[00:00.00]Chapter 5 Options
[00:01.62]第五章期权
[00:03.24]Unit 9 Options(1)
[00:05.43]第九单元期权（I）
[00:07.63]Words and Expressions:
[00:10.14]challenge eliminate adverse
[00:16.64]premium confirmation run a risk
[00:23.54]Dialogue 1 Z:How are you,Mr.Steward?
[00:27.14]您好,斯特沃特先生.
[00:30.75]We haven't seen each other for a whole week.
[00:32.80]一周末见了,近来好吧?
[00:34.85]S:I'm fine.Yes,time is flying by.
[00:36.99]很好,时间过得真快呀
[00:39.13]How are you,Zhang Jun? Z:Not bad.
[00:41.73]近来你也挺好吧?还行.
[00:44.33]S:Really?
[00:45.73]真的吗?
[00:47.12]I'm afraid you have got a lot more questions to challenge me again.
[00:49.67]恐怕你这次来,又有一大堆问题等着我呢?\
[00:52.22]S,Z:Ha-ha.(laughing)Z:Yes,you are reading my mind.
[00:55.37]哈哈?是的,你可真清楚我是怎么想的.
[00:58.51]Notes Yes,you are reading my mind.
[01:08.41]Last time when I went back to my dormitory,
[01:10.52]上次我回到宿舍,
[01:12.62]I made an effort to sort out the information you provided.
[01:15.61]把您讲的一大堆内容整理了一下,
[01:18.60]Notes Last time when I went back to my dormitory,
[01:25.21]I made an effort to sort out the information you provided.
[01:29.31]sort out
[01:37.10]Sort out the papers to be thrown away,and out the rest back.
[01:45.27]I was still a bit confused.
[01:47.27]发现还有一些弄不明白.
[01:49.27]S:Yes?What exactly bothered you?
[01:51.52]是些什么问题呢?
[01:53.76]Z:As you said the forward market of foreign exchanges
[01:56.31]您说过,期货外汇交易
[01:58.86]is very helpful for foreign trade companies to avoid possible loss.
[02:01.65]可以使外贸公司避免一些可能的损失.
[02:04.45]S:Yes,that's true.Z:but,how about...you see...
[02:08.74]是的.但,是怎样来避免的呢?您想……
[02:13.04]S:You can give me an example to illustrate your disagreement.
[02:15.84]你可以用一个实例,来讲清楚你的不同意见.
[02:18.63]S:For instance,a German company
[02:20.73]比如说,某一德国公司
[02:22.84]knows that it will need an amount of US dollars
[02:25.54]知道需要用美元
[02:28.24]in three weeks to pay for imports from the United States of America.
[02:31.24]在三周内支付从美国进口一批设备,
[02:34.23]As you said,they can buy the dollars forward to
[02:36.68]您说过,他们可以作外汇期货交易购买美元,
[02:39.14]reduce or eliminates the risk of an adverse movement in exchange rates
[02:42.64]以降低甚至抵消汇率的不利变化而产生的风险
[02:46.14]between the Deutsche mark and the US dollar
[02:48.03]德国马克与美元之间.
[02:49.93]But exchange rates nare changing.
[02:51.92]但是,汇率在不断波动着.
[02:53.92]Maybe,there will be a favorable movement
[02:56.47]也许,有可能产生有利的变化
[02:59.02]in exchange rates between the Deutsche mark and the US dollar.
[03:01.81]德国马克与美元的汇率.
[03:04.61]Then,why can't the company wait for three weeks
[03:06.80]那么,为何该公司不可以等到三周后
[03:09.00]to buy the dollars at the spot rate?
[03:10.79]再来作即期交易购买美元呢?
[03:12.57]S:You are really smart,Zhang Jun.
[03:15.08]张军,你分析的头头是道.
[03:17.59]Let me tell you,that's just the original idea of currency options.
[03:20.88]我现在告诉你,那只是外汇期权的本来意义.
[03:24.17]Z:Currency options?I have never heard of this term.
[03:26.62]外汇期权?这个名词我从未听说过.
[03:29.06]Would you please give me more detailed information about it?
[03:31.51]您能否详细地解释一下?
[03:33.97]S:Sure.What I told you last Saturday is not wrong.
[03:37.51]好的.上周我告诉你的那些没错.
[03:41.05]But let me give you a wider and more complete picture about foreign exchange.
[03:44.44]现在我再给你讲一些外汇交易方面的知识.
[03:47.84]More or less,foreign exchange dealing involves a calculated gamble on exchange rates.
[03:51.54]或多或少外汇交易有点像一次有意的赌博.
[03:55.23]Z:Why 'gamble'?
[03:56.58]为什么您用"赌博"这个词呢?
[03:57.92]S:Isn't foreign exchange dealing like a gamble?
[04:00.21]你说,外汇交易像不像赌博?
[04:02.49]As you described in your example,
[04:04.28]从你举的例子来说,
[04:06.07]the German company may get a better exchange rate
[04:08.42]那个德国公司有可能得到对他们有利的汇率
[04:10.78]if it waits for three weeks to buy the dollars at the spot rate.
[04:13.68]如果等到三周以后再即期购买美元.
[04:16.57]But things may also go against us.
[04:18.78]但也可能事与愿违,
[04:20.99]Three weeks later,the rate could be worse.
[04:22.99]三周后的汇率也许变得很糟糕.
[04:24.99]So anyway,either course of action runs a risk.
[04:27.78]因此,不管是前者或是后者,都承担风险.
[04:30.58]Z:But what are all these related to currency options?
[04:33.38]但您以上所说的一切与期权有什么关系呢?
[04:36.19]S:Oh,don't lose your patience.
[04:38.33]你得沉住气呀！
[04:40.48]Under the currency option,the customer pays a premium to the bank.
[04:43.08]如果要取得期权,客户得向银行支付一笔保证金.
[04:45.68]Z:What advantages concerning foreign exchange can the customer enjoy?
[04:49.37]那么客户在外汇买卖时享有什么好处呢?
[04:53.07]S:After the customer of the bank pays a premium,
[04:55.37]在客户向银行支付了一笔保险费或保证金以后,
[04:57.67]Notes: S:After the customer of the bank pays a premium,
[05:03.26]premium the bank sends out a confirmation of the deal.
[05:15.81]银行就出具一份外汇期权交易的确认书.
[05:28.36]Supplementary Reading Options
[05:30.76]期权
[05:33.17]Some market participants purchase options for much the same reason people purchase insurance
[05:36.91]一些入市者购买期权的目的同人们购买保险的目的一样
[05:40.66]they fell the protection they are receiving against adverse developments
[05:43.86]即他们认为购买期权获得抵御不利情况的保障价值
[05:47.06]is worth more than the option premium.
[05:49.06]大于支付的期权费用.
[05:51.06]In the case of the call example,
[05:52.61]以买入期权为例,
[05:54.17]the buyer of the option is purchasing protection
[05:55.92]期权的买方实际上获得了保障
[05:57.67]against the price of the bonds rising above $90,000
[06:00.41]抵御国库券价格高于90000美元的；
[06:03.15]In the case of the put option,
[06:05.06]以卖出期权为例,
[06:06.97]Notes In the case of the put option,
[06:13.16]put option
[06:21.26]call option
[06:24.37]a put option on a debt security
[06:28.15]call options on an equity
[06:32.15]put (option)
[06:35.76]call(option)
[06:38.86]synthetic options
[06:41.87]double option
[06:44.77]the buyer is purchasing protection against
[06:47.31]买方则获得了保障
[06:49.86]the price of the bonds dropping below $90.000.
[06:52.26]抵御国库券价格跌破90000美元价格.
[06:54.67]Other market participants purchase options as a way
[06:56.76]另外一些入市者购买国库券
[06:58.85]to speculate on asset price movements.
[07:00.94]是作为对某一资产价格变动的一种投机
[07:03.03]Consider an investor who owns a Treasury bond
[07:04.93]例如一位目前拥有国库券
[07:06.84]and buys a call on a Treasury bond future
[07:08.79]同时又购买了一份国库券期货的买入期权的投资者
[07:10.73]This investor is using the options market to compound
[07:13.28]他利用期权市场对于利率下跌的预测
[07:15.83]his bet that interest rates will fall(bond prices will rise.)
[07:19.28]下了双倍的赌注.(即,该种国库券价格将上扬）
[07:22.72]similarly,a financial institution
[07:24.62]同样的道理,如果一个金融机构
[07:26.51]which has liabilities of a shorter reprising period than its assets
[07:29.21]负债再融资的期限短于其持有的资产期限
[07:31.92]will be favorable affected if interest rates will fall
[07:34.52]那么利率下跌对它有利；
[07:37.12]and unfavorably affected if interest rate rise
[07:39.42]而利率上升则对它不利.
[07:41.71]if this institution bought a put option on a debt security,
[07:44.76]如果这个机构买入债务证券的卖出期权,
[07:47.80]it would be clearly hedging.
[07:49.71]显然是进行套作保值.
[07:51.61]If it purchased a call option,
[07:53.26]如果它买进买入期权,
[07:54.91]it would compound its current interestrate mismatch.
[07:57.45]就会加剧其目前利率期限方面的不对称.
[08:00.00]Why do investors write options?
[08:02.10]投资者为什么出售期权?
[08:04.21]Their gain is limited by the premium,
[08:06.15]由此带来的收益是有限的
[08:08.10]while their potential loss is much larger.
[08:10.08]而他们潜在的亏损却是巨大的.
[08:12.07]Options writers believe that
[08:13.96]但是期权的出票人认为:
[08:15.86]the premium is adequate compensation for their potential loss.
[08:18.26]期权费用是对他们潜在的亏损的适当补偿.
[08:20.66]In fact,the premium is the equilibrating price variable,
[08:23.81]实际上,期权费是一种均衡价格变量
[08:26.96]equaliting the quantity of options supplied with the quantity of options demanded.
[08:30.35]使期权供应数量与期权需求数量相等.
[08:33.75]If the option premium were too low to compensate the writer for the risk,
[08:37.25]如果期权费过低不足以补偿出票方的风险,
[08:40.75]there would be more buyers than sellers,
[08:42.70]那么期权的买方就会大于卖方,
[08:44.64]forcing the premium to rise.
[08:46.24]市场就会迫使期权费上升.
[08:47.83]It is important to realize
[08:49.38]指出这一点非常重要:
[08:50.94]that option writing need not be speculative.
[08:52.88]期权出票行为不一定是为了投机的目的.
[08:54.83]an investor who writes call options on an equity
[08:56.88]一位投资者出售两种权益证券的买入期权
[08:58.93](covered call writing)
[09:00.63]（轧平的买入期权出票行为）
[09:02.33]may perceive himself as hedging,
[09:04.93]可能看作是一种套作保值,
[09:07.53]as the option increases his returns
[09:09.93]期权将会改进他的投资回报
[09:12.33]in periods of poor and moderately good stock returns
[09:14.28]因为当股票市场表现平平或者很差时.
[09:16.23]and reduces it in periods of very good stock returns.
[09:19.28]而当股票市场表现上佳时,期权又会抵消一部分收益.
[09:22.34]Similarly,if a bank
[09:23.93]同理,如果一家银行
[09:25.52]that has liabilities with a shorter reprising period than its assets
[09:28.23]的负债再融资期限短于期资产期限,
[09:30.93]writes a call option on a bond or a bond future,
[09:33.13]银行出售债券买入期权或者债券期货的买入期权,
[09:35.32]it is actually reducing its interest rate sensitivity.
[09:37.96]实际上减少了其利率的敏感度.
[09:40.60]If interest rates rise
[09:42.30]如果利率上升,
[09:43.99]the option cushions the portfolio loss as the bank receives the option premium.
[09:46.84]银行会获得期权费收入用来抵消其资产产负债结构的损失.
[09:49.69]if interest rates fall
[09:51.19]而利率下跌时,
[09:52.69]the bank receives the premium but trades away some of its potential gain.
[09:55.59]银行虽然得到期权费,但是却失去了一些潜在利益
[09:58.49]Unit 10 Options(II)
[10:01.94]第十单元期权（II）
[10:05.39]Words and expressions
[10:08.57]supposing
[10:11.08]redundant
[10:13.88]simultaneously
[10:16.67]premium
[10:18.68]vivid
[10:20.17]contingent
[10:22.68]insurance-like product
[10:25.68]Dialogue 2
[10:28.87]S:The customer
[10:31.86]客户
[10:34.85]then has the right to demand purchase or sale of a specified currency
[10:37.51]这样就可以要求买入或卖出特定货币的期权,
[10:40.16]at an agreed exchange rate up to an agreed date,say,three weeks' time.
[10:44.06]比如说,三周后的当天,拥有以约定的某一汇率要求买或卖的权利.
[10:47.97]Z:But supposing the exchange rate in three weeks' time
[10:51.76]但假定三周后的汇率
[10:55.54]is better than the one the customer has agreed on with the bank?
[10:58.78]要比客户与银行所商定的好,那该怎么办呢?
[11:02.02]S:In this case,the customer needn't use the option.
[11:04.22]这时,客户就不需要使用期权.
[11:06.41]Z:So,the term 'option' in'currency option'
[11:08.85]这样说来,期权这个术语中的"权",
[11:11.29]suggests the choice of the customer to use or not to use.
[11:14.48]就意味着,客户可以选择使用或者放弃.
[11:17.67]Am I right?
[11:18.91]我说得对吗?
[11:20.15]S:Yes,exactly.In the case of the German company,
[11:22.61]对极了！在那个德国公司一例中,
[11:25.06]if the rate between the Deutsch mark and the US dollar
[11:27.36]如果德国马克与美元之间的汇率
[11:29.66]is worse than the one the company and the bank have agreed on,
[11:32.05]比公司和银行的合约上约定的汇率差,
[11:34.44]the company will of course exercise option.
[11:36.58]该公司就理所当然行使期权.
[11:38.72]Only in this way,the company will avoid any loss due to the fall in exchange rates.
[11:42.33]这样一来,该公司就不承担由于汇率下跌引起的任何风险.
[11:45.93]And this is the basic idea of the currency option.
[11:48.32]这就是"期权"的基本含义.
[11:50.71]Z:I'm getting it now.
[11:52.11]我明白了.
[11:53.51]No matter how the exchange rate is moving up or down,
[11:56.71]不管汇率是上升还是下跌,
[11:59.91]and whether the customer decides to use the option or not,
[12:02.56]客户决定用期权还是不用,
[12:05.21]the cost is only the premium for the option.
[12:07.55]所花的成本只是购买期权时所付的保险费而已.
[12:09.89]S:You are not incorrect.
[12:12.19]你说得对！
[12:14.48]Some experts say that the currency options market may develop
[12:17.99]一些行家认为,外汇期权市场发展起来,
[12:21.49]to replace forward contracts over the next few years.
[12:23.98]将在今后几年取代外汇期货市场.
[12:26.48]Z:I can now understand why.
[12:28.47]我知道为什么.
[12:30.47]With the development of the currency options market
[12:33.32]这一市场发展迅猛
[12:36.17]in treasury services provided by banks.
[12:38.50]随着银行对期权市场提供各种财政金融方面的服务,
[12:40.84]Notes
[12:43.95]With the development of the currency options market
[12:47.84]in treasury services provided by banks.
[12:57.85]the forward rate market is becoming anyhow redundant,isn't it ?
[13:02.05]而外汇期货市场则显得越来越多余了,是不是这样?
[13:06.26]S:Yes.The currency options market,compared with the forward,
[13:09.50]对.期权市场和期货市场相比,
[13:12.74]can cover a larger proportion of this sort of business.
[13:16.08]能涵盖更多的业务.
[13:19.43]And clearly,the option has more advantages than the forward.
[13:22.22]很显然,期权比期货具有更多的优越性.
[13:25.02]Z:Yes,I see.But I can't make it clear in my own words.
[13:28.66]是的,我清楚了.但我不能用自己的话来概括.
[13:32.30]S:Let me help you.
[13:34.05]我来帮你概括吧.
[13:35.80]Most companies seek forward cover
[13:37.75]大多数公司采用
[13:39.70]to kill off the downside rise in foreign exchange dealing.
[13:41.90]期货交易来消除外汇交易的汇率风险.
[13:44.11]Notes
[13:47.01]Most companies seek forward cover to kill off the downside rise in foreign exchange dealing.
[13:53.70]kill off
[14:00.59]The trees were killed off by the severe weather.
[14:05.01]An option can also do that
[14:07.01]而期权同样能做到这一点；
[14:09.01]With the option,the customer has an insurance-like product
[14:11.80]而且客户有了一种保险
[14:14.60]to cover itself against downside risk.
[14:16.80]正如给商品上了保险一样.
[14:19.01]But a forward contract kills off the upside possibility.
[14:22.05]但是期货合约同时也消防了汇率上升的可能性.
[14:25.10]On the contrary,an option does not simultaneously kill off the upside.
[14:28.65]相反,期权则保留了汇率上升的有利方面.
[14:32.20]Instead,with the option,
[14:33.55]客户运用期权,
[14:34.89]the customer kills off the downside risk
[14:36.85]不仅消除了汇率下跌带来的风险,
[14:38.81]and keeps the upside possibility.
[14:41.11]而且保留了汇率上升带来的有利机会.
[14:43.41]Z:So the most important advantage of an option is that
[14:46.65]所以说,期权的最大优点
[14:49.89]it covers downside and keeps upside.
[14:51.92]就是留住上升机会,避免下跌风险.
[14:53.96]S:Yes,you are good at making summaries.
[14:56.26]你的概括能力真强.
[14:58.56]The second advantage of a currency option
[15:00.45]期权交易的第二个优点就是,
[15:02.35]is that the customer has a known worst case.
[15:04.54]客户对最坏的情况心中有数.
[15:06.74]Once the exchange rate is agreed upon between the customer and the bank,
[15:09.43]一旦客户与银行的合约中规定了某一汇率,
[15:12.12]no one can come and ask the customer for more money,
[15:14.27]就再也不会有人来向客户要一分钱了
[15:16.43]except the option premium the customer has paid to the bank.
[15:19.58]除了支付给银行一笔保险金后,
[15:22.72]Z:So,the option premium is like the insurance premium a customerpays
[15:26.37]所以说,期权保险金如同客户
[15:30.01]to an insurance company against possible loss.
[15:32.26]为避免可能的损失而向保险公司支付的那种保险金了.
[15:34.50]S:A very vivid description.They share the same idea.
[15:37.85]非常生动贴切的比喻.这两者的道理是一样的.
[15:41.19]Z:Are there any other advantages of an option?
[15:43.54]期权还有其它优点吗?
[15:45.89]S:It is especially useful for covering contingent flows;
[15:48.55]它对意外的流动特别有好处.
[15:51.20]however,the customer can't cover that kind of risk with a forward contract.
[15:54.15]但是在外汇期货合同中客户就不能够避免这种风险.
[15:57.10]Z:I'm much obliged to you for your help.
[15:59.45]十分感谢您给我的帮助.
[16:01.80]Z:It's my pleasure.
[16:03.70]不必客气. |