advance financial instruments and marketslecture no. 02_ risk and financial crisi

7/28/2019 Advance Financial Instruments and MarketsLecture No. 02_ Risk and Financial Crisi

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ELSENDIL CKNENDKEO KNT\RYAIN\T ENL AER@I\TOidturi Nh. :2

Rks` enl Cknendkeo Aer`it drksks

Feaael Fessen AkrzeEsskstent Zrhcisshr &Cknendi+

Lipertaint hc Buskniss Elaknkstretkhn

Ynkvirskty hc Termhlfe


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\hleys Lksdusskhn

Tisskhn K Kntrhludtkhn th Zrhbebkokty \fihry

Cknendkeo Riturns enl Beskd Ttetkstkdeo Dhndipts

Knlipinlindi enl Cekouri hc Knlipinlindi es e Deusichr Cknendkeo Drksis

Rimrisskhn Eneoysks/ Tystiaetkd vs. Klkhsyndretkd Rks`

Cet!\ekoil Lkstrkbutkhns enl \fikr Rhoi lurknm CknendkeoAer`it Drksks.


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Zrhbebkokty tfihry ks e dhndiptueo creaiwhr` tfetaetfiaetkdkens knvintil.

Zrhbebkokty kn kts prisint aienknm wesn-t ivin dhknil untkotfi 53::-s.

Tfe`ispieri-s Zrhbeboi Aen

Zrhbebkokty/ Teapoknm enl Meaboknm 7 Aefebferete Zhia

Meaboknm Tthry hc Neoe &\fi Iaprhr+/ Lkakyentk &Fks ]kci+ enl@feeok &\fi Liahn+/ Rutupene &\iedfir+ dhuntil nuabir hcoievis.

Kntrhludtkhn th Zrhbebkokty \fihry


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Kn 53:: pihpoi stertil ae`knm okci tebois &Knsurendi enlEdtuerkeo Tdkindis+

Endkint Rhha enl Burkeo Cunls.

Ckri Knsurendi ectir Ckri kn Ohnlhn 5393 enl Dfkdemh 56=5.

Zrhbebkokty enl Knnhvetkhns


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Ok`iokfhhl hc Dirtekn Nuabir hc

Eddklints &Knsurendi Oew+


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FZR

FZ[

Deoduoetkhn hc Riturn kn Cknendi


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Renlha Serkeboi

Lksdriti(Dhntknuhus

Ixpidtil Seoui Eviremi(M.A

Cknendkeo Riturns enl Beskd

Ttetkstkdeo Dhndipts


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\fi prhbebkokty lkstrkbutkhn hc V/ tfi nuabir hc rilders Ghfn aiits hn fks wey th whr` iedf ahrnknm/ ksmkvin by tfi choohwknm teboi7

x c&x+

: :.


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E dirtekn shctweri dhapeny usis e dirtekn shctwerith dfid` chr irrhrs hn eny hc tfi prhmreas kt bukols

enl tfin lksderls tfi shctweri kc tfi irrhrs chunlixdiil e dirtekn nuabir. Mkvin tfet tfi nuabir hcirrhrs chunl ks riprisintil by e renlha verkeboi Vwfhsi linskty cundtkhn ks mkvin by

Cknl tfi eviremi nuabir hc irrhrs tfi dhapenyixpidts th cknl kn e mkvin prhmrea.

Zrhboia ! 2


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En knvistaint kn Zrhgidt E wkoo risuot kn e ohss hc,23/::: wktf prhbebkokty :.4:/ brie` ivin wktf

prhbebkokty :.9:/ hr risuot kn e prhckt hc ,36/::: wktfprhbebkokty :.2:. En knvistaint kn Zrhgidt B wkoorisuot kn e ohss hc ,=5/::: wktf prhbebkokty :.2:/ brie`ivin wktf prhbebkokty :.39/ hr risuot kn e prhckt hc

,5


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Serkendi kn Ixpidtil Riturn


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Rimrisskhn


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Rimrisskhn Eneoysks/ Tystiaetkd vs.Klkhsyndretkd Rks`


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YT Tubprkai Ahrtmemi Drksks

Ahrtmemi bed`il sidurktkis

Dhooetireokzil libt hbokmetkhn

Drilkt Liceuot Twep

Knlipinlindi enl Cekouri hcKnlipinlindi es e Deusi chr

Cknendkeo Drksis


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Kn cknendi/ cet tekos eri dhnskliril unliskreboi bideusi tfiykapoy ellktkhneo rks` biyhnl wfet whuol bi siin crha e nhraeolkstrkbutkhn.

Chr ixeapoi/ en knvistaint stretimy aey fevi en ixpidtilriturn tfet ks ckvi tkais kts stenlerl livketkhn. \fi okìokfhhl hckts cekouri &nimetkvi riturn+ ks oiss tfen hni kn e akookhn besil hne nhraeo lkstrkbutkhn.

Fhwivir/ cedthrs kncouindknm en essit-s prkdi/ sudf es eniertfqueì/ wer/ dhrphreti ben`ruptdy hr cknendkeo drksks/ eri nhtsh aetfiaetkdeooy "wioo!bifevil". Tudf cedthrs deusiellktkhneo rks` risuotknm kn e cet!tekoil lkstrkbutkhn.

Cet!\ekoil Lkstrkbutkhns enl \fikrRhoi lurknm Cknendkeo Aerìt

Drksks


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Cet tekos kn aerìt riturn lkstrkbutkhns eosh fevi shaibifevkhreo hrkmkns &knvisthr ixdisskvi hptkaksa hr

pisskaksa oielknm th oermi aerìt ahvis+ enl eritfirichri stulkil kn bifevkhreo cknendi. Kn aerìtknm/tfi ceakoker 6:!2: ruoi criquintoy chunl &i.m. "2:) hcdusthairs eddhunt chr 6:) hc tfi rivinui"+ ks e

aenkcistetkhn hc e cet teko lkstrkbutkhn unliroyknm tfilete.

Cet!\ekoil Lkstrkbutkhns enl \fikrRhoi lurknm Cknendkeo Aerìt

Drksks


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Cet!\ekoil Lkstrkbutkhns enl \fikrRhoi lurknm Cknendkeo Aer`it Drksks


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Inl hc Tisskhn ! K


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Cknendkeo Kntirailketkhn enl Zrhboias

Liphskthry Knstktutkhns/ Dferedtirkstkds enl Edtkvktkis.

Dintreo Ben`s enl Drietkhn hc Ahniy

Ahnitery Zhokdy

Tisskhn KK


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En intkty tfet edts es tfi aklloiaen bitwiin twh

pertkis kn e cknendkeo trensedtkhn. ]fkoi e dhaairdkeoben` ks e typkdeo cknendkeo kntirailkery/ tfks detimhryeosh kndoulis htfir cknendkeo knstktutkhns sudf esknvistaint ben`s/ knsurendi dhapenkis/ brh`ir!

lieoirs/ autueo cunls enl pinskhn cunls. Cknendkeokntirailkerkis hccir e nuabir hc binickts th tfieviremi dhnsuair kndoulknm secity/ okquklkty enlidhnhakis hc sdeoi.

Thurdi7 fttp7((www.knvisthpilke.dha

Cknendkeo Kntirailkerkis


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Drilkt Rks`

Rimuoethry Rks` Kntirist Reti Rks`

\ypis hc Rks`s Cedil by CKs


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]eys th hbtekn cunls th eddhaahleti wktflreweosenl ohen liaenl7

Ettredt ellktkhneo liphskts

Ysidurrintoy!hwnil sidurktkis es dhooetireo chrohenscrha htfir knstktutkhns

Reksi sfhrt!tira cunls kn tfi ahniy aer`it

Tioo durrintoy!hwnil sidurktkis

Okquklkty Dhndirns


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Dhaairdkeo Ben`s

Tevknms enl Ohen Esshdketkhns

Tevknms Ben`s

Drilkt Ynkhns

Liphskthry Knstktutkhns


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Dhnsuair Ben`knm

Knsteooaint ohens/ risklintkeo ahrtmemi ohens/drilkt derl ohens/ brhìremi sirvkdis/ stulintohens/ itd.

Mohbeo Ben`knm

Dhrphreti cknendi/ knstktutkhneo ben`knm

Dhaairdkeo rieo isteti cknendi/ oiesknm/ cedthrknm Depkteo aerìt enl chrikmn ixdfenmi aerìt

prhludts enl sirvkdis

Ben` Tirvkdis


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Bkl!Es` spriel

Depkteo mekns hn sidurktkis enl mekns hn chrikmndurrindy trensedtkhns

Tpriel bitwiin kntirist kndhai enl dhst hc cunls

Ben` Kndhai


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Liphskts

Liaenl Liphskts

\kai Liphskts

Nhn!liphskt Bhrrhwknm

Cil Lksdhunt ]knlhw

Cilireo Cunls Aer`it

HtfirNhn!liphskt Bhrrhwknm Kssuendi hc Libt Tidurktkis

Riteknil Iernknms enl Teoi hc IquktyTidurktkis

Thurdis hc Ben` Cunls


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Kntirist Retis hn Liphskt Eddhunts

Mihmrepfkdeo Ristrkdtkhns hn Brendf Ben`knm

Ziraksskboi Edtkvktkis chr Dhaairdkeo Ben`s

Depkteo Riqukriaints chr Dhaairdkeo Ben`s

Ben` Rimuoetkhns


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Besoi Eddhrl hn Ben` Rimuoetkhn enl Tupirvkshry

Zredtkdis Depkteo eliquedy stenlerls

Rks`!besil depkteo muklioknis

Besoi K..8

Besoi KK..8

Besoi KKK..8

Depkteo Riqukriaint


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Zrkndkpeo essits

Ahrtmemis Ahrtmemi!bed`il sidurktkis

Mhvirnaint sidurktkis

Zrkndkpeo shurdis hc cunls

Zessbhh` sevknms eddhunts \kai liphskts

Rimuoetkhn

Tevknm enl Ohen Esshdketkhn


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\fi cknendkeo sidthr kn Ze`ksten dhaprksis hc Dhaairdkeo Ben`s/Liviohpaint Cknendi Knstktutkhns &LCKs+/ Akdrhcknendi Ben`s&ACBs+/ Nhn!ben`knm Cknendi Dhapenkis &NBCDs+ &oiesknm

dhapenkis/ Knvistaint Ben`s/ Lksdhunt Fhusis/ FhusknmCknendi Dhapenkis/ Sinturi Depkteo Dhapenkis/ Autueo Cunls+/Ahlerebes/ Tthd` Ixdfenmi enl Knsurendi Dhapenkis. Ynlirtfi priveoint oimksoetkvi strudturi tfi supirvkshryrisphnskbkoktkis kn desi hc Ben`s/ Liviohpaint Cknendi

Knstktutkhns &LCKs+/ enl Akdrhcknendi Ben`s &ACBs+ ceoos wktfknoimeo eabkt hc Tteti Ben` hc Ze`ksten wfkoi tfi rist hc tficknendkeo knstktutkhns eri ahnkthril by htfir eutfhrktkis sudf esTidurktkis enl Ixdfenmi Dhaaksskhn enl Dhntrhooir hcKnsurendi.

Cknendkeo Tidthr hc Ze`ksten


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Et prisint tfiri eri


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Kn ellktkhn th tfet ben`s eri riqukril th aeknteknTtetuthry Okquklkty Riqukriaint &TOR+ J 59) hc tfikr\kai # Liaenl Okebkoktkis. Tkakoeroy/ LCKs eri riqukril

th aekntekn TOR hc 5


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\fi ben`s fevi th aekntekn e Depkteo Eliquedy Retkhkn e wey tfet tfikr depkteo enl uninduabiril minireorisirvis eri/ et tfi aknkaua/ 6) hc tfikr rks`wikmftil essits/ enl iccidtkvi crha 5st Genuery/ 2::4ben`s eri riqukril th aekntekn e aknkaua pekl updepkteo oivio hc Rs.5 Bkookhn.

Cknendkeo Tidthr hc Ze`ksten


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\fen` [hu%

advance financial instruments and marketslecture no. 02_ risk and financial crisi

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