衍生权证

非抵押衍生权证并没有资产担保。

Uncollateralised DWs are not asset backed .

投资者须留意，衍生权证的价值可以跌至零，届时当初投资的资金将会尽失。

Investors should be aware that the value of a DW may fall to zero resulting in a total loss of the initial investment .

作为类似期权的金融衍生产品，权证的发行必然对标的资产产生影响。

Similar as options as a financial derivative products , the issuance of warrants will have an impact on the underlying assets .

作为一种类似于期权的金融衍生产品，权证的推出是衍生产品市场发展的突破口。

As a financial derivative product like futures , its introduction can be considered to be a breakthrough in the development of derivatives markets .

应从绝对水平和相对水平两方面比较对价水平的高低，作为一种金融衍生工具，权证具有财务杠杆和风险对冲两大功能。

Comparing consideration level , absolute level is thought as a developing banking tool , with two functions : financial leverage and diversification of risk .

权证是基于标的股票的一种衍生产品，权证市场和基础市场的关系自然成为广大学者、投资者以及监管者关注的焦点。

Warrant is a kind of derivative basing on underlying stocks , that is to say , it derives from underlying stocks . So the correlation between warrant market and underlying market has become scholars 、 investors and supervisors ' concern .