Gambling agreement is a financial derivative developed under the influence of option concept. Gamblers agree on the uncertainty of the future. When the agreed conditions appear, one party can exercise a right, but when the agreed conditions do not appear, the other party can exercise a right.

Example 1:

Company A transfers the equity of a mining company to Company B, and both parties sign a gambling agreement. If the price of this mineral commodity in the international market is lower than a certain figure after 1 year, Company A needs to buy back the transferred equity at the agreed price; If the price is higher than the predetermined price, Company A shall transfer all the remaining untransferred shares to Company B. ..

Example 2:

There are many examples of foreign investors cheating state-owned enterprises that don't understand relevant knowledge through this kind of gambling.

The agreement between Shennandian and Jierun, a Singapore subsidiary of Goldman Sachs, is typical.

On March 12, 2008, Shennandian and Jierun signed a gambling agreement. There are two agreements. The first agreement is valid from March 3, 2008 to 65438+February 3 1. The two parties agreed that when the international crude oil futures price is more than 62 dollars/barrel and less than 63.5 dollars/barrel, Shennan Power will get a monthly income of 200,000 barrels from Jierun (oil floating price -62 dollars/barrel); When it is higher than $63.5/barrel, Jierun needs to pay $300,000 to Shennan Power every month; If the oil price is lower than $62/barrel, Shennan Power needs to pay Jierun ($62-floating price)/barrel × 400,000 barrels. The second agreement stipulates that it will start from June 65438+1 October1next year for 22 months, and the red line will be raised to USD 64.5/barrel, so Jierun Company has the first choice.

When the agreement was signed, the crude oil price in the international market was above 108 USD/barrel, and the oil price showed an upward trend. However, the oil price peaked in mid-July,1fell below $62/barrel in late October, and the nightmare of Shennan Power began. In the first seven months of the agreement, Shennan Power received $300,000 per month from Jierun Company, totaling $265,438+00. After the oil price fell below $62, Shennan Power lost $400,000 every time it fell 1 dollar. Based on the closing price of crude oil in June 5438+February 2008 of US$ 44.60, the difference is US$ 65438+07.40× 400,000 barrels. In June 5438+February alone, Shennan Power will pay Jierun $6.96 million! When the oil price rose to 145.78 USD in July, the oil price was 83.78 USD higher than the red line, but the income of Shennan Power Company was pegged at 300,000 USD. The 7-month income is less than 1 month loss 1/3, so the income risk is not equal! If the second agreement is implemented, Shennan Power will fall into the abyss of perdition!