未来s vs Swaps
Derivatives are financial instruments whose value depends on the value of an underlying asset or the value of an index. Derivatives are used for a number of purposes which include risk management, hedging, speculation, portfolio management, and for arbitrage opportunities. Two such commonly discussed derivatives are swaps and futures. Swaps and futures are quite distinct from one another and are used in a number of different scenarios. The following article offers a clear explanation on each type of derivative and shows how each is similar and different from one another.
Swap
A swap is a contract made between two parties that agree to swap cash flows on a date set in the future. Investors generally use swaps to change their asset holding positions without having to liquidate the asset. For example, an investor that holds risky stock in a firm can exchange dividends returns for a lower risk constant income flow without selling off the risky stock. There are two common types of swaps; currency swaps and interest rate swaps.
An interest rate swap is a contract between two parties that allows them to exchange interest rate payments. A common interest rate swap is a fixed for floating swap where the interest payments of a loan with fixed rate are exchanged for payments of a loan with a floating rate. A currency swap occurs when two parties exchange cash flows denominated in different currencies.
未来
期货合约义务买方购买,卖方以特定价格出售特定资产,以在预定的日期交付。买卖的资产可以是实体商品或金融工具。期货合约是标准化的,以便可以交换交易。违约的可能性非常低,因为期货合约通过一个清算房屋,该清算房屋确保交易在两端完成。期货合约每天都在市场上标记为市场,这意味着每天进行和解,如果利润率低于要求,则将拨打账户返回所需的利润率。期货合约可以通过进行实际交付来解决,也可以通过现金来解决。
未来s are generally used for hedging of risks and speculation of price movements with the aim of making profits. Large companies use futures to hedge against risk of price fluctuation, and traders and use futures to speculate price movements with the aim of making profits.
交换与未来
Swaps and futures are both derivatives, which are special types of financial instruments that derive their value from a number of underlying assets. Futures contract are exchange traded and are, therefore, standardized contracts, whereas swaps generally are over the counter (OTC), which means that they can be tailor made according to specific requirements. Another major difference between the two is that futures require a margin to be maintained, with the possibility of the trader being exposed to margin calls in the event that the margin falls below requirement. The advantage with swaps is that there are no margin calls.
Summary:
Difference Between Swap and Future
•掉期和期货都是衍生品,它们是特殊类型的金融工具,它们从许多基础资产中获得价值。
• A swap is a contract made between two parties that agree to swap cash flows on a date set in the future.
• A futures contract obligates a buyer to buy and a seller to sell a specific asset, at a specific price to be delivered on a predetermined date.
•期货欺诈tract are exchange traded and are, therefore, standardized contracts, whereas swaps generally are over the counter (OTC); they can be tailor made according to specific requirements.
• Futures require a margin to be maintained, with the possibility of the trader being exposed to margin calls in the event that the margin falls below requirement, whereas there are no margin calls in swaps.
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