Ways Derivatives are used To hedge(规避) risks To speculate(投机)( take a view on the future direction of the market) To lock in(锁定) an arbitrage(套利) profit To change the nature of a liability(负债) a To change the nature of an investment without incurring the costs of selling one portfo|o(投资组合) and buying another Options, Futures, and Other Derivatives, 4th edition g 2000 by John C Hull Tang Yincai, C 2005Options, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2005 1.7 Ways Derivatives are Used To hedge(规避) risks To speculate(投机) (take a view on the future direction of the market) To lock in(锁定) an arbitrage(套利) profit To change the nature of a liability(负债) To change the nature of an investment without incurring the costs of selling one portfolio(投资组合) and buying another