「情報を制する者は世界を制す」をモットーに様々な情報を提供することを目指すブログです。現在はプログラミング関連情報が多めですが、投資関連情報も取り扱っていきたいです。

# ディクテーションの実例261 金利裁定について

Covered Interest Arbitrage
http://www.investopedia.com/video/play/covered-interest-arbitrage/

もし聞き間違えている部分を見付けたら、コメントで教えてくださるととてもありがたいです。

covered interest arbitrage is a trading strategy that investors use to try to profit from the differences in two countries' interest rates. for example, the interest rate in the euro's own might be 15% per year, while the interest rate in the united states is 5% per year. unfortunately, unfavorable exchange rates could eliminate investor profits. to avoid this scenario, covered interest arbitrageurs use a forward currency contract so that they'll know what exchange rate they will receive when they convert their investment back into their original currency. investors need to know two things, the exchange rate when they initiate the trade, for example, €1.00 equals \$1.39, the spot rate, and they also need to know that they can later convert euros back to dollars at a rate of €1.00 equals \$1.35, the forward rate. for the trade be profitable, this hedge must cost less than ? the investor will earn from investing in the currency with a higher interest rate. ? has \$1,000,000 to invest. if she invest at home, she will earn 5%, bringing her total to \$1,050,000. but, what if she uses covered interest arbitrage instead. first, she converts \$1,000,000 to euros to get €721,500. this investment earns 15%, bringing her new total to €829,725. she then converts her investment back into dollars, receiving \$1,120,129. opportunities to profit from covered interest arbitrage are ?, especially in highly active markets where all market participants are equally informed. also, the market usually brings any in balances back to equilibrium when investors who identify such an opportunity place a ? of trades in an attempt to make a quick, risk-less profit. their profits are typically small, and taxes and transaction costs can eliminate gains from covered interest arbitrage.

スポンサーリンク

-英語