COME Gold Futures
第2讲：期货价格的决定(期货定价)
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Marking to Market: An Example 一个例子：盯市
Daily Gain (Loss) (US$) Cumulative Gain (Loss) (US$) Margin Account Margin Balance Call (US$) (US$) 4,000 (600) . . . (420) . . . (600) . . . (1,340) . . . 3,400 . . . 0 . . .
Lecture 2: Determination of Futures Prices
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Physical Delivery vs Cash Settlement实物交割和 现金清算
• If a contract is not closed out before maturity, it usually settled by delivering the assets underlying the contract – physical delivery. When there are alternatives about what is delivered, where it is delivered, and when it is delivered, the party with the short position chooses. Physical delivery accounts for less than 5% of peak open interest.若合约在 到期日前未被平仓，则通常以实物交割的方式来清算 。短头寸一方有权选择交割的实物，交割地点和交割 日期。实物交割的比例不到5%。 • A few contracts (for example, those on stock indices and Eurodollars) are settled in cash 有些合约，如股票指数期 货和欧洲美元期货以现金方式清算。
投资学第7版TestBank答案22
投资学第7版TestBank答案22Multiple Choice Questions1. A futures contractA) is an agreement to buy or sell a specified amount of an asset at the spot price on theexpiration date of the contract.B) is an agreement to buy or sell a specified amount of an asset at a predeterminedprice on the expiration date of the contract.C) gives the buyer the right, but not the obligation, to buy an asset some time in thefuture.D) is a contract to be signed in the future by the buyer and the seller of the commodity.E) none of the above.Answer: B Difficulty: EasyRationale: A futures contract locks in the price of a commodity to be delivered at some future date. Both the buyer and seller of the contract are committed.2. The terms of futures contracts __________ standardized, and the terms of forwardcontracts __________ standardized.A) are; areB) are not; areC) are; are notD) are not; are notE) are; may or may not beAnswer: C Difficulty: EasyRationale: Futures contracts are standardized and are tradedon organized exchanges;forward contracts are not traded on organized exchanges, the participant negotiates for the delivery of any quantity of goods, and banks and brokers negotiate contracts as needed.3. Futures contracts __________ traded on an organized exchange, and forward contracts__________ traded on an organized exchange.A) are not; areB) are; areC) are not; are notD) are; are notE) are; may or may not beAnswer: D Difficulty: EasyRationale: See rationale for test bank question 22.2.4. In a futures contract the futures price isA) determined by the buyer and the seller when the delivery of the commodity takesplace.B) determined by the futures exchange.C) determined by the buyer and the seller when they initiate the contract.D) determined independently by the provider of the underlying asset.E) none of the above.Answer: C Difficulty: ModerateRationale: The futures exchanges specify all the terms of the contracts except price; as a result, the traders bargain over the futures price.5. The buyer of a futures contract is said to have a __________position and the seller of afutures contract is said to have a __________ position in futures.A) long; shortB) long; longC) short; shortD) short; longE) margined; longAnswer: A Difficulty: ModerateRationale: The trader taking the long position commits to purchase the commodity on the delivery date. The trader taking the short position commits to delivering thecommodity at contract maturity. The trader in the long position is said to "buy" the contract; the trader in the short position is said to "sell" the contract. However, no money changes hands at this time.6. Investors who take long positions in futures agree to __________ of the commodity onthe delivery date, and those who take the short positions agree to __________ of the commodity.A) make delivery; take deliveryB) take delivery; make deliveryC) take delivery; take deliveryD) make delivery; take deliveryE) negotiate the price; pay the priceAnswer: B Difficulty: ModerateRationale: See explanation for test bank question 22.5.7. The terms of futures contracts such as the quality and quantity of the commodity and thedelivery date areA) specified by the buyers and sellers.B) specified only by the buyers.C) specified by the futures exchanges.D) specified by brokers and dealers.E) none of the above.Answer: C Difficulty: ModerateRationale: See rationale for test bank question 22.4.8. A trader who has a __________ position in wheat futures believes the price of wheatwill __________ in the future.A) long; increaseB) long; decreaseC) short; increaseD) long; stay the sameE) short; stay the sameAnswer: A Difficulty: ModerateRationale: The trader holding the long position (the person who will purchase the goods) will profit from a price increase. Profit to long position = Spot price atmaturity--Original futures price.9. A trader who has a __________ position in gold futures wants the price of gold to__________ in the future.A) long; decreaseB) short; decreaseC) short; stay the sameD) short; increaseE) long; stay the sameAnswer: B Difficulty: ModerateRationale: Profit to short position = Original futures price--Spot price at maturity. Thus, the person in the short positionprofits if the price of the commodity declines in the future.10. The open interest on silver futures at a particular time is theA) number of silver futures contracts traded during the day.B) number of outstanding silver futures contracts for delivery within the next month.C) number of silver futures contracts traded the previous day.D) number of all silver futures outstanding contracts.E) none of the above.Answer: D Difficulty: ModerateRationale: Open interest is the number of contracts outstanding. When contracts begin trading, open interest is zero; as time passes more contracts are entered. Most contracts are liquidated before the maturity date.11. Which one of the following statements regarding delivery is true?A) Most futures contracts result in actual delivery.B) Only one to three percent of futures contracts result in actual delivery.C) Only fifteen percent of futures contracts result in actual delivery.D) Approximately fifty percent of futures contracts result in actual delivery.E) Futures contracts never result in actual delivery.Answer: B Difficulty: ModerateRationale: Virtually all traders enter reversing trades to cancel their original positions, thereby realizing profits or losses on the contract.12. You hold one long corn futures contract that expires in April. To close your position incorn futures before the delivery date you mustA) buy one May corn futures contract.B) buy two April corn futures contract.C) sell one April corn futures contract.D) sell one May corn futures contract.E) none of the above.Answer: C Difficulty: ModerateRationale: The long position is considered the buyer; to close out the position one must take a reversing position, or sell the contract.13. Which one of the following statements is true?A) The maintenance margin is the amount of money you post with your broker whenyou buy or sell a futures contract.B) The maintenance margin determines the value of the margin account below whichthe holder of a futures contract receives a margin call.C) A margin deposit can only be met with cash.D) All futures contracts require the same margin deposit.E) The maintenance margin is set by the producer of the underlying asset.Answer: B Difficulty: ModerateRationale: The maintenance margin applies to the value of the account after the account is opened; if the value of this account falls below the maintenance margin requirement and the holder of the contract will receive a margin call. A margin deposit can be made with cash or interest-earning securities; the margin deposit amounts depend on thevolatility of the underlying asset.14. Financial futures contracts are actively traded on thefollowing indices exceptA) the S&P 500 Index.B) the New York Stock Exchange Index.C) the Nikkei Index.D) the Dow Jones Industrial Index.E) all of the above indices have actively traded futures contracts.Answer: E Difficulty: ModerateRationale: The indices are listed in Table 22.1.15. To exploit an expected increase in interest rates, an investor would most likelyA) sell Treasury bond futures.B) take a long position in wheat futures.C) buy S&P 500 index futures.D) take a long position in Treasury bond futures.E) none of the above.Answer: A Difficulty: DifficultRationale: If interest rates rise, bond prices decrease. As bond prices decrease, the short position gains. Thus, if you are bearish about bond prices, you might speculate byselling T-bond futures contracts.16. An investor with a long position in Treasury notes futures will profit ifA) interest rates decline.B) interest rate increase.C) the prices of Treasury notes increase.D) the price of the long bond increases.E) none of the above.Answer: A Difficulty: ModerateRationale: Profit to long position = Spot price at maturity--original futures price.17. To hedge a long position in Treasury bonds, an investor most likely wouldA) buy interest rate futures.B) sell S&P futures.C) sell interest rate futures.D) buy Treasury bonds in the spot market.E) none of the above.Answer: C Difficulty: DifficultRationale: By taking the short position, the hedger is obligated to deliver T-bonds at the contract maturity date for the current futures price, which locks in the sales price for the bonds and guarantees that the total value of the bond-plus-futures position at thematurity date is the futures price.18. An increase in the basis will __________ a long hedger and __________ a short hedger.A) hurt; benefitB) hurt; hurtC) benefit; hurtD) benefit; benefitE) benefit; have no effect uponAnswer: C Difficulty: DifficultRationale: If a contract and an asset are to be liquidated early, basis risk exists andfutures price and spot price need not move in lockstep before delivery date. An increase in the basis will hurt the short hedger and benefit the long hedger.19. Which one of the following statements regarding "basis" is not true?A) the basis is the difference between the futures price and the spot price.B) the basis risk is borne by the hedger.C) a short hedger suffers losses when the basis decreases.D) the basis increases when the futures price increases by more than the spot price.E) none of the above.Answer: C Difficulty: DifficultRationale: See explanation for test bank question 22.20.20. If you determine that the S&P 500 Index futures is overpriced relative to the spot S&P500 Index you could make an arbitrage profit byA) buying all the stocks in the S&P 500 and selling put options on the S&P 500 index.B) selling short all the stocks in the S&P 500 and buying S&P Index futures.C) selling all the stocks in the S&P 500 and buying call options on the S&P 500 index.D) selling S&P 500 Index futures and buying all the stocks in the S&P 500.E) none of the above.Answer: D Difficulty: ModerateRationale: If you think one asset is overpriced relative to another, you sell theoverpriced asset and buy the other one.21. On January 1, the listed spot and futures prices of a Treasury bond were 93.8 and 93.13.You purchased $100,000 par value Treasury bonds and sold one Treasury bond futures contract. One month later, the listed spot price and futures prices were 94 and 94.09, respectively. Ifyou were to liquidate your position, your profits would beA) $125 loss.B) $125 profit.C) $12.50 loss.D) $1,250 loss.E) none of the above.Answer: A Difficulty: DifficultRationale: On bonds: $94,000 - $93,250 = $750; On futures: $93,406.25 - $94,281.25 = -$875; Net profits: $750 - $875 = -$125.22. You purchased one silver future contract at $3 per ounce. What would be your profit(loss) at maturity if the silver spot price at that time is $4.10 per ounce? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $5.50 profitB) $5,500 profitC) $5.50 lossD) $5,500 lossE) none of the above.Answer: B Difficulty: ModerateRationale: $4.10 - $3.00 = $1.10 X 5,000 = $5,500.23. You sold one silver future contract at $3 per ounce. What would be your profit (loss) atmaturity if the silver spot price at that time is $4.10 per ounce? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $5.50 profitB) $5,500 profitC) $5.50 lossD) $5,500 lossE) none of the above.Answer: D Difficulty: ModerateRationale: $3.00 - $4.10 = -$1.10 X 5,000 = -$5,500.24. You purchased one corn future contract at $2.29 per bushel. What would be your profit(loss) at maturity if the corn spot price at that time were $2.10 per bushel? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $950 profitB) $95 profitC) $950 lossD) $95 lossE) none of the above.Answer: C Difficulty: ModerateRationale: $2.10 - $2.29 = -$0.19 X 5,000 = -$950.25. You sold one corn future contract at $2.29 per bushel. What would be your profit (loss)at maturity if the corn spot price at that time were $2.10 per bushel? Assume thecontract size is 5,000 ounces and there are no transactions costs.A) $950 profitB) $95 profitC) $950 lossD) $95 lossE) none of the above.Answer: A Difficulty: ModerateRationale: $2.29 - $2.10 = $0.19 X 5,000 = $950.26. You sold one wheat future contract at $3.04 per bushel. What would be your profit (loss)at maturity if the wheat spot price at that time were $2.98 per bushel? Assume thecontract size is 5,000 ounces and there are no transactions costs.A) $30 profitB) $300 profitC) $300 lossD) $30 lossE) none of the above.Answer: B Difficulty: ModerateRationale: $3.04 - $2.98 = $0.06 X 5,000 = $300.27. You purchased one wheat future contract at $3.04 per bushel. What would be yourprofit (loss) at maturity if the wheat spot price at that time were $2.98 per bushel?Assume the contract size is 5,000 ounces and there are no transactions costs.A) $30 profitB) $300 profitC) $300 lossD) $30 lossE) none of the above.Answer: C Difficulty: ModerateRationale: $2.98 - $3.04 = -$0.06 X 5,000 = -$300.28. On January 1, you sold one April S&P 500 index futures contract at a futures price of420. If on February 1 the April futures price were 430, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $2,500 lossB) $10 lossC) $2,500 profitD) $10 profitE) none of the aboveAnswer: A Difficulty: DifficultRationale: $420 - $430 = -$10 X 250 = -$2,50029. On January 1, you bought one April S&P 500 index futures contract at a futures price of420. If on February 1 the April futures price were 430, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $2,500 lossB) $10 lossC) $2,500 profitD) $10 profitE) none of the aboveAnswer: C Difficulty: DifficultRationale: $430 - $420 = $10 X 250 = $2,50030. You sold one soybean future contract at $5.13 per bushel. What would be your profit(loss) at maturity if the wheat spot price at that time were $5.26 per bushel? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $65 profitB) $650 profitC) $650 lossD) $65 lossE) none of the above.Answer: C Difficulty: ModerateRationale: $5.13 - $5.26 = -$0.13 X 5,000 = -$650.31. You bought one soybean future contract at $5.13 per bushel. What would be your profit(loss) at maturity if the wheat spot price at that time were $5.26 per bushel? Assume the contract size is 5,000 ounces and there are no transactions costs.A) $65 profitB) $650 profitC) $650 lossD) $65 lossE) none of the above.Answer: B Difficulty: ModerateRationale: $5.26 - $5.13 = $0.13 X 5,000 = $650.32. On April 1, you bought one S&P 500 index futures contract at a futures price of 950. Ifon June 15th the futures price were 1012, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $1,550 lossB) $15,550 lossC) $15,550 profitD) $1,550 profitE) none of the aboveAnswer: C Difficulty: DifficultRationale: $1012 - $950 = $62 X 250 = $15,50033. On April 1, you sold one S&P 500 index futures contract at a futures price of 950. If onJune 15th the futures price were 1012, what would be your profit (loss) if you closed your position (without considering transactions costs)?A) $1,550 lossB) $15,550 lossC) $15,550 profitD) $1,550 profitE) none of the aboveAnswer: B Difficulty: DifficultRationale: $950 - $1012 = -$62 X 250 = -$15,50034. The expectations hypothesis of futures pricingA) is the simplest theory of futures pricing.B) states that the futures price equals the expected value of the future spot price of theasset.C) is not a zero sum game.D) A and B.E) A and C.Answer: D Difficulty: EasyRationale: The expectations hypothesis relies on the concept of risk neutrality; i.e., if all market participants are risk neutral, they should agree on a futures price that provides an expected profit of zero to all parties.35. Normal backwardationA) maintains that for most commodities, there are natural hedgers who desire to shedrisk.B) maintains that speculators will enter the long side of the contract only if the futuresprice is below the expected spot price.C) assumes that risk premiums in the futures markets are based on systematic risk.D) A and B.E) B and C.Answer: D Difficulty: EasyRationale: Risk premiums in this theory are based on total variability.36. ContangoA) holds that the natural hedgers are the purchasers of a commodity, not the suppliers.B) is a hypothesis polar to backwardation.C) holds that F O must be less than (P T).D) A and C.E) A and B.Answer: E Difficulty: Easy37. Delivery of stock index futuresA) is never made.B) is made by a cash settlement based on the index value.C) requires delivery of 1 share of each stock in the index.D) is made by delivering 100 shares of each stock in the index.E) is made by delivering a value-weighted basket of stocks.Answer: B Difficulty: ModerateRationale: Stock index futures are cash-settled, similar to the procedure used for index options.38. The establishment of a futures market in a commodity should not have a major impacton spot prices becauseA) the futures market is small relative to the spot market.B) the futures market is illiquid.C) futures are a zero-sum gameD) the futures market is large relative to the spot market.E) most futures contracts do not take delivery.Answer: C Difficulty: ModerateRationale: Losses and gains to futures contracts net to zero,and thus should not impact spot prices.39. The most recently established category of futures contracts isA) agricultural commodities.B) metals and minerals.C) foreign currencies.D) financial futures.E) both B and C.Answer: D Difficulty: ModerateRationale: Financial futures were first introduced in 1975, and this segment of themarket has seen rapid innovation.40. If a trader holding a long position in corn futures fails to meet the obligations of afutures contract, the party that is hurt by the failure isA) the offsetting short trader.B) the corn farmer.C) the clearinghouse.D) the broker.E) the commodities dealer.Answer: C Difficulty: ModerateRationale: The clearinghouse acts as a middle party to every transaction, and bears any losses arising from failure to meet contractual obligations.41. Open interest includesA) only contracts with a specified delivery date.B) the sum of short and long positions.C) the sum of short, long and clearinghouse positions.D) the sum of long or short positions and clearinghouse positions.E) only long or short positions but not both.Answer: E Difficulty: ModerateRationale: Open interest is the number of contracts outstanding across all delivery dates for a given contract. Long and short positions are not counted separately, and the clearinghouse position is not counted because it nets to zero.42. The process of marking-to-marketA) posts gains or losses to each account daily.B) may result in margin calls.C) impacts only long positions.D) all of the above are true.E) both A and B are true.Answer: E Difficulty: EasyRationale: Marking-to-market effectively puts futures contracts on a "pay as you go"basis.43. Futures contracts are regulated byA) the Commodity Futures Trading Corporation.B) the Chicago Board of Trade.C) the Chicago Mercantile Exchange.D) the Federal Reserve.E) the Securities and Exchange Commission.Answer: A Difficulty: EasyRationale: The CFTC, a federal agency, sets rules and requirements for futures trading.44. Taxation of futures trading gains and lossesA) is based on cumulative year-end profits or losses.B) occurs based on the date contracts are sold or closed.C) can be timed to offset stock portfolio gains and losses.D) is based on the contract holding period.E) none of the above.Answer: A Difficulty: ModerateRationale: Futures profits and losses are taxed based on cumulative year-end value due to marking-to-market procedures.45. Speculators may use futures markets rather than spot markets becauseA) transactions costs are lower in futures markets.B) futures markets provide leverage.C) spot markets are less efficient.D) futures markets are less efficient.E) both A and B are true.Answer: E Difficulty: ModerateRationale: Futures markets allow speculators to benefit from leverage and minimize transactions costs. Both markets should be equally price-efficient.46. Given a stock index with a value of $1,000, an anticipated dividend of $30 and arisk-free rate of 6%, what should be the value of one futures contract on the index?A) $943.40B) $970.00C) $913.40D) $915.09E) $1000.00Answer: C Difficulty: DifficultRationale: F = 1000/(1.06) - 30; F = 913.40.47. Given a stock index with a value of $1,125, an anticipated dividend of $33 and arisk-free rate of 4%, what should be the value of one futures contract on the index?A) $1048.73B) $1070.00C) $993.40D) $995.09E) $1000.00Answer: A Difficulty: DifficultRationale: F = 1125/(1.04) - 33; F = 1048.73.48. Given a stock index with a value of $1100, an anticipated dividend of $27 and arisk-free rate of 3%, what should be the value of one futures contract on the index?A) $943.40B) $970.00C) $913.40D) $1040.96E) $1000.00Answer: D Difficulty: DifficultRationale: F = 1100/(1.03) - 27; F = 1040.96.49. Given a stock index with a value of $1,200, an anticipated dividend of $45 and arisk-free rate of 6%, what should be the value of one futures contract on the index?A) $1087.08B) $1070.00C) $993.40D) $995.09E) $1000.00Answer: A Difficulty: DifficultRationale: F = 1200/(1.06) - 45; F = 1087.08.50. Which of the following items is specified in a futurescontract?I)the contract sizeII)the maximum acceptable price range during the life of the contractIII)the acceptable grade of the commodity on which the contract is heldIV)the market price at expirationV)the settlement priceA) I, II, and IVB) I, III, and VC) I and VD) I, IV, and VE) I, II, III, IV, and VAnswer: B Difficulty: ModerateRationale: The maximum price range and the market price at expiration will bedetermined by the market rather than specified in the contract.51. With regard to futures contracts, what does the word “margin” mean?A) It is the amount of the money borrowed from the broker when you buy the contract.B) It is the maximum percentage that the price of the contract can change before it ismarked to market.C) It is the maximum percentage that the price of the underlying asset can changebefore it is marked to market.D) It is a good-faith deposit made at the time of the contract's purchase or sale.E) It is the amount by which the contract is marked to market.Answer: D Difficulty: EasyRationale: The exchange guarantees the performance of each party, so it requires agood-faith deposit. This helps avoid the cost of credit checks.52. Which of the following is true about profits from futures contracts?A) The person with the long position gets to decide whether to exercise the futurescontract and will only do so if there is a profit to be made.B) It is possible for both the holder of the long position and the holder of the shortposition to earn a profit.C) The clearinghouse makes most of the profit.D) The amount that the holder of the long position gains must equal the amount that theholder of the short position loses.E) Holders of short positions can recognize profits by making delivery early.Answer: D Difficulty: ModerateRationale: The net profit on the contract is zero it is a zero-sum game.53. Some of the newer futures contracts includeI)fashion futures.II)weather futures.III)electricity futures.IV)entertainment futures.A) I and IIB) II and IIIC) III and IVD) I, II, and IIIE) I, III, and IVAnswer: B Difficulty: EasyRationale: Weather and electricity futures are mentioned in the textbook as recentinnovations.54. Who guarantees that a futures contract will be fulfilled?A) the buyerB) the sellerC) the brokerD) the clearinghouseE) nobodyAnswer: D Difficulty: EasyRationale: Once two parties have agreed to enter the transaction, the clearinghouse becomes the buyer and seller of the contract and guarantees its completion.55. If you took a long position in a pork bellies futures contract and then forgot about it,what would happen at the expiration of the contract?A) Nothing--the seller understands that these things happen.B) You would wake up to find the pork bellies on your front lawn.C) Your broker would send you a nasty letter.D) You would be notified that you owe the holder of the short position a certain amountof cash.E) You would be notified that you have to pay a penalty in addition to the regular costof the pork bellies.Answer: D Difficulty: EasyRationale: The item is usually not delivered, but cash settlement can be made through the use of warehouse receipts. You are still obligated to fulfill the contract and give the holder of the short position the value of the pork bellies.56. Hedging a position using futures on another commodity is calledA) surrogate hedging.B) cross hedging.C) alternative hedging.D) correlative hedging.E) proxy hedging.Answer: B Difficulty: EasyRationale: Cross-hedging is used in some cases because no futures contract exists for the item you want to hedge. The two commodities should be highly correlated.57. A trader who has a __________ position in oil futures believes the price of oil will__________ in the future.A) short; increaseB) long; increaseC) short; decreaseD) long; stay the sameE) B and CAnswer: E Difficulty: ModerateRationale: The trader holding the long position (the person who will purchase the goods) will profit from a price increase. Profit to long position = Spot price atmaturity--Original futures price.。
利率掉期(IRS-Interest Rate Swap)
Specification of Futures Contract
When developing a new contract, the exchange must specify in detail the exact nature of the agreement between the two parties.
Forward vs Futures Prices
Forward and futures prices are usually assumed to be the same. Therefore, we may use forward price as a good approximation to price futures. When interest rates are uncertain, in theory, these two prices are slightly different:
Hedging Strategies in Futures
Many of the participants in futures markets are hedgers. Their aim is to use futures markets to reduce a particular risk that they face.
It is impossible for exchanges to track all delivery prices for every individual futures they trade. To avoid the difficulty, the mechanism of margin account (保證金，孖展) is introduced:
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。
财经专业英语词汇(G)
财经专业英语词汇(G)财经专业英语词汇(G)财经专业英语词汇(G)gain 收益；增益garnishee order 债权扣押令ge capital finance ltd. 通用金融财务有限公司gearing ratio 资本与负债比率；杠杆比率〔认股权证〕general acceptance 一般承兑general account 一般帐目；总帐general administrator 一般遗产管理人general agreement on tariffs and trade [gatt] 《关税及贸易总协议》〔《关贸总协议》〕general agreement on trade in services [gats] 《服务贸易总协议》general apportionment 一般分摊general arrangements to borrow [gab] 《借款总安排》general body of shareholders 全体股东general business 一般业务general capital increase 总增资general clearing member 一般结算会员general consumer price index [gcpi] 一般消费物价指数general crossed cheque 普通划线支票general crossing 普通划线general expenses 一般开支general fund 普通基金general household survey 综合住户统计调查general insurance council [hong kong federation of insurers] 一般保险总会〔香港保险业联会〕general ledger 总分类帐general levy 一般征款general offer 公开要约；全面收购建议general partner 普通合伙人general partnership 普通合伙general policy 一般保单general proxy 一般委托书general rates 一般差饷general reserve 一般储备金general revaluation [rates] 全面重估应课差饷租值general revenue 一般收入；政府一般收入general revenue account [gra] 政府一般收入帐目general revenue account expenditure 政府一般收入帐目开支general revenue account revenue 政府一般收入帐目收入general revenue balance 政府一般收入余额general support grant 一般经费补助金general warrant 普通拨款令generale belgian bank (also known as belgian bank) 华比银行generalized system of preference [gsp] 普及特惠制〔普惠制〕gilt-edged investment 稳当投资gilt-edged market 金边证券市场gilt-edged securities 金边证券gini coefficient 基尼系数global allocation 总拨款；拨款总额global costing 整体成本计算法go private 私有化；私营化go public 上市godown warrant 仓单going concern 经营中的机构；持续经营gold 黄金gold bullion 金条；黄金gold bullion held on an allocated basis 特别划分方式持有的黄金gold bullion market 黄金市场gold coin 金币gold coin certificate 金币证明书；金币证gold coin coupon 金币配给券gold exchange standard 黄金汇兑本位制gold futures 黄金期货；期金gold identity marks registry 黄金标记注册处gold market 黄金市场gold on paper 黄金券；纸黄金gold, silver and platinum held in physical form 实金、实银及实白金gold standard 金本位；金本位制good book debt 可收回的账面债项good delivery 合格交货；合格交割good year 丰年goods and services 商品及服务；货物与服务goodwill 商誉；信誉government bond 政府债券government consumption expenditure 政府消费开支government conveyancing 政府产权转易government economist 政府经济顾问government expenditure 政府开支government lotteries 政府奖券government lotteries management committee 政府奖券管理委员会government mortgage institution 政府按揭贷款机构government property 政府财产government property assets 政府物业资产government regulations 《政府规例》government rent 地税；地租government reserve 政府储备government revenue 政府收入government securities consultant 政府证券业顾问government trading department 参与商业活动的政府部门government utility 政府公用事业graduated rate 渐进税率grant 补助金；拨款grantor 授予人gratuitous payment 赏金gratuity 酬金gratuity benefit 酬金福利grey market 暗盘市场；灰市；暗市grey market trading 暗盘交易gross amount 毛额gross capital formation 资本形成总额gross claim 申索毛额gross claim paid 已偿付申索毛额gross commission payable 须付的佣金毛额gross contract value 合约总值gross domestic capital formation 本地资本形成总额gross domestic fixed capital formation 本地固定资本形成总额gross domestic price capital formation 本地价格资本形成总额gross domestic product [gdp] 本地生产总值；国内生产总值gross domestic product at constant (1980) market price 按固定（一九八零年）市价计算的本地生产总值gross domestic product at factor cost 按生产要素成本计算的本地生产总值gross domestic product at market price 按市价计算的本地生产总值gross domestic product by industrial sector 按工业类别计算的本地生产总值gross domestic product component 本地生产总值的组成部分gross domestic product deflator 本地生产总值平减物价指数gross domestic product estimate 估计本地生产总值；本地生产总值的估计数字gross domestic product per capita 按人口平均计算的本地生产总值gross expenditure 开支总额；总支出gross expenses 开支总额；总开支gross income 收入总额；总收益gross insurance liabilities 毛保险负债gross liabilities 总负债gross loss 毛损；亏损总额gross margin 毛利gross margining 总额保证金制度gross national product [gnp] 本地居民生产总值；国民生产总值gross output 总产出；总产值；总产量gross premium 毛保费；保费总额gross premium income 毛保费收入；保费收入总额gross principal value 基本价值总额gross proceeds 总收益gross proceeds from sales 销售总收入gross profit 毛利；溢利总额gross receipt 总收入gross return 总收益gross trading income 营业总收入group account 集团帐目group consolidated balance sheet 集团综合资产负债表group loss relief 对集团的亏损给予税项宽免group of seven [g7] 七大工业国group of seven leaders 七大工业国元首group of ten [g10] 十国集团；十国财团组织group tax relief 集团税项宽减group trading system 集体贸易制度grow at a respectable pace 有可观的增长；有不俗的增长率growth enterprise market department [stock exchange of hong kong limited] 创业板部〔香港联合交易所有限公司〕growth momentum 增长劲力growth movement 增长趋势growth path 增长线；增长途径growth rate of domestic export 本地产品出口增长率growth with stability 稳步增长guarantee 担保；保证guarantee company 担保公司；保证公司guarantee corporation 保证法团guarantee deposit and margin paid 缴付的保证按金guarantee deposit and margin received 存入的保证按金guarantee fund 保证基金；担保基金guarantee law 《担保法》guarantee of bank loan 银行贷款保证guarantee of due payment 付款保证书guarantee scheme [stock exchange of hong kong limited] 担保计划〔香港联合交易所有限公司〕guaranteed benefit 保证利益guaranteed debenture 保付债权证guaranteed line of credit 保证贷款限额guaranteed note 保证票据；保证单；担保债券guaranteed surrender value 保证退保现金价值guarantor 保证人；担保人guardian 监护人guide for directors of listed companies 《上市公司董事指引》guide to applicants [hong kong monetary authority] 《认可机构开业与经营指引》〔香港金融管理局〕guideline figure 准则数字guideline on leveraged foreign exchange trading  《杠杆式外汇买卖指引》guideline on minimum criteria for authorization 《认可的最低准则的指引》guideline on recognition of interest [hong kong monetary authority] 《确认利息收入指引》〔香港金融管理局〕guideline ratio 准则比率guidelines for the exemption of listed companies from the securities (disclosure of interests) ordinance 《豁免上市公司遵守〈证券（披露权益）条例〉的指引》guidelines for the exemption of listed companies from the share repurchase requirements of s.49ba of the companies ordinance 《豁免上市公司遵守〈公司条例〉第49ba条股份购回规定的指引》guiding exchange rate 指导性汇率gulf cooperation council 海湾合作委员会gunma finance (hong kong) limited 群马财务（香港）有限公司财经专业英语词汇(G) 相关内容:11。
关于黄金的话题英语作文
Title: The Enduring Allure of GoldIn the annals of human history, few substances have captured the imagination and fascination of civilizations quite like gold. This precious metal, with its radiant yellow hue and remarkable durability, has served as a symbol of wealth, power, beauty, and even divinity across cultures and eras. The allure of gold transcends mere monetary value; it embodies a deep-seated human desire for something rare, enduring, and inherently valuable.The Golden Thread Through HistoryFrom the ancient civilizations of Egypt, Mesopotamia, and China, where gold adorned the tombs of kings and adorned the temples of gods, to the modern-day financial markets where it remains a cornerstone of international reserves, gold has woven itself into the fabric of human history. It has been used as currency, jewelry, religious artifacts, and even as a means of preserving wealth during times of economic uncertainty. The discovery of gold deposits often sparked exploration, conquest, and the rise of entire economies.Symbol of Wealth and PrestigeGold's rarity and beauty have made it a universal symbol of wealth and prestige. In many cultures, owning gold is seen as a mark of success and social status. It is worn as jewelry, from simple gold bands to intricate tiaras, each piece a testament to craftsmanship and the wearer's affluence. Gold coins and bars have long been hoarded by individuals and nations alike, serving as a tangible store of value in times when paper currencies falter.Investment HavenIn the world of finance, gold retains a unique position as a safe-haven asset. During periods of economic turmoil, geopolitical tensions, or currency devaluations, investors often turn to gold as a hedge against uncertainty. Its independence from any single country's economy or central bank policies makes it a valuable diversification tool in portfolios. Gold futures, exchange-traded funds (ETFs), and physical gold bullion are popular investment vehicles for those seeking to protect their wealth from market volatility.Cultural and Religious SignificanceBeyond its economic value, gold holds profound cultural and religious significance. In many religions, gold represents purity, enlightenment, and divine favor. It is used to decorate sacred spaces and create religious artifacts, such as the golden domes of mosques, the intricate icons of Eastern Orthodox churches, and the golden vessels of Jewish temples. Gold's association with the divine underscores humanity's enduring fascination with this metal and its ability to evoke feelings of awe and reverence. The Future of GoldAs technology advances, gold continues to evolve in its applications. It is used in electronics, aerospace, and even medicine due to its excellent conductivity and biocompatibility. The rise of digital gold, such as cryptocurrencies backed by gold reserves, is also reshaping the gold market, offering new ways for investors to access and trade this precious metal.In conclusion, the enduring allure of gold stems from its unique combination of rarity, beauty, and historical significance. It remains a symbol of wealth, power, and prestige, while also serving as a vital component of global finance and a source of inspiration for artists, craftsmen, and investors alike. As long as humans continue to value beauty, stability, and the pursuit of prosperity, the golden thread of history will undoubtedly continue to weave its way through the annals of time.。
中国黄金期货价格是否存在风险—基于GARCH-VaR模型的实证研究
Economic Management JournalJune 2021, Volume 10 Issue 1, PP. 14-23 Is There a Risk in China's Gold Futures Price? —Empirical Study Based on GARCH-V AR ModelYuang Zhang1†, Jianquan Nie21. SILC Business School, Shanghai University, Shanghai 201800, China2. School of Economics, Shanghai University, Shanghai 201800, China†Email:**********************AbstractThis paper selects the daily frequency data of settlement price, closing price and consecutive contract price of gold futures from December 2016 to December 2019.The GARCH model is used to make an empirical analysis of three sets of daily price data series of gold futures, and the GARCH family model with the highest goodness of fit is used to predict the VaR value. Thus, the market risk of gold futures is estimated. The empirical analysis results show that the three price sequences are non-normal distribution, and ARCH effect exists in all of them. This feature can be removed by the best fitting GARCH family model corresponding to each of the three sets of data. The settlement and closing prices of active contracts fluctuate less. However, the closing price of continuous gold futures fluctuates more significantly than the other two groups of data due to its weighted nature. This paper argues that the relevant government departments should reduce the compulsory regulation measures on the financial derivatives market, so that enterprises and individual investors can more accurately calculate the market risks of derivatives through measurement methods. And commercial banks should focus on the transformation of the number and scale of the details of financial derivatives, so that both themselves and the majority of investors can more clearly predict the risk of gold futures. Keywords: Gold Futures; Gold Futures Price Risk; GARCH Model; Var Method中国黄金期货价格是否存在风险？—基于GARCH-VaR模型的实证研究张雨昂1，聂涧泉21.上海大学悉尼工商学院，上海2018002.上海大学经济学院，上海201800摘要：本文通过选取2016.12-2019.12期间黄金期货的结算价、收盘价以及连续合约价的日频率数据，使用GARCH模型对三组黄金期货日价格数据序列进行实证分析，采用拟合优度最高的GARCH族模型，预测VaR值，从而估算黄金期货的市场风险。
期货英文-
期货英文Futures, also known as futures contracts, are financial contracts that specify the delivery or receipt of a certain underlying asset, such as a commodity or financial instrument, at a specific date and price in the future. Futures are traded on exchanges and can be used to hedge against price fluctuations, as well as to speculate on future price movements.The history of futures trading can be traced back to the mid-19th century, when farmers began to use standardized grain contracts to protect themselves against price fluctuations. This led to the establishment of the Chicago Board of Trade in 1848, which is now one of the largest futures exchanges in the world.The primary advantage of futures trading is the ability to hedge against price fluctuations. For example, a corn farmer may take a short position in corn futures in order to protect against a decline in the price of corn. Conversely, a grain processor may take a long position in corn futures to protect against an increase in the price of corn.Futures trading also provides the opportunity for speculators to profit from price movements. Speculators can take either long or short positions in futures contracts, depending on their expectations for future price movements.Futures contracts typically have expiration dates, which can range from days to years. At expiration, the contract is settled by either physical delivery of the underlying asset or through a cash settlement. For example, a crude oil futures contract may be settled through physical delivery of crude oil or through a cash settlement based on the price of crude oil at expiration.There are many different types of futures contracts, including agricultural commodities such as wheat, corn, and soybeans, as well as financial instruments such as currencies, interest rates, and stock market indexes. Some of the most popular futures contracts include the S&P 500 index futures, gold futures, and crude oil futures.Futures trading is highly risky and requires a significant amount of knowledge and experience. Traders must be able to analyze market trends and make accurate predictions about future price movements. They must also be able to manage risk by setting stop loss orders and other risk management strategies.In addition to traditional futures trading strategies, there are also a number of other futures trading techniques, such as spread trading, options trading, and algorithmic trading. Spread trading involves taking a position in two or more related futures contracts in order to profit from the difference in their prices. Options trading allows traders to buy or sell an options contract, which is a derivative of a futures contract. Algorithmic trading involves using computer algorithms to execute trades based on pre-determined rules and parameters.Overall, futures trading is a complex and highly specialized field that requires a great deal of knowledge and skill to succeed. However, for those who are able to master the art of futures trading, the potential rewards can be significant.。
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Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m.ChicagoTime/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Grade and Quality Specifications
Gold delivered under this contract shall assay to a minimum of 995 fineness.
Position Limits
NYMEX Position Limits
Rulebook Chapter
113
Exchange Rule
These contracts are listed with, and subject to, the rules and regulations of COMEX.
Minimum Fluctuation
$0.10 per troy ounce
Termination of Trading
Trading terminates on the third last business day of the delivery month.
Listed Contracts
Trading is conducted for delivery during the current calendar month; the next two calendar months; any February, April, August, and October falling within a 23-month period; and any June and December falling within a 72-month period beginning with the current month.
Settlement Type
Physical
Delivery Period
Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Trading at Settlement (TAS)
Trading at Settlement is allowed in the active contract month. The active contract months will be February, April, June, August and December. On any given date, TAS transactions will be allowed only in a single contract month. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.
Gold Futures
Product Symbol
GC
Venue
CME Globex, CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex:
Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m.ChicagoTime/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry:
Monday – Friday 8:20 a.m. - 1:30 p.m. (7:20 a.m. - 12:30 p.m. CT)
Contract Size
100 trБайду номын сангаасy ounces
Price Quotation
U.S. Dollars and Cents per troy ounce