Key Difference – Options vs Swaps
选项和互换都是derivatives; i.e. financial instruments whose value depends on the value of an underlying asset. Derivatives are used to hedge financial risks. The key difference between option and swap is thatan option is a right, but not an obligation to buy or sell a financial asset on a specific date at a pre-agreed price whereas a swap is an agreement between two parties to exchange financial instruments.
内容
1.Overview and Key Difference
2.什么是选择
3.What are Swaps
4.Side by Side Comparison – Options vs Swaps
5。概括
什么是选择?
An option is a right to buy or sell a金融资产on a specific date at a pre-agreed price. But this is not an obligation. The date at which the option should be exercised is referred to as the ‘exercise date’ and the price at which the option should be exercised is referred to as the ‘strike price”。The price that should be paid to acquire the option is called the ‘期权保费”。这个数量是不可恢复的不考虑whether the option is exercised or not. There are two main forms of options;致电选项并放置选项.
通话选项
This is an option that gives the right to buy a financial asset on a pre-agreed date at a pre-agreed price. There is no obligation to buy the asset on the specific date; thus, the option will be exercised at the discretion of the buyer.
E.g. PQR is an oil producer who is approached by Company Y who states that it wishes to buy 1,000 barrels at $ 850 per barrel of oil at the end of 6 months (as of 31st2017年7月)。PQR同意出售该交易3,000美元的期权。在6个月的时间里,Y公司更喜欢看到石油桶的价格超过850美元,从那以后,它将能够从交易中获利。在6个月末,石油桶的价格已上涨至1200美元。Y公司决定行使该选项,因为这将对他们有益。但是,由于期权作者(PQR)同意以850美元的价格出售枪管,因此这将是适用于行使期权时1,000桶的价格。因此,公司的总收入是
油(1,000* 850)= $ 850,000
Option premium =($ 3,000)
=$ 847,000
放置选项
A put option is a right to sell a financial asset on a pre-agreed date at a pre-agreed price. There is no obligation to sell the asset on the specific date; thus, the option will be exercised at the discretion of the seller. The exercising of a put option is similar to the call option; the difference is that the seller will want the price of the asset to decrease below the option price for he\she to make a profit.
选项可以是交易所交易或通过计数器工具。
Exchange Traded Instruments
Exchange traded financial products are standardized instruments that only trade in organized exchanges in standardized investment sizes. They cannot be tailor-made according to the requirements of any two parties
Over The Counter Instruments
In contrast, over the counter agreements can materialize at the absence of a structured exchange thus can be arranged to fit the requirements of any two parties
What are Swaps?
交换是一个导数,两方通过该衍生物达成了交换金融工具的协议。虽然基础工具可以是任何安全性,但现金流通常在掉期交换。掉期交易是在柜台金融产品上。交换的最基本类型称为普通的香草交换,而如下所述,有不同类型的交换类型。
Interest Rate Swaps
这是一种非常受欢迎的交换类型,当事方基于名义本金金额(实际上没有交换此金额)以对冲利率风险或推测。
Commodity Swaps
这些用于石油或黄金等商品。在这里,一种商品将涉及固定利率,而另一个商品将涉及浮动费率。在大多数商品掉期中,付款流将被交换而不是本金。
Foreign Exchange (FX) Swaps
Here, the parties involved exchange interest and principal amounts on debt denominated in different currencies. The currency exchange should take place in net present value terms (present value of future cash flows).
What is the difference between Options and Swaps?
选项与掉期 |
|
选择权是一种权利,但没有义务以预先固定的价格在特定日期购买或出售金融资产。 | 交换是两方之间交换金融工具的协议。 |
Requirement for an Exchange | |
可以通过交易所购买/出售期权或在柜台上开发。 | 掉期交易是在柜台金融产品上。 |
溢价要求 | |
应支付保费付款以获取期权。 | 掉期do not involve a premium payment. |
Types | |
Call option and put option are the main types of options. | Interest rate swaps, FX swaps, and commodity swaps are commonly used swaps. |
概括– Options vs Swaps
选项and swaps are very popular hedging techniques used in today’s commercial world. In fact, by 2010 world derivate market was estimated to have exceeded $1.2 quadrillion and options and swaps accounted for a major portion of it. The difference between options and swaps can be categorized according to their usage and structure since they are different to one another in a number of ways.
参考:
1.”Swap.” Investopedia. N.p., 30 Dec. 2015. Web. 20 Mar. 2017.
2.”Option.” Investopedia. N.p., 25 Mar. 2016. Web. 20 Mar. 2017.
3.”掉期类型|衍生品风险管理软件和定价分析|Fincad。”掉期类型|衍生品风险管理软件和定价分析|Fincad。N.P.,N.D。网络。2017年3月20日。
4.“交换交易与非处方(OTC)衍生物。”财务火车。N.P.,2016年7月17日。2017年3月20日。
5。Cohan, Peter. “Big Risk: $1.2 Quadrillion Derivatives Market Dwarfs World GDP.” AOL.com. AOL, 14 July 2016. Web. 20 Mar. 2017.
Image Courtesy:
1. Suicup的“香草利率与银行的利率互换” - 自己的工作(CC BY-SA 3.0)viaCommons Wikimedia
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