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HEDGING THE EXCHANGE RATE RISK IN EXPORT AND IMPORT
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Tình huống 13*5K
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Tình huống 23*5%K

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ƒKTfK‚/)#2B5<)#HD.S
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e)KA0Q)1<)
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Forward Futures
oBD(O)\F o/%D(O<#hF
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K„^D)\F o/%
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YR%D@@5'<=F ZR%
%D@)%;F Z%%
ZKD!*<‚IF i
ZKK iKD()O&JF

#<0O<&'12*^K0}E
I%*5)/MsD%F<=3
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i'<=&
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U#5&+K0J<_K)<O&%
U4+K0KE))<O5#J<_Kƒ>'<=H

 
 

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Œ>^5,KD/)F
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Z5<)#
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$%&'
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()D7|F
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Trả phí (premium)(*)
c9KK



Dc|F
DX%5F
Bên mua (long) chỉ thực hiện (exercise) khi tại giá X (strike price) có lời!
•
()OaM125*H
•
!_K)@g>S0<f
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%%W‹&JKD%FL^5,D*/./0Fmua
 D#2F•|
•
oW‹&JKD%FL^5,D*/./0Fbán
 D#2F•|
Cách phân loại khác:
•
•5,I_\ŽDF%%#^5,I•L
_<&'12B5<)#H
•
•5,I_ijD:KF%%#^5,IL_
<&'12B/AEJ<_K&+<)#H
Am-Premium cost ≥ Eu-premium cost
Call Put
d| Sinh lời (in the money) •B$
W| †B$DK57F †B$
r| •B$DRK57F Sinh lời

Ví dụ 13*5A?9H9L'<=A?O
)62XYb<[#)x)9Q)5

DXY74ZYF J<_K2#36v9wwn6v9ww8Q)5
DXY74ZYF'<=<[#&/[Bz&5H
U‘J<_KO3e_)@#$9*5%N2B+
:-K^5,I/)LP09:-)<OB
H9&3
€O)^5,ID!F3c6K
€Q)12D|F36x96
€oaK^5,IDoFaNK•<=#238<=H}
aK^5,I/]628<=W82<=H
€!_^5,I3_ij9
€J#2%1@^5,IDF3x)H
‘J<_KJ&+<)#3
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Z[r|3129YWc6K6x96€8KW
4Ze6v9wwK
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Z[d|3*129/)NO&J59
YWc6Kn8Kd4Ze6v9wwK