The price at which the security may be bought is the exercise price or the striking price.
　　购买证券对确定的价格称为履约价格或者敲定价格。

　　The price of this option contract is its premium.
　　期权协约的价格称为期权费。

　　The last date on which the option may be exercised is called the expiration date or the maturity date.
　　期权存在的最后一天称为失效日或者到期日。

　　The intrinsic of an option is the maximum of either zero or the market price minus the exercise price.
　　期权的内在价值最低为零，最高等于市场价格减履约价格的差额。

　　The time value of an option is the difference between the premium on option and its intrinsic value.
　　期权的时间价值是期权费用与期权内在价值的差额。

　　Some market participants purchase options for much the same reason as people purchase insurance.
　　一些入市者购买期权的目的同人们购买保险的目的一样。

　　They feel the protection they are receiving against adverse developments is worth more than the option premium.
　　他们认为购买期权获得抵御不利情况的保障价值大于支付的期权费用。

　　Derivatives are in a much stronger position now than they were.
　　衍生品现在处于比以前更强有力的位置上。

　　The bank can no longer stick (bury/hike) its head in the sand about financial innovations.
　　银行再也不能对金融创新业务视而不见了。

　　As many have found to their cost, ignoring interest rate, currency risks can hurt the company badly.
　　许多人在吃了苦头后才意识到，忽视利率及货币风险会使公司遭受重大损失。

　　The diversity of forms of innovation that have been developed over the years states the inventiveness of human race.
　　多年来创新的形式不断更新，显示了人类的创造力。

　　Like other industries, the financial industry is in business to earn profits by selling its products.
　　像其他行业一样，金融业通过出售其产品来获取利润。

　　Financial institutions develop new products to satisfy their own needs as well as those of their customers.
　　金融机构开发新产品以满足自己和客户的需求。

　　Researching and developing new products and services to meet customers' needs and prove profit referred to as financial engineering.
　　研究、开发新产品和服务以满足客户需要并改善利润状况被称为金融工程。

　　A change of the financial environment will stimulate a search by financial institutions for innovations that are likely to be profitable.
　　经济环境的变化将刺激人们去寻求可能有利可图的创新。

　　Necessity was the mother of innovation.
　　需要是创新之母。

　　Asset and liability management has traditionally been the major concern of banks.
　　在传统上，资产负债管理是银行关注的焦点。

　　Banks have been aggressively seeking out profits by engaging in off-balance-sheet activities in the more competitive environment of recent years.
　　在近年来的竞争环境下，银行一直在积极地通过从事表外业务来寻求利润。

　　Off-balance-sheet activities involve trading financial instruments and generation income from fees and loan sales.
　　表外业务包括金融工具的交易以及通过收费和出售贷款等取得收入的业务。

　　Activities affect bank profits but do not appear on bank balance sheets.
　　所有这些业务均影响银行利润，但并不反映在银行的资产负债表上。

　　Financial markets have grown more volatile since exchange rates were freed in 1973.
　　自1973年汇率浮动以来，金融市场变得越来越不稳定了。

　　Hedging does not necessarily remove all of a company's financial risk.
　　套做并不能消除公司全部财务风险。

　　Derivatives is able to hold considerable sway over the banking system.
　　衍生品交易对银行体系具有相当大的影响力。

　　The development of the Eurobond market has had a great impact not only on European securities markets, but also on other financial markets.
　　欧洲债券市场不仅对欧洲证券市场，而且对其他金融市场都有着重大的影响。

　　Aggressive pricing and the development of electronic funds transfer systems and home banking have reduced the importance of location.
　　挑战性定价和电子资金划转系统的发展及家庭银行服务已使地理位置的重要性大大降低。

　　Banks have developed other variations on the Eurobond.
　　在欧洲债券的基础上，银行开发出许多变异的新产品。

　　One of the most prominent 搗ariations?is the zero-coupon bond, which, as its name suggests, pays no interest at all.
　　其中最注目的一个"变异"新产品就是零息债券，顾名思义，这类债券不付息。

　　The investor has effectively received all the interest in lump, rather than spread out over the years.
　　实际上，投资者已经一次性地收到了全部利息收入，而非把利息收入分摊于债券整个期限内逐步收取。