1. initial margin 15%； maintenance margin 10%；100 stock；(5p)

		Maintenance Margin	Long position	Short position
			BB	Profit/loss
	200
	210
	230
	180
	220

Long profit/loss total ______, short profit/ loss total__________.

1. Apple. K=25,p=3, maturity=1year,stock=100.(2p) short put

S(t)=15

S(t)= 18

S(t)=21

S(t)=24

S(t)=28

Break-even point __________.

3.IBM option,k=75,stock=100.(5p)

(1)long call, c=2

(2)long put, c=3

S(t)=60

S(t)=65

S(t)=70

S(t)=75

S(t)=80

S(t)=85

(3)draw profit/loss.

4.**company，stock=100.(5p)

(1) short put, k=55,p=5

(2) short future, k=55

S(t)=40

S(t)=45

S(t)=50

S(t)=55

S(t)=60

(3)draw profit/loss.

(4)financial instrument__________.

5.forward /future different.(1p)

6.wheat future hedge price risk(option).choose(d)

7.IBM protect price risk in 30 days.(option) a. buy call. B. sell call. C. buy put. D. sell put.

8.Euronext.

(1). All market from.

(2). capitalized company.

(3).Derivatives market Name and located.

9.blue chip

Tokyo(TOPIX Core 30) London(FTSE 100) Amsterdam(AEX 25 )

Euronext Paris(CAC 40) Warsaw(WIG 20) Euronext Liston(PSI 20)

NYSE Euronext Brussels（BEL 20） NYSE Euronext (US)（NYSE US 100）

BME Spanish Exchanges(IBEX 35) Budapest SE(BUX)

10.BME list 4 market.

11.form（USA national securities exchange）(2P)

12.MS4X(1p)

13.The oldest__________________________________(1p)

14.not ……as commodity exchange(option). A. Liffe. c.CME d.NYMEX.

15.number of listed ：1.Bombay, 2.spanish， 3.london, 4.tokyo

16.capitalzation： 1.NYSE (us) ，2.tokyo，3.hongkong，4.spanish

17.ENCs at least list4

18.financial service regulator :list 3.

19.NYSE seat fixed （option）1366