CFA衍生工具(Derivatives)考点解析
对于很多想参加CFA考试的同学来说，对于CFA的考试内容还不是很了解。我就为大家分享一下CFA考试的考试科目：
1、道德与职业行为标准(Ethics and Professional Standards)
2、定量分析(Quantitative)
3、经济学(Economics)
4、财务报表分析(Financial Statement Analysis)
5、公司理财(Corporate Finance)
6、权益投资(Equity Investments)
7、固定收益投资(Fixed Income)
关于雨的诗句8、衍生工具(Derivatives)
9、其他类投资（Alternative Investments）
10、投资组合管理 (Portfolio Management)
Derivatives（金融衍生品）
很多CFA考生都认为一级里的Derivatives（金融衍生品）非常难，碰到这个章节就觉得十分头疼。好在这个部分在考试中占比仅为5%，有些考生甚至采取了丢车保帅的做法。提醒大家，不必对此产生畏难情绪。CFA一级考试金融衍生品科目考试以前有一些计算，但现在以定性题目为主，要求考生能理解其中原由，难度有所下降。
随着国内逐渐开放衍生品市场，越来越需要有衍生品专业知识的人才。这部分的衍生品主要介绍衍生品的一些基本知识，包括衍生品的种类及市场区分，4大类衍生品的基本定价原理，以及简单期权策略。
CFA一级考试的Derivatives（金融衍生品）具体的内容知识点包含1个study ssion，3个reading。
其中，Reading 57对衍生品市场进行了区别，并对4大类衍生品进行了基本定义；Reading 58讲衍生品的定价和估值的基本原理，并对4大类衍生品的基本定价做了介绍；
Reading 59对期权做了进一步分析，介绍两种期权及两种期权策略的应用。
从CFA考试的重要度来看，Reading 58、Reading 59是最重要的，Reading 57其次，其他Reading重要性不大。
以下内容建议考生们全部掌握。
★ Reading 57:Derivative Markets and Instruments （金融衍生品市场及工具）
电脑品牌排行榜
金融衍生品的定义；
金融衍生品市场的分类及区别;
金融衍生品的分类；
金融衍生品的优缺点。
2025年春节
★Reading 58:Basics of Derivative Pricing and Valuation（金融衍生品基本定价和估值原理）? 金融衍生品定价的基本原理；
区别远期和期货合约的定价以及估值；
合约期初、期中、期末如何计算远期的价值，以及理解影响远期价值的因素；解释期货和远期定价的
异同；
解释互换和远期定价的不同；
欧式期权价值的计算以及影响因素；
欧式期权的平价公式、远期平价公式以及二叉树模型的理解；美式期权与欧式期权定价的差异。
★Reading 59:Risk Management Applications of Option Strategies（风险管理应用：期权策略） 看涨期权和看跌期权的到期价值、利润、最大/小盈亏、盈亏平衡点的计算；
Covered call和protective put的到期价值、利润、最大/小盈亏、盈亏平衡点的计算。
金融衍生品简介：四类衍生品
衍生品市场的作用
美系秋田犬This topic review contains introductory material for the upcoming reviews of specific types of derivatives. Derivatives-specific definitions and terminology are prented along with information about
derivatives markets.
基础：套利理论
Upon completion of this review, candidates should
be familiar with the basic concepts that underlie
derivatives and the general arbitrage framework.
LOS 67.a: Define a derivative and differentiate
between exchange-traded and over-the-counter derivatives. 衍生品定义、交易所交易和场外交易（OTC）、违约风险
A derivative is a curity that derives its value
from the value or return of another ast or curity.
A physical exchange exists for many options
contracts and futures contracts. Exchange-traded
derivatives are standardized and backed by a clearinghou.
Forwards and swaps are custom instruments and are
traded/created by dealers in a market with no central
location.
A dealer market with no central location is referred
to as an over-the-counter market. They are largely unregulated markets and each contract is with a counterparty, which may expo the owner of a
derivative to default risk (when the counterparty does
not honor their commitment). Some options trade in the
over-the-counter market, notably bond options.
LOS 67.b: Define a forward commitment and灯光操作
contingent claim, and describe the basic characteristics of forward contracts, futures contracts, options (calls and puts), and swaps.
远期合约和或有权益定义、四类衍生品定义
远期协议 A forward commitment is a legally
binding promi to perform some action in the future.送兵
Forward commitments include forward contracts, futures
contracts, and swaps.
远期和期货标的物 Forward contracts and futures
contracts can be written on equities, indexes, bonds,
physical asts, or interest rates.
远期中买卖的多空两方 In a forward contract, one
party agrees to buy, and the counterparty to ll, a
physical ast or a curity at a specific price on a
specific dale in the future. If the future price of the
ast increas, the buyer (at the older, lower price)
has a gain, and the ller a loss.
期货与远期的区别：A futures contract is a forward
contract that is standardized and exchange-traded. The
main differences with forwards are that futures are
traded in an active condary market, are regulated,
backed by the clearinghou, and require a daily ttlement of gins and loss.
互换：A swap is a ries of forward contracts. 利
率、货币互换 e.g.. one parry agrees to pay the
short-term (floating) rare of interest on some
principal amount, and the counterparty agrees to pay
a certain (fixed) rare of interest in return.班级演讲
期权多头：An option to buy an ast at a particular
price is termed a call option. The ller of the option
has an obligation to ll the ast at the agreed-upon
price, if the call buyer choos to exerci the right
to buy the ast.
期权空头：An option to ll an ast or a particular
price is termed a put option.
或有权益：A contingent claim is a claim (to a payoff)
that depends on a particular event.
Options是或有权益. 而forwards, futures, swaps 则
不是, contingent claims 仅在权利方获利时才执行 (e.g., if the price is above X or the rare is below Y).
LOS 67.d: Explain arbitrage and the role it plays in determining prices and promoting market efficiency.
Arbitrage is an important concept in valuing (pricing) derivative curities. In its purest n, arbitrage is riskless. If a return greater than the risk-free rate can be earned by holding a portfolio of asts that produces a certain (riskless) return, then an arbitrage opportunity exists.
Arbitrage opportunities ari when asts are mispriced. Trading by arbitrageurs will continue until they affect supply and demand enough to bring ast prices to efficient (no-arbitrage) levels.
套利理论两个基础There are two arbitrage arguments that are particularly uful in the study and u of derivatives.
The first is bad on the “law of one price.”现金流相同，价格相同，否则卖高买低套利
The cond type of arbitrage is ud where two curities with uncertain returns can be combined in a portfolio that will have a certain payoff. If a portfolio consisting of A and B has a certain payoff, the portfolio should yield the risk-free rare. If this no-arbitrage condition is violated in that the certain return of A and B together is higher than the risk-free rate, a n arbitrage opportunity exists.叶丽仪个人资料
3. A customized agreement to a certain T-bond next Thursday for $1,000 is: A. an option. B. a futures contract. C. a forward commitment.
Answers: C This non-standardized type of contract is a forward commitment.
4. A futures contract is least likely: A. exchange-traded. B. a contingent claim. C. adjusted for profits and loss daily.
