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# 金融代写|期货期权代写Futures Options代考|AEM4210 NEW TO THIS EDITION

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## 金融代写|期货期权代写Futures Options代考|NEW TO THIS EDITION

• A major change in financial markets will be the phase-out of LIBOR. This has led to important changes throughout the 11th edition. The overnight reference rates that will replace LIBOR, and the way they are used to determine zero curves, are discussed carefully.
• Within-chapter examples and end-of-chapter problems that were previously based on LIBOR have been largely replaced by examples based on the new reference rates or by generic examples.
• The likely impact of the new reference rates on valuation models is discussed.
• The new reference rates are considered to be risk-free whereas LIBOR incorporates a time-varying credit spread. The book discusses the desire on the part of banks to augment the new reference rates with a measure of the level of credit spreads in the market.
• The chapter on Wiener processes now covers fractional Brownian motion. This is becoming increasingly used in modeling volatility.
• Rough volatility models which have in the last few years been found to fit volatility surfaces well are added to the models considered in Chapter $27 .$
• Machine learning is becoming increasingly used in pricing and hedging derivatives. The reader is introduced to these applications at various points in the book.
• Changes in the regulatory environment, including Basel IV, are covered.
• The end-of-chapter problems have been updated. To make the book as easy to use as possible, solutions to all end-of-chapter problems are now on www .pearsonglobaleditions.com and www-2.rotman.utoronto.ca/ hull.
• Instructor support material has been revised. In particular, there are now many more suggestions on assignment questions that can be used in conjunction with chapters.
• The DerivaGem software is less LIBOR-focused and is available for download from www-2.rotman.utoronto.ca/ hull/software.
• Tables, charts, market data, and examples have been updated throughout the book.

## 金融代写|期货期权代写Futures Options代考|SOLVING TEACHING AND LEARNING CHALLENGES

Most instructors find that courses in derivatives are fun to teach. There is not a big gap between theory and practice. Most students know a little about the subject and are motivated to learn more. Usually there is some current news that can be discussed in class, e.g., the level of the VIX index or events that affect particular option prices.
Math Knowledge
Math is the key challenge for many students taking a course in derivatives. I have kept this in mind in the way material is presented throughout the book. Instructors are often faced with a trade-off between mathematical rigor and the simplicity with which an idea is explained. My preference is always to look for the simplest way of explaining an idea in the first instance. Sometimes using words rather than equations is effective. I avoid using notation that has lots of subscripts, superscripts, and function arguments as far as possible because this can be off-putting to a reader who is new to the material. Nonessential mathematical material has been either eliminated or included in technical notes on my website.

The reality is that many students only understand an equation when they have seen numbers substituted into it. For that reason, many numerical examples have been included in the text. The software DerivaGem (discussed below) allows students to get a feel for equations by trying different inputs.

I am often asked about the math prerequisites for Options, Futures and Other Derivatives. Students will be able to cope with a course based on this book if they are comfortable with algebra and understand probabilities and probability distributions. A knowledge of calculus concepts is useful for parts of the book. But no knowledge of stochastic calculus is assumed. The basic knowledge of stochastic processes that is needed for a more advanced understanding of derivatives is explained carefully in Chapter $14 .$

## 金融代写|期货期权代写Futures Options代考|NEW TO THIS EDITION

• 金融市场的一个重大变化将是 LIBOR 的逐步淘汰。这导致了整个第 11 版的重要变化。将仔细讨论将取代 LIBOR 的隔夜参考利率，以及它们用于确定零曲线的方式。
• 以前基于 LIBOR 的章内示例和章末问题已在很大程度上被基于新参考利率的示例或通用示例所取代。
• 讨论了新参考利率对估值模型的可能影响。
• 新的参考利率被认为是无风险的，而 LIBOR 包含随时间变化的信用利差。这本书讨论了银行希望通过衡量市场信用利差水平来增加新的参考利率。
• 关于维纳过程的章节现在涵盖了分数布朗运动。这正越来越多地用于模拟波动性。
• 在过去几年中发现可以很好地拟合波动率表面的粗波动率模型被添加到本章考虑的模型中27.
• 机器学习正越来越多地用于定价和对冲衍生品。本书在不同的地方向读者介绍了这些应用程序。
• 涵盖了包括巴塞尔协议 IV 在内的监管环境的变化。
• 章末问题已更新。为了使本书尽可能易于使用，所有章末问题的解决方案现已在 www.pearsonglobaleditions.com 和 www-2.rotman.utoronto.ca/hull 上提供。
• 教师支持材料已被修订。特别是，现在有更多关于作业问题的建议，可以与章节结合使用。
• DerivaGem 软件较少关注 LIBOR，可从 www-2.rotman.utoronto.ca/hull/software 下载。
• 表格、图表、市场数据和示例已在本书中进行了更新。

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