什么是金融工程？
金融工程是使用数学技术来解决金融问题。金融工程使用计算机科学、统计学、经济学和应用数学领域的工具和知识来解决当前的金融问题，以及设计新的和创新的金融产品。
金融工程有时被称为定量分析，被正规的商业银行、投资银行、保险机构和对冲基金所使用。
- 金融工程是使用数学技术来解决金融问题。
- 金融工程师测试和发布新的投资工具和分析方法。
- 他们与保险公司、资产管理公司、对冲基金和银行合作。
- 金融工程导致了金融市场上衍生品交易和投机的爆炸性增长。
- 它彻底改变了金融市场，但它也在2008年的金融危机中发挥了作用。
金融工程是如何被应用的呢？
金融业总是为投资者和公司提出新的和创新的投资工具和产品。大多数产品都是通过金融工程领域的技术开发的。利用数学建模和计算机科学，金融工程师能够测试和发布新的工具，如新的投资分析方法，新的债务发行，新的投资，新的交易策略，新的金融模型，等等。
金融工程师运行定量风险模型，以预测投资工具的表现，以及金融领域的新产品从长远来看是否可行和有利可图，以及考虑到市场的波动性，每个产品的发行会有哪些类型的风险。金融工程师在保险公司、资产管理公司、对冲基金和银行工作。在这些公司中，金融工程师在自营交易、风险管理、投资组合管理、衍生品和期权定价、结构化产品和公司财务部门工作。
本个金融工程代写案例涉及提供一份关于结构性票据的简短报告，根据本文件中的指示创建的结构性票据。
You are asked to prepare a short report (more details on how this should look are given later) on how you created the security (no more than 1000 words in total for parts 1 and 2) to include:
1.A term sheet. By this, I mean the kind of one page outline of terms as used in the course. This should be in layout and format as per the way these are prepared and presented and similar to those provided by investment banks and distributed by the sell-side of an investment bank as an originator. This should be fully integrated with the pricing you have for the BRC.
For this term sheet, I would suggest an issue size of 10 million, but you can vary this if you wish. You do not need to include any fees or commissions in your analysis and term sheet.
一份条款表。我指的是课程中使用的那种一页纸的术语大纲。课程中所使用的术语。它的布局和格式应该是按照这些准备和展示的方式进行的，并与投资机构提供的类似。编制和展示的方式，并类似于投资银行提供的和由投资银行的卖方分发的。投资银行的销售方作为发起人分发。这应该完全与 你为BRC所做的定价。
对于这份条款表，我建议发行规模为1000万，但如果你愿意，你可以改变这个数字 如果你愿意的话。你不需要在你的分析和条款表中包括任何费用或佣金。
2.A brief explanation for the rationale for the choice of company whose common stock (or ordinary shares) are used for the BRC. It will need to be a public company listed on a suitable stock exchange and for which you have appropriate data (you will need at least a 12 months of stock price history. In doing this, you need to explain why, given the structure of the BRC you chose this company for the exercise and most important why this company would make the BRC appealing to end investors (i.e., risk characteristics, age, industry, and other such factors). You can choose any exchange-listed firm in any market.
This section should also include the risk-reward element of the final structure. That is, it should provide the investor who reads your term sheet with the key risks and rewards that arise from the security’s structure. This table is a standard feature of security issuance and should fall out of the way you have constructed the structure and your explanation of the stock that is used for the BRC security.
Note: You are expected to go beyond simply restating the risk factors that are in a term sheet for a standard security issue by justifying these risks as having a significant impact on the security and including others that are not usually included.
简要解释选择其普通股（或普通股票）用于BRC的公司的理由。它需要是一家在合适的证券交易所上市的上市公司，并且你有适当的数据（你将需要至少12个月的股票价格历史。在这样做的时候，你需要解释，鉴于BRC的结构，你为什么选择这家公司进行练习，最重要的是为什么这家公司会使BRC对终端投资者有吸引力（即风险特征、年龄、行业以及其他此类因素）。你可以选择任何 交易所上市的任何公司。
这一部分还应该包括最终结构的风险回报因素。也就是说 也就是说，它应该为阅读你的条款表的投资者提供主要的风险和 证券结构所产生的主要风险和回报。这个表格是证券发行的一个标准特征 这张表是证券发行的一个标准特征，应该从你构建结构的方式中产生 以及你对用于BRC证券的股票的解释。
注意：你要做的不仅仅是简单地重述标准证券发行条款表中的风险因素。注意：你要超越简单地重述标准证券发行条款表中的风险因素，证明这些风险对证券有重大影响，并包括其他风险。解释这些风险对该证券的重大影响，并包括通常不包括的其他风险。
3.Apply your knowledge of financial engineering gained on the course to “price” up the BRC for the company you have chosen using (a) a suitable option-pricing model; and (b) based on current market conditions. That is, use financial market data that relates to the period of your assignment and is contemporary. Hence, if the submission date is April, you need to make use of data that is current for March-April, although you will need to set a cut-off date to allow for the modelling and the writing up and submission. This is fine as we are not pricing the model for commercial purposes and in real time.
Your analysis needs to be integrated in the correct way with the choice of stock you have made for the BRC in Part 1.
You will need to build a quantitative model. This is likely to involve a spreadsheet
that is suitably granular. If using a binomial option pricing model, it has to have 4 or 5 steps minimum–or another appropriate option pricing model as per the material discussed on the course. Use this to calculate the key values for the structured security that becomes the input into your term sheet.
Think of the analysis here as a “conceptual model” of the structure that will allow you to vary the constituent parts to understand what changing the “mix” will do the security’s price, performance, and risks. Copy and paste this analysis in an easily understandable format into an appendix of your report. (This is not part of the word count.) Key considerations in so doing:
a. The model should be self-explanatory to the reader so that they can
understand how it is constructed and what it shows.
b. This model should include the structuring of the note.
c. All steps need to be fully explained.
