ACCA F9重要考点解析
摘要：【高顿ACCA小编】2016年 ACCA 即将迎来一年四次考试，我们将第一时间公布考试相关内容，请各位考生密切关注高顿AC...
【高顿ACCA小编】2016年ACCA即将迎来一年四次考试，我们将第一时间公布考试相关内容，请各位考生密切关注高顿ACCA，预祝大家顺利通过ACCA考试。今天为大家带来的是ACCA F9重要考点解析
本文由高顿ACCA编辑整理，转载请注明出处
Study objectives：
To appreciate the nature of interest rate risk.
To describe internal methods of hedging interest rate exposure.
To implement and evaluate external hedging strategies.
Nature of interest rate risk
Companies have exposure to interest rates risks：
Rising interest rates
Falling interest rates
Management of interest rate risk：
Smoothing-maintaining a balance between fixed rate and floating rate borrowing.
Matching-attempting to have a common interest rate for both assets and liabilities.This is more practical for financial institutions than for trading companies.
External hedging techniques：
Forward Rate Agreements(FRAs);
OTC options-caps，floors and collars;
Interest rate futures contracts;
Options on interest rate futures;
Interest rate swaps and swaptions.
Stakeholder definition
Government regulation
Regulation includes the existence of governing bodies such as：
(a)OFWAT-water regulation
(b)Postcomm-Royal mail regulator
(c)Competition commission-takeover and merger regulator.
Other environmental and ethical issues
Government regulation
Government regulates
supply，quality and prices of certain organisations such as：
(a)Monopolies
(b)Privatised utilities
(c)State owned/run.
Regulation is designed to enforce/enhance：
(a)Competition
本文由高顿ACCA编辑整理，转载请注明出处
