hedge（都是截图来自frm原版教材）

cross hedging

• hedge ratio is the ratio of the size of the position taken in futures contracts to the size of the exposure
• asset underlying the futures contract 与 asset whose price is being hedged不一样时，叫cross hedging，hedge ratio为1并不是最优，我们需要找一个 optimal hedge ratio， minimizes the variance of the combined hedge position

计算最优hedge ratio

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tailing the hedge
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