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Lecture 1 Introduction Notes
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Lecture 1 Introduction Notes

FINC3012 - Derivative Securities

6 Pages Partial Study Notes Year: Pre-2018

Derivative: • An instrument whose value depends on, or is derived from, the value of another asset • E.g. futures, forwards, swaps, options, exotics Pricing Linkages: • Linkages exist between spot assets and their derivative instruments • Linkages exist between different types of derivative securities • These linkages are ensured by arbitrage • Market imperfections limit arbitrage Why Derivatives are Important: • Derivatives play a key role in transferring risks in the economy • The underlying assets include stocks, currencies, interest rates, commodities, debt instruments, electricity, insurance payouts, the weather, etc. • Many financial transactions have embedded derivatives • The real options approach to assessing capital investment decisions has become widely accepted

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