2; In September of 20 13, the company remitted funds of100000 USD from abroad, and the bank settled foreign exchange at the current forward exchange rate of 6 14, and the company obtained RMB funds of 6140000 yuan;
3; On September 2, 20 13, the foreign exchange quotation of that day was 6. 10, and a forward contract was signed. On the one hand, the company avoided the exchange rate risk, on the other hand, it brought in additional income of 4 million yuan.
Financial forward refers to a contract that both parties to the transaction make delivery on a certain date in the future according to the pre-agreed conditions, such as currency futures (forward foreign exchange trading contracts), interest rate futures (forward interest rate agreements), stock index futures, etc.
Forward contracts are non-standardized contracts, which are signed directly by both parties to the transaction or through negotiation of brokers. Once a forward contract is concluded, buyers and sellers have the right and obligation to exchange financial instruments within the validity period of the contract. Although the transaction object of a forward contract is future delivery, the number, specifications, delivery time and delivery price of the transaction object are all predetermined in the contract. After signing the forward contract, both parties must undertake the obligations stipulated in the contract, that is, deal with it at that time according to the terms of the contract. For example, one party (the buyer) promises to pay RMB 6,543,800+in cash for fixed-rate treasury bonds with a face value of RMB 6,543,800+,and the other party (the seller) promises to pay RMB 6,543,800+in six months for fixed-rate treasury bonds. If the market price of the bond rises and exceeds its face value (6,543,800 yuan+0,000 yuan), the effectiveness of the contract is favorable to the buyer and unfavorable to the seller; If the bond market price is lower than the face value, the opposite is true. The rights and obligations in the contract constitute corresponding financial assets and financial liabilities. Because the rights and obligations of both parties are clear, the corresponding risks and benefits are predictable, and the values of financial assets and financial liabilities can be measured reliably.
Financial forward is the basis of other derivatives. For example, futures contracts are produced on the basis of forward contracts, but they are standardized and centralized transactions, so they have different functions and roles; Option trading is also a standard forward contract, and it is also the same thing to fix the transaction price first: both sides of swap transactions also exchange forward contracts for future liquidation.
Therefore, futures, options and swaps can all be regarded as extensions or special forms of forward contracts, and financial forward plays a very important role in derivatives.