FINANCIAL DERIVATIVES Earning profits is not the only reason investors flock

towards derivative contracts. One of the biggest reasons investors

WHAT ARE FINANCIAL DERIVATIVES?
prefer derivatives is because it gives them an Arbitrage advantage.
Derivatives act as contracts whose value comes from some This comes because of buying an asset at a low price and then
underlying asset related to it, and across the country, they are used selling it at a higher price in another market. This way, the buyer is
to trade and make money. protected by the difference in the value of the product in the
different markets, and thereby, gets an added benefit from both
Derivatives serve as financial contracts of a kind, in which markets. Furthermore, certain derivative contracts protect you from
their value depends on some underlying asset or a group of such market volatility and help shield your assets against fall in stock
assets. Some of the most used derivatives are bonds, stocks, prices. If that wasn’t enough, derivative contracts are also a great
commodities, currencies, and indices. Since the value of the assets way to transfer risk and balance out your portfolio.
which control the derivative value fluctuates occasionally, the
derivative does not have a fixed value. Market conditions play an PARTICIPANTS OF THE DERIVATIVES MARKET
important role in deciding the value of a derivative. The basic
guiding principle of derivative trading is that the buyer successfully 1. HEDGERS
predicts market changes to earn profits from their contracts. When
the price of the asset on which the derivative depends falls, you will Risk-averse brokers and traders who wish to play it safe in the stock
meet with a loss, whereas a surge in price, results in a profit. market. Rather than invest in tricky stocks which may give them
Therefore, trading in derivatives is about being able to predict the either a huge profit or a huge loss, hedgers invest their money in
rise and fall of the asset and timing your exit and entry into the derivative markets, in a bid to protect their portfolio. By assuming
market subsequently. an opposite position concerning the derivatives market, they can
protect themselves against market risk and price fluctuations.
WHY INVEST IN DERIVATIVE CONTRACTS?
2. SPECULATORS

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They are the primary risk-takers of any derivative market as they For example, an investor may purchase a derivative contract whose
don’t mind taking risks to earn large profits. Therefore, they have a value moves in the opposite direction to the value of an asset the
frame of mind that is the polar opposite to the one possessed by investor owns. In this way, profits in the derivative contract may
hedgers, who wish to play safe always. offset losses in the underlying asset.

2. UNDERLYING ASSET PRICE DETERMINATION

3. MARGIN TRADERS
Derivatives are frequently used to determine the price of the
Margin is the bare minimum that an investor needs to pay the underlying asset. For example, the spot prices of the futures can
broker to take part in derivatives trading. This margin is a form of serve as an approximation of a commodity price.
representing market fluctuations as it reflects the loss or gain made 3. MARKET EFFICIENCY
on that day.
It is considered that derivatives increase the efficiency of financial

4. ARBITRAGEURS markets. By using derivative contracts, one can replicate the payoff
of the assets. Therefore, the prices of the underlying asset and the

They make use of market imperfections to make money by buying associated derivative tend to be in equilibrium to

low-priced stocks and then selling them at higher prices in a avoid arbitrage opportunities.

different market. However, this becomes possible only if the 4. ACCESS TO UNAVAILABLE ASSET OR MARKETS
commodity in question is priced differently in different markets.
Derivatives can help organizations get access to otherwise
unavailable assets or markets. By employing interest rate swaps, a
ADVANTAGES OF DERIVATIVES
company may obtain a more favorable interest rate relative to
interest rates available from direct borrowing.
1. HEDGING RISK EXPOSURE
DISADVANTAGE OF DERIVATIVES
Since the value of the derivatives is linked to the value of the
1. HIGH RISK
underlying asset, the contracts are primarily used for hedging risks.

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The high volatility of derivatives exposes them to potentially huge
losses. The sophisticated design of the contracts makes the
valuation extremely complicated or even impossible. Thus, they
bear a high inherent risk.

2. SPECULATIVE FEATURES

Derivatives are widely regarded as a tool of speculation. Due to the

extremely risky nature of derivatives and their unpredictable
behavior, unreasonable speculation may lead to huge losses.

3. COUNTER-PARTY RISK

Although derivatives traded on the exchanges generally go through

a thorough due diligence process, some of the contracts traded over-
the-counter do not include a benchmark for due diligence. Thus,
there is a possibility of counter-party default.

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 WHAT ARE DERIVATIVES? make markets liquid, ensure accurate and uniform pricing, and
enhance price stability. They help in bringing about price
o A derivative is a financial instrument whose value is derived
uniformity and discovery.
from the value of another asset, which is known as the
underlying. ECONOMIC BENEFITS OF DERIVATIVES
o When the price of the underlying changes, the value of the
derivative also changes.
o A derivative is not a product. It is a contract that derives its
value from changes in the price of the underlying.

Example: the value of a gold futures contract is derived from the

value of the underlying asset i.e. gold.

TRADERS IN DERIVATIVES MARKET

There are 3 types of traders in the Derivatives Market:

HEDGER - A hedger is someone who faces risk associated with

price movement of an asset and who uses derivatives as a means of
WHAT IS FORWARD?
reducing risk. They provide economic balance to the market.
A forward is a contract in which one party commits to buy and the
SPECULATOR - A trader who enters the futures market for
other party commits to sell a specified quantity of an agreed upon
pursuit of profits, accepting risk in the endeavor. They provide
asset for a pre-determined price at a specific date in the future.
liquidity and depth to the market.
It is a customized contract, in the sense that the terms of the
ARBITRAGEURS - A person who simultaneously enters
contract are agreed upon by the individual parties.
transactions in two or more markets to take advantage of the
discrepancies between prices in these markets. Arbitrage involves
making profits from relative mispricing. Arbitrageurs also help to

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Forward contract example: o Shot price – Price of the asset in the sport market (market
price)
o Delivery/Forward price - Price of the asset at the delivery
date

WHAT ARE FUTURES?

A future is a standardized forward contract. It is traded on an

organized exchange.

o Standardizations
o Quantity of underlying
o Quality of underlying (not required in financial futures)
o Delivery dates and procedures

Risks in Forward Contracts o Price quotes

o CREDIT RISK – does the other party have the means to Futures contract example:
pay?
o OPERATIONAL RISK – will the other party make
delivery? Will the other party accept delivery?
o LIQUIDITY RISK – incase either party wants to opt out of
the contract, how to find another counter party?

Terminology

o Long position – Buyer

o Short position – Seller

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 o If held till expiry, they are generally settled by delivery. (2-
3%)
o By closing a futures contract before expiry, the net
difference is settled between traders, without physical
delivery of the underlying.

WHAT ARE OPTIONS?

Contracts that give the holder the option to buy/sell a specified

quantity of the underlying assets at a particular price on or before a
specified time period.

The word "option" means that the holder has the right but not the
obligation to buy/sell underlying assets.

Types of Futures Contracts

Types of Option
o STOCK FUTURES TRADING (dealing with shares)
o COMMODITY FUTURES TRADING (dealing with gold o Options are of two types – call and put.

futures, crude oil futures) o Call option gives the buyer the right but not the obligation to

o INDEX FUTURES TRADING (dealing with stock market buy a given quantity of the underlying asset, at a given price

indices) on or before a particular date by paying a premium.

o Puts give the buyer the right, but not obligation to sell a
Closing a Futures Position
given quantity of the underlying asset at a given price on or
o Most futures contracts are not held till expiry but close before a particular date by paying a premium.
before that.
Call Option Example

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 Features of Options

Put Option Example

Options Terminology

o Underlying – Specific security or asset

o Option Premium – Price paid
o Strike Price – Pre-decided price
o Expiration Date – Date on which option expires

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o Open Interest – Total numbers of option contracts that have Out of the money Strike Strike
not yet been expired. pnce pnce
o Option Holder – One who buys option WHAT ARE SWAPS?
o Option Writer – One who sells option
In a swap, two counter parties agree to enter into a contractual
o Option Class – All listed options of a type on a particular agreement wherein they agree to exchange cash flows at periodic
instrument intervals. Most swaps are traded “Over The Counter”. Some are
o Option Series – A series that consists of all the options of a also traded on futures exchange market.
given class with the same expiry date and strike price
Types of Swaps
o Put-call Ratio – The ratio of puts to the calls traded in the
market o Plain vanilla fixed for floating swaps or simply interest rate
o Moneyness – Concept that refers to the potential profit of swap
loss from the exercise of the option. An option maybe in the o Fixed for fixed currency swaps or simply currency swaps.
money, out the money, or at the money.
What is an Interest Rate Swaps?
Call Option Put Option
o A company agrees to pay a pre-determined fixed interest
In the money Spot Spot
rate on a notional principal for a fixed number of years.
Price > Price <
o In return, it receives interest at a floating rate on the same
Strike Strike
notional principal for the same period of time.
pnce pnce
o The principal is not exchanged. Hence, it is called a
Spot Spot
notional amount.
At the money Price = Price =
Strike Strike What is a Currency Swap?
pnce Pnce
Pot pnce < Pot price >

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 o It is a swap that includes the exchange of principal and
interest rates in one currency for the same in another
currency.
o It is a foreign exchange transaction.
o It is not required by law to be shown in the balance sheets.
o The principal may be exchanged either at the beginning or at
the end of the tenure.

However, if it is exchange at the end of the life of the swap, the

principal value may be very different. It is generally used to hedge
against exchange rate fluctuations.

Direct Currency Swap Example:

Comparative Advantage

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 MULTINATIONAL FINANCIAL MANAGEMENT 5. TO PROTECT PROCESSES AND PRODUCTS
Multinational, or Global, Corporations
To protect processes and products. Firms sometimes invest abroad
A multinational corporation is a company that does business in a rather than license local foreign firms in order to protect secrecy of
select few countries around the world and operates facilities such as their production, processes, distribution systems or the product
warehouses or distribution centers in at least one foreign country itself.
Companies from Asia go “Global” for seven primary reasons: 6. TO DIVERSIFY
1. TO SEEK PRODUCTION EFFICIENCY By establishing worldwide production facilities and markets, firms
can cushion the effect of adverse economic conditions in any single
Companies based in high-cost countries have strong incentives to
country.
shift production to lower cost regions, assuming an adequate supply
of labor with the requisite skills and an adequate transportation 7. TO RETAIN CUSTOMERS
infrastructure. For example, BMW in response of high production
If a company goes abroad and establishes production or distribution
cost in Germany, has built assembly plants in the United States.
operations, it will need input and services at the new locations.
2. TO AVOID POLITICAL, TRADE, AND REGULATORY
MULTINATIONAL VS DOMESTIC FINANCIAL
HURDLES
MANAGEMENT
Trade and regulatory hurdles. To circumvent government hurdles,
1. DIFFERENT CURRENCY DENOMINATION
firms often develop production facilities abroad. For example, the
primary reason Japanese auto companies moved production to the Cash flows in various parts of a multinational corporate system will
United States was to get around U.S import quotas. be denominated in different currencies.
3. TO BROADEN THEIR MARKETS 2. POLITICAL RISK
After a company's home market matures, growth opportunities are Nations are free to place constraints on the transfer or use of
often better in foreign markets. corporate resources, and they can change regulations and taxes at
any time. They can also expropriate assets within their boundaries.
4. TO SEEK RAW MATERIALS AND NEW
TECHNOLOGY 3. ECONOMIC AND LEGAL RAMIFICATIONS
Supplies of many essential raw materials are geographically Each country has its own unique economic and legal systems, and
dispersed; so companies must go where the materials are also found these are differences which can cause significant problems when a
no matter how challenging it may be to operate in some of the corporation tries to coordinate and control its worldwide operations.
locations

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 Is not regulated by the government, so supply and demand in the
market determine the currency’s value.
4. ROLE OF GOVERNMENTS
6. Devaluation or Revaluation of Currency
The government, through its power to establish basic ground and
rules involved in the process; but other than taxes, its role is Is the technical term referring to the decrease or increase in the
minimal. stated par value of a currency whose value is fixed. This decision is
made by the government, usually without warning.
5. LANGUAGE AND CULTURAL DIFFERENCES
CURRENCY MONETARY ARRANGEMENTS
The ability to communicate is critical in all business transactions.
Floating Rates
INTERNATIONAL MONETARY SYSTEM
1. Freely Floating
This is the framework within which exchange rates are determined.
This occurs when the exchange rate is determined by market forces
It ties global currency, money, capital, real estate, commodity, and
of supply and demand for the currency.
real asset markets into a network of institutions and instruments
regulated by intergovernmental agreements and driven by each 2. Manage Floating
country’s unique political and economic objectives.
This occurs when there is significant government intervention to
1. Exchange Rate manage the exchange rate by manipulation of the currency’s supply
and demand.
The price of one country’s currency in terms of another country’s
currency. Fixed Exchange Rate
2. Spot Exchange Rate 1. No Local Currency
Is the quoted price for a unit of foreign currency to be delivered “on The most extreme position is for the country to have no local
the spot” or within a very short period of time. currency of its own.
3. Forward Exchange Rate 2. Currency Board Arrangement
Is the quoted price for a unit of foreign currency to be delivered at a Occurs when a country has its own currency but commits to
specified date in the future. exchange it for a specified foreign money unit at a fixed exchange
rate.
4. Fixed Exchange Rate
3. Fixed Peg Arrangement
Is set by the government and is allowed to fluctuate only slightly (if
at all) around the desired rate, which is called the par value. Occurs when a country locks its currency in a specific currency or
basket of currencies at a fixed exchange rate.
5. Float or Flexible Exchange Rate
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 FOREIGN EXCHANGE
The conversion of one country's currency into another. In a free
economy, a country's currency is valued according to the laws of
supply and demand. In other words, a currency's value can be
pegged to another country's currency, such as the U.S. dollar, or
even to a basket of currencies. A country's currency value may also
be set by the country's government.
Different Ways of Exchange Rates:
1. Direct Quotations
When the price of one unit of foreign currency is expressed in terms
of the domestic currency.
CROSS RATES
2. Manage Floating The exchange rate between any two currencies
When the price of one unit of foreign currency is expressed in terms Suppose that a German executive is flying to Tokyo on business.
of the domestic currency. The exchange rate in which he or she is interested is not euros or
yen per dollar- rather, the issue is how many yen can be purchased
with a euro.
Euro /$
Euro/Yen Exchange Rate =
Yen/$
INTERBANK FOREIGN CURRENCY QUOTATION
There are two ways to state the exchange rate between two
currencies, in either American or European terms. Accordingly, we
need to designate one of the currencies as the “home” currency and
the other as the “foreign” currency. This designation is arbitrary.

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American Terms – The foreign exchange rate quotations represent
the unit of American dollars can be bought with the unit of local
currency.
European Terms – The foreign exchange rate quotation represents
the unit of local currency that can be bought with one US. Dollar.
“European” is intended as a general term that applies globally.
TRADING IN FOREIGN EXCHANGE
Importers, Exporters, tourists, and governments buy and sell
currencies in the foreign exchange market.
PURCHASING POWER PARITY
Spot Rates – Is the rate paid for the delivery “on the spot” or, no
more than 2 days after the delivery of the trade. Purchasing power parity is sometimes referred to as the law of the
price, which implies that the level of exchange rates adjusts so as to
Forward Exchange Rate – Buy or sell currencies for delivery at
cause identical goods to cost the same amount in different
some agreed-upon future day, usually 30, 90, or 180 days from the
countries. PPP implies that the same product will sell for the same
days the transaction is negotiated.
price in every country after adjusting for current exchange rates.

Forward Currency Sells at a Discount – Obtaining more foreign

currency for a dollar in the forward market than in the spot market,
the forward currency is less valuable than the spot currency.
Forward Currency Sells at Premium – Obtaining less foreign
currency for a dollar in the forward market than in the spot market,
the forward currency is more valuable than the spot currency.
INTEREST RATE PARITY
Refers to the relationship between spot and forward exchange rates
and interest rates. The theory holds that the forward exchange rate INFLATION, INTEREST RATES, AND EXCHANGE RATES
should be equal to the spot currency exchange rate times the interest
rate of the home country, divided by the interest rate of the foreign Relative Inflation rates, or the rates of inflation in foreign countries
country. compared with that in the home country, have two key implications
for multinational firms:

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 1. Relative Inflation Rates – Influence future production cost Long-Term Investments: The International Capital Market
at home and abroad. deals with long-term financial instruments, such as stocks,
2. Inflation – Has an important effect on relative and bonds, and equity securities.
exchange rates.
Two Types of Capital Market
Depreciation – The monetary value of an asset decreases due to
1. Primary Market – Is for trading freshly issued securities. It
use, wear, and tear or obsolescence.
enables an initial public offering. It is also known as the
Appreciation – Is an increase in value asset overtime. new issues market.
2. Secondary Market – The trading of old securities occurs in
A foreign currency will, on average, depreciate or appreciate at a
the secondary market, which occurs after transacting in the
percentage rate approximately equal to the amount by which its
primary market. Both stock markets and over-the-counter
Inflation is over or under U.S. inflation rate. Relative inflation rates
trades come under the secondary market. We also call this
also affect interest rates.
market the stock market or aftermarket.
INTERNATIONAL MONEY AND CAPITAL MARKET
INTERNATIONAL CREDIT MARKET
International Money Market and International Capital Market are
Refers to the global financial system where governments,
two distinct financial markets that serve different purposes and
corporations, and individuals can borrow and lend money on an
involve different types of financial instruments and transactions.
international scale.

International Money Market – The International Money Market,

Types of Credit Market Instrument
often referred to as the "IMM," is a global financial market where
short-term financial instruments, typically with maturities of one 1. A Simple Loan (ex. Working capital loan)
year or less, are traded. It primarily deals with money, or cash, as 2. A Fixed-Payment Loan (ex. Mortgage Loan)
opposed to longer-term investments. 3. A Coupon Bond (ex. 5-year T-note)
4. A Discount Bond (ex. 3-month T-bill)
Short-Term Instruments: The IMM focuses on short-term
instruments, including Treasury bills, certificates of deposit, 3 Major Types of International Credit Market
commercial paper, and repurchase agreements (repos).
1. Euro Credits
Instrument Capital Market – The International Capital Market is
a global financial market where longer-term financial instruments Refers to a loan or credit facility denominated in the euro currency,
are traded. It focuses on raising capital for businesses, governments, which is the official currency of the Eurozone. Euro credit can be
and other entities, typically with maturities exceeding one year. extended by banks, financial institutions, or corporations to
borrowers in the Eurozone or to entities outside the Eurozone that

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want to take advantage of the euro as their borrowing currency.
FINANCIAL MANAGEMENT Lambino, Syd Airol M.
 2. Eurobond 2. Risks related to changes in tax rates, regulations, and
currency repatriation
Is a debt security issued in a currency other than the domestic
3. Host-country requirements impacting local production and
currency of the issuer. These bonds are typically issued in major
employment.
international currencies such as the euro (EUR), U.S. dollar (USD),
4. Threats like civil strife, terrorism, and civil war.
or British pound (GBP). Eurobonds are sold to international
investors and are typically issued in markets outside the country of Exchange Rate Risk
the issuer.
Pertains to fluctuations in currency values and their impact on
3. Foreign Bonds investment returns.
Is a debt security issued by a foreign entity in the local currency of Example: A Japanese investor buying a bond in yuan and the
the country where the bond is issued. These bonds are typically sold impact of exchange rate changes.
to investors in the country of issue or to international investors
Complexities in Cash Flow Estimation
interested in that currency.
Importance of Cash Flows in:
INTERNATIONAL STOCK MARKET
o Capital Budgeting
Are financial assets that indicate ownership in a company. They are
also known as equity shares or just shares. If you have stocks in a o Challenges in Estimating
company, it means that you own a part of it (often a small o Cash Flows for Overseas Investment
percentage. The international stock market refers to all the o Impact of Exchange Rate Risk
international markets that negotiate stocks from their domestic
companies.
Challenges with Repatriating Earnings
Investing Overseas
o Importance of Repatriation for Parent Companies
1. Understanding Risk; and
o Government Restrictions and their Motivations
2. Considerations
o Implications for Investment
Counter Risk o Decisions
This involves various factors tied to a specific country's economic, Understanding Political Risk
political, and social environment.
Example of Political Risk: Expropriation and More Ways to
Example: Mitigate Political Risk
1. Property expropriation without adequate compensation. Measuring Country Risk

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Factors Considered
o Social;
o Political; and
o Economic Environment
Capital Structure
Is the particular combination of debt and equity used by a company
to finance its overall operations and growth.
Organization for Economic Co-operation and Development
Is a global policy forum that promotes policies to improve the
economic and social well-being of people around the world.
Factors
o Reporting assets on a Historical costs versus a Replacement
costs.
o Treating Leased Assets.
o Reporting Pension Plan Liabilities.
o Capitalizing versus Expensing R&D costs.

Leverage
It is the use of Debt (Borrowed Money) to increase the potential
return of investment or Project.
Times Interest Earned Ratio
The measure of a company's ability to meet its debt obligations
based on its current income.

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