TAILIEUCHUNG - Lecture International finance: An analytical approach (3e): Chapter 9 - Imad A. Moosa

Chapter 9 - Currency futures and swaps. In this chapter, the learning objectives are: To describe futures contracts and show how they circumvent the problems of forward contracts, to compare forward and futures markets, to describe swaps and introduce some terminology,. | Chapter 9 Currency Futures and Swaps Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives To describe futures contracts and show how they circumvent the problems of forward contracts To compare forward and futures markets To describe swaps and introduce some terminology 9- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Definition Currency futures contracts represent an obligation of the seller to deliver a certain amount of a specified currency in the future at an exchange rate determined now 9- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Problems of Forward Contracts Non-standard contract dimensions Default risk Lack of liquidity 9- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Using a forward contract C A Forward contract JPY Goods B AUD JPY 9- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Tendency to default on a forward contract A tends to default A B USD 1 million Forward rate = AUD million C Spot rate = USD 1 million AUD million 9- (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Tendency to default on a forward contract (cont.) B tends to default USD 1 million Forward rate = AUD million Spot rate = USD 1 million AUD million A B C 9- (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. .

• Tài chính doanh nghiệp
• International Finance
• Lecture International finance
• Tài chính quốc tế
• Bài giảng Tài chính quốc tế
• Currency futures
• Forward contracts
• International monetary system
• Exchange rate arrangements
• Eurocurrency market
• International banking
• Internal financing
• International short term financing
• International long term financing
• Foreign bonds
• Foreign direct investment
• International capital budgeting
• International bank loans
• Financial analysis
• Financial management
• Lecture Introduction to finance
• Financial markets
• International trade
• International business firms
• Financial manager
• Bond investment
• Equity investment
• International arbitrage
• Multipoint arbitrage
• Basel accords