Futures Markets
期权期货常用英语（Optionfutures）
期权期货常用英语（Option futures）Abandon abandon: confirm option failureActuals in stock (LME generally uses physical)Arbitrage inter market arbitrageAssay test analysisAsk asking for priceAt-the-Money equal value: the performance price of the option is exactly the same as the current price of the current option futures contractBack pricing effective time pricing: producers usually use the LME settlement price as the benchmark and the daily settlement price is valid until noon the following day. Also known as Known the (Pricing on pricing)Backwardation spot Premium: the spot price is higher than the futures price (also known as Back). It is the reverse market and the inverted MarketBase, Metal, base metal, fund: metals other than gold, silver, and platinumBar Chart bar graphBasis: the basis of a commodity spot price and futures price differenceBasis Price basic price, exercise price: the price in which the seller and the Buyer agree and conclude the transaction in the options transaction. Also known as Price (Strike price), usually for the current market priceBear short seller, bearish: Contrary to BullBear Covering ends the short positionBear, Market, bear markets, bear markets: markets where prices have generally fallenBear Position has been selling the futures short positions: hope the future will at a lower price to buy, sell and profit is now the difference between the purchase price laterBest Orders best buy and sell order (Buying/Selling, at, Best)Bid buyer's offerBond bondBottom bottom price: the lowest price for a period of timeBorrowing borrow (Borrowing metal from the market): buy near futures at the same time, sell far futuresBreak slump, sudden rise, breakthrough: prices appear larger fluctuationsBroker brokers, brokersBull bulls, Bulls: the opposite of BearBull, Market bull markets, bull markets: markets where prices have generally risenBull Position long position: buy futures and expect to sell at a higher price later. The profit is the difference between the present and future selling pricesBusiness Day trading dayBuying Hedge (Long Hedge) buy hedgeBuy In: open, hedge, or close a short positionBuy on Close buy at close: buy at closing price at closingBuy on Opening open to buy: buy at the opening price at the openingCall Option call option, delay buying options: allow buyers to buy a specified futures contracts according to a specific power price. When the expected market value is bullish, a call option, such as a buyer's mistake, can be waived. The risk of loss is only the premium of the purchase optionCall Price call priceCanceling Order undo instruction: the instruction to cancel theprevious instructionCarrying borrows and lends: LEM refers to the borrowed loan, and it also represents a borrowing operation that causes the borrower to deposit the metal that he holds into the LEM registered warehouseCarrying Charge storage costs: the storage, payment of insurance, loss, interest, etc.Cash pays cash on hand: LEM means cash delivery for second days after the closing of the spot transaction at settlement price; other exchanges often refer to spot transactionsCashCarry borrow: futures premium, the impact on the long term premium goods often during storage, insurance, the cost of capital. When the metal is in excess, the futures premium tends to expand. As the traders buy near futures futures, the financing cost of futures is low, which makes the bank lending attractiveCash Commodity spot merchandiseCash Today next day delivery: the delivery date of the contract is the next trading dayCFTC Commodity Futures Trading Commission: futures trading is managed by the office of the commodity exchange of the Ministry of AgricultureClear, Clearance liquidation: settlement of funds for futurescontractsClearing House clearing houseClearingMember settlement member: the member company of the clearing house. The settlement member must be a member of the clearing houseClerk floor brokerage assistant: authorized to act as a floor brokerClient Contract commission contract: settlement contract between members and non settlement members, non settlement members and other tradersClient Option: the principal option options trading either Junfei trading settlement membersClose closeClosing Range closing price rangeCOMEX（纽约商品交易所）纽约商品交易所委员会佣金承诺承诺（或未结清权益）大宗商品交易中心（CEC）纽约商品交易中心：纽约商品交易所、纽约商业交易所（NYMEX）、纽约棉花交易所、咖啡糖可可交易所的所在地委员会（证监会或丝房子房子房子）经纪商行代办行升水期货升水：金属近期供货充足时，远期价高于现货价是为正向市场，顺价市场。
投资学 原书第11版 Ch22 Futures Markets
• Only 1-3% of contracts result in actual delivery of the underlying commodity
INVESTMENTS | BODIE, KANE, MARCUS
• Convergence of Price — As maturity approaches the spot and futures price converge
INVESTMENTS | BODIE, KANE, MARCUS
22-12
Margin and Trading Arrangements
changes hands
INVESTMENTS | BODIE, KANE, MARCUS
22-4
Basics of Futures Contracts
(3 of 3)
• Profit to long = Spot price at maturity Original futures price
• The payoff to the long position can be negative because the futures trader cannot walk away from the contract if it is not profitable
INVESTMENTS | BODIE, KANE, MARCUS
• The exchange acts as a clearing house and counterparty to both sides of the trade
期货词典
futures 期货futures market 期货市场futures contract 期货合约stock index futures 股指期货underlying asset 标的contract multiple 合约乘数contract size 合约价值contract month 合约月份expiration date 到期日delivery date 交割日delivery month 交割月份delivery price 交割价格options 期权exercise price 执行价格call option 认购期权put option 认沽期权european option 欧式期权american option 美式期权premiun 权利金intrinsic value 内在价值time value 时间价值bull market 牛市bear market 熊市financial futures 金融期货commodity futures 商品期货basis 基差basis risk 基差风险exchange 交易所futures exchange 期货交易所clearing house 结算所broker 经济人come on! I feel strongly that I can make it. 加油！我坚信我一定能成功！二.市场参与者:结算会员 clearing member特别结算会员 special clearing member全面结算会员 general clearing member交易结算会员 trading and clearing member 交易会员 trading member 期货公司 futures brokerage company介绍经济商 introducing broker , IB做市商 market maker套期保值者 hedger套利者 arbitrageur投机者 speculator抢帽子者 scalpers散户 retail/individual investor机构投资者 institutional investor居间人 broker对冲基金 hedge fund出市代表 floor trader交易主持 trading host经济业务联系人 associated person , AP结算交割员 settlement clerkCheer up! Nothing is impossible to a willing heart. 心之所愿，无事不成。
对外经济贸易大学金融学院金融专业英语试题
对外经济贸易大学2002年攻读硕士学位研究生入学考试金融学院金融专业英语试题（英译中，五段，每段20分，共100分）1.What is a bank?As important as banks are to the economy as a whole and to local communities, there is much confusion about exactly what a bank is. Certainly banks can be identified by the functions (services or roles) they perform in the economy. The problem is that not only are the functions of banks changing, but the functions of their principal competitors are changing as well. Indeed, many financial institutions including leading security dealers, brokerage firms, mutual funds, and insurance companies arc trying to be as similar as possible to banks in the services they offer. Bankers, in turn, are challenging these nonblank competitors by lobbying for expanded authority to offer real estate and full-service security brokerage, insurance coverage, investments in mutual funds, and many other new services.As important as banks are to the economy as a whole and to local communities, there is much confusion about exactly what a bank is. Certainly banks can be identified by the functions (services or roles) they perform in the economy. The problem is that not only are the functions of banks changing, but the functions of their principal competitors are changing as well. Indeed, many financial institutions including leading security dealers, brokerage firms, mutual funds, and insurance companies arc trying to be as similar as possible to banks in the services they offer. Bankers, in turn, are challenging these nonblank competitors by lobbying for expanded authority to offer real estate and full-service security brokerage, insurance coverage, investments in mutual funds, and many other new services.The result of many legal and regulatory changes is a state of confusion in the public’s mind today over what is or is not a bank. The safest approach is probably to view these institutions in terms of what types of services the offer the public. Banks are those financial institutions that offer the widest range of financial services especially credit, savings, and payment services and perform the widest range of financial functions of any business form in the economy. This multiplicity of bank services and functions has led to banks being labeled“financial department store”.2. The Adoption of Indirect Instruments of Monetary PolicyIn the late 1970s, industrial countries began phasing out the direct instruments some of them used to operate monetary policy-including credits controls, interest rate ceilings, and sometimes directed credits-and began moving toward full reliance on indirect instruments, such as open market operations, rediscount facilities, and reserve requirement. In more recent years, there has been also an increasing tendency for the developing countries and the economies in transition to adopt such instruments.The greater use of indirect monetary instruments can be seen as the counterpart in the monetary area to the widespread movement toward enhancing the role of price signals in the economy more generally. Both have the same objective of improving market efficiency. Perhaps even more critically, moves to indirect instruments are taking place in an increasingly more open economic environment, with widespread adoption of current account convertibility. In such an environment, direct instruments have become increasingly ineffective, leading to inefficiencies and disintermediation. In the absence of indirect instruments of monetary policy, the authoritieswould, therefore, be unable to counter any problems of excess liquidity, which would impede their efforts to stabilize the economy.3. Why banks are so heavily regulated?Why are banks so closely regulated? There are number of reasons for this heavy burden of government supervision, some of them centuries old.First, banks are among the leasing repositories of the public’s savings especially the saving of individuals and families. While most of the public’s saving are placed in relatively short-term, highly liquid deposits, banks also hold large amounts of long-term savings in individual retirement accounts (IRAs). The loss of these funds due to bank failure or bank crime would be catastrophic to many individuals and families. But, many savers lack the financial expertise and depth of information needed to correctly evaluate the riskiness of a bank. Therefore, regulatory agencies are charged with the responsibility of gathering and evaluating the information needed to assess the true financial condition of banks in order to protect the public against loss.Banks are also closely watched because of their power to create money in the form of readily spendable deposits by making loans and investments. Changes in the volume of money created by banks appear to be closely correlated with economic conditions, especially the growth of jobs and the presence or absence of inflation.Banks are also regulated because they provide individuals and businesses with loans that support consumption and investment spending. Regulatory authorities argue that the public has a keen interest in an adequate supply of loans flowing from the banking system. Moreover, where discrimination in the granting of credit is present, those individuals who are discriminated against face a significant obstacle to their personal well-being and an improved standard of living. This is especially true if access to credit is denied because of age, sex, race, national origin, or similar factors.Finally, banks have a long history of involvement with government federal, state, and local. Early in the history of the industry governments relied upon cheap bank credit and the taxation of banks to finance armies and to supply the funds they were unwilling to raise through direct taxation of their citizens. More recently, governments have relied upon banks to assist in conducting economic policy, in collecting taxes, and in dispensing government payments.4. Financial FuturesA financial futures contract is an agreement between buyer and a seller reached today that calls for the delivery of particular security in exchange for cash at some future date . The market value of a futures contract changes daily as the market price of the security to be exchanged moves over time. As a result, futures contracts are “marked to marker”each day to reflect the current value of the assets subject to eventual delivery under each futures contract, and a cash payment may have to be made (usually to a broker) by one or the other party to the contract in order to protect against possible loss.The financial futures markets are designed to shift the risk of interest rate fluctuations from risk-averse investors, such as commercial banks, to speculators willing to accept and possibly profit from such risks. Futures contracts are traded on organized exchanges (such as the Chicago Board of Trade or the London Futures Exchange), where floor brokers execute orders received from the public to buy or sell these contracts at the best prices available. Then a bank contacts an exchange broker and offers to sell futures contracts (I, e., the bank wishers to “go short”in futures), this means it is promising to deliver securities of a certain kind and quality to the buyerof those contracts on a stipulated date at a predetermined price. Conversely, a bank may enter the futures market as buyer of futures contracts (i.e., the bank chooses to “go long”in futures), agreeing to accept delivery of the particular securities named in each contract and to pay cash to the exchange clearinghouse the day the contracts mature, based on their price at that time.5. Offshore Financial Center (OFC)An offshore financial center (OFC) may be defined as jurisdiction in which transactions with non-residents far outweigh transactions related to the domestic economy. They have developed by offering an attractive tax, legal and/or regulatory environment. In particular, the absence of inheritance, wealth, withholding or capital gains taxes can make the environment in OFCs very favorable to, for example, internationally mobile individuals. Zero or low direct taxes can make it attractive for companies conducting business with non-residents to incorporate in OFCs. Ina similar vein, the corporate legal environment may facilitate speedy adoption of new financial products or allow greater flexibility in restructuring and refinancing options. Political and economic stability and the presence of high quality professional (eg legal and accounting) and supporting services are also important in attracting business from other major financial centers.A number of important OFCs are small island states, with few domestically owned financial institutions, a large number of “brass-plate” institutions and little non-financial economic activity. The Cayman Islands and the British Virgin Islands are obvious examples. But the distinction between OFCs and other financial centers is not clear-out. Some economies. Such as Hong Kong and Singapore have a significant volume of entrepot business alongside domestically orientated financial intermediation. The term “OTC”is , furthermore, sometimes also used in connection with special tax and/or regulation zones that are established within the borders of a country to attract non-resident business (for example Labuan in Malaysia, or the International Financial Services Center in Dublin).1．银行是什么？无论是对于整个经济还是对于某一地区的经济而言，银行都是很重要的，同样地，人们对银行的准确含义也充满了困惑。
期权期货讲义
6
Derivatives
Mechanics of Futures and Forward Markets
Margin
Terminology
—Margin account（保证金帐户） —Initial margin（初始保证金） —Marking to market（盯市） —Maintenance margin（维持保证金） —Margin call（保证金催付） —Variation margin（变动保证金）
4
Derivatives
Mechanics of Futures and Forward Markets
The Specification of the Futures Contract
The Specification of the Futures Contract
—Daily price Movement Limits
—contract size is 100 ounces. —futures price is $400 —initial margin requirement is $2,000/contract ($4,000 in total) —maintenance margin is $1,500/contract ($3,000 in total)
Margin
A margin is cash or marketable securities deposited by an investor with his or her broker The balance in the margin account is adjusted to reflect daily settlement(日结算) Margins minimize the possibility of a loss through a default on a contract
Chapter 1-Fundamentals of Futures and Options Markets
Futures Price
The futures prices for a particular contract is the price at which you agree to buy or sell It is determined by supply and demand in the same way as a spot price
21
Reasons for Trading Derivatives: Hedging Speculation Arbitrage
22
Reasons for Trading Derivatives:
Hedge funds trade derivatives for all three reasons When a trader has a mandate to use derivatives for hedging or arbitrage, but then switches to speculation, large losses can result
14
Foreign Exchange Quotes for USD/GBP exchange rate on July 17, 2009
Spot Bid 1.63d
3-month forward 6-month forward
1.6380
1.6378 1.6376
April: the price of gold $1065 per oz What is the investor’s profit?
11
Over-the-Counter Markets
基金词汇中英对照
基金词汇中英对照基金词汇中英对照在平凡的学习、工作、生活中，大家都接触过很多的词汇吧，那么关于基金的词汇你又知道哪些呢？以下是店铺精心整理的基金词汇中英对照，仅供参考，欢迎大家阅读。
基金词汇中英对照 1效率前缘 Efficient Frontier高收益 High Yield基金公会 HKIFA基金经理 Fund Manager基金销售文件 Prospectus基准 Benchmarks被动式管理 Passive Management离岸基金 Offshore Fund最大跌幅 Maximum Drawdown揣测最佳时机 Market Timing期货管理型基金 Managed Futures短仓 /淡仓 Short Position跌势差 Downside Deviation雇主供款 Employer Contribution雇员供款 Employee Contribution新高价 High-On-High Basis新兴市场 Emerging Markets新兴市场基金 Emerging Markets Fund管理费 ManagemantFee增长和收入基金 Growthand Income Fund严格评估 Due Diligence买入价 Bid Price买卖差价 Bid-offer Spread传统基金 Traditional Fund债券基金 Bond Fund单一对冲基金 Single Strategy Hedge Fund单位 Unit单位信托基金 Unit Trust卖出价 Offer Price奖励费 Incentive Fees对冲 Hedge对冲基金 Hedge Fund对冲基金的基金 Fund Of Hedge Funds (FoHFs) 对冲基金指引 Hedge Funds Guidelines开放式基金 Open-end Fund强制性供款 Mandatory Contributions强积金 Mandatory Provident Fund Scheme-MPF 总回报 T otal Return标准差 Standard Deviation环球宏观 Macro Funds环球基金 Global Fund绝对回报 Absolute Return认可基金 Authorised Funds认沽期权 Put Option/Put认股权证基金 Warrant Fund认购期权 Call Option/Call证券借出 Stock Lending贝他系数 Beta资产分配 Asset Allocation资产净值 Net Asset value-NAV赎回 Redemption赎回通知期 Redemption Notice Period赎回费 Redemption Fee赎回费 / 买入费 Redemption Price / Bid Price 进取型的投资管理 Aggressive Growth进取型增长基金 Aggressive Growth Fund长 / 短仓持股 Long/Short Equity长仓 / 好仓 / 持货 Long Position预设回报率 Hurdle Rateh主动式管理 Active ManagementCalmar 比率 Calmar RatioSharpe比率 Sharpe RatioSortino比率 Sortino Ratio入息基金 Income Fund子基金 Baby Funds/Underlying Funds已调整风险回报 Risk-adjusted Return互惠基金 Mutual Fund公积金计划 Pension Plan分散投资 Diversification主要经纪 Prime Broker可换股债券套戥 Convertible Bond Arbitrage 另类投资 Alternative Investment市场中立 Market Neutral平均成本效益 Dollor-cost Averaging再投资 Reinvestment合并套戥 Merger Arbitrage地区基金 Regional Fund如计划为伞子基金 Umbrella Fund有限责任 Limited Liability自愿性供款 Voluntary Contributions行业/主题基金 Sector/Theme Fund价值型管理 value均衡基金 Balanced Funds投资年期 Time Horizon投资组合 Portfolio投资顾问 Investment Adviser杠杆 Leverage/Gearing杠杆借贷比率 Leverage Ratio每日估值 Daily Valuation每年回报 Annual Return供款 Contribution受压 / 濒临破产的' 证券 Distressed Securities定息工具套戥 Fixed Income Arbitrage定息基金 Fixed-income Fund承受风险能力 Risk T olerance注册地 Domicile沽空 Short Selling波幅 Volatility股份 Share股息分派 Dividened Distributions股票基金 Equity Fund表现费 Performance Fees阿尔法系数 Alpha非认可基金 Unauthorised Fund信托人 Trustee保本对冲基金 Capital Guaranteed Hedge Funds封闭式基金 Closed-end Fund界定利益计划 Defined Benefit Plan界定供款计划 Defined Contribution Plan相关系数 Correlation重大事件主导的投资 Event Driven/Special Situations 首次认购费 Front-end Fee基金词汇中英对照 2Efficient Frontier效率前缘High Yield高收益HKIFA基金公会Fund Manager基金经理Prospectus基金销售文件Benchmarks基准Passive Management 被动式管理Offshore Fund离岸基金Maximum Drawdown 最大跌幅Market Timing揣测最佳时机Managed Futures期货管理型基金Short Position短仓 /淡仓Downside Deviation 跌势差Employer Contribution 雇主供款Employee Contribution 雇员供款High-On-High Basis新高价Emerging Markets新兴市场Emerging Markets Fund新兴市场基金Managemant Fee管理费Growthand Income Fund 增长和收入基金Due Diligence严格评估Bid Price买入价Bid-offer Spread买卖差价Traditional Fund传统基金Bond Fund债券基金Single Strategy Hedge Fund 单一对冲基金Unit单位Unit Trust单位信托基金Offer Price卖出价Incentive Fees奖励费Hedge对冲Hedge Fund对冲基金Fund Of Hedge Funds (FoHFs)对冲基金的基金Hedge Funds Guidelines对冲基金指引Open-end Fund开放式基金Mandatory Contributions强制性供款Mandatory Provident Fund Scheme-MPF 强积金Total Return总回报Standard Deviation标准差Black-Scholes毕苏期权定价模式Macro Funds环球宏观Global Fund环球基金Absolute Return绝对回报Authorised Funds认可基金Put Option/Put认沽期权Warrant Fund认股权证基金Call Option/Call认购期权Stock Lending证券借出Beta贝他系数Asset Allocation资产分配Net Asset value-NAV资产净值Redemption赎回Redemption Notice Period 赎回通知期Redempti。
Can Election Futures Markets Be More Accurate Than Polls期货市场可以选举比投票更准确
Wring good questions is hard. It requires a great deal of skill and experience. It also requires a determination to avoid introducing bias.
• Probability sampling is the basis for all scientific survey research. The basic idea is that a small, randomly selected sample of a population can represent the opinions of all of the people in the population.
The first approach is to use the traditional and highly sophisticated
opinion polls conducted by such well-known organizations as Gallup
and Harris.
What are the challenges that public opinion companies face in their efforts to get accurate results?
Now, however, there is a new approach to predicting election outcomes that is proving to be even more accurate than polling. This approach involves using futures markets—where people risk some of their own money— to predict the outcome of such things as presidential elections.
Futures Markets：期货市场
The Nuts and Bolts of Futures Markets1P.J. van Blokland and Bryan Harrington2Importance of Futures MarketThe futures market, like any market, serves as a medium of exchange. In an equity market people buy and sell shares of stock. In a futures market, people buy and sell contracts for commodities and financial instruments (collectively called "commodities" in this paper). The major difference between the two markets is that when investors buy stocks, they become owners in the company, and when investors buy futures contracts, they enter into an agreement to deliver or receive delivery of a commodity at some predetermined time in the future. They can, but need not, become owners of the commodities they trade.The trades in futures markets set world prices for these commodities. The commodities themselves include in rough order of importance:1.Interest rates, composed mainly of Treasuries, Eurodollars, Fed Fund Rates,LIBOR, and Euro currency spreads like the Euro Yen.2.Petroleum products, which include Crude Oil, Gasoline, Natural Gas, and HeatingOil.3.Stock indexes trade the Dow, the S & P 500, and the Mid-Cap 400, the Russell2000, Nasdaq indices, and foreign indices such as the Nikkei, the Dax, and FTSE.4.Currency consists of major currencies such as the Yen, Deutsche Mark, Pound,French and Swiss Franc, Canadian and Australian dollar, and the Peso.5.Precious metals such as Gold, Silver, Platinum, and Palladium.6.The agriculture sector, including all major row crops and animal industries as wellas major commodities such as sugar, cocoa, coffee, and fiber. Interestingly, agriculture was the major group in futures markets until the early 1970s when financials started and quickly dominated futures trading.Daily trade in Chicago alone, the main center for futures markets in America, runs into billions of dollars. Yet EUREX of Germany and Switzerland has 40 percent more trading volume than the largest Chicago exchange (Chicago Mercantile Exchange). Futures are huge markets, totally dwarfing the far better known equity markets such as the New York Stock Exchange. Monthly futures trading in the world is measured in trillions of dollars. So it is somewhat surprising that most individuals are both unaware and uninformed about these markets.Futures markets exist because they provide huge benefits to a great many firms and people. Yet mainly two types of traders use them, namely hedgers and speculators. Hedgers use the futures market as a price insurance policy and supply the commodity to the market. Speculators use it like the equity market as a source of capital gains and provide the capital and hence the liquidity. The market needs both for operation. The twogroups are like the two blades of a pair of scissors. Both blades cut equally if the tool works. Likewise the market cannot function properly without a lot of hedging and speculating. The more there is, the deeper the market and the smaller the price differences among trades. The smaller these are, the better the market is for the final consumer, which is us.Futures TerminologyInevitably, there is some terminology to learn. Futures cannot be understood without knowing the terminology. For example, traveling in Quebec is enhanced by speaking at least some French. The same argument applies here. Futures terminology includes: •Underlying:The commodity that makes up the subject matter of the futures contract. A futures contract is a derivative instrument, meaning it gets its value from something else. The "something else" is the underlying. For example, the underlying for the corn contract is 5,000 bushels of corn, and the underlying for the corn option is the corn contract.•Hedge: To take a position in both futures and cash markets. This is done solely to reduce risk of price movement in the cash market. For example, a corn farmer wants to sell cash corn in his local market. To get a price that will mature, he enters into futures contract to sell corn at about the same time as he takes his cash corn to the market. In market terminology, he short futures.•Cash Market:The physical commodity market in which everyone normally trades. For example, buyers and sellers gather at markets to buy and sell corn;bankers buy and sell interest rates or currencies; oil producers and refiners agree on crude oil prices; mutual funds buy and sell stock indices; local, national, and foreign governments purchase Treasuries; and so on, all in everyday cash markets.•Spot Market: Refers to the terms of delivery, rather than to the terms of payment.A spot transaction can involve cash or credit. But because it is a cash markettransaction, the cash price paid for the good is often called the "spot price". And spot usually means the current or today's price.•Speculators:Buyers and sellers of commodities, with the sole intention of making money and realizing capital gains. Many of the best are pit traders in the exchanges and are called locals. They do not produce, nor do they intend to take delivery of the commodities they trade.•Long: A person who promises to receive a commodity in the future is said to be "long" in the market. For example, a buyer of corn that will be received six months hence has a long position in corn. Realize that this individual can be eithera hedger or a speculator.•Short: A person who promises to sell something in the future is said to be "short"in the market. The same provisos apply as in the above definition.•Futures Contract: This is the unit that is actually traded in futures markets. All the commodities are traded in contracts. Each contract is unique to that commodity in terms of size, delivery date, and quality. It is a legally binding document that obligates the owner to deliver or receive delivery of a specific quantity and quality of that commodity at a specific time and place. For example,corn is traded in contracts of 5,000 bushels of #2 yellow corn and the municipal bond contract is $1,000 times the Bond Buyer Municipal Bond Index.•Volume: The daily volume of the market is the number of contracts that traded hands on that day. Interestingly, fewer than one percent of contracts are actually delivered; 99 percent of contracts are offset before delivery. This shows that futures markets are not delivery markets but risk reduction and profit seeking markets. This is what makes the markets liquid and highly efficient.History of the Futures MarketIn 1851, Midwest grain traders and affluent Chicago businessmen established the Chicago Board of Trade (CBOT) on Chicago's Water Street. The CBOT's purpose was to maintain a commercial exchange; to promote uniformity and equity in trade; to acquire and make available valuable economic information; and to settle disputes by arbitration among merchants, warehouses, and traders to eliminate as many law suits as possible (Ferris, 1988).The exchange's function grew and soon became a risk management tool for farmers and input consumers. As time went forward, additional commodities were added to the exchange, and new exchanges were founded to house additional commodities. The advent of the computer age has led to greater efficiency in the markets. As a result, more accurate price discovery has occurred, perhaps the best in the world.The Exchange and the Clearing HouseEach exchange provides the facilities for traders to buy and sell commodities, referee and record these trades, and simultaneously provide the resulting prices throughout the world continuously. The U.S. exchanges are self-policing and have never reneged on a trade. Trade conduct and efficiency are roles of the clearing house. A clearing house is an institution that monitors all the transactions of the exchange. It appoints a physical location for delivery and reception to occur. It acts as arbitrator on behalf of an exchange. It listens to traders' grievances and metes out decisions based on the facts provided. All decisions made by the clearing house are binding, and the traders grant this authority to the clearing house as part of every trade. Most important of all, it is a long for every short and a short for every long, thereby guaranteeing each trade made in the exchange.The two main types of exchanges are "open outcry" (physical building) and "electronic" (computer). In an open outcry exchange (e.g., CBOT), there is a physical building with a trading floor that has "pits". Each pit is designated for a single commodity that is traded at the exchange. The pits are large octagonal structures on the floor of the exchange that are lined with steps/stairs. The stairs are located around the entire interior of the pits. The pits are designed so that all traders can see one another. All trading must take place within the pit and during the trading hours set for each commodity by the exchange.There is one pit for every commodity (mostly) and all of its contract dates. Each level of steps within a pit helps to identify the contract date on which a trader wishes to deal. Thus September corn is traded in one area and December corn in another. Hand gestures and shouting between traders help to communicate price and quantity of the contracts being traded. All traders can thus see and hear what other traders are doing even where there are several hundred traders like the Eurodollar pit.At the end of the trading day, all trades are compiled and every sell order must be matched up with a corresponding buy order. In the terminology of the exchange, every "short" must have a "long". Outside the pits, a great deal of activity takes place. Brokerage officials take the orders, runners relay the order information to the traders in the pits, and trading referees watch over the exchange to ensure that fair-trading occurs. On the other hand, the electronic exchange occurs via the Internet, not in the physical environment of a pit. Like the open outcry exchange, only members are allowed to trade on the electronic exchange. Memberships are limited and can be bought and sold. While a corporation cannot buy an electronic exchange membership, it can financially back an individual's membership requirements.The electronic exchange has a cost advantage over the open outcry exchange because it does not require a huge physical space for trading to occur (e.g., the Chicago Board of Trade takes up more than two city blocks of space). An electronic exchange requires a much more modest space, leading to considerable cost savings, which can be passed on to brokers and other users. This cost reduction provides an additional incentive to traders to get involved in the market.TradersThe two types of traders in the futures exchange are "hedgers" and "speculators". Hedgers include traders such as bankers; mutual funds; pension portfolios; currency dealers; brokerage houses; and the agricultural industry, including retailers and processors. Hedgers use the futures market to guarantee the future prices of products. Their goal is to reduce the risk of owning commodities that might have adverse price movements. Most hedgers rely on brokers to execute their trades.Speculators have no desire to deliver or take delivery of the commodity. Their objective is simply to make money, nothing else. They practice the ancient art of arbitrage. They take advantage of price differences, and in so doing they turn a profit.The two types of traders have a synergistic relationship. One cannot exist without the other. The hedger provides the physical commodity, and the speculator provides the capital to the market.Illustrating a TradeThe simplest example of a trade is probably a farming one:•It is March and a farmer (hedger) plans to plant corn in April and wants to protect the value of his investment in purchasing the necessary inputs by obtaining a profitable price for the harvest corn in November.•He wants to bolster the spot price by realizing gains in the futures market.Therefore, he contacts his broker in March and instructs the broker to short the number of December contracts that he thinks he will harvest, or a lower amount to guard against any crop failure. The December contract is the nearest contract to his harvest. He believes that the futures price in March of a December contract is higher than the contract price will be closer to maturity.•The broker then calls the exchange representative and instructs him to sell a certain number of December corn contracts at or above an agreed price that the hedger supplied.•The exchange representative then hands the market order to a runner. The runner then takes the order to the corn pit and hands it to their trader.•The trader then finds a buyer at or around the price for which the hedger is willing to short and motions his intent. Since the trader is trying to sell, he will make a motion with his palms out towards the pit, indicating that he wishes to short the commodity. Another trader will see that someone wishes to short, and if the trader agrees on the price, he will make a motion with his hands like an inward wave to buy.•The trader, who was acting on the hedger's behalf, gives the runner a confirmation of the trade. The runner takes this information back to the brokerage representative, who then contacts the brokerage. The broker calls the hedger to confirm the trade.Typically, his whole process can be completed in five minutes.Final RemarksThese are the essential "nuts and bolts" of futures markets. This paper is intended solely to provide a brief but fairly comprehensive synopsis of futures.ReferencesFerris, William. The Grain Traders. East Lansing, MI: Michigan State Press. 1988.Stephens, John. Managing Commodity Risk. New York, NY: John Wiley and Son, Limited. 2000.。
投资词汇中英对照
投资词汇中英对照从金融学角度来讲，相较于投机而言，投资的时间段更长一些，更趋向是为了在未来一定时间段内获得某种比较持续稳定的现金流收益，是未来收益的累积。
接下来小编为大家整理了投资词汇中英对照，希望对你有帮助哦!投资词汇中英对照：SEHK联交所Senior Bond优先债券Settlement结算Short Hedge空头对冲Short Position空仓Short Selling抛空/沽空Speculation投机Stock Splits股票分拆Subordinated Bond后偿债券Substantial Shareholder大股东Support Level支持价位Technical Analysis技术分析The Stock Exchange of Hong Kong Ltd.香港联合交易所有限公司Time Horizon投资期Trading Hours of SEHK联合交易所的交易时间Trading Rules交易规则Trust Deed信托契约Underlying Security认股权证相关的股份Unified Exchange Compensation Fund Scheme联合交易所赔偿基金Valuation估价Warrant认股权证Window Dressing粉饰橱窗Yield盈利率Yield To Maturity到期孳息率Zero Coupon Bond无息债券Accrued interest应得利息All-Ordinaries Index所有普通股指数Arbitrage套戥Ask Price买价Asset-Backed Securities具资产保证的证券At-the-money刚到价Automatic Order Matching And Execution System自动对盘及成交系统Basis Point基点Bear Markets熊市Bid Price卖价Bid-ask Spread买卖差价Blue Chips蓝筹股Bond债券Book Value账面值Broker经纪Brokerage Fee经纪佣金Bull Markets牛市Call Option好仓期权/买入(认购)期权Callable Bonds可赎回债券Capital Gain资本增值Capital Markets资本市场Central Clearing and Settlement System中央结算系统Central Money Market Units债务工具中央结算系统Certificate of Deposits存款证China Concepts Stock中国概念股Closed-end闭端基金Collateral抵押品Commercial Paper商业票据Common Stock普通股Compound Interest复息Contract Note成交单Controlling Shareholder控制股东Convertible Bond可换股债券Corporate Bond公司债券Coupon票息Coupon Frequency派息次数Coupon Rate票面息率Covered warrants备兑认股权证Credit Rating信用评级Currency Board货币发行局Current Yield现价息率Custody of Securities证券托管Default Risk不能收回本金的风险Derivative Call衍生认购(认沽)认股权证Derivative Instrument衍生产品Direct Business直接成交Discount Bond折扣债券Diversification分散风险Duration期限Earnings收益Earnings per Share每股盈利Earnings Yield盈利率Equity股本Equity Call Warrants股本认购认股权证Ex-dividend除息Face Value/ Nominal Value面值Fixed Rate Bonds定息债券Fixed-income securities定息证券Floating Rate Bonds浮息债券Fundamental Analysis基本分析Future Value未来值Future Value of an Annuity定期供款之未来值Futures contract期货合约Hang Seng China Enterprises index恒生香港中资企业指数Hang Seng Index香港恒生指数Hang Seng London Reference Index恒生伦敦参考指数Hedge对冲Hong Kong Inter-Bank Offered Rate香港银行同业拆息Hong Kong Monetary Authority香港金融管理局Hong Kong Securities Clearing Company Ltd.香港中央结算有限公司H-Share股HSI Futures Contract恒生指数期货合约Income收入Index Fund指数基金Initial Public Offering首次公开招股Inside Information内幕消息Insider Trading内幕交易Intrinsic Value内在价值Investment投资Investment Adviser投资顾问IPO price首次公开招股价Junk Bond垃圾债券Leverage Ratio杠杆比率Limit Order限价指示Limited Company有限公司Liquidity变现能力Listing挂牌Listing Date上市日期Margin Call补仓Market Capitalisation市价总值Market Maker庄家Market Order市场指示Money Market货币市场Mutual Fund互惠基金Net Asset Value资产净值Offer For Sale公开发售Offer For Subscription公开认购Open Offer公开供股Open-end开放基金Option期权Oversubscribed超额认购Par Bond平价债券Par Value票面值Perpetual Bonds永久债券Placing配售Portfolio投资组合Preference Shares优先股Premium溢价(认股证)Premium Bond溢价债券Present Value现时值Present Value of An Annuity定期供款之现时值Price/Earnings Ratio市盈率Privatisation私有化Professional Conduct Regulations专业操守规例Prospectus招股书Put Option淡仓期权/卖出(认沽)期权Rate of Return收期率Real Interest Rate实质利率Red Chip红筹股Redemption Value赎回价值Reinvestment Value再投资利率Relative Strength Index/RSI相对强弱指数Repurchase Agreement回购协议Resistance Level阻力价位Return回报Rights Issue供股发行Risk-Averse, Risk-Neutral, Risk-Taking风险厌恶，风险中立，追求风险Securities And Futures Commission证券及期货事务监察委员会Securities Dealers´ Representatives证券交易商。
期货相关英语词汇汇总
期货相关英语词汇1. The function of futures markets is price discovery, price risk hedging, and market efficiency improving. 期货市场的功能在于价格发现、价格风险规避及市场效率提高。
2. Futures markets provide a current consensus of knowledgeable opinions about the future price of commodities or financial instruments.期货市场提供了对商品或金融工具未来价格综合信息所作出的市场判断。
3. Futures contracts are a promise between two parties to exchange a commodity at a specified time and place in the future for a stated price.期货合约是交易双方就在未来确定的时间和地点，按确定的价格交换某种商品的一种承诺。
4. Most market participants prefer to offset futures positions, rather than to make actual delivery.期货市场的交易者大都未进行实际交割，而是对市场部位对冲了结。
5. Parties who have sold a futures contract are said to have taken a short position.出售期货合约的出售者被认为是处在市场空头。
6. Futures trading takes place only on government-regulated exchanges.期货交易只能在政府管理的交易所内进行。
Lecture2-Forwards-and-Futures
Marking to Market
… …
EXCHANGE
PAYMENTS
Marking to Market
FEB 25 2012 CLOSING
Sell Order (5 futures FEB of HSBC)
BROKER
Buy Order (5 futures BROKER FEB of HSBC)
Selling futures or forwards is also called “taking a short position” .
2-3
Spot Market vs. Forward/Future Market
Stock
Time = t t=0 (today) t=1 week t=2 weeks t=3 weeks t=4 weeks t=5 weeks t=6 weeks
2- 8
Where Can We Buy Forward/Futures?
Forwards?
Over-the-counter (OTC) A computer- and telephone-linked network of dealers at financial
institutions, corporations, and fund managers Contracts can be non-standard and there is some small amount of
2000 Shares
PAYMENT !!!!
HKD 170000
2000 Shares
SETTLEMENT 22 FEB 2012
2- 6
I am buying 5 futures (FEB
13金融市场与产品
Mechanics Pricing and factors that affect it Uses in hedging and hedging strategies Delivery options
¾ Interest rates and measures of interest rate sensitivity ¾ Derivatives on fixed‐income securities, interest rates, foreign exchange, and equities ¾ Commodity derivatives ¾ Foreign exchange risk ¾ Corporate bonds
z z z
Hale Waihona Puke Issuer Maturity Face value/Par value
z z z
Coupon rate Seniority Redemption or conversion
PV3=FV3/(1+y )3 PV2=FV2/(1+y )2 PV1=FV1/(1+y)
FV1
FV2
FV3
0
8-165
么峥
¾职 称：FRM，浙江大学数学学士，浙江大学金融学硕士
2012年5月FRM一级基础班讲义 Financial Markets and Products
讲师：么峥 FRM 地点： ■ 上海 □北京 □深圳
上海金程国际金融专修学院
¾ 教授课程：金融市场与产品 ¾ 工作背景：现就职于国内某大型股份制商业银行，负责全行新 资本协议的实施工作；参与各新资本协议有关项目，包含信用 风险初级法改造、市场风险验证、第二支柱建设等项目；跟进 巴塞尔三定量测算与监管最新动态。 ¾ 联系方式：yzzju@
期货术语
futures market 期货市场。
futures contract 期货合约。
financial futures 金融期货。
commodity futures 商品期货。
financial futures contract 金融期货合约。
currency futures contract 货币期货合约。
interest rate futures contract 利率期货合约stock index futures contractfinancial forward contractclearing house 清算所。
initial margins 初始保证金。
settlement 交割。
short seller 卖空者。
the Gilts 金边债券。
futures delivery 期货交割。
futures transaction 期货交易。
hedging mechanism 规避机制。
market expectations 市场预期。
to defuse (attempted monopoly positions) 冲破（形成的市场垄断状况）。
clearinghouse 清算公司，票据交换所。
net settlement statussynthetic financial futures positionstatus inquirystock indexesstock index futurescurrency futuresdistant futures 远期期货。
nearby futures 近期期货。
on a discount basis （以）折价形式。
a long position 多头部位，利多形势。
a short position 空头部位，短缺头寸。
short purchase 买空，空头补进。
shifting riskbasis risk 基差风险。
convergeswing 变动（幅度），摆动，涨落。
货币银行学英语词汇
[经济学]7ProfitandLoss
![[经济学]7ProfitandLoss](https://img.taocdn.com/s3/m/f589be49f11dc281e53a580216fc700abb685239.png)
Calculating Profit: What Should be Included in Costs?
From the perspective of the profit-seeker, wages, rent and interest are costs of production.
Interest?
The price people pay to obtain resources now rather than to wait until they have earned the purchasing power with which to buy the resources
Like wage, rent is also contractually established and reduces uncertainty.
No one would consider wage and rent payments as profit.
8
Wage, Rent and Interest
4
Introduction
“Perhaps no term or concept in economic discussion is used with a more bewildering variety of well-established meanings than profit.”
-Frank Knight
19
Comparing Economic Profit and Accounting Profit
1st year total revenues = $85,000 1st year explicit costs = $45,000
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
22-5
Basics of Futures Contracts
• Profit to long = Spot price at maturity - Original futures price • Profit to short = Original futures price - Spot price at maturity • The futures contract is a zero-sum game, which means gains and losses net out to zero.
INVESTMENTS | BODIE, KANE, MARCUS
22-3
Basics of Futures Contracts
• A futures contract is the obligation to make or take delivery of the underlying asset at a predetermined price. • Futures price – the price for the underlying asset is determined today, but settlement is on a future date. • The futures contract specifies the quantity and quality of the underlying asset and how it will be delivered.
CHAPTER 22
Futures Markets
INVESTMENTS | BODIE, KANE, MARCUS
McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
22-2
INVESTMENTS | BODIE, KANE, MARCUS
22-9
Trading Mechanics
• Electronic trading has mostly displaced floor trading. • CBOT and CME merged in 2007 to form CME Group.
INVESTMENTS | BODIE, KANE, MARCUS
22-4
Basics of Futures Contracts
• Long – a commitment to purchase the commodity on the delivery date. • Short – a commitment to sell the commodity on the delivery date. • Futures are traded on margin. • At the time the contract is entered into, no money changes hands.
INVESTMENTS | BODIE, KANE, MARCUS
22-8
Existing Contracts
• Futures contracts are traded on a wide variety of assets in four main categories:
1. 2. 3. 4. Agricultural commodities Metals and minerals Foreign currencies Financial futures
Futures and Forwards
• Forward – a deferred-delivery sale of an
asset with the sales price agቤተ መጻሕፍቲ ባይዱeed on now.
• Futures - similar to forward but feature formalized and standardized contracts. • Key difference in futures – Standardized contracts create liquidity – Marked to market – Exchange mitigates credit risk
• Profit is zero when the ultimate spot price, PT equals the initial futures price, F0 . • Unlike a call option, the payoff to the long position can be negative because the futures trader cannot walk away from the contract if it is not profitable.
INVESTMENTS | BODIE, KANE, MARCUS
22-6
Figure 22.2 Profits to Buyers and Sellers of Futures and Option Contracts
INVESTMENTS | BODIE, KANE, MARCUS
22-7
Figure 22.2 Conclusions
• The exchange acts as a clearing house and counterparty to both sides of the trade. • The net position of the clearing house is zero.
INVESTMENTS | BODIE, KANE, MARCUS
22-10
Trading Mechanics
• Open interest is the number of contracts outstanding. • If you are currently long, you simply instruct your broker to enter the short side of a contract to close out your position. • Most futures contracts are closed out by reversing trades. • Only 1-3% of contracts result in actual delivery of the underlying commodity.