对冲交易

中信泰富（CiticPacific）是中国最大投资集团旗下的香港上市公司，也是众多在对冲交易中遭受巨额亏损的公司之一。

Citic Pacific , the Hong Kong-listed arm of China 's largest investment conglomerate , is one of many companies where hedging went spectacularly wrong .

它实际上是一种对冲交易的方法。

And it 's a method of hedging both sides in the transaction .

大约一年前，摩根大通（JPMorganChase）宣布，一项未按预期发展的信用衍生对冲交易导致该行损失了数十亿美元。

About a year ago , JPMorgan Chase ( JPM ) announced it had lost billions on a credit derivative hedge that had not worked out as expected .

本文在Black-Scholes模型的基础上给出了对冲交易风险极小化模型、方法和算法。

Based on the Black-Scholes model , the model , method and algorithm of minimum risk for spreading trade in derivative security market are given in this paper .

但投行仍然可以从事对冲交易。

But banks will still be allowed to hedge .

在利率是随机的情况下，通过概率测度变换来确定权益连结保险合同的局部风险最小对冲交易策略。

We first determine locally risk-minimizing trading strategies by a change of probability measure .

两年前，巴里克退出了所有的对冲交易，以示尊重股东的意愿，只从事大宗商品业务。

It exited all of its hedges two years ago , honouring shareholders ' desire for pure commodity exposure .

对冲交易包括套期保值和跨期套利，是金融衍生商品交易市场中非常重要且较为安全的交易方式。

The spreading trade , including hedging and the arbitraging , is the important and safe operations in derivative security market .

福特还透露，将重新发布2001年至今年第二季度的业绩报告，以修正一些对冲交易的会计数据。

Ford also disclosed it would restate results from 2001 to the second quarter of this year to correct accounting for certain hedging transactions .

他还声称，无对冲交易是他从其他人那里学来的，交易员面临着冒险实现利润最大化的压力。

He also claimed unhedged trading was something he had learnt from others and that traders were under pressure to take risks to maximise profits .

在发展过程中，双边市场和对冲交易同时面临着巨大挑战和广阔前景。

In addition , in the process of the development , double-sided markets and hedge transactions are confronted with both large challenges and great prospects .

但对冲交易会增加基金的成本，侵蚀业绩，而且其中的风险在于：对冲失误意味着投资者可能错过巨大的收益。

Hedging can add to the costs of a fund , hurting results , and it can be risky since missed calls mean investors can miss big gains .

研究结果表明，欧美成熟市场较为成功的市场因子在我国股指期货对冲交易中存在水土不服的现象。

The results of this study show that successful market factors in the mature markets of Europe and America do not suit one in our country stock index futures hedging .

由于雷曼兄弟在美国抵押贷款市场有着大量业务，预计该公司将是受打击最为沉重的公司之一，不过对冲交易可能在很大程度上降低了打击力度。

Because of its heavy exposure to us mortgage-backed securities , Lehman is expected to be among the hardest hit although the blow may have been significantly softened by hedging .

不过，从对冲交易的结构上可以看出问题，因为它能表明一家公司是对市场走势有自己的具体看法而做对冲，还是只为了防范意料之外的市场波动而对冲。

Still , the structure of a hedge can be revealing because it may show whether a company is taking a specific view on the market or insuring itself against an unexpected move .

3月份保释出狱的科维尔，目前正接受相关调查，罪名是涉嫌伪造、背信和未经授权使用与非对冲交易有关的电脑。

Mr Kerviel , who was released from prison on bail in March , is being investigated for forgery , breach of trust and unauthorised use of a computer in connection with unhedged transactions .

利用金融衍生工具管理汇率风险，现在一般就称为套期保值，虽然套期保值在狭义上只指对冲交易，而在广义上是金融风险管理的同义词。

Managing exchange rate risks with derivatives is now often labeled hedging , though in a narrower sense hedging only refers to a round-trip of derivative transaction and in a broader sense , the synonym of financial risk management .

它要求银行证明没有参与证券短期转售，也没有通过套利或对冲交易从任何实际或短期价格波动中获利。

It would require the banks to prove that they were not engaging in a short-term resale of a security and also prove that they were not benefitting from any actual or short-term price movements through trading arbitrage or hedging .

目前证交所整合的动力来自：衍生品数量巨额增加、对冲基金交易量上升、算法交易（algorithmictrading）大规模增多，以及对企业国际上市的争夺。

Consolidation is being driven by huge growth in derivatives , increased trading by hedge funds , massive growth in algorithmic trading , and competition for international listings .

私募股权投资和对冲基金交易活跃，也深刻影响着资本市场的短期变动。

The transactions of Private Equity Investors and Hedge Funds are having a strong impact on the short term movements in the capital markets .

与针对欧元区主权债务进行的对冲和交易数额相比，美国主权信用衍生品市场规模还很小。

The size of the US sovereign credit derivatives market is still small relative to the amount of hedging and trading that takes place on eurozone sovereign debt .

然而，对于一小群精明的交易商而言，最严重时期的定价偏差已经让他们实现了近期记忆中最成功的对冲基金交易之一。

However , for a small group of savvy traders the pricing discrepancies at their widest led to one of the most successful hedge fund trades in recent memory .

国际清算银行（bis）今日将警告称，投资银行与对冲基金的交易缺乏自律。

Investment banks have become less disciplined in their dealings with hedge funds , the bank for international settlements will warn today .

这已经超越了全球宏观对冲基金的交易策略。

That goes beyond the trading strategies of global macro hedge funds .

最值得注意的是，各机构已无力进行对冲，致使交易流动性急剧减少。

Most notably , trading liquidity declined sharply , because institutions were no longer able to hedge .

周一的协议似乎满足了埃利奥特的要求，该对冲基金宣布交易可以接受。

Monday 's deal appeared to satisfy Elliott 's concerns , however ; the hedge fund declared the transaction acceptable .

长期以来，大型投行和对冲基金的交易柜台一直在寻找数学和物理人才，以求将科学变为利润。

The trading desks of major investment banks and hedge funds have long sought maths and physics talent to try to turn science into profit .

总体而言，目前对冲基金的交易额，占美英股市和债市交易总额的三分之一至一半。

Altogether , hedge funds now account for between one-third and a half of all trading in the US and UK equity and bond markets .

对冲基金将交易活动与对波动性的追求结合起来，这意味着，在某些场合下，对冲基金已成为决定价格的极少数投资方。

This combination of activity and the search for volatility means that , in certain situations , hedge funds have become the marginal , price-determining investors .

他指出，在投资这一头，信托公司拥有许多机遇，原因是它们具备从事任何业务的自由，从放贷到对冲和股权交易。

On the investing side , trusts have many opportunities due to their free hand to do everything from lending to hedging and equity deals , he said .