(A) the concept of financial derivatives

Financial derivatives refer to derivative financial products based on basic products or basic variables, and their prices are determined by the changes of the latter (but in fact they are puns and influence each other).

(B) the basic characteristics of financial derivatives

1, intertemporal transaction

2. Leverage effect

3. Uncertainty and high risk

4. Hedging and speculative arbitrage

Second, the classification of financial derivatives

(a) according to the type of basic tools:

1, stock derivatives

2. Currency derivatives

3. Interest rate derivatives

(2) According to the characteristics of risk and return:

Symmetric type and asymmetric type

(3) According to the transaction mode and characteristics:

Financial forward contracts, financial futures, financial options and financial swaps.

There is no doubt that the characteristics of financial derivatives are the characteristics of major financial derivatives. Minority financial derivatives generally only appear in countries with highly developed financial markets (developed secondary markets), and they will combine these characteristics in a complicated way, thus making many consumers fall for it.

As far as China is concerned, it actually suppresses financial derivatives. You can see that banks do very little business in this area, generally around 5% (there may be deviations, just refer to it). The income of Chinese banks is basically obtained by spreads, and there are some local monopoly fees (such as water and electricity tuition fees). You will find that after paying attention to the bank's financial report and some business income, most of the new things introduced by these domestic banks are new loan schemes or loan directions, such as the Minsheng commercial loan launched through Bank of Beijing's film and television loan ... I think there is no way. After all, our capital market is very imperfect, and there are loopholes in the legal system. The most fundamental thing is that people's thoughts have not kept up with quality.

You should know how much the high risk brought by the high leverage of financial derivatives will hit an imperfect financial market, so it is really necessary for the current policy to suppress derivatives as a relatively correct protective policy.