Since the central bank of china approved the commercial bank to promote frm , chinese commercial bank will encounter the task of how to manage the prepayment risk which is also the central topic of this thesis . for the above reasons , this thesis arms at analyzing the character of frm prepayment risk from the perspectives of option by applying the theories of financial engineering and fixed - income security 因此,本文写作的目的在于运用金融工程和固定收益证券理论,从期权角度对固定利率抵押贷款提前偿还权进行分析,并对固定利率住房抵押贷款提前偿还风险加以研究,在此基础上对我国商业银行固定利率住房抵押贷款业务开展和提前偿还风险管理提出一些建议。
As to the change of trading techonogies , most markets have evovled from floor trading to electronic trading . among different markets , electronic trading have penetrated most comprehensively in the stock market . as to the trading process , electronic trading has prevaded in the pre - and post - trade information dissemination , order transmission and execution , settlements , etc . in 1990 ' s , internet has altered the traditional operation model of securities trading , which mainly includes the trading services on internet , internet dpo and alternative trading systems 从交易技术变迁的角度看，大多数证券市场都经历了从人工交易演变为电子交易的过程；从不同证券市场来看，电子交易在股票市场发展最为深入，但固定收益证券市场和衍生品市场电子交易的发展势头也非常迅猛；从证券交易过程来看，电子交易已渗透至交易信息披露、指令传递与指令执行、清算交割等环节。
Generally , the holders of the convertible bonds have two major rights : 1 , they can receive a fixed cash flow during the term of conversion because the convertible bonds belong to the fixed income bonds ; 2 , they can stop the fixed cash flow during the term of conversion and convert the bonds to underlying stock asset according to the formerly stipulated items and price , for the convertible bonds also belong to the affiliations of the securities 一般的，可转换债券持有人具有两项主要的权利：一是作为固定收益证券，在转债存续期内收到固定的现金流收入；二是作为股票衍生产品，在转换期内终止固定的现金流收入，按照预先规定的品种和价格将债券转为标的股票资产。
In 2004 , abs and mbs rated deals totaling $ 1 . 7 trillion dollars , which constituted over 7 . 5 % of total fixed income market . in the one hand , with the dramatic growth of international commercial trading , foreign currency asset have grown significantly in recent years . beside the simple derivative tools like : option , future , swap , the more effective financial instrument is need to protect against investment risk for foreign currency asset 广义上的资产支持证券包括的种类很多,现在美国大部份的缺乏流动性的金融资产都实现了证券化,这种新型的金融工具已经在国际金融市场上得到广泛的应用, 2004年在美国的资产支持证券和住房贷款抵押支持证券交易总额已经达到3 . 4万亿美元,占美国固定收益证券市场的份额为14 . 5 % 。
Consult the tolerance method of fix income security ' s market risk , we consequence and conclude the s - y approximate method of tolerance option ' s market risk base on the key theory of var parameter model , and it offer a theoretical foundation of option ' s market risk real time tolerance 参考固定收益证券的市场风险度量方法，在var (风险价值)参数模型的核心理论基础之上，推导并归纳总结出度量期权市场风险的-近似法，为期权市场风险的实时监控提供了理论依据。
