hedging的意思|hedging的解释-里氏词典

hedging ['hɛdʒɪŋ]

[经] 平衡交易, 套头交易

hedging

[ noun ]

any technique designed to reduce or eliminate financial risk; for example, taking two positions that will offset each other if prices change

<noun.possession>

an intentionally noncommittal or ambiguous statement

<noun.communication>

when you say `maybe' you are just hedging

Hedge \Hedge\, v. t. [imp. & p. p. {Hedged}; p. pr. & vb. n.
{Hedging}.]
1. To inclose or separate with a hedge; to fence with a
thickly set line or thicket of shrubs or small trees; as,
to hedge a field or garden.

2. To obstruct, as a road, with a barrier; to hinder from
progress or success; -- sometimes with up and out.

I will hedge up thy way with thorns. --Hos. ii. 6.

Lollius Urbius . . . drew another wall . . . to
hedge out incursions from the north. --Milton.

3. To surround for defense; to guard; to protect; to hem
(in). ``England, hedged in with the main.'' --Shak.

4. To surround so as to prevent escape.

That is a law to hedge in the cuckoo. --Locke.

5. To protect oneself against excessive loss in an activity
by taking a countervailing action; as, to hedge an
investment denominated in a foreign currency by buying or
selling futures in that currency; to hedge a donation to
one political party by also donating to the opposed
political party.
[PJC]

{To hedge a bet}, to bet upon both sides; that is, after
having bet on one side, to bet also on the other, thus
guarding against loss. See hedge[5].

The formula is based primarily on Chase's cost of hedging its exposure in the futures market.
Meanwhile, eight out of 10 use derivatives for asset allocation trades and only seven out of 10 use them for hedging purposes. However, while there has been an increased use of derivatives by pension funds the changes have been gradual.
All these industries were sceptical and said they wouldn't use the contracts, but today they are involved in futures for hedging. Mr Sandor said: 'It is unambiguously incorrect to view this market differently than other markets.'
Both are, however, hedging their bets by forming cross-border alliances, GEC with Thomson of France in sonar, BAe with Matra of France in missiles.
Spread risk can also affect some hedging strategies.
"I think they can shave another 5% off their schedules," said John Casesa, an analyst with Wertheim Schroder & Co. "People are negative right now, and a car is a postponable purchase." General Motors Corp. already is hedging.
Of the two, the Alhambra is older and more famous, although many of its smaller patio gardens and intricate formal hedging are much later additions to the original.
Hedging is also done in what is called the swaps market. In a swap agreement, an oil user or producer agrees to lock in the price it will pay or receive at a predictable level. This is typically done through a bank or a hedging manager.
One Merrill Lynch official said, however, that other houses are exposed to losses through trading and because of the difficulty in hedging against prepayment risk.
Officials said that throughout the panic, their markets continued to serve their primary purpose as a vehicle for hedging against risk on stock-price moves.
That meant that individuals who were hedging their stock holdings through the use of options were about to be left without protection.
"A significant portion of this gain reflects equity investors' hedging activities," says Andrew Atanowsky, a CBOE vice president.
But the cost of hedging their currency positions could make the transaction uneconomic. Another drawback to the growth of securitisation in Europe is the lack of regulation on off-balance-sheet financing.
Shareholders, for the most part, are left in the dark about the degree of hedging a fund is doing.
The stock exchange report said market participants should be encouraged to use arbitrage and hedging techniques to help prevent a repeat of the crash.
Dell's foreign exchange risk management practices may have been unorthodox and potentially speculative in nature.' However, he denied market rumours that he felt currency hedging inflated Dell's third-quarter results.
To hedge the exposure on the Nikkei puts, the securities firms and banks use a few different strategies, including portfolio insurance, or "dynamic hedging," as it is called now.
If a fund manager buys equities in the cash market and sells the future, he is hedging against a fall in the stock market, (since the futures position will gain if the market falls).
In fact, new options products such as one- or two-year index options would eliminate the need for the dynamic hedging strategies and provide stable, long-term, true insurance.
Derivatives, in the span of just a few years, have become integral to corporate risk management, with a surprising array of business applications, from swapping long-term debt for short-term debt to hedging foreign exchange or commodities exposure.
Prices rose Friday after the Colombian government approved a plan that would allow exporters to withhold coffee from the market, said Guillermo Sarmiento, president of Sarmiento Group, a Miami coffee hedging consultant.
But the company's conservative hedging strategy complicates the sums.
The solution, at least for some investors, may be a hedging technique that's well known to players in the stock-options market.
The social safety net may be one area in which a larger economic entity rather than two smaller ones is preferable because it would provide more opportunity for spreading risk (analogous to hedging by portfolio diversification).
'We're hedging to stay in business, not to make extra income.' Hedging, of course, is a double-edged sword.
But it is not always clear what powers are available to each type of institution. Building societies, for instance, are allowed under section 23 of the Building Societies Act to engage in any hedging transaction designed to 'reduce the risk of loss'.
By hedging, the elevator tries to protect itself from wild price declines.
And while these hedging opportunities are not costless, the markets are sending a pretty clear signal that they are less costly and more effective than the dubious regulatory alternative provided by the SEC.
"If there's too much hedging the futures shut down," he explains.
But it is one thing to say that stock-index hedging does not afford large portfolio managers the protection they thought they were getting and quite another to say that the market is "rigged."

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