Collarは、CapとFloorの売り買いを組み合わせたデリバティブ

Collarは、CapとFloorの売り買いを組み合わせたデリバティブ取引をいう。また、Capの買いとFloorの売りの組み合わせを「Collarの買い」、その逆の組み合わせを「Collarの売り」と呼ぶ。一般にCollarの買いの場合、Capの買いにFloorの売りを組み合わせているため、金利の上限と下限を同時に設定することになる。これより、金利の下限が設定されることで、一定以上の金利低下メリットは放棄することになる一方で、当初に支払うオプション料（プレミアム）はCapに比べて少ないというメリットがある。

●Cap

オプション（Cap）の買い手が売り手に対してプレミアムを支払うことによって、契約期間中の各金利更改日に基準金利がストライクプライス（キャップレート）を上回った場合に、その差額（金利差）を受け取ることができる取引。

●Floor

オプション（Floor）の買い手が売り手に対してプレミアムを支払うことによって、契約期間中の各金利更改日に基準金利がストライクプライス（フロアレート）を下回った場合に、その差額（金利差）を受け取ることができる取引。

結果 (英語) 1:

collar refers to a derivative transaction with a combination of buy and sell of the floor and cap. I also referred to as "selling collar", "buying collar", a combination of the reverse combination of selling floor buying and cap. In the case of buying a collar, it is a combination of selling floor to buy the cap in general, it is to be set at the same time the upper and lower limits of the interest rate. Thus, and by the lower limit of interest is set, while it is decided to abandon the benefits of lower interest rates certain level,There is a benefit of less than the cap is (premium) option fee to initially.

● by buyer cap

options (cap) pay a premium for the seller, if the base rate rises above (cap rate) Strike price in each repricing date during the contract period, the difference ( transactions can receive the interest rate differential).

● by buyer floor

options (floor) will pay a premium for the seller,If the base rate falls below (floor rate) Strike price in each repricing date during the contract period, the transactions can be received (interest rate differential) the difference.

結果 (英語) 2:

Collar said the combination of Cap and Floor trading derivatives. Also selling buying of Cap and Floor combination called "Collar not included" buying a Collar, opposite of combination. Because it combines sales Floor to buy Cap Collar buying for the General, at the same time sets the minimum and maximum interest rates; In setting interest rates lower than this constant, while more than interest rates lowering benefits will giveIt will pay the initial option premium (premium) less than the Cap.

-Cap

can receive the difference (difference between interest rate) exceeds the strike price (Cap rate) rates during the contract period each rate renewal day by paying a premium seller against buyer options (Cap) in trading.

-Floor

by option ） （ the Floor buyer pays a premium for sellersIf during the contract period each rate renewal day benchmark interest rate drops below strike prices （ フロアレート ） in trading can receive the difference (difference between interest rates).

結果 (英語) 3:

Collar says the derivative business that combined buying and selling of Floor with Cap. In addition, I call buying] of [Collar, the reverse combination selling] of [Collar by a combination of buying of Cap and selling of Floor. Generally I will set the upper limit and the lower limit of the interest rate at the same time because I put selling of Floor together for buying of Cap in the case of buying of Collar. Because the lower limit of the interest rate is set than this, I will continue abandoning the interest rate fall merit above a certain level,I am original, and the option charges to pay (a premium) have a merit having little in comparison with Cap.

When because the buyer of the ● Cap

option (Cap) pays a premium to a seller, basic money rates exceed strike price (a cap rate) on each interest rate renovation day during term of a contract; the business that can receive the balance (an interest rate difference).

By the buyer of the ● Floor

option (Floor) paying a premium to a seller,When basic money rates are less than strike price (a floor rate) on each interest rate renovation day during term of a contract; the business that can receive the balance (an interest rate difference).