Fordele og ulemper ved derivater


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Kort om derivater

Hvis De ikke kender til derivater, vil vi anbefale, at De læser vores artikel ”Hvad er derivater

Et derivat er en økonomisk sikkerhed med en værdi, der er afhængig af eller afledt af, et underliggende aktiv eller en gruppe af aktiver – et benchmark. Selve derivatet er en kontrakt mellem to eller flere parter, og derivatet stammer sin pris fra udsving i det underliggende aktiv.

De mest almindelige underliggende aktiver for derivater er aktier, obligationer, råvarer, valutaer, renter og markedsindeks. Disse aktiver købes ofte gennem mæglervirksomheder.

Fordele ved derivater

Derivater være et nyttigt værktøj for både virksomheder og investorer. De giver en måde at låse priser på, afdække mod ugunstige kursbevægelser og afbøde risici – ofte til en begrænset pris. Derudover kan derivater ofte købes på margin – det vil sige med lånte midler – hvilket gør dem endnu billigere.

Ulempen med derivater

Bagsiden ved derivater er, at de er vanskelige at valuere, fordi de er baseret på prisen på et andet aktiv. Risikoen for OTC-derivater (over-the-counter) inkluderer modpartsrisici, der også er svære at forudsige eller værdsætte. De fleste derivater er også følsomme over for ændringer i mængden af ​​tid til udløb, omkostningerne ved at holde det underliggende aktiv og rentesatser. Disse variabler gør det vanskeligt at matche værdien af ​​et derivat perfekt med det underliggende aktiv.


  • Lås priser
  • Afdækning mod risiko
  • Kan udnyttes
  • Diversificer porteføljen


  • Svær at valuere
  • Underlagt modpartsstandard (hvis OTC)
  • Kompleks at forstå
  • Følsom over for udbud og efterspørgselsfaktorer

Eftersom derivatet i sig selv ikke har nogen indre værdi – dets værdi kommer kun fra det underliggende aktiv – er det sårbart over for markedsstemning og markedsrisiko. Det er muligt for udbud og efterspørgselsfaktorer at få et derivatets pris og dens likviditet til at stige og falde, uanset hvad der sker med prisen på det underliggende aktiv.

Endelig er derivater normalt gearede instrumenter, og gearing går begge veje. Selvom det kan øge afkastet, får det også tabene til at stige hurtigere.

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