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金融衍生品是市场价格波动的自然产物。由于衍生品使投资者可以把风险转移给能够从风险中获益的其他人,对衍生品的运用也就成为帮助能源企业、投资者和消费者管理能源价格风险的常用手段。目前,衍生品已经发展到可以处理其他非价格风险,如天气风险和信用风险等。如果使用得当,衍生品将是通过对冲迅速减少某些风险的最有效工具。常用的衍生品工具包括在期货交易所中交易的远期合同、期货合同、期权合同和场外交易的掉期等。在油气风险管理方面行之有效的衍生品还包括:基差合同、裂解价差合同、裂解价差期权、时间价差期权和产量支付合同。场外交易市场的存在弥补了期货市场(交易所)交易产品与交易者需求之间的差别,因此这两个市场有共生的联系,而且场外交易发展得更为迅速。运用衍生品进行能源风险管理,要注意解决几个问题:一是防止衍生品的滥用,二是加大金融信息的透明度,三是加大市场信息的透明度。
Financial derivatives are natural products of market price fluctuations. Since derivatives allow investors to transfer risk to others who can benefit from the risk, the use of derivatives has also become a common means of helping energy companies, investors and consumers manage their energy price risks. At present, derivatives have been developed to deal with other non-price risks, such as weather risk and credit risk. Derivatives, if used properly, will be the most effective tool for quickly reducing some of the risks through hedging. Common derivatives tools include forward contracts traded on futures exchanges, futures contracts, options contracts and over-the-counter swaps. Derivatives that have proven effective in managing oil and gas include: basis contracts, pyramid contracts, pyramid spreads, time spread options and yield payments contracts. The existence of over-the-counter markets compensates for the differences between the traded products of futures markets (ETFs) and the needs of traders. As a result, there is a symbiotic relationship between the two markets and OTC transactions have developed more rapidly. The use of derivatives for energy risk management, attention should be paid to solve several problems: First, to prevent the abuse of derivatives, the second is to increase the transparency of financial information, the third is to increase the transparency of market information.