Devisenoptionen

Through extensive improvements in communication and transportation, our world has become smaller, not only in sociological terms but also in relation to trade, finance, and markets. However, in some cases, this has led to significant uncertainties based on the interaction of interest rates and various exchange rates. While there is the possibility of arbitrage to profit from interest or rate differentials, the majority of market participants prefer to simply avoid the aforementioned difficulties. This is where financial institutions come into play! Differences in interest rates and exchange rate fluctuations complicate pricing for importers and exporters. Today, they can hedge against these risks by buying or selling currencies forward or by using exchange-traded futures contracts to eliminate risks. These transactions are based on predetermined obligations on or by a set date. Therefore, the forward and futures markets provide protection against unforeseen, significant price fluctuations; however, they are not suitable for hedging against certain other risk forms currently inherent in global trade. In September 1982, the Philadelphia Stock Exchange introduced a new, useful financial instrument that could be termed the third dimension of foreign exchange trading: currency options offer the opportunity to hedge risks, for example, when there is uncertainty about when (or even if) a foreign exchange transaction will be necessary.