[00:00.00]New Words

[00:00.84]新单词

[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]同时地

[00:06.32]vivid adj.

[00:06.97]生动的

[00:07.63]contingent adj.

[00:08.32]意外的

[00:09.01]Phrases & Expressions

[00:10.74]treasury services

[00:11.66]财政金融方面的服务

[00:12.59]kill off

[00:13.20]完全除掉

[00:13.82]insurance-like product

[00:14.97]如同保险的产物

[00:16.12]on the contrary

[00:17.06]相反地

[00:18.00]make summary

[00:19.00]做总结(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：这样客户就可以在与银行的外汇期货合约上规定的任何时间内，拥有以约定的某一汇率要求买或卖的权利。

[00:29.78]say, three week's time.

[00:30.80]比如说，三周后的当天。

[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]张：但假定三周后的汇率要比客户与银行所商定的好，那该怎么办呢?

[00:39.18]S:In this case, the customer needn't use the option.

[00:41.30]斯：这时，客户就不需要使用期权。

[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]张：这样说来，期权这个术语的“权”就意味着，客户可以选择使用或者放弃。我说得对吗?

[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：对极了!在那个德国公司一例中，如果德国马克与美元之间的汇率比公司和银行的合约上约定的汇率差。

[01:02.75]the company will of course exercise option. Only in this way,

[01:05.16]该公司就理所当然行使期权。这样一来，

[01:07.58]the company will avoid any loss due to the fall in exchange rates.

[01:09.84]该公司就不承担由于汇率下跌引起的任何风险。

[01:12.10]And this is the basic idea of the currency option.

[01:14.06]这就是“期权”的基本含义。

[01:16.02]Z:I'm getting it now. Not matter how the exchange rate is moving up or down,

[01:18.82]张：我明白了。不管汇率是下升还是下跌，

[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]客户决定用期权还是不用，所花的成本只是购买期权时所付出的保险费而已。

[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：你说得对!一些行家认为，外汇期权市场发展起来，将在今后几年取代外汇期货的市场。

[01:37.57]Z:I can understand why. With the development of currency options market in treasury services provided by banks,

[01:41.32]张：我知道为什么。随着银行对期权市场提供各处财政金融方面的服务，

[01:45.06]forward rate market is becoming anyhow redundant, isn't it?

[01:46.91]这一市场发展迅猛，而外汇期货市场则显得越来越多余了，这是不是这样?

[01:48.75]S:Yes. The currency options market, compared with the forward,

[01:51.11]斯：对。期权市场和期货市场相比，

[01:53.48]can cover a larger proportion of the sort of business.

[01:55.13]能涵盖更多的业务。

[01:56.79]And clearly, the option has more advantages than the forward.

[01:59.00]很显然，期权比期货具有更多的优越性。

[02:01.21]Z:Yes, I see. But I can't make it clear in my own words.

[02:03.56]张：是的，我清楚了。但我不能用自己的话来概括。

[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：我来帮你概括吧。大多数公司采用期货交易来消除外汇交易的汇率风险。

[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]而期权同样能做到这一点，而且客户有了一种风险-正如给商品上了保险一样。

[02:25.37]But a forward contract kills off the upside possibility.

[02:27.92]但是期货合约同时也消除也汇率上升的可能性。

[02:30.47]On the contrary, an option does not simultaneously kill off the upside.

[02:33.20]相反，期权则保留了汇率上升的有利方面。

[02:35.92]Instead,with the option,the customer kills off the downside risk and keeps the upside possibility.

[02:39.87]客户运用期权，不仅消除了汇率下跌带来的风险，而且保留了汇率上升带来的有利机会。

[02:43.81]Z:So the most important advantage of an option is that it covers downside and keeps upside.

[02:47.54]张：所以说，期权的最大优点就是留住上升机会，避免下跌风险。

[02:51.26]S:Yes, you are good at making summaries.

[02:52.93]斯：你的概括能力真强。

[02:54.60]The second advantage of a currency option is that the customer has a known worst case.

[02:58.06]期权交易的第二个优点就是，客户对最坏的情况心中有数。

[03:01.52]Once the exchange rate is agreed upon between the customer and the bank,

[03:03.68]一旦客户与银行的合约中心规定了某一汇率，

[03:05.84]no one can come and ask the customer for more money,

[03:07.56]就再也不会有人来向客户要一分钱了。

[03:09.28]except the option premium the customer has paid to the bank.

[03:11.54]那么，除了支付给银行一笔保险金后。

[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]张：所以说，期权保险金如同客户为避免可能的损失而向保险公司支付的那种保险金了。

[03:21.80]S:A very vivid description. They share the same idea.

[03:24.16]斯：非常生动贴切的比喻。这两者的道理是一样的。

[03:26.52]Z:Are there any other advantages of an option?

[03:27.88]张：期权还有其它的优点吗?

[03:29.24]S:It is especially useful for covering contingent flows;

[03:31.41]斯：它对意外的流动特别有好处。

[03:33.58]however, the customer can't cover that kind of risk with a forward contract.

[03:36.33]但是在外汇期货合同中客户就不能够避免这种风险。

[03:39.09]Z:I'm much obliged to you for your help.

[03:40.28]张：十分感激您给我的帮助。

[03:41.47]S:It's my pleasure.

[03:42.30]斯：不必客气。