CFA Level I, derivatives这本书的 P192, transactions costs 成本, 衍生品, reduce, benefits, 成本, 衍生品, reduce, benefits

comp_sci_kid

The benefits of derivatives markets are that they:

reduce transactions costs


请问这里的 transactions costs 是指交易成本吗？
难道是指衍生品的“杠杆”可以以小博大，从而降低交易成本？

wilslm

衍生品不能以小博大，以小博大说的是保证金交易制度。
这里说的是建立衍生品市场，从而使衍生品交易标准化规范化，增加衍生品流动性，减少寻找交易对手的时间成本，减少衍生品合约签订的合同费，税收等成本。

OmarAdnan

是指交易成本

eric4xin

it means the transaction cost for the derivative contract. not the underlying. saying equity option, if you just trade on the underlying(the equity), you need to pay certain amount of money to own the underlying asset, but for option contract on this underlying, the cost will be lower.

vincent9125

Yep, in addition to eric4xin said. Considering future and forward contract, you don't have to buy the underlying asset to make money. You can just use another future contract to end the previous contract. There is no freight or storage fees.