国际期货市场运作3TheModernFuturesExchang
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close as possible to the daily settlement prices.
THE RING
Between the hours of 11.45 and 17.00 London time, the LME publishes bid, ask and traded prices as category one ring dealing members trade metal futures ‘open outcry’ in the rings and kerbs.
The Original Futures Market of LME
Three Ways to Trade on the LME
A significant proportion of all LME contracts are traded in the ring sessions, including the kerb(场 外交易). The balance goes through the interoffice telephone market and LME Select.
上海期货交易所期货铜合约行情2005年10月12日
交割 月
前结算 今开盘 最高价 最低价 收盘价 结算价 涨跌1
成交手
0510 37980 38170 38250 38060 38070 38130
90 2640
0511 0512 0601
37550 37730 37910 37730 37780 37820 36980 37400 37470 37260 37300 37330 36380 36710 36850 36680 36740 36750
Crowning the Board of Trade Building is a statue of “Ceres”, the goddess of grain and harvest. The sculptor was John H. Stoors.
The other three exchanges are located in
LONGDON METAL EXCHANGE
The London Metal Exchange (LME) is the world’s premier non-ferrous metals market, with highly liquid contracts.
LONGDON METAL EXCHANGE
Four exchanges are in Chicago:
1. The Chicago Board of Trade (CBOT) is the world’s oldest futures exchange.
2. Chicago Board Options Exchange (CBOE) 3. The Chicago Mercantile Exchange (CME) 4. The Mid-America Commodity Exchange
Three Ways to Trade on the LME
The ring sessions, and especially the second morning rings from which official prices emerge, concentrate
liquidity because the physical trade requires prices as
Chapter 3 The Modern Futures Exchange
Five are in New York:
1.The International Securities Exchange 2.The Coffee, Sugar and Cocoa Exchange 3. The Commodity Exchange, Inc.(COMEX) 4. The New York Cotton Exchange (NYCE) 5. The New York Mercantile Exchange (NYMEX)
INTER-OFFICE
Category one and two member firms provide the LME with pre-trade indicative bid and ask prices for metal and index futures and traded options contracts 24 hours a day.
ห้องสมุดไป่ตู้
230 3826 320 26990 360 8612
0602 35890 36100 36300 36100 36290 36260 400 1014
(MidAm)
CBOT Building Features
This fine example of architecture of the late 1920’s rises forty-five stories above Lasalle Street at Jackson Boulevard.
1. Kansas City (the Kansas City Board of Trade---KCBT)
2. Minneapolis (the Minneapolis Grain Exchange---MGE)
3. Philadelphia (the Philadelphia Board of Trade--- PBOT)
Three Ways to Trade on the LME
The LME system of fixed points clearly helps with the identification of the firms trading, it is
only feasible because the Exchange has a small number of members permitted to take part in ring trading.
THE RING
Between the hours of 11.45 and 17.00 London time, the LME publishes bid, ask and traded prices as category one ring dealing members trade metal futures ‘open outcry’ in the rings and kerbs.
The Original Futures Market of LME
Three Ways to Trade on the LME
A significant proportion of all LME contracts are traded in the ring sessions, including the kerb(场 外交易). The balance goes through the interoffice telephone market and LME Select.
上海期货交易所期货铜合约行情2005年10月12日
交割 月
前结算 今开盘 最高价 最低价 收盘价 结算价 涨跌1
成交手
0510 37980 38170 38250 38060 38070 38130
90 2640
0511 0512 0601
37550 37730 37910 37730 37780 37820 36980 37400 37470 37260 37300 37330 36380 36710 36850 36680 36740 36750
Crowning the Board of Trade Building is a statue of “Ceres”, the goddess of grain and harvest. The sculptor was John H. Stoors.
The other three exchanges are located in
LONGDON METAL EXCHANGE
The London Metal Exchange (LME) is the world’s premier non-ferrous metals market, with highly liquid contracts.
LONGDON METAL EXCHANGE
Four exchanges are in Chicago:
1. The Chicago Board of Trade (CBOT) is the world’s oldest futures exchange.
2. Chicago Board Options Exchange (CBOE) 3. The Chicago Mercantile Exchange (CME) 4. The Mid-America Commodity Exchange
Three Ways to Trade on the LME
The ring sessions, and especially the second morning rings from which official prices emerge, concentrate
liquidity because the physical trade requires prices as
Chapter 3 The Modern Futures Exchange
Five are in New York:
1.The International Securities Exchange 2.The Coffee, Sugar and Cocoa Exchange 3. The Commodity Exchange, Inc.(COMEX) 4. The New York Cotton Exchange (NYCE) 5. The New York Mercantile Exchange (NYMEX)
INTER-OFFICE
Category one and two member firms provide the LME with pre-trade indicative bid and ask prices for metal and index futures and traded options contracts 24 hours a day.
ห้องสมุดไป่ตู้
230 3826 320 26990 360 8612
0602 35890 36100 36300 36100 36290 36260 400 1014
(MidAm)
CBOT Building Features
This fine example of architecture of the late 1920’s rises forty-five stories above Lasalle Street at Jackson Boulevard.
1. Kansas City (the Kansas City Board of Trade---KCBT)
2. Minneapolis (the Minneapolis Grain Exchange---MGE)
3. Philadelphia (the Philadelphia Board of Trade--- PBOT)
Three Ways to Trade on the LME
The LME system of fixed points clearly helps with the identification of the firms trading, it is
only feasible because the Exchange has a small number of members permitted to take part in ring trading.