DerivativesMishapsandWhatWeCanLearnFromThemChapter34Options,Futures,andOtherDerivatives,7thInternationalEdition,Copyright?JohnC.Hull20081冪紅凸柄韻腔妹革劫粵話敢涪渙羅抵竹寡探晌旅殺池訝菇誦我本鈴儒粥霉期貨期權(quán)及其衍生品配套課件（全34章）Ch34Options,Futures,andOtherDerivatives,7eBigLossesbyFinancialInstitutionsAlliedIrishBank($700million)Amaranth($6billion)Barings($1billion)Daiwa($1billion)KidderPeabody($350million)LTCM($4billion)MidlandBank($500million)NationalWestminsterBank($130million)SocieteGenerale($7billion)SubprimeMortgages(upto$40billion)Options,Futures,andOtherDerivatives,7thInternationalEdition,Copyright?JohnC.Hull20082健價點觸秩姻扭鄰扼瘡蹤猩婿楚瑣碾用穴旱揮奮帕虱嚇積屁搶燴鉻卸全濺期貨期權(quán)及其衍生品配套課件（全34章）Ch34Options,Futures,andOtherDerivatives,7eBigLossesbyNon-FinancialCorporationsAlliedLyons($150million)GibsonsGreetings($20million)HammersmithandFulham($600million)Metallgesellschaft($1.8billion)OrangeCounty($2billion)ProcterandGamble($90million)Shell($1billion)Sumitomo($2billion)Options,Futures,andOtherDerivatives,7thInternationalEdition,Copyright?JohnC.Hull20083瑩卑嘎晉欽至乘梧淬算絞贛抄用昆炸晃倫馳幅少芒巋如誕傣壘趟倚波謬圃期貨期權(quán)及其衍生品配套課件（全34章）Ch34Options,Futures,andOtherDerivatives,7e

LessonsforAllUsersofDerivatives

RiskmustbequantifiedandrisklimitsdefinedExceedingrisklimitsnotacceptableevenwhenprofitsresultDonotassumethatatraderwithagoodtrackrecordwillalwaysberightBediversifiedScenarioanalysisandstresstestingisimportantOptions,Futures,andOtherDerivatives,7thInternationalEdition,Copyright?JohnC.Hull20084嬸糙妝切噴茬殖動默構(gòu)眨瘦稀藤農(nóng)邏兵肯譽矽瀑窟汽綿謹坡徒榮蓋瑤曼質(zhì)期貨期權(quán)及其衍生品配套課件（全34章）Ch34Options,Futures,andOtherDerivatives,7eLessonsforFinancialInstitutionsDonotgivetoomuchindependencetostartradersSeparatethefrontmiddleandbackofficeModelscanbewrongBeconservativeinrecognizinginceptionprofitsDonotsellclientsinappropriateproductsLiquidityriskisimportantTherearedangerswhenmanyarefollowingthesamestrategyDonotfinancelong-termassetswithshort-termliabilitiesMarkettransparencyisimportantOptions,Futures,andOtherDerivatives,7thInternationalEdition,Copyright?JohnC.Hull20085磺蹋羞貉窘肆繩稠磨很奴甄疥和惰侖聲景禾亦嗓濁裙侄艦萌炭員銘刷離沮期貨期權(quán)及其衍生品配套課件（全34章）Ch34Options,Futures,andOtherDerivatives,7eLessonsforNon-FinancialCorporationsItisimportanttofullyunderstandtheproductsyoutradeBewareofhedgersbecomingspeculatorsItcanbedangeroustomaketheTreasurer’sdepartmentaprofitcenterOptions,Futures,andOtherDerivatives,7thInternationalEd