金融英语考试阅读：衍生工具

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　　A derivative is a financial instrument whose value depends on the price of an underlying instrument, such as currencies, commodities or securities. Common examples of derivatives include swaps, options, futures and FRAs. These particular types of derivatives are called over-the-counter （OTC） derivatives and futures in particular are traded on an exchange. In terms of options, the most common are called put （sell） and call （buy） options. Swaps on the other hand, come in many different forms. The most common forms include interest-rate swaps, currency swaps and credit swaps.
& l6 _! z; S6 n　　衍生工具就是一种金融工具，其价值取决于基础工具的价格，比如货币、商品或有价证券。衍生工具的常见例子包括互换（掉期）、选择权（期权）、期货和远期。这些特殊类型的衍生工具被称为非上市证券市场（OTC）衍生工具，尤其是期货，是在外汇基础上交易的。关于选择权，最常见的称为抛出（出售）和买进（购买）选择权。另一方面，互换是以多种形式出现的。最常见的形式包括利率互换、通货互换和信用互换。