金融英语 chapter5

　　[00:00.00]Chapter 5   Options

[00:01.62]第五章期权

[00:03.24]Unit 9  Options(1)

[00:05.43]第九单元期权（I）

[00:07.63]Words and Expressions:

[00:10.14]challenge eliminate adverse 1

[00:16.64]premium 2 confirmation 3 run a risk

[00:23.54]Dialogue 1    Z:How are you,Mr.Steward 4?

[00:27.14]您好,斯特沃特先生.

[00:30.75]We haven't seen each other for a whole week.

[00:32.80]一周末见了,近来好吧?

[00:34.85]S:I'm fine.Yes,time is flying by.

[00:36.99]很好,时间过得真快呀

[00:39.13]How are you,Zhang Jun? Z:Not bad.

[00:41.73]近来你也挺好吧?还行.

[00:44.33]S:Really?

[00:45.73]真的吗?

[00:47.12]I'm afraid you have got a lot more questions to challenge me again.

[00:49.67]恐怕你这次来,又有一大堆问题等着我呢?\

[00:52.22]S,Z:Ha-ha.(laughing)Z:Yes,you are reading my mind.

[00:55.37]哈哈?是的,你可真清楚我是怎么想的.

[00:58.51]Notes   Yes,you are reading my mind.

[01:08.41]Last time when I went back to my dormitory,

[01:10.52]上次我回到宿舍,

[01:12.62]I made an effort to sort out the information you provided.

[01:15.61]把您讲的一大堆内容整理了一下,

[01:18.60]Notes   Last time when I went back to my dormitory,

[01:25.21]I made an effort to sort out the information you provided.

[01:29.31]sort out

[01:37.10]Sort out the papers to be thrown away,and out the rest back.

[01:45.27]I was still a bit confused.

[01:47.27]发现还有一些弄不明白.

[01:49.27]S:Yes?What exactly bothered you?

[01:51.52]是些什么问题呢?

[01:53.76]Z:As you said the forward market of foreign exchanges

[01:56.31]您说过,期货外汇交易

[01:58.86]is very helpful for foreign trade companies to avoid possible loss.

[02:01.65]可以使外贸公司避免一些可能的损失.

[02:04.45]S:Yes,that's true.Z:but,how about...you see...

[02:08.74]是的.但,是怎样来避免的呢?您想……

[02:13.04]S:You can give me an example to illustrate 5 your disagreement.

[02:15.84]你可以用一个实例,来讲清楚你的不同意见.

[02:18.63]S:For instance,a German company

[02:20.73]比如说,某一德国公司

[02:22.84]knows that it will need an amount of US dollars

[02:25.54]知道需要用美元

[02:28.24]in three weeks to pay for imports from the United States of America.

[02:31.24]在三周内支付从美国进口一批设备,

[02:34.23]As you said,they can buy the dollars forward to

[02:36.68]您说过,他们可以作外汇期货交易购买美元,

[02:39.14]reduce or eliminates the risk of an adverse movement in exchange rates

[02:42.64]以降低甚至抵消汇率的不利变化而产生的风险

[02:46.14]between the Deutsche mark and the US dollar

[02:48.03]德国马克与美元之间.

[02:49.93]But exchange rates nare changing.

[02:51.92]但是,汇率在不断波动着.

[02:53.92]Maybe,there will be a favorable movement

[02:56.47]也许,有可能产生有利的变化

[02:59.02]in exchange rates between the Deutsche mark and the US dollar.

[03:01.81]德国马克与美元的汇率.

[03:04.61]Then,why can't the company wait for three weeks

[03:06.80]那么,为何该公司不可以等到三周后

[03:09.00]to buy the dollars at the spot rate?

[03:10.79]再来作即期交易购买美元呢?

[03:12.57]S:You are really smart,Zhang Jun.

[03:15.08]张军,你分析的头头是道.

[03:17.59]Let me tell you,that's just the original idea of currency options.

[03:20.88]我现在告诉你,那只是外汇期权的本来意义.

[03:24.17]Z:Currency options?I have never heard of this term.

[03:26.62]外汇期权?这个名词我从未听说过.

[03:29.06]Would you please give me more detailed 6 information about it?

[03:31.51]您能否详细地解释一下?

[03:33.97]S:Sure.What I told you last Saturday is not wrong.

[03:37.51]好的.上周我告诉你的那些没错.

[03:41.05]But let me give you a wider and more complete picture about foreign exchange.

[03:44.44]现在我再给你讲一些外汇交易方面的知识.

[03:47.84]More or less,foreign exchange dealing 7 involves a calculated gamble on exchange rates.

[03:51.54]或多或少外汇交易有点像一次有意的赌博.

[03:55.23]Z:Why 'gamble'?

[03:56.58]为什么您用"赌博"这个词呢?

[03:57.92]S:Isn't foreign exchange dealing like a gamble?

[04:00.21]你说,外汇交易像不像赌博?

[04:02.49]As you described in your example,

[04:04.28]从你举的例子来说,

[04:06.07]the German company may get a better exchange rate

[04:08.42]那个德国公司有可能得到对他们有利的汇率

[04:10.78]if it waits for three weeks to buy the dollars at the spot rate.

[04:13.68]如果等到三周以后再即期购买美元.

[04:16.57]But things may also go against us.

[04:18.78]但也可能事与愿违,

[04:20.99]Three weeks later,the rate could be worse.

[04:22.99]三周后的汇率也许变得很糟糕.

[04:24.99]So anyway,either course of action runs a risk.

[04:27.78]因此,不管是前者或是后者,都承担风险.

[04:30.58]Z:But what are all these related to currency options?

[04:33.38]但您以上所说的一切与期权有什么关系呢?

[04:36.19]S:Oh,don't lose your patience.

[04:38.33]你得沉住气呀！

[04:40.48]Under the currency option,the customer pays a premium to the bank.

[04:43.08]如果要取得期权,客户得向银行支付一笔保证金.

[04:45.68]Z:What advantages concerning foreign exchange can the customer enjoy?

[04:49.37]那么客户在外汇买卖时享有什么好处呢?

[04:53.07]S:After the customer of the bank pays a premium,

[04:55.37]在客户向银行支付了一笔保险费或保证金以后,

[04:57.67]Notes:   S:After the customer of the bank pays a premium,

[05:03.26]premium    the bank sends out a confirmation of the deal.

[05:15.81]银行就出具一份外汇期权交易的确认书.

[05:28.36]Supplementary Reading Options

[05:30.76]期权

[05:33.17]Some market participants purchase options for much the same reason people purchase insurance

[05:36.91]一些入市者购买期权的目的同人们购买保险的目的一样

[05:40.66]they fell the protection they are receiving against adverse developments

[05:43.86]即他们认为购买期权获得抵御不利情况的保障价值

[05:47.06]is worth more than the option premium.

[05:49.06]大于支付的期权费用.

[05:51.06]In the case of the call example,

[05:52.61]以买入期权为例,

[05:54.17]the buyer of the option is purchasing protection

[05:55.92]期权的买方实际上获得了保障

[05:57.67]against the price of the bonds rising above $90,000

[06:00.41]抵御国库券价格高于90000美元的；

[06:03.15]In the case of the put option,

[06:05.06]以卖出期权为例,

[06:06.97]Notes In the case of the put option,

[06:13.16]put option

[06:21.26]call option

[06:24.37]a put option on a debt security

[06:28.15]call options on an equity 8

[06:32.15]put (option)

[06:35.76]call(option)

[06:38.86]synthetic options

[06:41.87]double option

[06:44.77]the buyer is purchasing protection against

[06:47.31]买方则获得了保障

[06:49.86]the price of the bonds dropping below $90.000.

[06:52.26]抵御国库券价格跌破90000美元价格.

[06:54.67]Other market participants purchase options as a way

[06:56.76]另外一些入市者购买国库券

[06:58.85]to speculate on asset price movements.

[07:00.94]是作为对某一资产价格变动的一种投机

[07:03.03]Consider an investor 9 who owns a Treasury 10 bond

[07:04.93]例如一位目前拥有国库券

[07:06.84]and buys a call on a Treasury bond future

[07:08.79]同时又购买了一份国库券期货的买入期权的投资者

[07:10.73]This investor is using the options market to compound

[07:13.28]他利用期权市场对于利率下跌的预测

[07:15.83]his bet that interest rates will fall(bond prices will rise.)

[07:19.28]下了双倍的赌注.(即,该种国库券价格将上扬）

[07:22.72]similarly,a financial institution

[07:24.62]同样的道理,如果一个金融机构

[07:26.51]which has liabilities of a shorter reprising period than its assets

[07:29.21]负债再融资的期限短于其持有的资产期限

[07:31.92]will be favorable affected 11 if interest rates will fall

[07:34.52]那么利率下跌对它有利；

[07:37.12]and unfavorably affected if interest rate rise

[07:39.42]而利率上升则对它不利.

[07:41.71]if this institution bought a put option on a debt security,

[07:44.76]如果这个机构买入债务证券的卖出期权,

[07:47.80]it would be clearly hedging.

[07:49.71]显然是进行套作保值.

[07:51.61]If it purchased a call option,

[07:53.26]如果它买进买入期权,

[07:54.91]it would compound its current interestrate mismatch.

[07:57.45]就会加剧其目前利率期限方面的不对称.

[08:00.00]Why do investors 12 write options?

[08:02.10]投资者为什么出售期权?

[08:04.21]Their gain is limited by the premium,

[08:06.15]由此带来的收益是有限的

[08:08.10]while their potential loss is much larger.

[08:10.08]而他们潜在的亏损却是巨大的.

[08:12.07]Options writers believe that

[08:13.96]但是期权的出票人认为:

[08:15.86]the premium is adequate compensation for their potential loss.

[08:18.26]期权费用是对他们潜在的亏损的适当补偿.

[08:20.66]In fact,the premium is the equilibrating price variable,

[08:23.81]实际上,期权费是一种均衡价格变量

[08:26.96]equaliting the quantity of options supplied with the quantity of options demanded.

[08:30.35]使期权供应数量与期权需求数量相等.

[08:33.75]If the option premium were too low to compensate 13 the writer for the risk,

[08:37.25]如果期权费过低不足以补偿出票方的风险,

[08:40.75]there would be more buyers than sellers,

[08:42.70]那么期权的买方就会大于卖方,

[08:44.64]forcing the premium to rise.

[08:46.24]市场就会迫使期权费上升.

[08:47.83]It is important to realize

[08:49.38]指出这一点非常重要:

[08:50.94]that option writing need not be speculative 14.

[08:52.88]期权出票行为不一定是为了投机的目的.

[08:54.83]an investor who writes call options on an equity

[08:56.88]一位投资者出售两种权益证券的买入期权

[08:58.93](covered call writing)

[09:00.63]（轧平的买入期权出票行为）

[09:02.33]may perceive himself as hedging,

[09:04.93]可能看作是一种套作保值,

[09:07.53]as the option increases his returns

[09:09.93]期权将会改进他的投资回报

[09:12.33]in periods of poor and moderately good stock returns

[09:14.28]因为当股票市场表现平平或者很差时.

[09:16.23]and reduces it in periods of very good stock returns.

[09:19.28]而当股票市场表现上佳时,期权又会抵消一部分收益.

[09:22.34]Similarly,if a bank

[09:23.93]同理,如果一家银行

[09:25.52]that has liabilities with a shorter reprising period than its assets

[09:28.23]的负债再融资期限短于期资产期限,

[09:30.93]writes a call option on a bond or a bond future,

[09:33.13]银行出售债券买入期权或者债券期货的买入期权,

[09:35.32]it is actually reducing its interest rate sensitivity.

[09:37.96]实际上减少了其利率的敏感度.

[09:40.60]If interest rates rise

[09:42.30]如果利率上升,

[09:43.99]the option cushions the portfolio 15 loss as the bank receives the option premium.

[09:46.84]银行会获得期权费收入用来抵消其资产产负债结构的损失.

[09:49.69]if interest rates fall

[09:51.19]而利率下跌时,

[09:52.69]the bank receives the premium but trades away some of its potential gain.

[09:55.59]银行虽然得到期权费,但是却失去了一些潜在利益

[09:58.49]Unit 10 Options(II)

[10:01.94]第十单元期权（II）

[10:05.39]Words and expressions

[10:08.57]supposing

[10:11.08]redundant

[10:13.88]simultaneously 16

[10:16.67]premium

[10:18.68]vivid

[10:20.17]contingent 17

[10:22.68]insurance-like product

[10:25.68]Dialogue 2

[10:28.87]S:The customer

[10:31.86]客户

[10:34.85]then has the right to demand purchase or sale of a specified 18 currency

[10:37.51]这样就可以要求买入或卖出特定货币的期权,

[10:40.16]at an agreed exchange rate up to an agreed date,say,three weeks' time.

[10:44.06]比如说,三周后的当天,拥有以约定的某一汇率要求买或卖的权利.

[10:47.97]Z:But supposing the exchange rate in three weeks' time

[10:51.76]但假定三周后的汇率

[10:55.54]is better than the one the customer has agreed on with the bank?

[10:58.78]要比客户与银行所商定的好,那该怎么办呢?

[11:02.02]S:In this case,the customer needn't use the option.

[11:04.22]这时,客户就不需要使用期权.

[11:06.41]Z:So,the term 'option' in'currency option'

[11:08.85]这样说来,期权这个术语中的"权",

[11:11.29]suggests the choice of the customer to use or not to use.

[11:14.48]就意味着,客户可以选择使用或者放弃.

[11:17.67]Am I right?

[11:18.91]我说得对吗?

[11:20.15]S:Yes,exactly.In the case of the German company,

[11:22.61]对极了！在那个德国公司一例中,

[11:25.06]if the rate between the Deutsch mark and the US dollar

[11:27.36]如果德国马克与美元之间的汇率

[11:29.66]is worse than the one the company and the bank have agreed on,

[11:32.05]比公司和银行的合约上约定的汇率差,

[11:34.44]the company will of course exercise option.

[11:36.58]该公司就理所当然行使期权.

[11:38.72]Only in this way,the company will avoid any loss due to the fall in exchange rates.

[11:42.33]这样一来,该公司就不承担由于汇率下跌引起的任何风险.

[11:45.93]And this is the basic idea of the currency option.

[11:48.32]这就是"期权"的基本含义.

[11:50.71]Z:I'm getting it now.

[11:52.11]我明白了.

[11:53.51]No matter how the exchange rate is moving up or down,

[11:56.71]不管汇率是上升还是下跌,

[11:59.91]and whether the customer decides to use the option or not,

[12:02.56]客户决定用期权还是不用,

[12:05.21]the cost is only the premium for the option.

[12:07.55]所花的成本只是购买期权时所付的保险费而已.

[12:09.89]S:You are not incorrect.

[12:12.19]你说得对！

[12:14.48]Some experts say that the currency options market may develop

[12:17.99]一些行家认为,外汇期权市场发展起来,

[12:21.49]to replace forward contracts over the next few years.

[12:23.98]将在今后几年取代外汇期货市场.

[12:26.48]Z:I can now understand why.

[12:28.47]我知道为什么.

[12:30.47]With the development of the currency options market

[12:33.32]这一市场发展迅猛

[12:36.17]in treasury services provided by banks.

[12:38.50]随着银行对期权市场提供各种财政金融方面的服务,

[12:40.84]Notes

[12:43.95]With the development of the currency options market

[12:47.84]in treasury services provided by banks.

[12:57.85]the forward rate market is becoming anyhow redundant,isn't it ?

[13:02.05]而外汇期货市场则显得越来越多余了,是不是这样?

[13:06.26]S:Yes.The currency options market,compared with the forward,

[13:09.50]对.期权市场和期货市场相比,

[13:12.74]can cover a larger proportion of this sort of business.

[13:16.08]能涵盖更多的业务.

[13:19.43]And clearly,the option has more advantages than the forward.

[13:22.22]很显然,期权比期货具有更多的优越性.

[13:25.02]Z:Yes,I see.But I can't make it clear in my own words.

[13:28.66]是的,我清楚了.但我不能用自己的话来概括.

[13:32.30]S:Let me help you.

[13:34.05]我来帮你概括吧.

[13:35.80]Most companies seek forward cover

[13:37.75]大多数公司采用

[13:39.70]to kill off the downside rise in foreign exchange dealing.

[13:41.90]期货交易来消除外汇交易的汇率风险.

[13:44.11]Notes

[13:47.01]Most companies seek forward cover to kill off the downside rise in foreign exchange dealing.

[13:53.70]kill off

[14:00.59]The trees were killed off by the severe weather.

[14:05.01]An option can also do that

[14:07.01]而期权同样能做到这一点；

[14:09.01]With the option,the customer has an insurance-like product

[14:11.80]而且客户有了一种保险

[14:14.60]to cover itself against downside risk.

[14:16.80]正如给商品上了保险一样.

[14:19.01]But a forward contract kills off the upside possibility.

[14:22.05]但是期货合约同时也消防了汇率上升的可能性.

[14:25.10]On the contrary,an option does not simultaneously kill off the upside.

[14:28.65]相反,期权则保留了汇率上升的有利方面.

[14:32.20]Instead,with the option,

[14:33.55]客户运用期权,

[14:34.89]the customer kills off the downside risk

[14:36.85]不仅消除了汇率下跌带来的风险,

[14:38.81]and keeps the upside possibility.

[14:41.11]而且保留了汇率上升带来的有利机会.

[14:43.41]Z:So the most important advantage of an option is that

[14:46.65]所以说,期权的最大优点

[14:49.89]it covers downside and keeps upside.

[14:51.92]就是留住上升机会,避免下跌风险.

[14:53.96]S:Yes,you are good at making summaries.

[14:56.26]你的概括能力真强.

[14:58.56]The second advantage of a currency option

[15:00.45]期权交易的第二个优点就是,

[15:02.35]is that the customer has a known worst case.

[15:04.54]客户对最坏的情况心中有数.

[15:06.74]Once the exchange rate is agreed upon between the customer and the bank,

[15:09.43]一旦客户与银行的合约中规定了某一汇率,

[15:12.12]no one can come and ask the customer for more money,

[15:14.27]就再也不会有人来向客户要一分钱了

[15:16.43]except the option premium the customer has paid to the bank.

[15:19.58]除了支付给银行一笔保险金后,

[15:22.72]Z:So,the option premium is like the insurance premium a customerpays

[15:26.37]所以说,期权保险金如同客户

[15:30.01]to an insurance company against possible loss.

[15:32.26]为避免可能的损失而向保险公司支付的那种保险金了.

[15:34.50]S:A very vivid description.They share the same idea.

[15:37.85]非常生动贴切的比喻.这两者的道理是一样的.

[15:41.19]Z:Are there any other advantages of an option?

[15:43.54]期权还有其它优点吗?

[15:45.89]S:It is especially useful for covering contingent flows;

[15:48.55]它对意外的流动特别有好处.

[15:51.20]however,the customer can't cover that kind of risk with a forward contract.

[15:54.15]但是在外汇期货合同中客户就不能够避免这种风险.

[15:57.10]Z:I'm much obliged to you for your help.

[15:59.45]十分感谢您给我的帮助.

[16:01.80]Z:It's my pleasure.

[16:03.70]不必客气.