期货例题.pptVIP

The futures markets The function of futures markets is price discovery,price risk hedging,and market efficiency improving. Futures contracts are a prmiise between two parties to exchange a commodity at aspecified time and place in the future for a stated price. Most market participants prefer to offset futures positions,rather than to make actual delivery. Futures market used primarily for either risk management or spculation,and neither purpose requires delivery. Parties who have bought a futures contract are said to have taken a long position. Parties who have sold a futures contract are said to have taken a short position. The buyer and seller of futures contracts make their contract not with each other but with the clearinghouse associated with the futures exchange. Futures trading takes place only on government-regulated exchanges. The buying and selling of futures contracts are carries out aii through brokers on futures exchange. If you go short and the futures price goes up,you lose money The price of the futures contract is negotiated and determined by open outcry between floor brokers or traders. A long position involves inflows greater than outflows in a currency and a short position involves outflows greater than inflows 2、 Basis n. 基差 The difference between the cash price and the futures price of a commodity. CASH－FUTURES=BASIS. Basis also is used to refer to the difference between prices at different markets or between different commodity grades. 3、Bear market (bear/bearish) When prices are declining，the market is said to be a“bear market”；individuals who anticipate lower prices are “bears”. Situations believed to bring with them lower prices are considered “bearish”. ?6、 Efficient Market 效率市场 A market in which new information is immediately available to all investors and potential investors. A market in which all information is instantaneously assimilated and therefore has no distortions. 36、?? Bull market (bull/bu