Ex.1 Before reading and hearing about derivatives, match up the half-sentences below which define some basic terms

1 Derivatives are financial instruments whose prices are dependent upon, or derived from, 2 A futureis a contract agreement to buy or sell a security, commodity or financial instrument 3 An option offers the buyer the right, but not the obligation, 4 Commodities are raw materials or primary products such as 5 Hedging means making contracts to buy or sell commodities or financial assets 6 Speculation, on the contrary, means buying assets in the hope of making a capital gain 7 An interest rate swap is an agreement to exchange future interest payments 8 A currency swap is an agreement between two parties who exchange principal and fixed rate interest payments

A at a predetermined price, at a predetermined point ir the future. В by selling them later at a higher price (or selling them in the hope of buying them back at a lower price). Сin the future, at a pre-arranged price, as a protection against price changes. Dmetals, cereals, coffee, etc., that are traded on specie markets. E to buy (call option) or sell (put option) an asset at an agreed-upon price (the strike price), either during a certain period of time, or on a specific date. F underlying assets such as stocks, bonds, commodities, currencies, interest rates and market indices. G on a loan in one currency for principal and fixed rate interest payments on an equal loan in another currency. H with another company or financial institution, e.g. a floating rate loan for a fixed interest rate loan.

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DERIVATIVES	\|	Discussion

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