評論
打印
New Words
新單詞
supposing conj.
假使
redundant adj.
多余的
simultaneously adv.
同時地
vivid adj.
生動的
contingent adj.
意外的
Phrases & Expressions
短語
treasury services
財政金融方面的服務
kill off
完全除掉
insurance-like product
如同保險的產物
on the contrary
相反地
make summary
做總結(概括)
S:The customer then has the right to demand purchase or sale of a specified currency at an agreed exchange rate up to an agreed date,
斯：這樣客戶就可以在與銀行的外匯期貨合約上規定的任何時間內，擁有以約定的某一匯率要求買或賣的權利。
say, three week's time.
比如說，三周后的當天。
Z:But supposing the exchange rate in three week's time is better than the one the customer has agreed on with the bank?
張：但假定三周后的匯率要比客戶與銀行所商定的好，那該怎么辦呢？
S:In this case, the customer needn't use the option.
斯：這時，客戶就不需要使用期權。
Z:So, the term 'option' in 'currency option' suggests the choice of the customer to use or not to use. Am I right?
張：這樣說來，期權這個術語的“權”就意味著，客戶可以選擇使用或者放棄。我說得對嗎？
S:Yes, exactly. In the case of the German company, if the rate between the Deutschmark and the US dollar is worse than the one the company and the bank have agreed on,
斯：對極了！在那個德國公司一例中，如果德國馬克與美元之間的匯率比公司和銀行的合約上約定的匯率差。
the company will of course exercise option. Only in this way,
該公司就理所當然行使期權。這樣一來，
the company will avoid any loss due to the fall in exchange rates.
該公司就不承擔由于匯率下跌引起的任何風險。
And this is the basic idea of the currency option.
這就是“期權”的基本含義。
Z:I'm getting it now. Not matter how the exchange rate is moving up or down,
張：我明白了。不管匯率是下升還是下跌，
and the customer decides to use the option or not, the cost is only the premium for the option.
客戶決定用期權還是不用，所花的成本只是購買期權時所付出的保險費而已。
S:You are not incorrect. Some experts say that the currency options market may develop to replace forward contracts over the next few years.
斯：你說得對！一些行家認為，外匯期權市場發展起來，將在今后幾年取代外匯期貨的市場。
Z:I can understand why. With the development of currency options market in treasury services provided by banks,
張：我知道為什么。隨著銀行對期權市場提供各處財政金融方面的服務，
forward rate market is becoming anyhow redundant, isn't it?
這一市場發展迅猛，而外匯期貨市場則顯得越來越多余了，這是不是這樣？
S:Yes. The currency options market, compared with the forward,
斯：對。期權市場和期貨市場相比，
can cover a larger proportion of the sort of business.
能涵蓋更多的業務。
And clearly, the option has more advantages than the forward.
很顯然，期權比期貨具有更多的優越性。
Z:Yes, I see. But I can't make it clear in my own words.
張：是的，我清楚了。但我不能用自己的話來概括。
S:Let me help you. Most companies seek forward cover to kill off the downside risk in foreign exchange dealing.
斯：我來幫你概括吧。大多數公司采用期貨交易來消除外匯交易的匯率風險。
An option can also do that. With the option, the customer has an insurance-like product to cover itself against downside risk.
而期權同樣能做到這一點，而且客戶有了一種風險-正如給商品上了保險一樣。
But a forward contract kills off the upside possibility.
但是期貨合約同時也消除也匯率上升的可能性。
On the contrary, an option does not simultaneously kill off the upside.
相反，期權則保留了匯率上升的有利方面。
Instead,with the option,the customer kills off the downside risk and keeps the upside possibility.
客戶運用期權，不僅消除了匯率下跌帶來的風險，而且保留了匯率上升帶來的有利機會。
Z:So the most important advantage of an option is that it covers downside and keeps upside.
張：所以說，期權的最大優點就是留住上升機會，避免下跌風險。
S:Yes, you are good at making summaries.
斯：你的概括能力真強。
The second advantage of a currency option is that the customer has a known worst case.
期權交易的第二個優點就是，客戶對最壞的情況心中有數。
Once the exchange rate is agreed upon between the customer and the bank,
一旦客戶與銀行的合約中心規定了某一匯率，
no one can come and ask the customer for more money,
就再也不會有人來向客戶要一分錢了。
except the option premium the customer has paid to the bank.
那么，除了支付給銀行一筆保險金后。
Z:So, the option premium is like insurance premium a customer pays to an insurance company against possible loss.
張：所以說，期權保險金如同客戶為避免可能的損失而向保險公司支付的那種保險金了。
S:A very vivid description. They share the same idea.
斯：非常生動貼切的比喻。這兩者的道理是一樣的。
Z:Are there any other advantages of an option?
張：期權還有其它的優點嗎？
S:It is especially useful for covering contingent flows;
斯：它對意外的流動特別有好處。
however, the customer can't cover that kind of risk with a forward contract.
但是在外匯期貨合同中客戶就不能夠避免這種風險。
Z:I'm much obliged to you for your help.
張：十分感激您給我的幫助。
S:It's my pleasure.
斯：不必客氣。
