Short-term interest rate futures
Short-term strategic futures
Short-term interest rate futures based on short-term interest rate futures are generally settled in cash, and their prices are expressed as 100 minus the interest rate level. Two common short-term interest rate futures in zui are short-term treasury bond futures and Eurodollar futures.
Short-term interest rate futures: quotation and pricing
Suppose the cash price of short-term treasury bonds is 95.00 and the current interest rate is 5%. If the trader predicts that the interest rate will fall in three months, then he will buy a three-month interest rate futures.
Three months later, the interest rate dropped to 3% as he expected, and the corresponding interest rate futures price was 97.00.
At this time, he sold interest rate futures and earned 2.00(97.00-95.00).
Assuming that the cash price of short-term treasury bonds is P, its quotation is:
(360/n)×( 100-P), where n is the term of national debt.
For example, a 3-month Treasury bill with a cash price of 98 is quoted as:
(360/90)×( 100-98)=8
That is, the discount rate of this national debt is 8%, which is different from the yield of national debt. The yield of national debt is: interest income/opening price, that is:
(360/n)×( 100-P)/P In our example, the yield is: (360/90) × (100-98)/98 = 8.28%.
Total risk management
Enterprise risk management
Comprehensive risk management:
Total risk management is a brand-new concept, which is mainly used in the field of enterprise management at present.
The so-called comprehensive risk management refers to the process and method of cultivating a good risk management culture and establishing a sound comprehensive risk management system, including risk management strategy, risk financial management measures, risk management organizational function system, risk management information system and internal control system. By implementing the basic process of risk management in all aspects of enterprise management and business process, it provides reasonable guarantee for realizing the overall goal of risk management. The definition here refers to the Guidelines for Comprehensive Risk Management of Central Enterprises issued by the State-owned Assets Supervision and Administration Commission in June 2006.
Heisenberg principle
Heisenberg principle
Heisenberg principle, also known as uncertainty principle:
It is a basic principle of quantum mechanics, which was put forward by German physicist Werner Eisenberg in 1927.
This principle shows that some physical quantities of microscopic particles (such as position and momentum, or azimuth and moment of momentum, as well as time and energy, etc. ) It is impossible to have certain values at the same time. The more certain one quantity is, the greater the uncertainty of the other quantity is.
In economics, it can be understood that the more certain one variable is, the instability of another variable may be caused.
Predatory trade
Predatory trade
Predatory transactions:
The so-called predatory trading means that borrowers (on-site brokers and off-site fund-raising institutions) use their information advantages to sell before the expected decline of the stock market, and then use the spiral decline of the above-mentioned market liquidity and financing liquidity to further lower the price, resulting in greater losses for investors, while lenders engaged in predatory trading can profit from it.
Or it can be understood as: when company A is dominant in the market, the company's profits will decline due to the decline in asset prices; Companies holding similar assets jointly cut prices, which in turn led to a further decline in the prices of such assets; In the end, the profit of Company A declined further, lost its dominant position in the market and even closed down.