期货讲义（Futures handouts）.docVIP

期货讲义（Futures handouts） China Futures qualification examination network Section 1 emergence and development of futures market Section 1 emergence and development of futures market First, the origin of futures trading In 1 and 1571, Britain created the worlds first concentrated commodity market, the Royal London exchange. In 2 and 1848, 82 businessmen in Chicago initiated the formation of the Chicago Futures Exchange (CBOT) In 3, 1851, the Chicago futures exchange before the introduction of the forward contract. In 4, the Chicago stock exchange in 1865 launched a standardized contract, while the implementation of the security system Delta 5, 1882, the exchange allows to hedge exempt performance obligations, which promotes the speculators to join, to increase the liquidity of the futures market. In 1883, the clearing society was established to provide hedging instruments to members of the Chicago futures exchange. 6, 1964, the exchange was launched against the traditional fire cattle futures, and later launched a live pig futures contract. In 7 and 1969, the Chicago Mercantile Exchange (CME) became the worlds largest meat and livestock futures trading center. 8, the London Metal Exchange was officially established in 1876. By the middle of the nineteenth Century, Britain had become the worlds largest producer of metals and copper. In 9 and 1874, the Chicago Mercantile Exchange produced The London Metal Exchange produced in 10 and 1876 To standard contract, deposit system, the implementation of hedging mechanism and unified settlement, these historic system innovation, marking the establishment of the modern futures market. Two, futures transactions and spot transactions, forward trading relations (1) futures transactions and spot transactions; The 1. futures and spot trading links: (P5 - 6) The difference between 2. futures and spot trading: (1) the delivery time is different (2) transaction objects are different (3) the purpose of the transaction is different (4) trad