1：在产品的宣传上，银行销售人员 的确有误导和隐瞒之嫌！ 2：对于投资者，也有审视不清之误！ 3：外资银行销售人员，是否为外资银行的正式雇员？ 他/她是严格秉承银行的意图办事？还是其中掺杂了过多的私人利益？----这很关键！
资源：美国出版的1996年的原版书 Dynamic Hedging: Managing Vanilla and Exotic Options http://www.invest-store.com/cgi-bin/cme-bin/moreinfo.cgi?item=2560 Reg $110.00 Only $67.96 Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner's environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks. The author discusses, in plain English, vital issues, including: The generalized option, which encompasses all instruments with convex payoff, including a trader's potential bonus. The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions. Market dynamics viewed from the practitioner's vantage point, including liquidity holes, portfolio insurance, squeezes, fat tails, volatility surface, GARCH, curve evolution, static option replication, correlation instability, Pareto-Levy, regime shifts, autocorrelation of price changes, and the severe flaws in the value at risk method. New tools to detect risks, such as higher moment analysis, topography exposure, and nonparametric techniques. The path dependence of all options hedged dynamically Dynamic Hedging is replete with helpful tools, market anecdotes, at-a-glance risk management rules distilling years of market lore, and important definitions. The book contains modules in which the fundamental mathematics of derivatives, such as the Brownian motion, Ito's lemma, the numeraire paradox, the Girsanov change of measure, and the Feynman-Kac solution are presented in intuitive practitioner's language. Dynamic Hedging is an indispensable and definitive reference for market makers, academics, finance students, risk managers, and regulators. The definitive book on options trading and risk management "If pricing is a science and hedging is an art, Taleb is a virtuoso." —Bruno Dupire, Head of Swaps and Options Research, Paribas Capital Markets "This is not merely the best book on how options trade, it is the only book." —Stan Jonas, Managing Director, FIMAT-Société Générale "Dynamic Hedging bridges the gap between what the best traders know and what the best scholars can prove." —William Margrabe, President, The William Margrabe Group, Inc. "The most comprehensive, insightful, intuitive work on the subject. It is instrumental for both beginning and experienced traders."— "A tour de force. That rare find, a book of great practical and theoretical value. Taleb successfully bridges the gap between the academic and the real world. Interesting, provocative, well written. Each chapter worth a fortune to any current or prospective derivatives trader."—Victor Niederhoffer, Chairman, Niederhoffer Investments
东方航空自解燃油套保：并没有投机 发布时间：2008-12-01 08:22 来源：第一财经日报 作者：陈姗姗 http://www.cs.com.cn/gg/03/200812/t20081201_1669361.htm 东航确与高盛等外资投行签订场外结构性期权合约,但没有料到油价会如此大跌 “燃油套期保值就像买保险,在你出事后,人人都觉得买保险是件明智的事,但如果没有出事而白白支付了保险费,人人就会觉得你很愚蠢。” 东航财务总监罗伟德的这句话,形象地点出了目前在油价大跌的情况下,航空公司从事燃油套期保值面临的尴尬。随着国航、东航和上航相继公布因为燃油套保而录得账面巨额亏损,燃油套保成了业界关注的焦点。