金融 名词解释

1、 Convenience yield vs Cost of Carry （P120便利收益率vs 持有成本） ：The benefits from holding the physical asset are sometimes referred to as the convenience yield provided by the commodity ; The relationship between futures prices and spot price can be summarized in terms of the cost of carry.

2、 Currency Swap vs Interest Swap (P165货币互换、P148利率互换) :In this simplest form,this involves exchanging principal and interest payments in one currency for principal and interest payments in another. 货币互换是指为降低借款成本或避免远期汇率风险，将一种货币的债务转换成另一种货币的债务的交易 ; In this swap a company agrees to pay cash flows equal to interest at a predetermined fixed rate on a notional principal for a predetermined number of years.In return,it receives interest at a floating rate on the same notional principal for the same period of time. 利率互换是指交易双方以一定的名义本金为基础，将该本金产生的以一种利率计算的利息收入（支出）流与对方的以另一种利率计算的利息收入（支出）流相交换，交换的只是不同特征的利息，没有实质本金的互换。

3、 FRA (P86) :A forward rate agreement(FRA) is an over-the-counter agreement designed to ensure that a certain interest rate will apply or lending a certain principal during a specified future period of time.

4、 Par Yield (P81收益率) :The par yield for a certain bond maturity is the coupon rate that causes the bond price to equal its par value.

5、 Maintenance Margin vs Initial Margin ( 维持保证金、初始保证金) : 维持保证金（Maintenance Margins）是当期货契约价格发生变动时，客户必须保持其保证金

帐户内的最低保证金金额 ；初始保证金(Initial Margin)是指期货交易者在开始建立期货交易部位时，要交纳的保证金。

6、 OTC Market vs Traded On Exchanges (P30柜台交易市场、P2exchange-traded market 场内衍生品市场) :Credit risk has traditionally been a feature of the over-the-counter markets. OTC市场是世界上最古老的证券交易场所。源自于当初银行兼营股票买卖业务,因为采取在银行柜台上向客户出售股票的做法，被称柜台交易市场。OTC没有固定的场所，没有规定的成员资格，没有严格可控的规则制度，没有规定的交易产品和限制，主要是交易对手通过私下协商进行的一对一的交易。场外交易主要在金融业 ; A derivatives exchange is a market where individuals trade standardized contracts that have been defined by the exchange.

7、 Cross Hedging vs Perfect Hedging (P56交叉保值、完全套期保值) ：‘Cross hedging occurs when the two assets are different. 交叉保值（cross hedging）是指如果在期货市场上没有与现货商品相同的商品，就利用与现货商品关系最密切的商品保值。即当为某一现货商品套期保值，但又无同种商品的期货合约时，可用另一具有相同价格发展趋势的商品期货合约为该现货商品进行保值 ；假设在套期保值操作过程中,期货头寸盈 (亏)与现货头寸亏(盈)幅度是完全相同的,两 个市场的盈亏是完全冲抵的,这种套期保值被称为完全套期保值

8、 Spot rate vs Forward Rate ( 即期汇率/即期利率、P84远期汇率/远期利率) : 即期汇率是指即期外汇买卖的汇率。即外汇买卖成交后，买卖双方在当天或在两个营业日内进行交割所使用的汇率。即期利率是指债券票面所标明的利率或购买债券时所获得的折价收益与债券面值的比率； Forward interest rates are the rates of interest implied by current zero rates for periods of time in the future. 远期汇率（Forward rate）是指

外汇买卖双方成交后并不立即交割，而是到约定的日期再进行交割的外汇交易。这种交易在交割时，双方按原来约定的汇率进行交割，不受汇率变动的影响。远期利率（Forward rate) 则是指隐含在给定的即期利率之中，从未来的某一时点到另一时点的利率。

9、 Continuous Compounding (P79连续复利) :The limited as the compounding frequency,m,tends to infinity is known as continuous compounding. 连续复利是指在期数趋于无限大的极限情况下得到的利率，此时不同期之间的间隔很短，可以看作是无穷小量。