互换合约

从技术方面看，CDS并不属于保险，而是属于互换合约，因为它们涉及现金流交换。

Technically , CDS are not classified as insurance but as swaps , because they involve an exchange of cash flows .

这种交易往往牵涉到交易所交易基金（ETF）和互换合约。

It is often associated with exchange traded funds ( ETFs ) and swaps .

针对银行的信贷违约互换合约（cds，能在出现债务违约时保护投资人）在金融危机期间被投资者密切关注，甚至有批评者认为，正是这类合约将一些金融集团推向了崩溃。

Bank credit default swaps which offer investors protection in the event of a default were closely watched during the financial crisis with some critics arguing that they tipped some groups closer to collapse .

汇丰（HSBC）也表示，该行已执行首份CNHHibor互换合约，提供了有关该利率会有多高的早期迹象。

HSBC also said that it had executed its first CNH Hibor swap contract , providing an early indication of what the rate might be .

违约风险条件下利率互换合约的定价

Pricing of Interest Rate Swap under Default Risk

一方针对某种特定的债务违约风险购买保险，另一方则以互换合约的形式出售保险。

One buys protection against a certain bond defaulting , while the other sells protection in a swap agreement .

这可能意味着，将油价互换合约出售给一家航空公司，或者把场外玉米期权出售给一家农业企业。

That might mean selling an oil swap to an airline or an OTC corn option to a farming group .

即使一张传统的保险合约也可以被视为互换合约，因为它涉及现金流交换。

Even a traditional insurance contract can be viewed as a swap , as it involves an exchange of cash flows .

该市场随后迅速发展，世界各地有一批交易所纷纷推出了期货、期权与互换合约等交易产品。

Over time , the market has mushroomed to include futures , options and swaps contracts traded on a handful of exchanges round the world .

对互换合约，不分定期支付和非定期支付，一经支付，便应确认为损益并征税。

To swap contracts , regardless of regular payments and the regular payment , once pay , then shall confirm for profit and loss and taxing .

其次本文通过上市银行远期、期权、期货、互换合约交易的信息披露和套期会计运用的信息披露提出完善我国衍生金融工具会计信息披露的实际应用。

Then this article takes an example of disclosure of the financial forwards , financial options , financial futures , financial swaps and hedge accounting to illustrate the application of the derivative financial instruments .

一种利率互换合约，参与者一方定期支付利息，另一方则仅在合约的期末一次性支付利息。

A kind of interest rate swap which is one party makes regular interest payments on the other hand the other party makes one batch sum payment , typically at the end of the contract .

隔夜短期贷款利率互换合约的情况表明，投资者目前预期日本央行将利率从0.5%下调25个基点的几率为70%，而周二为不到20%。

Swap contracts on the overnight call rate suggested that investors were pricing in a 70 per cent chance of a quarter-point rate cut from 0.5 per cent , compared with less than 20 per cent on Tuesday .

参考了ISDA的主约文件，探讨了我国信用违约互换的合约设计，并对税收、会计、法律和监管方面的问题进行了初步研究。

According to the master agreements of ISDA , study the contract design of credit default swap and investigate the tax , accounting , legal and regulation problems .

对交易对手违约先于参照资产第m次违约的信用违约互换组合合约进行了设计和相应的定价分析。

The contract of the basket credit default swaps has been designed in which counterparty default is prior to the m times default among the reference assets .

除了传统的金融期货、金融期权、金融互换和远期合约这些基础衍生金融工具外，伴随资产证券化产生的担保债务凭证、信用违约互换等创新衍生金融工具也在金融市场中占据了重要地位。

In addition to the traditional basic financial instruments , such as financial options , financial exchanges and forward contracts , Collateralized Debt Obligation , Credit Default Swap became popular in financial markets .

荷兰信用违约互换（CDS）合约的表现已经与德国CDS分道扬镳。

Dutch credit default swaps have parted company with German ones .

除了这些监管举措以外，还有出于政治目的而出台的措施，它们影响到欧盟主权信用违约互换（CDS）合约的交易。

Onto these regulations were tacked more politically driven measures affecting the trading of EU sovereign credit default swaps .

这些天来，那些主权信用违约互换（cds）合约是否真能提供针对违约的有效“保险”，变得越来越不明确。

These days , it is becoming less clear whether those sovereign CDS contracts really offer effective " insurance " against default .

意大利国债5年期信用违约互换（CDS）合约表明，意大利违约的概率约为30%，这突显出欧元区全面解体的可能性。

The fact that Italian five-year credit default swap contracts imply a roughly 30 per cent probability of an Italian default , highlights the possibility of a full-blown break-up scenario .

亨德利想到了一个我们所熟知的大规模杀伤性武器：信用违约互换（cds）合约对手方出售的实际上是企业债务的违约保险。

Hendry has lit upon a familiar weapon of mass destruction : credit default swaps ( CDS ) in which a counterparty sells what is , in effect , bankruptcy insurance on underlying corporate debt .

推出新的ecu，将有助于促进许多工具的有序重估，比如根据英国法律发行的欧元债券、全球各银行发放的欧元贷款以及欧元计价的互换和外汇远期合约。

Introducing a new ECU would help to facilitate an orderly redenomination of a host of instruments such as debt issued in euros under English law , euro-denominated loans extended by global banks , and euro-denominated swaps and foreign exchange forward contracts .

它们不涉及货币互换、利率互换或其他衍生品合约的风险。

They do not capture the risks in currency swaps , interest rate swaps or other derivative contracts .

金融危机爆发以后，主要国家商业银行间纷纷签订双边货币互换协议，2009年签订的货币互换合约价值超过4000亿美元。

After the financial crisis , the main national commercial Banks signed currency swaps between each other . During 2009 , the notional amount of currency swaps totaled above $ 400 billion .

国际互换及衍生品协会的报告中指出，国际OTC互换合约价值从1994年的113亿增长至2000年的600亿。

The International Swaps and Derivatives Association reports that the notional value of outstanding OTC swap contracts increased from $ 11.3 trillion in 1994 to more than $ 60 trillion by mid-2000 .

1998年国际互换和衍生产品协会（ISDA）将信用违约互换合约标准化，促进了这种金融衍生产品交易的蓬勃发展。

In 1998 , International Swaps and Derivatives Association ( ISDA ) standardized credit default swap contracts , which promote this kind of financial derivatives transaction to flourish .