| Financial derivatives are doomed to be the core of the financial innovation under the situation of the financial liberalization and the financial globalization. As the new financial instruments in the market economy, financial derivatives have experienced the fastest development and taken the largest volume share in the international financial market in a very short period. Interest rate derivatives, as one part of the financial derivatives, have been playing an irreplaceable role in the interest rate risk management of the financial and non-financial institutes in the international market. This treatise starts from the analysis of the rapid global development of the interest rate derivatives and its causes and influences, describes the development tracks of the interest rate derivatives and its market under the progress of the deregulation of the interest rates of the countries in the world, and points out the problems in developing the interest rate derivatives of our country after analyzing their short history and a case study of a listed company in Shan Dong Province, and brings forward the development choices and policy suggestions with the discussion of the conditions, the necessities and the sequences of the development in the aftermath. This treatise suggests that we should develop interest rate derivatives in the treasury and bond inter-bank market in priority, and develop the interest rate swaps and options of foreign currencies' deposits meanwhile in the OTC market in combination of analyzing the progress of the deregulation of our country's interest rates and the real situation of the interest rate derivatives at present, and finally designs the blueprint of the sequel development of the interest rate derivatives. The development of the interest rate derivatives of our country is still in a preliminary stage, but we can still develop the market step by step under the support of the government to make contribution to the construction of the... |
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