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Underlying assets

2020-12-06 06:57:01 ztenv

The underlying assets (Underlying Assets), Also known as primary assets 、 Underlying assets

What is the underlying asset of financial derivatives

The underlying assets in financial derivatives refer to the assets agreed in the Derivatives Contract , It's called the underlying asset (Underlying Assets) Or underlying assets .[1] It refers to the financial instrument or commodity that the option holder can buy or sell when exercising the right .

The type of underlying asset

The underlying assets of financial derivatives can be physical commodities ( Such as crude oil 、 Wheat 、 Copper, etc. )、 Financial assets ( Such as foreign exchange 、 Bank deposits 、 Stocks 、 Securities, etc )、 The interest rate 、 Exchange rate or various composite price index, etc .

How the underlying assets are traded

Underlying assets are traded in the same way as stocks or other financial instruments . Such as futures 、 The price and trend of derivatives such as options and swaps are largely affected by the performance of underlying assets . But in fact , Financial derivatives often in turn drive the trend of the spot market , Some futures and options are more active than the spot market . Financial derivatives can be traded on stock exchanges , It can also be traded over the counter (OTC) How to buy and sell .

In derivatives contracts , The party that agrees to buy the underlying asset in the future is called a long or short (Long Position), The party who sells an asset is called a short or short sale (Short Position). At the expiration of a derivative contract , Both parties do not necessarily buy or sell the underlying assets , Usually they just calculate the net cash gain or loss on derivatives positions , Cash delivery of this part of the profit and loss .

Underlying assets in various options

According to the inherent characteristics of underlying assets and the different markets on which they are traded, options are divided into financial options and real options . The reason for this classification , Because the determination and change of option value is based on the value of the underlying asset , The change of the value of the underlying asset is determined by its inherent characteristics and the market on which it is traded .

One 、 Financial options

Financial options are options that take financial assets as the underlying assets . Relative to physical assets , Financial assets have many good characteristics , Such as currency 、 Divisibility 、 reversibility ( The cost of exit investment realization )、 Mobility 、 wind . Risk 、 Convertibility, etc , These characteristics make financial market have special transaction mechanism and equilibrium mechanism compared with physical market .

1、 Common options . Ordinary options are options as derivative financial instruments , That is, options in a narrow sense . It includes the exchange standardized option contract traded in the options market and the over-the-counter option contract . Its underlying assets are equity 、 Debt and derivative financial products , Such as stock options 、 Foreign exchange options 、 Interest rate options 、 Stock index options and futures options belong to this category . It is an important financial instrument in the field of modern finance .

2、 Embedded options . Embedded options are options embedded in another security , Such as callable securities 、 Returnable Securities 、 Convertible securities, etc., contain options .

The underlying assets of the above embedded options are all stocks 、 Financial assets such as bonds .

Two 、 Real options

Real option is one of the most common options . The underlying assets of real options are all kinds of real assets . Physical assets are assets that can create wealth , Like financial asset markets , The price of physical assets also reflects the supply and demand of physical assets .

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