exchange-
traded
&
Over-the-c
o
u
n
t
e
r
?
??
F
o
r
w
a
r
d
commitment
&
Contingent
claim???Derivatives
underlyingD
erivati
v
es
?
???Risk
free
arbitrage?
?
?
ф
?ForwardFuturesSwapOption6-109【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義【夢(mèng)軒考資
】義6454842專業(yè)提供CFA
FRM全程+講Derivative
Markets
and
InstrumentsDefinition:
A
derivativeis
a
financial
instrument
(contract)
that
derives
itsperformance
fromthe
performance
of
an
underlying
asset.Buy
or
Sell
Something:Buy
or
Sell
nowBuy
or
Sell
sometime
in
the
future.Example?3З
??
3
σ
/
??
б
?
??3
З
?
?
1
5
σ
/
?
?
?
б
?
?
?3
З
?
?
4
%
?
?
?
σ
1
m
i
l
l
i
o
n
?3
З??
6
.
5
CNY/
USD
CNY.???
??
??
?
?
?
H
e
d
g
e
v
s.幘?
Speculate?
?
?
?
?
?
й
?
?
?
ф
?
?
?
?
7-1098-109Derivative
Markets
and
InstrumentsForward
contract:A
forward
contract
is
an
private
agreement
that
obligates
one
party
tobuy
and
the
other
party
to
sell
a
specific
quantity
of
an
underlying
asset,at
a
set
price,
at
a
future
date
?
??
?
?
?
?
?
?
?б
?
?
?
?
?
?
?
.If
the
future
price
of
the
underlying
assets
increase,
the
buyer
has
again,
and
the
seller
has
a
loss.Forward
contractFutures
contractSwap
contractOption
contract9-109Derivative
Markets
and
InstrumentsA
Futures
contract
is
a
forward
contract
that
is
standardized
andexchange-traded.A
forward
contractAre
regulatedBacked
by
a
clearinghouseRequire
a
daily
settlement
of
gains
and
losses.Forward
contractFutures
contractSwap
contractOption
contract【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程高清視頻+講義【夢(mèng)軒考資
】
義
6454842專業(yè)提供CFA
FRM全程+講10-109Derivative
Markets
and
InstrumentsA
Swap
contract
is
a
series
of
forward
contracts
.Exchange
cash
flows
on
period
settlement
datesDefault
riskForward
contractFutures
contractSwap
contractOption
contract11-109Derivative
Markets
and
InstrumentsAn
option
contract:The
owner
has
the
right,
but
not
the
obligation
to
conduct
atransaction?
?
c
o
n
t
r
a
c
t
З
?
?
o
p
t
i
o
n
?
?
Т
?
?
?
?
р
?
?
?Forward
contractFutures
contractSwap
contractOption
contract12-109Derivative
Markets
and
InstrumentsBasic
characteristics
of
optionsAn
option
to
buy
an
asset
at
a
particular
price
is
termed
a
call
optionAn
optionto
sell
an
asset
at
a
particular
price
is
termed
a
putoptionBuyer
of
a
c to
buySeller
of
a
callObligation
to
sellBuyer
of
a
putRight
to
sellSeller
ofa
putObligation
to
buyForward
contractFutures
contractSwap
contractOption
contract【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義13-109Derivative
Markets
and
Instruments?
?
?
?
?
?
??
?
?
?
?
??
?
?
F
o
r
w
a
r
d
commitment
&
Contingent
claimForward
commitment:
is
an
agreement
between
two
parties
inwhich
one
party,
the
buyer,
agrees
to
buy
from
the
other
party,
theseller,
an
underlying
asset
at
a
future
date
at
a
price
established
atthe
start
forward,
futures
and
swap
contractsContingent
claim:
is
derivative
in
which
the
payoffs
occur
if
a
specificevent
happens
option
contracts14-109Derivative
Markets
and
Instruments?
?
?
?
?
??
с
?
?
?
?
?
?
E
x
c
h
a
n
g
e
-
t
r
a
d
e
d
&
O
v
e
r
-
t
h
e
-
c
o
u
n
t
e
rtradedExchange-traded?
?
▲З
??
?
с
?
?
с
?
澞??????????
?
?
?
?
с
?
?
A
Clearinghouse
BOTC
traded?
?
?
??
с
?
?
?
?
?
?
?
?
?
?
с
?
?
A
BД
?
с
?
?
?
?Exchange-tradedOver-the-counterStandardized
LiquidCustomized/Specific
needsBacked
by
a
clearinghouseTrade
with
counterparty
(default
risk)Trade
in
the
aphysical
exchangenot
trade
in
organized
marketsRegulatedUnregulated【夢(mèng)軒考資
】6454842專業(yè)提供CFA
FRM全程高清視頻+講義15-109Derivative
Markets
and
InstrumentsО
?
?
?
?Forward
commitmentL
o
n
g
?
б
?
?
?S
h
o
r
t
?
?
?
?
?Contingent
claimL
o
n
g
?
?
?
▲
З
?
?S
h
o
r
t
?
??
▲
З
?
?C
a
l
l
?
а
?
?
?
?
?
?
?P
u
t
?
?
?
?
?
?
?
?
?【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程高清視頻+講義16-109Derivative
Markets
and
Instruments?
?
?
?
?
?
??
?
?
?
?
??
?Forward
commitmentContingent
claimforwardfuturesswapoptionCDS??р??
??Exchange-tradedOver-the-counter
tradedforwardswapoptionfuturesoption17-109ExampleWhich
of
the
following
is
the
best
example
of
a
derivative'?A
global
equity
mutual
fundA
non-callable ernment
bondA
contract
to
purchase
Apple
Computer
at
a
fixed
priceCorrect
answer:
CWhich
of
the
following
statements
about
derivatives
is
not
true?They
are
created
in
the
spotmarket.They
are
used
in
the
practice
of
risk
management.They
take
their
values
from
the
value
of
something
else.Correct
answer:
A18-109ExampleThe
buyer
ofa
call
option
has
the:right
to
buy
the
underlying
asset
in
the
future
under
certainconditionsobligation
to
sell
the
underlying
asset
in
the
future
under
certainconditionsright
to
sell
the
underlying
asset
in
the
future
under
certainconditionsCorrect
answer:
AA
private
agreement
between
two
parties
to
exchange
a
series
of
futurecash
flows
with
at
least
one
of
the
two
series
of
cash
flows
determined
by
a
later e,
is
best
characterized
as
a(n):SwapFutures
contractExchange-traded
contingent
claimCorrect
answer:
A【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義Derivative
Markets
and
InstrumentsAdvantage:Price
discoveryRisk
management:
hedge
and
speculationLowering
transaction
costsLow
capital
requirementGreater
liquidityEase
of
going
shortEnhance
market
efficiencyDisadvantage:Too
risky
High
leverageComplex
instrumentsSometimes
likened
to
gambling??
??Always
increase
risk?
No.【夢(mèng)軒考資
】+講義6454842專業(yè)提供CFA
FRM全程19-10920-109Derivative
Markets
and
InstrumentsRisk-free
arbitrage
and
no-arbitrage
rule:Arbitrage
involves
earnin er
the
risk-free
rate
with
no
risk
or
earningan
immediate
gain
with
no
future
liabilitiesArbitrage
opportunities:
arbitrage
occurs
when
equivalent
assets
orcombinations
of
assets
sell
for
two
different
pricesLaw
of
one
price:
two
securities
or
portfolios
that
have
identical
cashflows
in
the
future,
regardless
of
future
events,
should
have
the
sameprice21-109Derivative
Markets
and
InstrumentsRisk-free
arbitrage
and
no-arbitrage
rule
(Cont.):The
way
of
arbitrage:
sell
high,
buy
lowIf
a
portfolio
consisting
of
A
and
B
has
a
certain
payoff,
the
portfolioshould
yield
the
risk-free
riskThe
role
of
arbitrage
is
to
eliminate
mispricing
and
lead
to
the
marketefficiency.
That
is
why
arbitrage
also
plays
a
role
in
pricing.【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義22-109Derivative
Markets
and
InstrumentsArbitrage
pricing
restrictions?restrict
sell
short
systemlimit
the
amount
ofarbitragetransaction
cost【夢(mèng)軒考資
】
義
6454842專業(yè)提供CFA
FRM全程+講23-109ExampleWhether
these
two
rules
below
can
restrict
the
price
discover
function
ofthe
market?Restrict
sell
short
system limit
the
amount
of
arbitrageyes
yesyes
nono
yesCorrect
answer:
ASell
short?arbitrage???????
??????
???
?
?
.24-109ForwardDefinition:
A
forward
contract
is
a
bilateral
contract
that
obligates
onety
of
an
underlyingparty
to
buy
and
the
other
party
to
sell
a
specificasset,
at
a
set
price,
on
a
specific
date
in
the
futureLong
and
short
forward
positionLong:
buy
underlyingShort:
sell
underlyingNo
payments
will
be
made
at
the
inception
of
a
forward
contract.
Soboth
parties
of
a
forward
contract
is
exposed
to
potential
default
risk【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義25-109ForwardForward
contracts???Commodity
forward
contract??
?
?
?
?
?Financial
forward
contract
?
?壝?
?
?
?Purposes
of
trading
forward
contracts?Hedge
risk???????
??с?
??????▲
?????
?
?
幘?澞
??defaultrisk澞S
p
e
c
u
l
a
t
i
o
n
?
?
?
?
?
??
?
?
?
??
?
?
澞Characteristics
of
Forward
contracts
?Each
party
are
exposed
to
default
risk
(
or
counterparty
risk).Zero-sum
game.【夢(mèng)軒考資
】義6454842專業(yè)提供CFA
FRM全程高清視頻+講26-109ForwardSettling
a
forward
contract
at
expirationPhysical
settlement:
deliver
an
actual
asset????
?????
й?
?
?
?Cash
settlement:
the
party
that
has
a
position
with
negativevalue
is
obligated
topay
that
amountto
the
other
party?
?
?
?
?壝??Settling
a
forward
contract
prior
to
expirationEntering
into
an
opposite
forward
contract:
with
an
expirationdateequal
to
the
time
remaining
on
the
original
contractOffsetting
witha
different
party:
some
creditrisk
remainsOffsettingwith
the
original
party:can
avoid
credit
risk27-109ExampleWhich
isthe
most
commonway
to
terminate
a
forward
contract
prior
toexpiration?Cash
settlementEnter
into
an
oppositecontractDelivers
the
actual
instrumentsCorrect
answer:
BHow
toeliminate
therisk
on
a
forward
contract:enter
a
opposite
trade
withsame
counterparty
at
same
priceenter
a
opposite
trade
withdifferent
counterparty
for
any
priceenter
a
opposite
trade
withsame
counterparty
for
any
priceCorrect
answer:
A【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程高清視頻+講義28-109ForwardLIBOR,
Euribor,
and
FRAsEurodollar
time
deposit.London
Interbank
Offer
Rate
(LIBOR).USD
interest
rates.Quoted
as
an
annualized
rates
based
on
a
360-day
a
yearAdd-on
rateSingle
interestEuribor
is
a
similar
rate
for
borrowing
andlending
in
EurosA
forward
rate
agreement
(FRA)
is
a
forward
contract
on
an
interest
rate(LIBOR)now90settlement
or
expiration29-109270ForwardLIBOR,
Euribor,
and
FRAs?
?F
R
A
Т
?
An
F
R
A
c
a
n
be
v
i
e
w
e
d
as
a
f
o
r
w
a
r
d
c
o
n
t
r
a
c
tto
borrow/lend
money ertain
rateat
some
future
date.The
long
position:
is
the
party
that
would
borrow
themoneyThe
short
position:
is
the
partythat
would
lend
the
moneyF
R
A
?
?
.?
?
?
?
3
0
澝60澝90澝120?LiborOff-the-run
FRA?
?
?
??
?
?
45
?
L
i
b
o
r?
?
?
Example3?9FRA90-day
FRA
180-day
LIBOR30-109ForwardLIBOR,
Euribor,
and
FRAs?
?=Long
90-day
FRA
on180-day
LIBORnow90Long
270-day
Eurodollar270now90270Short
90-day
Eurodollar=Synthetic
long
90-day
FRAon
180-day
LIBORnow90270【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義31-109ForwardLIBOR,
Euribor,
and
FRAs?
?р
?
?
s
e
t
t
l
e
in
c
a
s
h
,
b
u
t
no
a
c
t
u
a
l
l
o
a
n
is
m
a
d
e
at
t
h
esettlement
datePayoff
??
?
?If
thereference
rate
at
the
expiration
dateis
abovethe
specifiedcontract
rate,
the
long
will
receive
cash
payment
from
the
short;If
thereference
rate
at
the
expiration
date
is
below
the
contract
rate,the
short
will
receive
cash
payment
from
the
longP
a
y
o
f
f
?
?
?
Floating
rate
at
settlement-forward
rate
days
360
Notionalprincipal
1+Floating
rate
at
settlement
days
360
32-109ExampleWhich
of
the
following
best
describes
the
forward
rate
of
an
FRA?The
spot
rate
implied
by
the
term
structureThe
forward
rate
implied
by
the
term
structureThe
rate
on
a
zero-coupon
bond
of
maturity
equal
to
that
of
thefor-ward
contractCorrect
answer:
BThe
underlying
asset
of
FRA
isBondStockInterest
rateCorrect
answer:
CFuturesТ
?A
futures
contract
is
an
agreement
that
obligates
one
party
to
buy
andthe
other
party
to
sell
a
specificprice,at
afuture
date.?forward
contract
??:ty
of
an
underlying
asset,
at
a
set+講Can
be
either
deliverable
or
cash
settlement
contracts;Deliverable
contracts
obligate
the
long
to
buy
and
the
short
to
sell
acertain ty
of
an
asset
for
a
certain
price
on
a
specified
futuredate.Cash
settlement
contracts
are
settled
by
paying
the
contract
value
incash
on
the
expiration
date.Are
priced
to
have
zero
value
at
the
time
an
investor
enters
into
thecontract.【夢(mèng)軒考資
】
6454842
專業(yè)提供CFA
FRM全程義33-109【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義34-109Futures?forward??:ForwardsFuturesPrivate
contractsExchange-tradedUnique
customized
contractsStandardized
contractsLittle
or
no
regulationRegulatedDefault
risk
is
presentGuaranteed
by
clearinghouseSettlement
at
maturityDaily
settlement
(mark
to
market)No
margin
deposit
requiredMargin
required
andadjusted35-109FuturesStandardization?Futures
contracts
specify
the
quality
andty
of
goods
that
can
bedelivered,
the
delivery
time
and
the
manner
of
delivery.ClearinghouseEach
exchange
has
a
clearing
house
that
guarantees
that
traders
inthe
futures
market
will
honor
their
obligations.A
clearinghouse
acts
as
the
counterparty
to
each
participant.
Theclearinghouse
is
the
buyer
to
every
seller
and
the
seller
to
every
buyer.There
is
no
need
to
worry
about
the
counterparty
default
risk.Clearinghouse
allows
either
side
of
the
trade
to
reverse
positions
at
afuture
date.36-109FuturesFutures
contract??
???Margin;Daily
Price
Limit;Marking
to
market.【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義37-109FuturesFutures
contract??
?
??
?▲?
M
argin
:Initial
margin:
Thedeposit
is
called
the
initial
margin.
Initialmargin
must
be
posted
before
any
trading
takes
place;Maintenance
margin:
If
the
margin
balance
in
the
trader's
accountfalls
below
the
maintenance
margin,the
trader
will
get
a
margin
callVariation
margin:
used
to
bring
the
margin
balance
back
up
to
theinitial
margin
level.38-109Futures?
?
:Initial
margin=$5/contract,
maintenance
margin=$2/contract,long
20
contractDayBeginningbalanceFundsdepositedFuturespricePricechangeGain/LossEndingBalance001008210011000842401402140078-6-120203208073-5-10004010079612022052200823602806280084240320【夢(mèng)軒考資
】義6454842專業(yè)提供CFA
FRM全程+講39-109FuturesFutures
contract??
?
?
?
?Margin
?
?
? :??
?
??Margin???
?margin??margin?
?
?
?
??
?????
?
??
?
б
?
?
?
Р
??
?
?
?
?
?
?
?
?
?
??
?
??
?
?
?
??
й帡???
??????
с
m
a
r
g
i
n
???
?
?
in
i
t
ia
l
margin??maintenance
margin【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義ExampleDo
“margin”
in
thestock
market
and
“margin”
in
the
futures
market,respectively,
mean
that
an
investor
has
received
a
loan
that
reduces
theamount
of
his
own
money
required
to
complete
the
transaction?Correct
answer:
CA
futures
trader
must
keep
the
money
in
the
margin
account
above
the:initial
margin
requirementvariation
margin
requirementmaintenance
margin
requirementCorrect
answer:
C40-109“Margin”
in
the
stock
market“Margin”
in
the
future
marketANoNoBNoYesCYesNoFuturesFutures
contract??
?
?
?
??
з
?
D
a
i
l
y
P
r
i
c
e
L
i
m
i
t
?庝?
?
?
:Price
limits
are
exchanged-imposed
limits
on
how
much
the
contractprice
can
change
from
the
previous
day’s
settlement
price;Limit
move:
If
traders
wish
to
trade
at
prices
outside
these
limit---
notrades
will
take
place.---the
settlement
price
will
be
reported
upperorlower
price
limitsLocked
limit:
if
trades
cannot
takeplace
becauseof
a
limit
move,either
up
or
down,
the
price
is
said
to
be
locked
limit,
since
notradescan
take
place
and
traders
are
“l(fā)ocked”
into
their
existingpositions.?
?
?
?
M
a
r
k
i
n
g
to
m
a
r
k
e
t
?The
margin
requirement
ofa
futures
contract
is
low
becauseat of
every
day
there
is
adaily
settlementprocess
called
markingto
market41-10942-109ExampleWhich
of
the
following
statements
about
futures
contracts
is
FALSE?The
futures
clearinghouse
allows
traders
to
reverse
their
positionswithout
having
to
contract
the
other
side
of
the
initial
trade.To
safeguard
the
clearinghouse,
the
exchange
requires
traders
topost
margin
and
settle
their
accounts
on
a
weekly
basis.Offsetting
trades
rather
than
exchanges
for
physicals
are
used
toclose
most
futures
contracts.Correct
answer:
BWhich
of
the'
following
occurs
in
the
daily
settlement
of
futurescontracts?Initial
margin
deposits
are
refunded
to
the
two
parties.Gains
and
losses
are
reported
to
other
market
participants.Losses
are
charged
to
one
party
and
gains
credited
to
the
other.Correct
answer:
C【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義SwapCharacteristics
of
Swap
ContractsSwap
contract
:
A
swapcontract
obligates
two
parties
to
change
a
series
of
cash
flows
on
periodic
settlement
dates
over
a
certain
timeperiod.?Forward
??:No
payment
required
by
either
party
at
initiation
except
theprincipal
values
exchanged
in
currency
swaps.Custom
instruments.Not
traded
in
any
organizedsecondary
market.Largely
unregulated.Default
risk
isa
critical
aspect
of
the
contracts.Institutions
dominate【夢(mèng)軒考資
】義6454842專業(yè)提供CFA
FRM全程+講43-10944-109SwapThree
types
of
swap
contracts-
Interest
Rate
SwapsThe
plain
vanilla
interest
rate
swap
involves
trading
fixed
interest
rate
payments
for
floating-rate
payment
(
paying
fixed
and
receiving
floating
).Counterparties:
The
parties
involved
in
any
swap
agreement
arecalled
the
counterpartiesPay-fixed
side:
The
counterparty
that
wants
variable-rate
interestagrees
to
pay
fixed-rate
interest.Pay-floating
side:
The
counterparty
that
receives
the
fixed
paymentand
agrees
to
pay
variable-rate
interest
.AAACorp?LIBOR???0.3%BBB
Corp?
11
%
?
?
?
0
.
2
%45-109SwapThree
types
of
swap
contracts-
Interest
Rate
SwapsThe
Comparative
Advantage
ArgumentAAA
Corp:
wants
to
borrow
floatingBBB
Corp:
wants
to
borrow
fixed.FixedFloatingAAA
Corp10.00%6-month
LIBOR
+
0.30%BBB
Corp11.20%6-month
LIBOR
+
1.00%AAACorpBBB
Corp10%LIBOR10%LIBOR+1%【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義46-109OptionBasic
ConceptsO
p
t
i
o
n
У
?An
option
gives
its
owner
the
right,
but
not
the
obligation,
to
buy
or
sell
an
underlying
asset
on
or
before
a
future
date
(theexpiration
date)
at
a
predetermined
price
(the
exercise
price
or
strikeprice)Call
option?Long
call
&
Short
callPut
option?Long
put
&
short
putThe
seller
or
short
position
in
an
options
contract
is
sometimesreferred
to
as
the
writer
of
the
option?
?
??
?
?
?
?
o
p
t
i
o
n
premium
paid
by
the
buyer
of
option;
?
?
?
?
S
t
r
i
k
e
price
(X)
represents
the
exercise
price
specifiedin
the
contract.OptionCredit
default
swaps
(CDS)
is
essentially
an
insurance
contract
for
thereference,
the
reference
obligation
is
the
fixed e
security
on
which
theswap
is
written-usually
a
bond
but
potentially
also
a
loan.Protection
buyer
receives
a
payment
from
the
protection
seller
if
defaultoccurs
on
the
reference
entity.The
protection
buyer
pays
the
seller
a
premium.
The
default
swappremium
is
also
referred
to
as
the
CDSspread.Credit
spread
option:
a
call
option
that
is
based
ona
bond’s
yield
spreadrelative
to
aben
ark.Ifthe
bond’s
credit
quality
decreases,
its
yield
spread
will
increaseThe
bondholder
will
collect
a
payoff
on
the
option.Credit-linked
note?The
credit
protection
buyer
holds
a
bond
or
loan
thatis
subject
to
default
risk
(theunderlying
reference
security)
and
issues
itsown
security
(the
credit-linked
note)if
the
bond
or
loan
it
holds
defaults,
the
principal
payoff
on
the
credit-linked
noteis
reduced
accordingly.47-109【夢(mèng)軒考資
】
義
6454842專業(yè)提供CFA
FRM全程+講48-109OptionM
o
n
e
y
n
e
s
s
?
?
?
?
??
:
??
l
o
n
g
?
?
幘?Moneyness?In
the
money:
Immediate
exercise
would
generate
a
positivepayoffAt
the
money
:
Immediate
exercise
would
generate
no
payoffOut
of
the
money
:
Immediate
exercise
would
generate
no
payoffThefollowing
tablesummarizes
the
moneyness
of
options
based
on
thestock's
current
price,
S,
and
the
option's
exercise
strike
price,X.MoneynessCall
optionPut
OptionIn-the-moneyS
?
XS
?
XAt-the-moneyS
=
XS
=
XOut-the-moneyS
?
XS
?
X【夢(mèng)軒考資
】6454842 專業(yè)提供CFA
FRM全程+講義49-109OptionPayoffPayoffPayoffSTSTKKPayoffPayoffSTSTKK50-109OptionGain/LossProfitProfitSTSTXXProfitProfitSTSTXX51-109OptionIntrinsic
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