金融英語(yǔ)閱讀：衍生工具

A derivative is a financial instrument whose value depends on the price of an underlying instrument, such as currencies, commodities or securities. Common examples of derivatives include swaps, options, futures and FRAs. These particular types of derivatives are called over-the-counter (OTC) derivatives and futures in particular are traded on an exchange. In terms of options, the most common are called put (sell) and call (buy) options. Swaps on the other hand, come in many different forms. The most common forms include interest-rate swaps, currency swaps and credit swaps.

衍生工具就是一種金融工具，其價(jià)值取決于基礎(chǔ)工具的價(jià)格，比如貨幣、商品或有價(jià)證券。衍生工具的常見(jiàn)例子包括互換(掉期)、選擇權(quán)(期權(quán))、期貨和遠(yuǎn)期。這些特殊類型的衍生工具被稱為非上市證券市場(chǎng)(OTC)衍生工具，尤其是期貨，是在外匯基礎(chǔ)上交易的。關(guān)于選擇權(quán)，最常見(jiàn)的稱為拋出(出售)和買(mǎi)進(jìn)(購(gòu)買(mǎi))選擇權(quán)。另一方面，互換是以多種形式出現(xiàn)的。最常見(jiàn)的形式包括利率互換、通貨互換和信用互換。