金融英語(yǔ)口語(yǔ) 26.Currency Option 2

[00:00.00]New Words [00:00.84]新單詞 [00:01.67]supposing conj. [00:02.42]假使 [00:03.16]redundant adj. [00:03.74]多余的 [00:04.31]simultaneously adv. [00:05.32]同時(shí)地 [00:06.32]vivid adj. [00:06.97]生動(dòng)的 [00:07.63]contingent adj. [00:08.32]意外的 [00:09.01]Phrases & Expressions [00:10.74]treasury services [00:11.66]財(cái)政金融方面的服務(wù) [00:12.59]kill off [00:13.20]完全除掉 [00:13.82]insurance-like product [00:14.97]如同保險(xiǎn)的產(chǎn)物 [00:16.12]on the contrary [00:17.06]相反地 [00:18.00]make summary [00:19.00]做總結(jié)(概括) [00:20.01]S:The customer then has the right to demand purchase or sale of a specified currency at an agreed exchange rate up to an agreed date, [00:24.89]斯：這樣客戶就可以在與銀行的外匯期貨合約上規(guī)定的任何時(shí)間內(nèi)，擁有以約定的某一匯率要求買或賣的權(quán)利。 [00:29.78]say, three week's time. [00:30.80]比如說(shuō)，三周后的當(dāng)天。 [00:31.82]Z:But supposing the exchange rate in three week's time is better than the one the customer has agreed on with the bank? [00:35.50]張：但假定三周后的匯率要比客戶與銀行所商定的好，那該怎么辦呢? [00:39.18]S:In this case, the customer needn't use the option. [00:41.30]斯：這時(shí)，客戶就不需要使用期權(quán)。 [00:43.42]Z:So, the term 'option' in 'currency option' suggests the choice of the customer to use or not to use. Am I right? [00:47.36]張：這樣說(shuō)來(lái)，期權(quán)這個(gè)術(shù)語(yǔ)的“權(quán)”就意味著，客戶可以選擇使用或者放棄。我說(shuō)得對(duì)嗎? [00:51.30]S:Yes, exactly. In the case of the German company, if the rate between the Deutschmark and the US dollar is worse than the one the company and the bank have agreed on, [00:57.03]斯：對(duì)極了!在那個(gè)德國(guó)公司一例中，如果德國(guó)馬克與美元之間的匯率比公司和銀行的合約上約定的匯率差。 [01:02.75]the company will of course exercise option. Only in this way, [01:05.16]該公司就理所當(dāng)然行使期權(quán)。這樣一來(lái)， [01:07.58]the company will avoid any loss due to the fall in exchange rates. [01:09.84]該公司就不承擔(dān)由于匯率下跌引起的任何風(fēng)險(xiǎn)。 [01:12.10]And this is the basic idea of the currency option. [01:14.06]這就是“期權(quán)”的基本含義。 [01:16.02]Z:I'm getting it now. Not matter how the exchange rate is moving up or down, [01:18.82]張：我明白了。不管匯率是下升還是下跌， [01:21.63]and the customer decides to use the option or not, the cost is only the premium for the option. [01:24.39]客戶決定用期權(quán)還是不用，所花的成本只是購(gòu)買期權(quán)時(shí)所付出的保險(xiǎn)費(fèi)而已。 [01:27.14]S:You are not incorrect. Some experts say that the currency options market may develop to replace forward contracts over the next few years. [01:32.36]斯：你說(shuō)得對(duì)!一些行家認(rèn)為，外匯期權(quán)市場(chǎng)發(fā)展起來(lái)，將在今后幾年取代外匯期貨的市場(chǎng)。 [01:37.57]Z:I can understand why. With the development of currency options market in treasury services provided by banks, [01:41.32]張：我知道為什么。隨著銀行對(duì)期權(quán)市場(chǎng)提供各處財(cái)政金融方面的服務(wù)， [01:45.06]forward rate market is becoming anyhow redundant, isn't it? [01:46.91]這一市場(chǎng)發(fā)展迅猛，而外匯期貨市場(chǎng)則顯得越來(lái)越多余了，這是不是這樣? [01:48.75]S:Yes. The currency options market, compared with the forward, [01:51.11]斯：對(duì)。期權(quán)市場(chǎng)和期貨市場(chǎng)相比， [01:53.48]can cover a larger proportion of the sort of business. [01:55.13]能涵蓋更多的業(yè)務(wù)。 [01:56.79]And clearly, the option has more advantages than the forward. [01:59.00]很顯然，期權(quán)比期貨具有更多的優(yōu)越性。 [02:01.21]Z:Yes, I see. But I can't make it clear in my own words. [02:03.56]張：是的，我清楚了。但我不能用自己的話來(lái)概括。 [02:05.91]S:Let me help you. Most companies seek forward cover to kill off the downside risk in foreign exchange dealing. [02:10.30]斯：我來(lái)幫你概括吧。大多數(shù)公司采用期貨交易來(lái)消除外匯交易的匯率風(fēng)險(xiǎn)。 [02:14.69]An option can also do that. With the option, the customer has an insurance-like product to cover itself against downside risk. [02:20.03]而期權(quán)同樣能做到這一點(diǎn)，而且客戶有了一種風(fēng)險(xiǎn)-正如給商品上了保險(xiǎn)一樣。 [02:25.37]But a forward contract kills off the upside possibility. [02:27.92]但是期貨合約同時(shí)也消除也匯率上升的可能性。 [02:30.47]On the contrary, an option does not simultaneously kill off the upside. [02:33.20]相反，期權(quán)則保留了匯率上升的有利方面。 [02:35.92]Instead,with the option,the customer kills off the downside risk and keeps the upside possibility. [02:39.87]客戶運(yùn)用期權(quán)，不僅消除了匯率下跌帶來(lái)的風(fēng)險(xiǎn)，而且保留了匯率上升帶來(lái)的有利機(jī)會(huì)。 [02:43.81]Z:So the most important advantage of an option is that it covers downside and keeps upside. [02:47.54]張：所以說(shuō)，期權(quán)的最大優(yōu)點(diǎn)就是留住上升機(jī)會(huì)，避免下跌風(fēng)險(xiǎn)。 [02:51.26]S:Yes, you are good at making summaries. [02:52.93]斯：你的概括能力真強(qiáng)。 [02:54.60]The second advantage of a currency option is that the customer has a known worst case. [02:58.06]期權(quán)交易的第二個(gè)優(yōu)點(diǎn)就是，客戶對(duì)最壞的情況心中有數(shù)。 [03:01.52]Once the exchange rate is agreed upon between the customer and the bank, [03:03.68]一旦客戶與銀行的合約中心規(guī)定了某一匯率， [03:05.84]no one can come and ask the customer for more money, [03:07.56]就再也不會(huì)有人來(lái)向客戶要一分錢了。 [03:09.28]except the option premium the customer has paid to the bank. [03:11.54]那么，除了支付給銀行一筆保險(xiǎn)金后。 [03:13.80]Z:So, the option premium is like insurance premium a customer pays to an insurance company against possible loss. [03:17.80]張：所以說(shuō)，期權(quán)保險(xiǎn)金如同客戶為避免可能的損失而向保險(xiǎn)公司支付的那種保險(xiǎn)金了。 [03:21.80]S:A very vivid description. They share the same idea. [03:24.16]斯：非常生動(dòng)貼切的比喻。這兩者的道理是一樣的。 [03:26.52]Z:Are there any other advantages of an option? [03:27.88]張：期權(quán)還有其它的優(yōu)點(diǎn)嗎? [03:29.24]S:It is especially useful for covering contingent flows; [03:31.41]斯：它對(duì)意外的流動(dòng)特別有好處。 [03:33.58]however, the customer can't cover that kind of risk with a forward contract. [03:36.33]但是在外匯期貨合同中客戶就不能夠避免這種風(fēng)險(xiǎn)。 [03:39.09]Z:I'm much obliged to you for your help. [03:40.28]張：十分感激您給我的幫助。 [03:41.47]S:It's my pleasure. [03:42.30]斯：不必客氣。

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