观看视频课程 +阅读CFA教材，事半功倍！

2018 CFA Level 1 Derivatives

STUDY SESSION 17 Derivatives
Derivatives—financial instruments that derive their value from the value of some underlying asset—have become increasingly important and fundamental in effectively managing financial risk and creating synthetic exposures to asset classes. As in other security markets, arbitrage and market efficiency play a critical role in establishing prices. This study session builds the conceptual framework for understanding the basic derivatives (forwards, futures, options, and swaps), derivative markets, and the use of options in risk management.

READING ASSIGNMENTS
Reading 57 Derivative Markets and Instruments
Reading 58 Basics of Derivative Pricing and Valuation
Reading 59 Risk Management Applications of Option Strategies

Exam Weight: 5%

一、课程说明

金融衍生品详细介绍如何面对现今大幅波动的金融、商品市场，运用各种衍生工具作风险管理，对冲风险和减少损失。反之，亦可作投机炒卖或作套活动。

衍生品在一级的学习里所占比重不大，记忆性概念很少，都是需要深度理解公式的含义的。

复习重点是试着推导公式，比如衍生品交易中期权是如何定价的，上限和下限又是用什么逻辑关系推导出来的，每种套利平价关系后面隐藏着什么样的交易步骤，对于很多公式我们都不需要死记硬背了。

二、考试比重：5%；题量：12道题；题型：三选一的单项选择题。

Derivative Investments 衍生工具投资