Pricing and hedging with the potential approach

金融服务业对英国经济的贡献很大，但我们确实是一个全球性的行业。它的业务是买卖各种金融工具，通常代表客户。其中一些工具非常简单（例如，股票），或者在各个交易所进行大量公开交易，因此对它们进行定价并不困难。但其他产品则很难准确定价；它们可能是衍生资产，其价格可能以复杂的方式取决于其他资产的走势，或者它们可能是为要求特定支付结构的大客户定制的资产。对于这类产品，定价意味着建立和校准一个数学模型。通常，这是通过为问题的各个组件构建模型来完成的，但是很难（或不可能）一致地组合这些组件，并且与其他地方完成的其他定价计算一致。该提案的目的是校准一个通用的定价模型，同时适用于广泛的资产，看看是否有可能将所有资产基本包括在一个框架中。

The financial services industry contributes strongly to the UK economy, but us genuinely a world-wide industry. Its business is to buy and sell financial instruments of various kinds, usually on behalf of clients. Some of these instruments are quite simple (for example, shares), or are traded publicly in vast amounts across exchanges, so it us not hard to price them. But others are much harder to price accurately; they may be derivative assets, whose prices can depend in complicated ways on how other assets have moved, or they may be assets made to order for a large client who requires a specific payment structure. For such products, finding a price means building and calibrating a mathematical model. Commonly, this is done by building models for individual components of the problem, but it is then hard (or impossible) to combine these components consistently, and consistently with other pricing calculations being done elsewhere. What the proposal aims to do us to calibrate a universal pricing model to a wide range of assets simultaneously to see whether it is possible to include essentially all assets in one framework.