## 金融代写|期货期权代写Futures Options代考|MKTG3961

statistics-lab™ 为您的留学生涯保驾护航 在代写期货期权Futures Options方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写期货期权Futures Options相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|期货期权代写Futures Options代考|Hedging Using Forward Contracts

Suppose that it is May 21, 2020, and ImportCo, a company based in the United States, knows that it will have to pay $£ 10$ million on August 21, 2020, for goods it has purchased from a British supplier. The GBP/USD exchange rate quotes made by a financial institution are shown in Table 1.1. ImportCo could hedge its foreign exchange risk by buying pounds (GBP) from the financial institution in the 3-month forward market at $1.2225$. This would have the effect of fixing the price to be paid to the British exporter at $\$ 12,225,000$. Consider next another U.S. company, which we will refer to as ExportCo, that is exporting goods to the United Kingdom and, on May 21,2020, knows that it will receive$£ 30$million 3 months later. ExportCo can hedge its foreign exchange risk by selling$£ 30$million in the 3-month forward market at an exchange rate of$1.2220$. This would have the effect of locking in the U.S. dollars to be realized for the sterling at$\$36,660,000$.

## 广义线性模型代考

statistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|期货期权代写Futures Options代考|FINE448

statistics-lab™ 为您的留学生涯保驾护航 在代写期货期权Futures Options方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写期货期权Futures Options相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 金融代写|期货期权代写Futures Options代考|FORWARD CONTRACTS

A relatively simple derivative is a forward contract. It is an agreement to buy or sell an asset at a certain future time for a certain price. It can be contrasted with a spot contract, which is an agreement to buy or sell an asset almost immediately. A forward contract is traded in the over-the-counter market-usually between two financial institutions or between a financial institution and one of its clients.

One of the parties to a forward contract assumes a long position and agrees to buy the underlying asset on a certain specified future date for a certain specified price. The other party assumes a short position and agrees to sell the asset on the same date for the same price.

Forward contracts on foreign exchange are very popular. Most large banks employ both spot and forward foreign-exchange traders. As we shall see in Chapter 5 , there is a relationship between forward prices, spot prices, and interest rates in the two currencies. Table $1.1$ provides quotes for the exchange rate between the British pound (GBP) and the U.S. dollar (USD) that might be made by a large international bank on May 21 , 2020. The quote is for the number of USD per GBP. The first row indicates that the bank is prepared to buy GBP (also known as sterling) in the spot market (i.e., for virtually immediate delivery) at the rate of $\$ 1.2217$per GBP and sell sterling in the spot market at$\$1.2220$ per GBP. The second, third, and fourth rows indicate that the bank is prepared to buy sterling in 1,3 , and 6 months at $\$ 1.2218, \$1.2220$, and $\$ 1.2224$per GBP, respectively, and to sell sterling in 1,3 , and 6 months at$\$1.2222, \$ 1.2225$, and$\$1.2230$ per GBP, respectively.

Forward contracts can be used to hedge foreign currency risk. Suppose that, on May 21, 2020, the treasurer of a U.S. corporation knows that the corporation will pay $£ 1$ million in 6 months (i.e., on November 21, 2020) and wants to hedge against exchange rate moves. Using the quotes in Table 1.1, the treasurer can agree to buy $£ 1$ million 6 months forward at an exchange rate of $1.2230$. The corporation then has a long forward contract on GBP. It has agreed that on November 21, 2020, it will buy $£ 1$ million from the bank for $\$ 1.2230$million. The bank has a short forward contract on GBP. It has agreed that on November 21,2020 , it will sell$£ 1$million for$\$1.2230$ million. Both sides have made a binding commitment.

## 金融代写|期货期权代写Futures Options代考|Payoffs from Forward Contracts

Consider the position of the corporation in the trade we have just described. What are the possible outcomes? The forward contract obligates the corporation to buy $f 1$ million for $\$ 1,223,000$. If the spot exchange rate rose to, say,$1.3000$, at the end of the 6 months, the forward contract would be worth$\$77,000(=\$ 1,300,000-\$1,223,000)$ to the corporation. It would enable $£ 1$ million to be purchased at an exchange rate of $1.2230$ rather than $1.3000$. Similarly, if the spot exchange rate fell to $1.2000$ at the end of the 6 months, the forward contract would have a negative value to the corporation of $\$ 23,000$because it would lead to the corporation paying$\$23,000$ more than the market price for the sterling.

In general, the payoff from a long position in a forward contract on one unit of an asset is
$$S_T-K$$
where $K$ is the delivery price and $S_T$ is the spot price of the asset at maturity of the contract. This is because the holder of the contract is obligated to buy an asset worth $S_T$ for $K$. Similarly, the payoff from a short position in a forward contract on one unit of an asset is
$$K-S_T$$
These payoffs can be positive or negative. They are illustrated in Figure 1.2. Because it costs nothing to enter into a forward contract, the payoff from the contract is also the trader’s total gain or loss from the contract.

In the example just considered, $K=1.2230$ and the corporation has a long contract. When $S_T=1.3000$, the payoff is $\$ 0.077$per$£ 1$; when$S_T=1.2000$, it is$-\$0.023$ per $£ 1$.

## 金融代写|期货期权代写Futures Options代考|Payoffs from Forward Contracts

$$S_T-K$$

$$K-S_T$$

## 广义线性模型代考

statistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

## 金融代写|期货期权代写Futures Options代考|AEM4210

statistics-lab™ 为您的留学生涯保驾护航 在代写期货期权Futures Options方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写期货期权Futures Options相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

A derivatives exchange is a market where individuals and companies trade standardized contracts that have been defined by the exchange. Derivatives exchanges have existed for a long time. The Chicago Board of Trade (CBOT) was established in 1848 to bring farmers and merchants together. Initially its main task was to standardize the quantities and qualities of the grains that were traded. Within a few years, the first futures-type contract was developed. It was known as a to-arrive contract. Speculators soon became interested in the contract and found trading the contract to be an attractive alternative to trading the grain itself. A rival futures exchange, the Chicago Mercantile Exchange (CME), was established in 1919. Now futures exchanges exist all over the world. (See table at the end of the book.) The CME and CBOT have merged to form the CME Group (www.cmegroup.com), which also includes the New York Mercantile Exchange (NYMEX), and the Kansas City Board of Trade $(\mathrm{KCBT})$.

The Chicago Board Options Exchange (CBOE, www.cboe.com) started trading call option contracts on 16 stocks in 1973. Options had traded prior to 1973, but the CBOE succeeded in creating an orderly market with well-defined contracts. Put option contracts started trading on the exchange in 1977. The CBOE now trades options on thousands of stocks and many different stock indices. Like futures, options have proved to be very popular contracts. Many other exchanges throughout the world now trade options. (See table at the end of the book.) The underlying assets include foreign currencies and futures contracts as well as stocks and stock indices.

## 金融代写|期货期权代写Futures Options代考|OVER-THE-COUNTER MARKETS

1. 美国两家金融机构之间的标准化场外衍生品必须尽可能在所谓的掉期执行工具 (SEF) 上进行交易。这些平台类似于交易所，市场参与者可以发布买卖报价，市场参与者可以通过接受其他市场参与者的报价进行交易。
2. 世界大部分地区都要求将 CCP 用于金融机构之间的大多数标准化衍生品交易。
3. 所有交易都必须报告给中央存储库。

## 广义线性模型代考

statistics-lab作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。