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衍生品有兩個(gè)分類：遠(yuǎn)期承諾和或有求償權(quán)，兩者的區(qū)別是，遠(yuǎn)期承諾是一種義務(wù)，到期時(shí)需要以約定的價(jià)格來交割，而或有求償權(quán)是一種權(quán)利而不是義務(wù)，根據(jù)到期日的價(jià)格交易者可以選擇是否交割。
Forward commitment（遠(yuǎn)期承諾）：
Class of derivatives that provides the ability to lock in a price to transact in the future at a previously agreed-upon price.
遠(yuǎn)期承諾：
合同雙方包含多頭和空頭，雙方約定好了未來某一時(shí)點(diǎn)的以特定的價(jià)格進(jìn)行交易的合約，這個(gè)合約到期時(shí)會(huì)執(zhí)行，執(zhí)行時(shí)按照約定的固定價(jià)格執(zhí)行，這個(gè)固定價(jià)格就是遠(yuǎn)期價(jià)格。
遠(yuǎn)期承諾中包括三種：遠(yuǎn)期、期貨、互換。
遠(yuǎn)期合約：場(chǎng)外交易合約，合約雙方約定在未來某一時(shí)刻按約定的價(jià)格買賣約定數(shù)量的金融資產(chǎn)。
期貨：是以某種大眾產(chǎn)品如棉花、大豆、石油等及金融資產(chǎn)如股票、債券等為標(biāo)的標(biāo)準(zhǔn)化可交易合約；
互換：場(chǎng)外交易合約，當(dāng)事人按照共同商定的條件，在約定的時(shí)間內(nèi)定期交換現(xiàn)金流的金融交易，可分為貨幣互換、利率互換、股權(quán)互換、信用互換等。
Contingent claim（或有求償權(quán)）：
Derivatives in which the payoffs occur if a specific event occurs; generally referred to as options.
或有求償權(quán)：
是一種可以以特定價(jià)格購買或出售標(biāo)的資產(chǎn)的權(quán)利，支付依賴于標(biāo)的資產(chǎn)的情況。是一種權(quán)利而不是義務(wù)，如果你背負(fù)了一項(xiàng)債務(wù)或是簽訂了類似的合約，你的出借人或是債權(quán)人對(duì)你的資產(chǎn)可能有的求償權(quán)，這個(gè)求償權(quán)依賴于未來的某些事件是否發(fā)生，一些特定事件的發(fā)生會(huì)觸發(fā)求償權(quán)，比如說債務(wù)人的破產(chǎn)。
期權(quán)是最主要的或有求償權(quán)。
例：In contrast to contingent claims, forward commitments provide the:
A. right to buy or sell the underlying asset in the future.
B. obligation to buy or sell the underlying asset in the future.
C. promise to provide credit protection in the event of default. to contingent claims, forward commitments provide the:
解析：B is correct. Forward commitments represent an obligation to buy or sell the underlying asset at an agreed upon price at a future date.
A is incorrect because the right to buy or sell the underlying asset is a characteristic of contingent claims, not forward commitments.
C is incorrect because a credit default swap provides a promise to provide credit protection to the credit protection buyer in the event of a credit event such as a default or credit downgrade and is classified as a contingent claim.
根據(jù)定義B正確，遠(yuǎn)期承諾代表了買方及賣方在到期日有義務(wù)進(jìn)行交割的合約；A說明的是或有求償權(quán)的特質(zhì)，C中會(huì)提供信用保護(hù)的是信用違約互換。
Forward commitment（遠(yuǎn)期承諾）：
Class of derivatives that provides the ability to lock in a price to transact in the future at a previously agreed-upon price.
遠(yuǎn)期承諾：
合同雙方包含多頭和空頭，雙方約定好了未來某一時(shí)點(diǎn)的以特定的價(jià)格進(jìn)行交易的合約，這個(gè)合約到期時(shí)會(huì)執(zhí)行，執(zhí)行時(shí)按照約定的固定價(jià)格執(zhí)行，這個(gè)固定價(jià)格就是遠(yuǎn)期價(jià)格。
遠(yuǎn)期承諾中包括三種：遠(yuǎn)期、期貨、互換。
遠(yuǎn)期合約：場(chǎng)外交易合約，合約雙方約定在未來某一時(shí)刻按約定的價(jià)格買賣約定數(shù)量的金融資產(chǎn)。
期貨：是以某種大眾產(chǎn)品如棉花、大豆、石油等及金融資產(chǎn)如股票、債券等為標(biāo)的標(biāo)準(zhǔn)化可交易合約；
互換：場(chǎng)外交易合約，當(dāng)事人按照共同商定的條件，在約定的時(shí)間內(nèi)定期交換現(xiàn)金流的金融交易，可分為貨幣互換、利率互換、股權(quán)互換、信用互換等。
Contingent claim（或有求償權(quán)）：
Derivatives in which the payoffs occur if a specific event occurs; generally referred to as options.
或有求償權(quán)：
是一種可以以特定價(jià)格購買或出售標(biāo)的資產(chǎn)的權(quán)利，支付依賴于標(biāo)的資產(chǎn)的情況。是一種權(quán)利而不是義務(wù)，如果你背負(fù)了一項(xiàng)債務(wù)或是簽訂了類似的合約，你的出借人或是債權(quán)人對(duì)你的資產(chǎn)可能有的求償權(quán)，這個(gè)求償權(quán)依賴于未來的某些事件是否發(fā)生，一些特定事件的發(fā)生會(huì)觸發(fā)求償權(quán)，比如說債務(wù)人的破產(chǎn)。
期權(quán)是最主要的或有求償權(quán)。
例：In contrast to contingent claims, forward commitments provide the:
A. right to buy or sell the underlying asset in the future.
B. obligation to buy or sell the underlying asset in the future.
C. promise to provide credit protection in the event of default. to contingent claims, forward commitments provide the:
解析：B is correct. Forward commitments represent an obligation to buy or sell the underlying asset at an agreed upon price at a future date.
A is incorrect because the right to buy or sell the underlying asset is a characteristic of contingent claims, not forward commitments.
C is incorrect because a credit default swap provides a promise to provide credit protection to the credit protection buyer in the event of a credit event such as a default or credit downgrade and is classified as a contingent claim.
根據(jù)定義B正確，遠(yuǎn)期承諾代表了買方及賣方在到期日有義務(wù)進(jìn)行交割的合約；A說明的是或有求償權(quán)的特質(zhì)，C中會(huì)提供信用保護(hù)的是信用違約互換。
