No name

1
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????? ?????????? ???? ???? ??????

• ?????? ????? ??
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• ?????
• 1377

2

• ??? ??????????
• ???????

3

• 1. ?????? ???? ?? ?????? ?? ????? ????? ?
  ????????? ???????????? ???? ?? ?????? ?? ????
  ???????????? ?? ?????????? ????? ???? ???? ?????.
• 2. ?????? ???? ?? ???? ?? ??? ??????? ??????
  ????? ?? ????? ???? ???? ?? ????????? ????? ???
  ???????????? ? ???????????? ????? ????? ???? ???.
• 3. ????? ?? POOLING
• 4. ????? ?? MACHING

4

• ??? ???????
• ????

5

• 1. ????? ????
• ????????? ??? ???????? ????? ????? ? ?????? ????.
  ????? ??????? ??????
• 2. ???? ????????? ???????
• ????? ????? ? ??????? ?????? ????????? ?
  ???????????????
• 3. ????? ???????
• 4. ??????????? ? ??????
• ???? ???? ???????? ??? ????? ?? ???????????????
• 5. ????????? ? ????? ???
• 6. ????? ??????
• ????? ?????? ????? ?? ?????? ???? ?? ?? ????? ??
  ????????? ????? (?????????) ????? ???.
• 7. ???? ? ?????

6
????????? ??????? ???????? ????

• 1. ????? ?????? ?????? ? ??????? ?? ????? ?????
  ???? ?????? ?????? ??? ?? ????? ??????. (??????
  ?????????)
• 2. ????? ???? ??????? ?? ????? ??????.
• 3. ????? ??????? ?? ???? ?????? ???? ?????????
  ??? ? ?? ? ????? ???????

7
????? ?????DERIVATIVES

• ????? ????? ????? ????? ??? ?? ?????? ?????? ?
  ???? ?? ?? ???? ????? ??????? ??????? ?????? ???
  ????? ? ???? ????? ?????? ?????? ???? ???????.
  ??? ????? (?????) ?? ?????? ?? ?????? ? ?? ????
  ???? ?? ???? ?? ?????? ???? ?? ??????. ???? ?? ??
  ???? ?????????? ???? ?????? ???? ??????.

8
??? ??????? ????? ???? ?????

• 1. ?????? ??? ????? (?????)
• - ???????????? ?? ????? ?????????? ????????? ???
  ????? ?? ???? ?????????? ???? ?? ????? ????. ???
  ????? ?? ???? ????? ???? ????? ??????? ???? ??
  ??????????? ??????? ?? ??????.
• - ???????????? ?? ????? ?????????? ????????? ???
  ?????? ?????????? ???? ?? ????? ????.
• 2. ???? ????????? ????? ???? ???????????
• 3. ????? ?????? ???? ???????? ???? ?? ???????? ??
  ??? ?????
• 4. ?????? ????? ?????????
• 5. ????? ???? ?????? ????? ???? ????????? ????
  ?????? ????? ?? ????? ???? ?? ?????
• 6. ???? ?? ?????? ? ??? ??? ??????

9
????? ????? ?????

• ?????? ?????? (OPTIONS)
• ?????? ???? CALL
• ?????? ???? PUT
• ??????? ?????? ????? ??????? ??? ????? ????
• - ?????? ???? ? ???? ????????? ??????? ?
  ????????
• - ???? ???? Portfolio Insurance
• - ????? ??? ?????? ?????? Option - Like ???
• PRIME gt Presctibed Fix Right to Income Maximum
  Equity
• SCORE gt Special Claim on the Residual Equity
• - ?????? ?????? ??????? ??? LEAPs
• Long-Term Equity Participation Product
• - ?????? ?????? FLEX
• FLEXible exchange Traded Options
• - PERCS
• Performance Equity Redemption Cumulative Stock
• - ??? ???? Super Shares

10
????? ????? ????? ?????

• - ?????? ?????? ?????????? Exotic
• - exchange options
• - ?????? ?????? ???? barrier ?? ???? up-and-out
  put
• - hojdhv luhlgI Hsdhdd Asian
• - ?????? ?????? ????????? Look back
• - ?????? ?????? ?????? compound
• - ?????? ?????? ??? ???? Collars Floor Caps
• ??????? ??? (Futures)
• - ??????? ??? ????? ?????
• - ??????? ??? ???? ??????? FRAs
• Forward Rate Agreements
• - ??????? ??? ????? ???? ? ????? ???? ?????
• - ??????? ??? ???? ???? 500 ???? ????????? ? ???

11
????? ????? ????? ?????

• ???? ??? ???? (Swaps)
• - ????? ????????? non-generic
• ???? Accreting
• ???? Rollercoaster
• ???? ???? Basic
• ???? ?? ???? ??? Zero-Coupon
• ???? ???
• ???? ?????????
• LAS ???? ???????????? ????
• Index Amortization Swaps
• - ?????? ?????? ??? ???? ??????

12
????? ????? ????? ?????

• ????? ????? ???? (Mortgage Derivatives)
• - ??? ???? MPT
• Mortgage Pass-Through
• - CMO
• Collateralized Mortgage Obligations
• ????
• - PACs ?? Plammed Amortization Class
• - TAD dh Targeted Amortazation
• - FLOATER
• - ????? ????? INVERSE FLOATER
• - STRIPs ? PO , IO
• Stripped Mortgage-Backed Securities

13
????? ???? ?? ?????? ????
??? 1
Out of the money
In the money
???? ????? ?????? ??????
???? ?????
14
???
5
0
110
130
140
150
170
120
160
10-
20-
30-
???
5
0
60
80
90
100
70
120
10-
20-
30-
15
O
O
St
St
K
K
16

• ?????????? ??????
• ????

17

• 1. ?????? ?????????? ??? ????? ???? ????? ??????
  ? ??? ?????? ? ?? ????? ????? ??????? ?
  ??????????? ???? ????? ???? ???
• 2. ?????? ?? ?????? ??? ??? ? ???????? ?????????
• 3. ??????? ?????? ????? ? ????? ????
  ?????????????? ??????? ?? ?????
• 4. ????? ???? ????????? ????
• 5. ???? ?????? ???? ???? ?? ?????? ? ??????
  ???????
• 6. ????? ??????? ????? ????

18

• ????????? ??????
• ????

19

• - ???????? ????????
• - ???????? ?????? ???
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• - ?????? ?????? ??? ????
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• - ?????????? ??????????
• - ???????? ?????????
• - ???????? ?? ????
• -??????? ???? ???? (?????????? ???? ? ?????
  ?????)
• - ???????????? ??????? ?? ??????? ????