future contract

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金融外汇买卖相关英语词汇翻译

金融外汇买卖相关英语词汇翻译金融外汇买卖相关英语词汇翻译Accepted 承兑Accrued interest累计利息advance 放款American style 美式选择权appreciation 升值Arbitrage 套利交易asset allocation 资产分配原则Asset swap 就持有的资产利息进行交换Asset/liability management 资产负债管理Assets liquidity 资产的流动性Assets safety 资产安全Assets yield 资产的获利性AT the money (ATM) 价平Auction 标售Authority letter 授权书Banker’s acceptance 银行承兑汇票Basis swap (floating -against floating IRS)Bear call spread 买权看空价差Bear put spread 卖权看空价差Bearer form 持有人形式best order 最佳价格交易指示单Bid rate 借入利率（或买入价格，汇率）Big figure 大数（交易时忽略不报的前几位数）Book entry form 无实体形式Break-even exchange rate 两平点汇率Bretton Woods system 布莱登国际货币制度Broken date 畸零天期(见Odd date)Bull call spread 买权看多价差Bull put spread 卖权看多价差Buy call 买入买权Buy or sell forward 买卖远期Buy or sell spot 买卖即期Buy put 买入卖权Buyer 买方Calendar spread 水平式价差策略Call option 买权Calling customer 询价者Calling party 询价者Cash flow book 现金流量登记薄Cash flow gap 现金流量缺口Cash flow gap 资金缺口Cash flow projection现金流量之预期Cash 当日交割CD(certificate of deposit) 存单Chain method 联算法Chief money dealer首席货币交易员Clearing house 清算所Commercial hedge 进出口商避险Commercial paper商业本票Commodity futures trading commission 美国期货交易委员会Competitive bid 竞标Contract date 定约日Contract limit 契约额度Contract risk 契约风险Counter party 交易对手Country limit 国家额度Coupon rate 票面利率Coupon swap (fixed-against floating IRS)Cover 补回，冲销covered interest arbitrage 无汇率波动风险的套利操作Credit risk 信用风险Cross hedge 交叉避险Cross rates 交叉汇率（通过第三种货币计算两种货币的汇率）Currency future 外汇期货Currency futures contracts 外汇期货契约Currency futures 外汇期货Current yield 当期收益率Cut off time 营业截止时间Day trading 当日冲销（使当日净部位为零）Dealer’s authority 交易权限Dealing day 交易日Dealing room 交易室Dealing ticket 交易单Delivery Date 交割日Direct quotation=price quotation直接报价Discount 贴水Dj index future 道·琼斯指数期货合约Draft 汇票Duration 存续期间Easy money 低价货币Effective interest rate 有效利率Engineered swap transaction操纵式换率交易（将买入卖出两个不同交易合并，使其具有换汇交易的效果）European currency unit(ECU)欧洲货币单位Exchange control system 外汇管制制度Exercise price 履约价格Expiry date 到期日Face value 面值（股票、票据上记载的名目价值）Firm market 行情坚挺的市场Firm order 确定指示单Fixed exchange rate system 固定汇率制定Fixed rate liability 利率固定负债Fixing date 指标利率定订基准日Flat yield curve 水平收益率曲线floating exchange 浮动汇率制度Floor broker 场内经纪商Floor trader 场内交易商Follow up action 动态策略Forward against forward远期对远期换汇交易Forward rate agreement（FRA）远期利率协定Forward rate 远期汇率Forward value date 远期外汇到期日FT-SE 100 Index Future 伦敦金融时报指数期货Futures 期货FX risk 汇率风险Gapping 期差操作General floating 普遍浮动Generic Swap 标准型的IRS 交易gold exchange standard金汇兑本位制度gold export point 黄金输出点Gold rush 黄金抢购风gold standard 金本位制度Government bonds 政府债券Group of Twenty 20国委员会Hang Seng Index 恒生估价指数Hedging interest rate risk规避利率波动风险Hit 询价者以bid rate 卖出被报价币给报价银行Holding position 持有部位If order 附条件交易指示单IMM 芝加哥国际货币市场In the money (ITM) 价内Index swap 利率交换indirect quotation=quantity quotation 间接报价Inter bank offer rates 银行同业拆放利率Interest rate futures 利率期货Interest rate parity theory 利率平价理论Interest rate return 报酬率Interest rate swaps(IRS)利率交换intermediary 中间人international payment system 国际支付制度Intra day limit 日间额度Intra-day trader日间交易者，短线交易员Intrinsic value 隐含价值Junior money dealer资浅货币交易员LIBOR 伦敦银行同业拆借利率LIFFE 伦敦国际金融期货交易所Line of credit 信用额度Line of limit 额度限制liquidity premium流通性风险补贴London inter bank bid rate (LIBID) 伦敦银行间存款利率Long butterfly call spread 买入碟式买权价差Long butterfly put spread 买入碟式卖权价差Long currency future contract 买入外汇期货契约Long Straddle 买入跨式部位，下跨式部位Long strangle 买入不同履约价格的跨式部位Margin call 追加保证金Margin trading 保证金交易Mark to market 调整至市场价Market order 市场价格指示单Mismatch gapping 到期缺口Money market swap IRS持有时间短于两年者Money position 货币部位long position 买超或长部位（借入的金额大于贷）Monthly limit 每月限额multiple currency reserve system多种货币准备制度Nasdaq Index Future 纳斯达克指数期货Near the money 价近Negative yield curve 负收益率曲线Negotiable certificate of deposit 可转让定期存单Net mismatch 净缺口Nikki index future 日经指数期货Nominal interest rate 名目利率Nominal Interest rate名目利率（票面或双方约定的利率，减通货膨胀等于实质利率）Non earning asset 非利率敏感资产Non profitable liability非利率敏感负债Non reference currency 报价币Notional amount 承作金额Odd date（Odd maturity）畸零天期，畸零期（FX交易非整周整月的日期，如10天，40天）Off-balance Sheet 表外交易工具（衍生性金融产品）Offer rate 贷放利率（或卖出价格，汇率）Offset 对冲，轧平Open spot net position 即期净部位Operation risk 作业风险Option date forward 任选交割日的远期汇率Option 选择权Options reserve 选择权保留额度Order 交易指示单Out of the money(OTM) 价外Outright forward 远期直接汇率Over the counter店头市场，柜台交易市场Overall limit 总合限额Overbought 买超Overnight(O/N) 当日交割之隔夜拆放Oversold 卖超Par 报价与被报价币的利率相同，换汇汇率为零。

一分钟读懂电力市场交易（通俗易懂）

一分钟读懂电力市场交易（通俗易懂）在介绍电力市场的交易类型之前，先为大家说说物理性交易和金融性交易的差别，物理性的交易需要进行实物交割，简单说就是“一手交钱，一手交货”，而金融性的交易则不需要。

电力市场的交易最早都是物理性质的，之后为了增加市场的活性，稳定市场价格波动，降低成员收益风险等原因，在物理性交易的基础上引入了金融性合同。

我用下面这的图简要的说明一下各类市场的性质。

现货市场在电力现货市场中，卖方应立即交货，且买方应当场付钱。

商品交付时没有附加条件，这说明买卖双方不能反悔。

我们拿批发市场作为例子：你来到一个摊子，先查看水果的质量，然后告诉卖主你要买多少，卖主把水果交给你，你按照水果的标价付钱，这样交易就完成了。

这时候你回头一看，对面的鸭梨不错，所以后悔买了苹果，但是苹果不能退货了。

一定要记得小岳岳的服务原则——我们不退票！现货市场的优点在于它的直接性，但其缺点是价格变化很快。

由于可以立即交付的商品贮存数量有限，需求的突增（或生产的突减）将会使价格剧增。

类似地，产品的供应过剩或需求不足都将导致价格降低。

电力市场中的现货市场是保障电力市场稳定运行的必要条件，现货市场根据时间先后可以进一步划分为日前市场、日内市场、实施平衡市场。

远期合同and远期市场一个种白菜的农民，他非常自信在收获时节能交付100斤的白菜。

然而另一方面，他非常担心价格波动。

为此，他非常希望现在就能“锁定”一个可接受价格，从而可以省去不得不在白菜收成时按低价销售它的担心。

如果能够和饭店协商出一个双方都可以接受的价格，这个农民只需要在几个月后交付收获的白菜即可。

如果有足够多的农夫和饭店希望在实际交割前进行白菜交易的话，那么就会出现一个白菜交易远期市场（ForwardMarket）。

电力市场中的远期市场也是如此，它为交易双方提供了一个控制价格风险的工具。

远期市场与现货市场是相互配合的：远期合同使买卖双方共同承担现货市场中价格的风险。

合同的翻译

英文合同相关翻译对照Contract 与Agreement的有无区别在英语中，合同一般称为Contract，协议一般称为Agreement。

何谓“contract”?1999年中国《合同法》第二条对contract定义为：A contact in this Law refers to an agreement establishing, modifying and terminating the civil rights and obligations between subjects of equal footing, that is, between natural persons, legal persons or other organizations”。

根据这一定义，合同平等主体之间设立的确定民事权利和义务的协议。

，Steven H. Gifts编著的“Law Dictionary”中将contract 定义为“contract is a promise, or a set of promises, for breach of which the law gives remedy, or the performance of the which the law in some way recognize as a duty.”根据这一定义，合同是一种承诺，违反承诺可以得到法律救助，某种意义上法律将履行该承诺看做是一种补偿。

L.B Curzon 在其编撰的字典“A Dictionary of Law”给contract的定义：“Contract is a legally binding agreement”根据这一定义，合同就是有法律约束力的协议。

综合起来，有一个相同点，就是“Contract is an agreement”，即可将合同说成是“An agreement which binds the parties concerned”或者说合同说成是“An agreement which is enforceable by law”，也可以说：Contracts are promises that the law will enforce。

期货期权英语词汇[新版]

期货期权英语词汇[新版]1 Futures market 期货市场2 Futures contract 期货合约3 Financial futures 金融期货4 Commodity futures 商品期货5 Financial futures contract 金融期货合约6 Currency futures contract 货币期货合约7 Interest rate futures contract 利率期货合约8 Stock index futures contract 股票指数期货合约9 Financial forward contract 金融远期合约10 Clearing house 清算所11 Initial margins 初始保证金12 Settlement 交割13 Short seller 卖空者14 The Gilts 金边债券15 Futures delivery 期货交割16 Futures transaction 期货交易17 Hedging mechanism 规避机制18 Market expectation 市场预期19 To defuse(attempted monopoly positions) 冲破(形成的市场垄断状况)20 Net settlement status 净结算状况，净结算头寸21 Synthetic financial futures positon 综合金融期货头寸22 Status inquiry 信用状况调查23 Stock indexes 股票指数24 Stock index futures 股票指数期货25 Currency futures 外币期货26 Distant futures 远期期货27 Nearby futures 近期期货28 On a discount basis 以折价形式29 A long position 多头部位，利多形势30 A short position 空头部位，短缺头寸31 Short purchase 买空，空头补进32 Shifting risk 转嫁风险，转移风险33 Basis risk 基差风险34 Converge 集聚，(为共同利益而)结合一起35 Swing 变动(幅度)，摆动，涨跌36 Cross hedge 交叉套做37 Volatile 易变的，不稳定的38 Volatile market 不稳定的市场行情39 Margin money 预收保证金，开设信用证保证金40 position 头寸，交易部位，部位41 Long position 多头寸，买进的期货合同42 Short position 空头43 Exchange position 外汇头寸，外汇动态44 Interest position 利率头寸45 Swap position 调期汇率头寸46 Square position 差额轧平(未抵冲的外汇买卖余额的轧平状况)47 Brokerage firm 经纪商(号)48 Security bond 保付单49 Post 登记总帐，过帐50 Brokerage 经纪业，付给经纪人的佣金51 FX futures contract 外汇期货合约52 Foreign currency futures 外汇期货53 Futures price 期货价格54 Go long 买金，多头55 Total FX portfolio 外汇投资总额56 A long position 多头寸，买进的期货合约57 Go short 短缺，卖空，空头58 A short position 空头，卖出的期货合约59 Place an order 订购，下单60 Trading pit 交易场61 Open outcry 公开喊价，公开叫价62 Floor broker 场内经纪人63 Transactions costs 交易费用64 Zero-sum game 零和竞争65 Current futures price 现时的期货价格66 The open interest 未结清权益67 Building agreement 具有约束力的协定68 Pay up 付清，缴清69 In force (法律上的)有效的70 Kill a bet 终止赌博71 Settlement price 结算价格72 Date of delivery 交割期73 Point of delivery 交割地点74 Futures commission merchants 期货经纪公司75 Market order 市价订单76 Time order 限时订单77 Opening order 开市价订单78 Closing order 收市价订单79 Basis order 基差订单80 Corners 垄断81 Outright positon 单笔头寸82 Direct hedging 直接套做83 Indirect hedging 间接套做84 Short hedging 空头套做85 Long arbitrage 多头套做86 Back spreads 反套利87 Margin call 保证金统治88 Price discovery 价格发现1 Option 期权，选择权，买卖权2 Call and put options 买入期权和卖出期权3 Option buyer 期权的买方4 Option seller 期权的卖方5 Underlying securities 标的证券6 Exercise price, striking price 履约价格，认购价格7 Option fee =option premium or premium on option 期权费8 Intrinsic value 实际价值，内部价值9 Intrinsic utility 内在效用10 Arbitrage opportunity 套价机会11 Arbitrage 套购，套利，套汇12 Arbitrage of exchange or stock 套汇或套股13 Speculation on foreign exchange 外汇投机14 Speculation in stock 股票投机15 To be hedging 进行套做保值16 A put option on a debt security 债务证券的卖出期权17 Call options on an equity 权益(证券)的买入期权18 Cover 弥补，补进(卖完的商品等)19 Write 签发，签署，承保，编写20 Margin call 追加保证金的通知21 Close out 平仓，结清(帐)22 Notional sum 名义金额23 Notional principal 名义本金24 Equity portfolio 股票资产25 predetermined 预先约定的26 Strike price 协定价格27 Put (option) 卖方期权，看跌期权28 Call (option) 买方期权，看涨期权29 Open market 公开市场30 premium 期权费31 downside 下降趋势32 Open-ended 开口的，无限制的，无限度的33 Out-of-the-money 无内在价值的期权34 In-the-money 有内在价值的期权35 At-the-money 平值期权36 Crop up(out) 出现，呈现37 cap 带利率上限的期权38 floor 带利率下限的期权39 collar 带利率上限的期权40 Break-even 不亏不盈，收支相抵41 asymmetry 不对称42 symmetry 对称43 Sell forward 远期卖出44 Up-front fee 预付费用，先期费用45 Change hands 交换，换手46 Contractual value 合同价格47 Over-the-counter 场外的，不同过交易所的48 customize 按顾客要求制作49 Futures margin 期货保证金50 Initial margin 初始保证金51 Open position 头寸52 Maintenance margin 最低保证金，维持保证金53 Variation margin 盈亏保证金，变动保证54 Market makers 造市者55 Extrinsic value 外在价值56 Contracts of difference 差异合约57 Market-clearing 市场结算58 Adaptive expectations 适应性预期59 Bid-ask spread 递盘虚盘差价60 Small-order automatic system 小额定单执行系统61 dealers 批发商62 Dual trading 双重交易63 Mature liquid contracts 到期合约64 Back wardation 现货溢价65 Nearby contract 近期合约66 Short-lived securities 短期有效证券67 Cash-and-carry arbitrage 现货持有套利68 Open positions 敞口头寸69 Uncovered interest arbitrage 未担保利率套利70 prumium 期权权利金71 Call-options 认购期权72 Put-options 认售期权73 speculation 投机74 Cross hedging 交叉保值75 Hedging risk 套期保值风险76 Synthetic options 合成期权77 Option purchase price 期权的购进价格78 Options on futures contract 期货合同的期权交易79 Forward swap 远期掉期80 Swap rate 掉期率81 Risk transformation 风险转移82 Contract size 合约容量83 Daily limit 每日涨跌停板84 Double option 双向期权。

future寓意解读

future寓意解读“Future”是英文中的一个常用单词，表示“未来”或“将来”。

它是一个名词，也可以作为一个形容词来使用。

“Future”这个单词在英语中具有多种含义和用法。

它可以指代时间上的未来，也可以表示未来的状态、前景或者未来的发展。

在科学、经济、政治等各个领域，“Future”一词经常被用来探讨和研究未来的趋势、发展以及可能出现的各种问题。

在英语习语中，“Future”也有很多常见的表达方式。

例如，“Future generations”表示“后代”，“Future plans”表示“未来的计划”，“Future prospects”表示“未来的前景”。

此外，“Future”也可以和其他单词组合成新的词汇，例如“Futures market”表示“期货市场”，“Futures contract”表示“期货合约”。

“Future”是一个非常常用的英语单词，它具有丰富的含义和用法，可以用来描述和探讨各种关于未来的概念和问题。

1、“Future”是一个非常灵活的单词。

它可以用于各种语境，无论是描述未来的计划、预测未来的趋势，还是讨论未来的可能性，都可以用到这个单词。

这种灵活性使得“Future”成为一个非常有用的词汇，可以帮助人们更好地理解和应对未来的挑战。

2、在经济领域，“Future”一词经常被用来描述期货市场和期货合约。

期货市场是一种金融市场，它允许投资者买卖未来交付的商品或金融工具。

期货合约是一种协议，规定了未来交付商品或金融工具的数量和价格。

通过参与期货市场，投资者可以预测未来的价格趋势，从而进行投资决策。

3、在科学领域，“Future”一词通常被用来讨论未来的技术、环境、社会等方面的发展趋势。

科学家们通过研究各种数据和现象，预测未来的变化和发展，为人类社会的发展提供重要的指导和建议。

同时，“Future”一词也被用于探讨未来的挑战和问题，例如全球变暖、资源短缺等。

4、在教育领域，“Future”一词通常被用来讨论未来的职业发展和教育需求。

2. Futures Contracts 某竡

Future Price Quotation Gold (CMX. Div. NYM) 100 troy oz; $ per troy oz.
Daily
Open High Low Settle Change High
Lifetime
Low Open Interest
June. 350.00 350.00 347.00 349.00
Futures Contracts
Futures contracts are special forms of forward contracts that are designed to reduce the disadvantages associated with forward agreements. They are nothing more than forward contracts whose terms have been standardized so they can be traded (much like securities) in a public marketplace, giving them liquidity.
Calculating Gains and Losses on Contracts
Futures contracts, like forward contracts, are zerosum games.
Gain on Loss on # ofቤተ መጻሕፍቲ ባይዱContract FT F0 Long Position Short Position contracts Size
Open Interest

Every long/short position pair constitutes one unit of contract volume. Open interest is the sum of the entire long, or the entire short, positions that are open, but not both.

外贸合同常用词汇中英对照

外贸合同常用词汇中英对照国际贸易合同受国家法律保护和管辖，是对签约各方都具有同等约束力的法律性文件，是解决贸易纠纷，进行调节、仲裁、与诉讼的法律依据。

接下来小编为大家整理了外贸合同常用词汇中英对照，希望对你有帮助哦!contract 合同，订立合同contractor 订约人，承包人contractual 合同的，契约的to make a contract 签订合同to place a contract 订合同to enter into a contract 订合同to sign a contract 签合同to draw up a contract 拟订合同to draft a contract 起草合同to get a contract 得到合同to land a contract 得到(拥有)合同to countersign a contract 会签合同to repeat a contract 重复合同an executory contract 尚待执行的合同a nice fat contract 一个很有利的合同originals of the contract 合同正本copies of the contract 合同副本a written contract 书面合同to make some concession 做某些让步contract terms (or contract clause) 合同条款contract provisions/stipulations 合同规定contract period (or contract term) 合同期限contract life 合同有效期to be stipulated in the contract 在合同中予以规定to be laid down in the contract 在合同中列明to bring a contract into effect 使合同生效to come into effect 生效to go (enter)into force 生效to cease to be in effect/force 失效to carry out a contract 执行合同to execute/implement/fulfil/perform a contract 执行合同cancellation of contract 撤消合同breach of contract 违反合同to break the contract 毁约to cancel the contract 撤消合同to tear up the contract 撕毁合同to approve the contract 审批合同to honour the contract 重合同to annual the contract 废除合同to terminate the contract 解除合同to alter the contract 修改合同to abide by the contract 遵守合同to go back on one's words 反悔to be legally binding 受法律约束to stand by 遵守non-payment 拒不付款to secure one's agreement 征得...的同意Additional Words and Phrasescontract price 合约价格contract wages 合同工资contract note 买卖合同(证书)contract of employment 雇佣合同contract of engagement 雇佣合同contract of carriage 运输合同contract of arbitration 仲裁合同contract for goods 订货合同contract for purchase 采购合同contract for service 劳务合同contract for future delivery 期货合同contract of sale 销售合同contract of insurance 保险合同contract sales 订约销售contract law 合同法to ship a contract 装运合同的货物contractual dispute 合同上的争议a long-term contract 长期合同a short-term contract 短期合同contract parties 合同当事人contractual practice/usage 合同惯例contractual claim 根据合同的债权contractual liability/obligation 合同规定的义务contractual income 合同收入contractual specifications 合同规定contractual terms & conditions 合同条款和条件contractual guarantee 合同规定的担保contractual damage 合同引起的损害contractual-joint-venture 合作经营，契约式联合经营completion of contract 完成合同execution of contract 履行合同performance of contract 履行合同interpretation of contract 解释合同expiration of contract 合同期满renewal of contract 合同的续订。

期货词汇

(1) 由于购买等级较低的商品而产生的支出被减少的部份；(2)也指不同月份的期货合约间的价差，如“7月合约对5月合约贴水”就是指7月合约的价格比5月合约的价格要低。
Discretionary Account 全权委托
An arrangement by which the holder of an account gives written power of attorney to someone else，often a broker，to buy and sell without prior approval of the holder；often referred to as a “managed account”or“controlled account”. See Controlled Account.
32 Shifting risk 转嫁风险，转移风险
33 Basis risk 基差风险
34 Converge 集聚，（为共同利益而）结合一起
35ng 变动（幅度），摆动，涨跌
36 Cross hedge 交叉套做
37 Volatile 易变的，不稳定的
38 Volatile market 不稳定的市场行情
Derivatives involve the trading of rights or obligations based on the underlying product，but do not directly transfer property. They are used to hedge risk or to exchange a floating rate of return for fixed rate of return.

forward contract and futures contracts最终版3

p(t,t)/B(t,t＊)
* t time
time The portfolio value
t t＊ 0
= p(t* , t * ) - {D(t,t * ) + p(t,t)}/B(t,t * )
We suppose at time t a forward contract can be written with an exercise price of k(t)= p(t,t＊) > {D(t,t＊) + p(t,t)}/B(t,t＊) ,then sell this position at time t＊, we can assure a certain value of p(t,t＊) - {D(t,t＊) + p(t,t)}/B(t,t＊) > 0 ＊＊＊ ,then we get the formula p(t,t ) > {D(t,t ) + p(t,t)}/B(t,t ) ,to preclude ＊ B(t,t＊) p(t,t＊)(4) arbitrage ,at any time t ≤t＊,it requires : D(t,t ) + p(t,t)}≥
2014-11-21
An arbitrage valuation method for forward contracts with frictionless market assumptions
f(s) f (p(s, t*);k(t),t*)
＊ p(s , t ) :the forward price at time s
Values of futures contracts
A futures contract's cash flow stream differs

金融远期合约ForwardContracts是指双方约定在未来的

• 结清期货头寸（Closing a Futures Position）的方式则主要有以下3种：
– 到期交割或现金结算(Delivery or Cash Settlement )
– 平仓（Offset）
– 期货转现货（Exchange-for-Physicals，EFP）
案例2.6 表2-7 2007年9月25日S&P500股指期货交易行情
金融远期合约（Forward Contracts）是指双方约定在未来的某一确定时间，按确定的价格买卖一定数量的某种金融资产的合约。在合约中,未来将买入标的物的一方称为多方（Long Position），而在未来将卖出标的物的一方称为空方（Short Position）。
远期合约并不能保证其投资者未来一定盈利，但投资者可以通过远期合约获得确定的未来买卖价格，从而消除了价格风险。
与远期合约的分类相似，根据标的资产不同，常见的金融期货主要可分为股票指数期货、外汇期货和利率期货等。
-股票指数期货是指以特定股票指数为标的资产的期货合约， S&P500股指期货合约就是其典型代表。
-外汇期货则以货币作为标的资产，如美元、德国马克、法国法郎、英镑、日元、澳元和加元等。
-利率期货是指标的资产价格依赖于利率水平的期货合约，如欧洲美元期货和长期国债期货等。
2．远期外汇合约
远期外汇合约是指双方约定在将来某一时间按约定的汇率买卖一定金额的某种外汇的合约。
按照远期的开始时期划分，远期外汇合约又分为直接远期外汇合约和远期外汇综合协议。
注意，有些国家由于外汇管制，因此本金不可交割。这种外汇远期合约称为本金不可交割远期（Non-Deliverable Forwards, NDF）, 它与本金可交割但不交割远期（Non-Delivery Forwards）是不同的，注意区别。

金融英语口语大全第42期：Futures contract

金融英语口语大全第42期：Futures contract New Words新单词T-bond美国长期国库bond n.appreciate v.增值,上升consequence n.后果prediction n.预测Phrases & Expressions短语futures contract期货合同stock market股票市场S：How are you getting along with your boss?斯：你和你的新老板相处得怎么样？M：Mr. Davis? Fine. He's a kind man. You look excited. Any good news?迈：戴维斯先生？不错，他人挺好的，你看起来很兴奋，有什么好消息呢？S：Yes. Still remember I bought two T-bonds at 79-08 half a month ago?斯：是的，你记得我半个月前买了两张美国政府长期国库券的期货合约吗？在70-08水平上？M：You mean that two futures contracts? Of course. They had been worrying you for a whole week.迈：噢，那两张期货合约，当然记得，它们不是让你紧张了整整一个星期吗？S：That week was really terrible. The bonds price kept going down and down until the level of 77-30.斯：那个星期可真是焦头烂额。

债券价格一直在跌，都跌到了70-30。

But last week, the price went up and up. Yesterday it has reached 86-18.但上周又开始回升，一直在上涨。

昨天都涨到86-18的水平了。

美国期货交易所合约 (4)

美国期货交易所合约美国期货交易所合约（Futures Contract in USA）是指在美国期货交易所（CME，CBOT，NYMEX等）上交易的一种金融衍生品，它是指对某个资产或商品在未来某一时间进行交易的合同。

美国期货交易所合约与现货交易不同，它是比现货长期的一种交易方式。

本文将从美国期货交易所合约的定义、种类、交易规则以及注意事项等方面进行探讨。

一、美国期货交易所合约的定义美国期货交易所合约是指在期货交易市场上，不同买家或卖家通过协商，通过签订负有约束力的合同，规定未来某个时间点以固定价格进行买入或卖出某类商品或金融资产的权利和义务。

这个未来的交易日期和价格是双方在签订合同之前约定的。

期货合约在美国期货交易所上交易，实际上是以其现实交易对手的代表作为对手方进行买卖，交易对象包括各种商品及金融资产。

二、美国期货交易所合约的种类根据期货市场的商品种类，美国期货交易所合约包括农产品期货、贵金属期货、原油期货、能源期货、金融期货等。

（一）农产品期货。

农产品期货是指以农产品为标的物的交易合约，包括玉米、大豆、棉花、小麦、糖、牛肉等农产品。

（二）贵金属期货。

贵金属期货是指以贵金属（如黄金、白银、铂金）为交易标的的合约。

（三）原油期货。

原油期货是指以采掘、加工和储运等相关行业所需要的原油为交易标的的合约。

（四）能源期货。

能源期货是指以天然气、燃料油等能源产品为标的的交易合约。

（五）金融期货。

金融期货是指以外汇、股票、债券或其他投资产品为标的的交易合约。

三、美国期货交易所合约的交易规则美国期货交易所的交易规则包括以下各方面：（一）交易时间：交易时间是每天上午9点至下午2点，交易时间严格按照美国东部时间。

（二）标准合约：标准合约是指交易所上已经规定的具有固定交易单位、最小变动价值和到期月份等要素的交易合约。

标准合约的交易时间可以是1个月、3个月、6个月、12个月等多种期限。

（三）保证金：投资者在交易时必须缴纳一定比例的保证金，依据合约的规定而定。

futurecontract和forwardcontract是什么意思？

futurecontract和forwardcontract是什么意思？
future contract 是期货合约，指交易双方约定在未来的某一确定时间，按照事先商定的价格（如汇率、利率或股票价格等），以预先确定的方式买卖一定数量的某种标的物的合约。

其中合约中规定在将来买入标的物的一方称为买方（或多头），在将来卖出标的物的一方称为卖方（或空头）。

合约中规定的未来买卖标的物的价格称为交割价格。

在合约签订的时刻，所选择的交割价格应该使得远期合约的价值对双方都为零，否则就存在套利机会。

这意味着无需成本就可以处于远期合约的多头或空头状态。

forward contract是远期合约，是一种非标准化的合约，它不在规范的交易所内交易，通常在两个金融机构之间或金融机构与其公司客户之间签署该合约。

在签订合约之前，双方可以就交割地点、交割时间、交割价格、合约规模等细节进行谈判，以便尽量满足双方的需求，因此具有较大的灵活性。

两个都是金融工具，保值的原理也很相似，最大的区别在于期货是标准化的合约，而远期是非标准化的。

第二组期货(Futures)

Definition(定义)
Futures, generally refers to a futures contract, refers to the futures exchange unified regulation, in the future a specific time and place of the delivery of the subject matter is a certain amount of standardization agreement. The subject matter, and that underlying assets, is the futures contract of the corresponding spot, the spot can be a commodity, such as copper or crude oil, also can be a financial tools, such as foreign exchange and bonds, also can be a financial indicators, such as three months inter bank lending interest rates or stock index. The generalized futures concept includes the exchange of the option contract. Most of the futures exchange and listed futures and options varieties.
And the difference between the stock(与股票的区别 )
1. In small stroke big: stock is full trading, how much money can buy how many shares, and the futures is the guarantee gold, namely are only required to pay 5% of the volume of business, can be carried out on 100% of the transaction. Such as investors have ten thousand Yuan, buy 10 Yuan a stock to buy 1000 shares, and investment futures can clinch a deal 100000 Yuan of commodity futures contract, which is the small stroke big. 1. Second, two-way trading: stock is a one-way deal, can only to buy the stock to sell; And the futures that can be first average can also sell first piece, this is the bilateral trade.

金融分析师（CFA）一级考试课本总结---Fix-income-derevat

金融分析师（CFA）一级考试课本总结---Fix-income-derevat金融分析师（CFA）一级考试课本总结- Fix income derevatIndenture是借贷双方的合约。

zero-coupon bonds，到期付par value，中间不付息，所以高折价发行，一般用半年期折现accrual bonds，类似zero coupon，以par value发行，有coupon rate，按利息按复利，到期结算step-up notes，coupon rate逐渐上涨。

Fix income derevative and alternative investmentsIndenture是借贷双方的合约。

zero-coupon bonds，到期付par value，中间不付息，所以高折价发行，一般用半年期折现accrual bonds，类似zero coupon，以par value发行，有coupon rate，按利息按复利，到期结算step-up notes，coupon rate逐渐上涨deferred-coupon bonds，第一次付息推迟。

浮息债券new coupon rate=reference rate+-quoted margin，upper limit 叫cap，lower limit叫floor，组合叫collar accrual bonds在付息日之间交易，有clean price和full price，计算交易日为止未付的利息。

Bond中的Optioncall feature，发债人可以以高于par value的价格买回，在call protection时期不能买回。

prepayment option，允许发债人提前支付本金给amortizing securityput feature，允许bondholder 提前收回principalconversion option，允许bondholder转换一定数量的普通股;如允许交换别的公司股票，叫做 exchange option回购协议，repo，卖证券的公司承诺在特定时间特定价格买回证券。

Future Contracts

Future Contracts: Future contracts are standardized contracts guaranteed by organized exchanges such as the New York Futures Exchange (NYFE), a part of the New York Board. Future Contracts like forward contracts, make commitments to deliver foreign exchange(or some other asset) at some future date. If a counterparty defaults on a future contract, however, the exchange assumes the defaulting party’s position and the payment obligations. Thus, unless a systematic financial market collapse threatens the exchange itself, future are essentially default risk free. In addition, default risk is reduced by the daily marking to market of contracts. This prevent the accumulation of losses and gains that occurs with forward contract.Bank Insurance Fund: A unit of the Federal Deposit Insurance Corporation (FDIC) which provides deposit insurance to non-thrift banks. The focus of the BIF is to separate the administration of banks and thrift insurance companies, though it also increased the deposit insurance of commercial and savings banks to $100,000. Both the Bank Insurance Fund and the Savings Association Insurance Fund were formed in 1989 in response to the savings and loan bailout. The two funds were merged into the Deposit Insurance Fund in 2005.Market Segmentation Theory：Market segmentation theory argues that individual investors have specific maturity preferences. Accordingly, securities with different maturities are not seen as the perfect substitutes under the market segmentation theory. Instead, individual investors have preferred investment horizons dictated by the nature of the assets and the liabilities they hold. And neither investors nor borrowers are willing to shift from one maturity sector to another to take advantage of opportunities arising from changes in yield.Securitized Mortgage Assets : Securitized mortgage assets refer to those assets that have been placed in a pool and sold directly into the capital markets. In the case of mortgages, the resulting capital market asset is a mortgage-backed security which (1) reflects a small portion of the total pool value; (2) can be traded in the secondary market; and (3) carries considerably less default or credit risk than the original mortgage or equity line because of the effects of diversification.Marginal Mortality Rate: In the mortality rate model, p1 is the probability of a grade B bond or loan surviving the first year of its issue. Thus 1-p,is the marginal mortality rate, A marginal mortality can show the historical default rate experience of bonds in any specific quality class in each year after issue on the bond or loan.The Repricing Gap: The repricing gap is a measure of the difference between the dollar value of assets that will reprice and the dollar value of liabilities that will reprice within a specific time period, where reprice means the potential to receive a new interest rate.The Revoling Loan : Revolving loans usually involve credit card debt, or similar lines of credit, and as a result the balance will rise and fall as borrowers make payments and utilize the accountsNet Long in Currency : A positive net exposure position implies a U.S FI is overall net long in a currency, (the FI han bought more foreign currency than it has sold) and faces the risk that the foreign currency will fall value against the U.S dollar, the domestic currency.Diseconomies of Scale: An economic concept referring to a situation in which economies of scale no longer function for a firm. Rather than experiencing continued decreasing costs per increase in output, firms see an increase in marginal cost when output is increased.Call Option: A call option gives the purchaser the right(but not the obligation) to buy the underlying security —a bond —at a prespecified exercise or strike price (X). In return, the buyer of the call option must pay the writer or seller an upfront fee known as a premium. This premium is an immediate negative cash flow for the buyer of the call, who potentially stands to make a profit if the underlying bong’s price rises above the exercise price by an amount exceeding the premium. If the price of the bond never rises above strike price, the buyer of the call never exercise the option. In this case, the option matures unexercised. The call buyer incurs a cost, premium, for the option, and no other cash flows results.。

FutureContracts

FutureContractsFuture Contracts: Future contracts are standardized contracts guaranteed by organized exchanges such as the New York Futures Exchange (NYFE), a part of the New York Board. Future Contracts like forward contracts, make commitments to deliver foreign exchange(or some other asset) at some future date. If a counterparty defaults on a future contract, however, the exchange assumes the defaulting party’s position and the payment obligations. Thus, unless a systematic financial market collapse threatens the exchange itself, future are essentially default risk free. In addition, default risk is reduced by the daily marking to market of contracts. This prevent the accumulation of losses and gains that occurs with forward contract.Bank Insurance Fund: A unit of the Federal Deposit Insurance Corporation (FDIC) which provides deposit insurance to non-thrift banks. The focus of the BIF is to separate the administration of banks and thrift insurance companies, though it also increased the deposit insurance of commercial and savings banks to $100,000. Both the Bank Insurance Fund and the Savings Association Insurance Fund were formed in 1989 in response to the savings and loan bailout. The two funds were merged into the Deposit Insurance Fund in 2005.Market Segmentation Theory：Market segmentation theory argues that individual investors have specific maturity preferences. Accordingly, securities with different maturities are not seen as the perfect substitutes under the market segmentation theory. Instead, individual investors have preferred investment horizons dictated by the nature of the assets and the liabilities they hold. And neither investors nor borrowers arewilling to shift from one maturity sector to another to take advantage of opportunities arising from changes in yield.Securitized Mortgage Assets : Securitized mortgage assets refer to those assets that have been placed in a pool and sold directly into the capital markets. In the case of mortgages, the resulting capital market asset is a mortgage-backed security which (1) reflects a small portion of the total pool value; (2) can be traded in the secondary market; and (3) carries considerably less default or credit risk than the original mortgage or equity line because of the effects of diversification.Marginal Mortality Rate: In the mortality rate model, p1 is the probability of a grade B bond or loan surviving the first year of its issue. Thus 1-p,is the marginal mortality rate, A marginal mortality can show the historical default rate experience of bonds in any specific quality class in each year after issue on the bond or loan.The Repricing Gap: The repricing gap is a measure of the difference between the dollar value of assets that will reprice and the dollar value of liabilities that will reprice within a specific time period, where reprice means the potential to receive a new interest rate.The Revoling Loan : Revolving loans usually involve credit card debt, or similar lines of credit, and as a result the balance will rise and fall as borrowers make payments and utilize the accountsNet Long in Currency : A positive net exposure position implies a U.S FI is overall net long in a currency, (the FI han bought more foreign currency than it has sold) and faces the risk that the foreign currency will fall value against the U.S dollar, the domestic currency.Diseconomies of Scale: An economic concept referring to a situation in which economies of scale no longer function for a firm. Rather than experiencing continued decreasing costs per increase in output, firms see an increase in marginal cost when output is increased.Call Option: A call option gives the purchaser the right(but not the obligation) to buy the underlying security —a bond —at a prespecified exercise or strike price (X). In return, the buyer of the call option must pay the writer or seller an upfront fee known as a premium. This premium is an immediate negative cash flow for the buyer of the call, who potentially stands to make a profit if the underlying bong’s price rises above the exercise price by an amount exceeding the premium. If the price of the bond never rises above strike price, the buyer of the call never exercise the option. In this case, the option matures unexercised. The call buyer incurs a cost, premium, for the option, and no other cash flows results.。