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 session，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。
以下是高顿教育冯老师对重要的Reading的考点进行了总结，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）
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。
★ 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、小盈亏、盈亏平衡点的计算；
Covered call和protective put的到期价值、利润、小盈亏、盈亏平衡点的计算。
CFA衍生品练习题
"Derivative"Exercise:The binomial model
Questions 1:
Conceptually,a forward rate agreement most likely allows a company that wants to invest money in the future to lock in a rate by making a:
A、variable payment and receiving a fixed payment.
B、fixed payment and receiving a different fixed payment.
C、fixed payment and receiving a variable payment.
【Answer to question 1】A
【analysis】
A is correct.Forward rate agreements are forward contracts that conceptually allow lenders to lock in a fixed payment on a future investment by receiving a known payment and making an unknown payment that offsets the unknown future interest payment.
B is incorrect.This does not offset the unknown interest payment in the future and thus does not lock in a rate.
C is incorrect.Making a fixed payment and receiving a variable payment looks in a borrowing rate in a forward rate agreement.
Questions 2:
In the binomial model,the difference between the up and down factors bestrepresents the:
A、volatility of the underlying.
B、moneyness of an option.
C、pseudo probability.
【Answer to question 2】A
【analysis】
A is correct.The volatility of the underlying is captured in the binomial model by the difference between the up and down factors.
B is incorrect.The moneyness of an option is given by the difference between price of the underlying and exercise price.
C is incorrect.The difference between the up and down factors is only one part(the denominator)of the formula for the pseudo probabilities.
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