【国际期货市场运作】ChapterBeginningwiththeBasics.pptVIP

* intent n.意图, 目的, 意向. * Saving 节约 * Defray vt.支付, 支出 platinum n.白金, 铂 * orientation n.方向, 方位, 定位, 倾向性 * fair n. 市集 letter n.信函, 证书 forerunner n.先驱(者), 传令官, 预兆 * commencement n.开始, 毕业典礼 * Freezer n. 冷冻装置；冰箱；冷藏机；冷藏库 * offset vt. 抵销 liquidate v.清算 * excessive adj.过多的, 过分的, 额外 * Denominator n. 【数】分母; 命名者; (爱好, 见解等的)标准; 共同特性 * Fail-safe 防失败的 Protection for the Individual Investor Potential abuses in the futures industry fall into three broad categories: unfair trading practices, credit and financial risks, and sales practices abuses. Unfair trading practices include price manipulation, prearranged trading, and trading ahead of a customer. Trading The Futures Contract 1 If I choose to enter a contract as a buyer or a seller, what happens if the contract expires and I have to make good? Where will I find all those pork bellies to deliver? What if I’m a buyer? Will my freezer hold 40,000 pounds of frozen bacon? Trading The Futures Contract 2 You have nothing to worry about. Fewer than 5 percent of all futures transactions result in delivery. The vast majority of contracts are offset or liquidated prior to delivery. You can liquidate your position prior to the delivery date of the contract. Trading The Futures Contract 3 A commodity futures trader enters into a futures contract by agreeing to sell a commodity or buy a commodity according to the precise contract specifications established by the exchange. Trading The Futures Contract 4 The position I have established is a “short” position. Now that I have a short position in corn, I have two alternatives. Defining Margin In the futures market, both parties to the transaction put up earnest money, which is called margin. Margin usually amounts to approximately 1 percent to 5 percent of the contract value, depending upon requirements of the futures exchange. This is called initial margin. Who Sets Margin Requirements and Why 1 Margin requirements are determined by and set by the various futures exchanges.