Stock and the Futures Market
期货期权术语中英文对照93866
一、期货1 Futures market 期货市场2 Futures contract 期货合约3 Financial futures 金融期货4 Commodity futures 商品期货5 Financial futures contract 金融期货合约6 Currency futures contract 货币期货合约7 Interest rate futures contract 利率期货合约8 Stock index futures contract 股票指数期货合约9 Financial forward contract 金融远期合约10 Clearing house 清算所11 Initial margins 初始保证金12 Settlement 交割13 Short seller 卖空者14 The Gilts 金边债券15 Futures delivery 期货交割16 Futures transaction 期货交易17 Hedging mechanism 规避机制18 Market expectation 市场预期19 To defuse(attempted monopoly positions) 冲破（形成的市场垄断状况）20 Net settlement status 净结算状况，净结算头寸21 Synthetic financial futures position 综合金融期货头寸22 Status inquiry 信用状况调查23 Stock indexes 股票指数24 Stock index futures 股票指数期货25 Currency futures 外币期货—27 Nearby futures 近期期货28 On a discount basis 以折价形式29 A long position 多头部位，利多形势30 A short position 空头部位，短缺头寸31 Short purchase 买空，空头补进32 Shifting risk 转嫁风险，转移风险33 Basis risk 基差风险34 Converge 集聚（期货和现货价格）35 Swing 变动（幅度），摆动，涨跌36 Cross hedge 交叉套做37 Volatile 易变的，不稳定的38 Volatile market 不稳定的市场行情39 Margin money 预收保证金，开设信用证保证金40 position 头寸，交易部位，部位41 Long position 多头寸，买进的期货合同42 Short position 空头43 Exchange position 外汇头寸，外汇动态44 Interest position 利率头寸45 Swap position 调期汇率头寸46 Square position 差额轧平（未抵冲的外汇买卖余额的轧平状况）47 Brokerage firm 经纪商（号）48 Security bond 保付单49 Post 登记总帐，过帐50 Brokerage 经纪业，付给经纪人的佣金51 FX futures contract 外汇期货合约52 Foreign currency futures 外汇期货53 Futures price 期货价格—54 Go long 入金，多头55 Total FX portfolio 外汇投资总额56 A long position 多头寸，买进的期货合约57 Go short 短缺，卖空，空头58 A short position 空头，卖出的期货合约59 Place an order 订购，下单60 Trading pit 交易场61 Open outcry 公开喊价，公开叫价62 Floor broker 场内经纪人63 Transactions costs 交易费用64 Zero-sum game 零和竞争（游戏）65 Current futures price 现时的期货价格66 The open interest 未结清权益67 Building agreement 具有约束力的协定68 Pay up 付清，缴清69 In force （法律上的）有效的70 Kill a bet 终止赌博71 Settlement price 结算价格72 Date of delivery 交割期73 Point of delivery 交割地点74 Futures commission merchants 期货经纪公司75 Market order 市价订单76 Time order 限时订单77 Opening order 开市价订单78 Closing order 收市价订单79 Basis order 基差订单80 Corners 垄断—81 Outright position 单笔头寸82 Direct hedging 直接套做83 Indirect hedging 间接套做84 Short hedging 空头套做85 Long arbitrage 多头套做86 Back spreads 反套利87 Margin call 保证金统治88 Price discovery 价格发现二、期权1 Option 期权，选择权，买卖期权2 Call and put options 买入期权和卖出期权3 Option buyer 期权的买方4 Option seller 期权的卖方5 Underlying securities 标的证券6 Exercise price, striking price 履约价格，认购价格7 Option fee =option premium or premium on option 期权费8 Intrinsic value 实际价值，内部价值9 Intrinsic utility 内在效用10 Arbitrage opportunity 套价机会11 Arbitrage 套购，套利，套汇12 Arbitrage of exchange or stock 套汇或套股13 Speculation on foreign exchange 外汇投机14 Speculation in stock 股票投机15 To be hedging 进行套期保值16 A put option on a debt security 债务证券的卖出期权17 Call options on an equity 权益（证券）的买入期权—18 Cover 弥补，补进（卖完的商品等）19 Write 签发，签署，承保，编写20 Margin call 追加保证金的通知21 Close out 平仓，结清（帐）22 Notional sum 名义金额23 Notional principal 名义本金24 Equity portfolio 股票资产25 Predetermined 预先约定的26 Strike price 协定价格27 Put (option) 卖方期权，看跌期权28 Call (option) 买方期权，看涨期权29 Open market 公开市场30 Premium 期权费31 Downside 下降趋势32 Open-ended 开口的，无限制的，无限度的33 Out-of-the-money 无内在价值的期权34 In-the-money 有内在价值的期权35 At-the-money 平值期权36 Crop up(out) 出现，呈现37 Cap 带利率上限的期权38 Floor 带利率下限的期权39 Floor trader 交易员40 Break-even 不亏不盈，收支相抵41 Asymmetry 不对称42 Symmetry 对称43 Sell forward 远期卖出44 Up-front fee 预付费用，先期费用—45 Change hands 交换，换手46 Contractual value 合同价格47 Over-the-counter 场外的，不同过交易所的48 Customize 按顾客要求制作49 Futures margin 期货保证金50 Initial margin 初始保证金51 Open position 头寸52 Maintenance margin 最低保证金，维持保证金53 Variation margin 盈亏保证金，变动保证54 Market makers 造市者55 Extrinsic value 外在价值56 Contracts of difference 差异合约57 Market-clearing 市场结算58 Adaptive expectations 适应性预期59 Bid-ask spread 递盘虚盘差价60 Small-order automatic system 小额定单执行系统61 Dealers 批发商62 Dual trading 双重交易63 Mature liquid contracts 到期合约64 Backwardation 现货溢价65 Nearby contract 近期合约66 Short-lived securities 短期有效证券67 Cash-and-carry arbitrage 现货持有套利68 Open positions 敞口头寸69 Uncovered interest arbitrage 未担保利率套利70 Premium 期权权利金71 Call-options 认购期权—72 Put-options 认沽期权73 Speculation 投机74 Cross hedging 交叉保值75 Hedging risk 套期保值风险76 Synthetic options 合成期权77 Option purchase price 期权的购进价格78 Options on futures contract 期货合同的期权交易79 Forward swap 远期掉期80 Swap rate 掉期率81 Risk transformation 风险转移82 Contract size 合约容量83 Daily limit 每日涨跌停板84 Double option 双向期权三、市场1 Physical trading现货交易2 Arbitrage 市场间套利3 Basis Price/ Strike Price 基本价格，履约价格4 Bear 卖空者，看跌者5 Bear market 空头市场，熊市6 Bull market7 Bottom 底价：某时间段内的最低价8 Peak 高价：某时间段的最高价9 Business day 交易日10 Primary market 初级市场11 Secondary market 二级市场—12 Principal 委托人，货主本人13 Profit Taking 获利回吐14 Prompt 即付15 Rally 回升16 Range 波幅17 Recovery 复苏18 Depression 萧条19 Scalp 小投机，日内多次交易20 Security deposit 保证金21 Session 交易时段22 Settlement price 结算价格23 Short hedge 卖出套期保值24 Long Hedge 买入套期保值25 Speculator 投机者26 Spot 现货27 Spread 价差：两个相关市场之间或相关商品之间的价格差异28 Switching转月：由一个期货合约转为另一个期货合约29 Technical analysis 技术分析法30 Tick size 最小价位31 Time value 时间价值32 Turnover/Volume 交易量33 Variation margin价格变动保证金34 Warehouse receipt 仓单35 American-style options 美式期权36 European-style options 欧式期权37 Arbitration 仲裁38 Assignment 转让—39 Average daily volume 平均每日交易量40 Board of trade 交易委员会41 Breakeven 平衡点（收支相抵）42 Brokerage/Commission 佣金43 Brokerage house 经纪行44 Buy to close 买进平仓45 Buy to open 买入建仓46 Canceling order 取消订单47 Clearing fee 结算费48 Close 收盘、收市49 Closing price 收盘价50 Coupon 票面利率51 Customer margin 客户保证金52 Daily trading limits 日交易限制53 Day trader 当日交易者54 Deferred 延期55 Delivery 交割，交收56 Delivery month 交割月57 Delivery points 交割点58 Equilibrium price 均衡价格59 Exhaustion gap 消耗缺口60 Expanded trading hours 延迟交易时间61 Expiration 到期，截止期限62 Federal funds rate 联邦基金利率63 Financial instrument 金融工具64 Floor trader 场内交易员65 Gross domestic product (GDP) 国内生产总值—66 High limit 涨停价67 Historical volatility 历史波幅68 Index 指数69 Initial margin 原始保证金70 Intrinsic value 内在价值71 Introducing broker (IB) 中介经纪商72 Lagging indicators 滞后指标73 Last trading day 最后交易日74 Lead month 最近合约月75 Leading indicators 领先指标76 Leverage 杠杆作用77 Limit order 限价委托单78 Liquid 流动性79 Liquidate 平仓，斩仓80 Mark-to-market 逐日结算81 Market order 市价委托单82 Market segment 市场划分83 Market value 市场价值84 Matched trade 配对交易85 Maturity 到期期间86 Notice day 通知日87 Position limit 持仓限额88 Purchasing power 购买力89 Quotation 报价90 Reference price 参考价格91 Resistance line 阻力线92 Retracement 背离—93 Support line支撑线94 Symbol 符号95 Target price 目标价格96 Trade balance 贸易收支97 Treasury bill 美国短期国债98 Variable limit 可变限度99 Writer 期权卖家100 Yield 收益率101 Yield curve 收益率曲线102 Yield to maturity 到期收益率欢迎下载11。
期货期权术语中英文对比
期货期权术语中英文对照一、期货1 Futures market 期货市场 2Futures contract 期货合约 3 Financial futures 金融期货 4 Commodity futures 商品期货 5 Financial futures contract 金融期货合约 6 Currency futures contract 货币期货合约 7 Interest rate futures contract 利率期货合约 8 Stock index futures contract 股票指数期货合约 9Financial forward contract 金融远期合约 10 Clearing house 清算所 11Initial margins 初始保证金 12 Settlement 交割 13 Short seller 卖空者 14 The Gilts 金边债券 15 Futures delivery 期货交割 16 Futures transaction 期货交易 17Hedging mechanism 规避机制 18Market expectation 市场预期 19 To defuse(attempted monopoly positions) 冲破（形成的市场垄断状况） 20 Net settlement status 净结算状况，净结算头寸21Synthetic financial futures position 综合金融期货头寸 22 Status inquiry 信用状况调查 23 Stock indexes 股票指数 24 Stock index futures 股票指数期货 25Currency futures 外币期货 26Distant futures 远期期货 27 Nearby futures 近期期货 28 On a discount basis 以折价形式 29 A long position 多头部位，利多形势 30 A short position 空头部位，短缺头寸 31 Short purchase 买空，空头补进 32 Shifting risk 转嫁风险，转移风险 33Basis risk 基差风险 34 Converge 集聚（期货和现货价格） 35 Swing 变动（幅度），摆动，涨跌 36 Cross hedge 交叉套做 37Volatile 易变的，不稳定的 38 Volatile market 不稳定的市场行情 39 Margin money 预收保证金，开设信用证保证金 40position 头寸，交易部位，部位41Long position 多头寸，买进的期货合同 42Short position 空头 43 Exchange position 外汇头寸，外汇动态 44Interest position 利率头寸 45 Swap position 调期汇率头寸 46 Square position 差额轧平（未抵冲的外汇买卖余额的轧平状况） 47 Brokerage firm 经纪商（号） 48Security bond 保付单 49 Post 登记总帐，过帐 50 Brokerage 经纪业，付给经纪人的佣金 51FX futures contract 外汇期货合约 52 Foreign currency futures 外汇期货 53 Futures price 期货价格 54 Go long 入金，多头 55 Total FX portfolio 外汇投资总额 56 A long position 多头寸，买进的期货合约 57 Go short 短缺，卖空，空头 58 A short position 空头，卖出的期货合约 59 Place an order 订购，下单 60 Trading pit 交易场 61 Open outcry 公开喊价，公开叫价 62Floor broker 场内经纪人 63 Transactions costs 交易费用 64 Zero-sum game 零和竞争（游戏） 65 Current futures price 现时的期货价格 66 The open interest 未结清权益 67 Building agreement 具有约束力的协定 68 Pay up 付清，缴清 69 In force （法律上的）有效的 70 Kill a bet 终止赌博 71 Settlement price 结算价格 72 Date of delivery 交割期 73 Point of delivery 交割地点 74Futures commission merchants 期货经纪公司 75 Market order 市价订单 76 Time order 限时订单 77 Opening order 开市价订单 78 Closing order 收市价订单 79 Basis order 基差订单 80 Corners 垄断 81Outright position 单笔头寸 82 Direct hedging 直接套做 83 Indirect hedging 间接套做 84 Short hedging 空头套做 85 Long arbitrage 多头套做 86 Back spreads 反套利 87Margin call 保证金统治 88 Price discovery 价格发现 二、期权1Option 期权，选择权，买卖期权 2 Call and put options 买入期权和卖出期权 3 Option buyer 期权的买方 4 Option seller 期权的卖方 5 Underlying securities 标的证券 6 Exercise price, striking price 履约价格，认购价格 7 Option fee =option premium or premium on option 期权费 8Intrinsic value 实际价值，内部价值 9Intrinsic utility 内在效用 10 Arbitrage opportunity 套价机会 11 Arbitrage 套购，套利，套汇 12Arbitrage of exchange or stock 套汇或套股 13Speculation on foreign exchange 外汇投机 14Speculation in stock 股票投机 15 To be hedging 进行套期保值 16 A put option on a debt security 债务证券的卖出期权 17 Call options on an equity 权益（证券）的买入期权 18 Cover 弥补，补进（卖完的商品等） 19Write 签发，签署，承保，编写 20 Margin call 追加保证金的通知 21Close out 平仓，结清（帐） 22 Notional sum 名义金额 23 Notional principal 名义本金 24Equity portfolio 股票资产 25 Predetermined 预先约定的 26Strike price 协定价格 27 Put (option) 卖方期权，看跌期权 28 Call (option) 买方期权，看涨期权 29Open market 公开市场 30Premium 期权费 31 Downside 下降趋势 32 Open-ended 开口的，无限制的，无限度的 33 Out-of-the-money 无内在价值的期权 34 In-the-money 有内在价值的期权 35 At-the-money 平值期权 36Crop up(out) 出现，呈现 37Cap 带利率上限的期权 38 Floor 带利率下限的期权 39Floor trader 交易员 40 Break-even 不亏不盈，收支相抵 41Asymmetry 不对称 42Symmetry 对称 43Sell forward 远期卖出 44Up-front fee 预付费用，先期费用 45Change hands 交换，换手 46 Contractual value 合同价格 47 Over-the-counter 场外的，不同过交易所的 48Customize 按顾客要求制作 49 Futures margin 期货保证金 50 Initial margin 初始保证金 51 Open position 头寸 52 Maintenance margin 最低保证金，维持保证金 53 Variation margin 盈亏保证金，变动保证 54 Market makers 造市者 55 Extrinsic value 外在价值 56 Contracts of difference 差异合约 57 Market-clearing 市场结算 58 Adaptive expectations 适应性预期 59 Bid-ask spread 递盘虚盘差价 60 Small-order automatic system 小额定单执行系统 61 Dealers 批发商 62Dual trading 双重交易 63 Mature liquid contracts 到期合约 64 Backwardation 现货溢价 65 Nearby contract 近期合约 66 Short-lived securities 短期有效证券 67 Cash-and-carry arbitrage 现货持有套利 68 Open positions 敞口头寸 69 Uncovered interest arbitrage 未担保利率套利 70 Premium 期权权利金 71Call-options 认购期权 72 Put-options 认沽期权 73 Speculation 投机 74Cross hedging 交叉保值 75 Hedging risk 套期保值风险 76 Synthetic options 合成期权 77 Option purchase price 期权的购进价格 78Options on futures contract 期货合同的期权交易 79 Forward swap 远期掉期 80 Swap rate 掉期率81 Risk transformation 风险转移 82 Contract size 合约容量 83 Daily limit 每日涨跌停板 84 Double option 双向期权三、市场1Physical trading现货交易2Arbitrage 市场间套利3Basis Price/ Strike Price 基本价格，履约价格4Bear 卖空者，看跌者5Bear market 空头市场，熊市6Bull market7Bottom 底价：某时间段内的最低价8Peak高价：某时间段的最高价9Business day 交易日10Primary market 初级市场11Secondary market 二级市场12Principal 委托人，货主本人13Profit Taking 获利回吐14Prompt 即付15Rally 回升16Range 波幅17Recovery 复苏18Depression萧条19Scalp 小投机，日内多次交易20Security deposit 保证金21Session交易时段22Settlement price 结算价格23Short hedge 卖出套期保值24Long Hedge买入套期保值25Speculator 投机者26Spot 现货27Spread 价差：两个相关市场之间或相关商品之间的价格差异28Switching转月：由一个期货合约转为另一个期货合约29Technical analysis 技术分析法30Tick size 最小价位31Time value 时间价值32Turnover/Volume 交易量33Variation margin价格变动保证金34Warehouse receipt仓单35American-style options 美式期权36European-style options 欧式期权37Arbitration 仲裁38Assignment 转让39Average daily volume 平均每日交易量40Board of trade 交易委员会41Breakeven 平衡点（收支相抵）42Brokerage/Commission 佣金43Brokerage house 经纪行44Buy to close买进平仓45Buy to open 买入建仓46Canceling order 取消订单47Clearing fee 结算费48Close 收盘、收市49Closing price 收盘价50Coupon 票面利率51Customer margin 客户保证金52Daily trading limits 日交易限制53Day trader 当日交易者54Deferred 延期55Delivery 交割，交收56Delivery month 交割月57Delivery points 交割点58Equilibrium price 均衡价格59Exhaustion gap消耗缺口60Expanded trading hours 延迟交易时间61Expiration 到期，截止期限62Federal funds rate 联邦基金利率63Financial instrument 金融工具64Floor trader 场内交易员65Gross domestic product (GDP) 国内生产总值66High limit 涨停价67Historical volatility 历史波幅68Index 指数69Initial margin 原始保证金70Intrinsic value 内在价值71Introducing broker (IB) 中介经纪商72Lagging indicators 滞后指标73Last trading day 最后交易日74Lead month 最近合约月75Leading indicators 领先指标76Leverage 杠杆作用77Limit order 限价委托单78Liquid 流动性79Liquidate 平仓，斩仓80Mark-to-market 逐日结算81Market order 市价委托单82Market segment 市场划分83Market value 市场价值84Matched trade 配对交易85Maturity 到期期间86Notice day 通知日87Position limit 持仓限额88Purchasing power 购买力89Quotation 报价90Reference price 参考价格91Resistance line 阻力线92Retracement 背离93Support line支撑线94Symbol 符号95Target price 目标价格96Trade balance 贸易收支97Treasury bill 美国短期国债98Variable limit 可变限度99Writer 期权卖家100Yield 收益率101Yield curve 收益率曲线102Yield to maturity 到期收益率。
期货词典
futures 期货futures market 期货市场futures contract 期货合约stock index futures 股指期货underlying asset 标的contract multiple 合约乘数contract size 合约价值contract month 合约月份expiration date 到期日delivery date 交割日delivery month 交割月份delivery price 交割价格options 期权exercise price 执行价格call option 认购期权put option 认沽期权european option 欧式期权american option 美式期权premiun 权利金intrinsic value 内在价值time value 时间价值bull market 牛市bear market 熊市financial futures 金融期货commodity futures 商品期货basis 基差basis risk 基差风险exchange 交易所futures exchange 期货交易所clearing house 结算所broker 经济人come on! I feel strongly that I can make it. 加油！我坚信我一定能成功！二.市场参与者:结算会员 clearing member特别结算会员 special clearing member全面结算会员 general clearing member交易结算会员 trading and clearing member 交易会员 trading member 期货公司 futures brokerage company介绍经济商 introducing broker , IB做市商 market maker套期保值者 hedger套利者 arbitrageur投机者 speculator抢帽子者 scalpers散户 retail/individual investor机构投资者 institutional investor居间人 broker对冲基金 hedge fund出市代表 floor trader交易主持 trading host经济业务联系人 associated person , AP结算交割员 settlement clerkCheer up! Nothing is impossible to a willing heart. 心之所愿，无事不成。
HK listing rules
Annex 1SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES(NO. 5 OF 2002, SECTION 36(1))ARRANGEMENT OF SECTIONSPART IPRELIMINARYNo. Page1. Commencement (3)2. Interpretation (3)PART IISTOCK MARKET LISTING3. Requirements for listing applications (4)4. Exemptions from section 3 (5)5. Copy of listing materials to be filed with the Commission (6)6. Copy of ongoing disclosure materials to be filed with the Commission (8)PART IIISUSPENSION OF DEALINGS7. Suspension of dealings in securities (9)8. Powers of the Commission upon the suspension under this Part ofdealings in any securities (10)9. Provisions supplementary to sections 7 and 8 (13)10. Restriction on re-listing (13)11. Waiver of requirements of Parts II and III (13)PART IVAPPROVED SHARE REGISTRARS12. Approval of share registrars (14)13. Securities not to be listed where approved share registrar not employed (14)14. Suspension of dealings in cessation of employment etc. ofapproved share registrar (14)15. Power to exempt (16)16. Appeal against suspension (16)PART VMISCELLANEOUS17. Suspensions, etc. by recognized exchange company to be notified to theCommission (17)18. Notices, etc. to be in writing (17)SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES(Made by the Securities and Futures Commission under section 36(1) of theSecurities and Futures Ordinance (5 of 2002) after consultation with theFinancial Secretary and the Stock Exchange Company.)PART IPRELIMINARY1. CommencementThese Rules shall come into operation on the day appointed for the commencement of Part III of the Securities and Futures Ordinance (5 of 2002).2. InterpretationIn these rules, unless the context otherwise requires –"applicant" means a corporation which has made an application under section 3; "application" means an application made under section 3 and all documents in support of or in connection with the application including any replacement of or amendment or supplement to such application and the filing obligation in section 5(1) applies separately to any such replacement, amendment or supplement;“approved share registrar” means a share registrar who is member of an association of persons approved, for the purposes of these Rules, by the Commission under section 15;"chief executive", in relation to a corporation, means a person who either alone or together with one or more other persons is or will be responsible under the immediate authority of the board of directors for the conduct of the business of the corporation;"director", in relation to the Commission, means a director appointed under Schedule 2 of the Ordinance;"expert" means an expert within the meaning of section 38C of the Companies Ordinance (Cap. 32); "issuer" means a corporation or other body whose securities are listed, or proposed to be listed, on a recognized stock market;“share registrar” means any person who maintains in Hong Kong the register of members of a corporation the securities of which are listed, or proposed to be listed, on a recognized stock market.PART IISTOCK MARKET LISTING3. Requirements for listing applicationsAn application made by a corporation to a recognized exchange company for the listing of any securities issued or to be issued by that applicant must –(a) comply with the rules and requirements of the recognized exchange company(except to the extent that compliance is waived or not required by therecognized exchange company);(b) comply with any provision of law applicable;(c) contain such particulars and information which, according to the particularnature of the applicant and the securities for the listing of which application isbeing made, is necessary to enable an investor to make an informedassessment of the activities, assets and liabilities and financial position, of theapplicant at the time of the application and its profits and losses a nd of therights attaching to such securities;(d) state the name of the applicant;(e) give particulars of the numbers, classes and denominations of the securitieswhich are the subject of the application;(f) give particulars of the proposed manner of issue of the securities, whether byoffer for sale, public subscription, private placing, introduction or otherwise;(g) state, in so far as is known, or may be ascertained after reasonable enquiry, bythe directors of the applicant, the name and address of any person who at thetime of the application is a substantial shareholder of the applicant or ofanother corporation of which it is a subsidiary, and the extent of hisshareholding in the applicant or that other corporation;(h) give particulars of the qualifications and experience of the directors and chiefexecutive of the applicant;(i) specify the purpose for which the applicant intends to use the proceeds (ifany) of the issue or sale of the securities to which the application relates, orthe portion of such proceeds to be received by the applicant; and(j) specify the qualifications of any person whose opinion as an expert is referred to in any document included in the application.4. Exemptions from section 3Section 3 does not apply to the listing of any –(a) securities issued or allotted –(i) by a capitalization issue pro rata (apart from fractional entitlements) toexisting shareholders, other than to shareholders whose addressesregistered in the books of the corporation are in a place outside HongKong and to whom they are not issued or allotted because ofrestrictions imposed by legislation of that place; or(ii) pursuant to a scrip dividend scheme which has been approved by thecorporation in general meeting;(b) securities offered on a pre-emptive basis, pro rata (apart from fractionalentitlements) to existing holdings, to holders of the relevant class of shares inthe corporation , other than to shareholders whose addresses registered in thebooks of the corporation are in a place outside Hong Kong and to whom theywere not offered because of restrictions imposed by legislation of that place;(c) shares issued in substitution for shares listed on a recognized stock market, ifthe issue of the shares does not involve any increase in the issued share capitalof the corporation.5. Copy of listing materials to be filed with the Commission(1) An applicant must file a copy of its application with the Commission within one business day after the day on which the applicant submits the application to the recognized exchange company concerned.(2) An applicant is regarded as having complied with subsection (1) on the day it submits the application to the recognized exchange company concerned if, prior to or at the time of submitting the application to the recognized exchange company the applicant has authorized the recognized exchange company in writing to file the application with the Commission on its behalf.(3) The recognised exchange company must not list the securities to which the application relates unless –(a) the period specified in subsection (5) has expired and the Commission has not,within that period, notified the recognized exchange company and theapplicant under subsection (6) that it objects to the listing; or(b) the Commission has notified the recognized exchange company and theapplicant that it does not object to the listing.(4) The Commission may, by notice to the applicant and the recognised exchange company given within 10 business days from the date the applicant files a copy of its application with the Commission, require the applicant to supply to the Commission such further information as the Commission may reasonably require for the performance of its functions under these Rules.(5) The period specified for the purposes of subsection (3) is 10 business days –(a) where the Commission has not given notice under subsection (4), from thedate the applicant files a copy of its application with the Commission; or(b) where the Commission has given notice under subsection (4), from the datewhen the further information is supplied.(6) The Commission may, by notice in writing to the recognized exchange company and the applicant, object to a listing if it appears to the Commission that –(a) the application in respect of the listing does not comply with a requirementspecified in section 3;(b) an application in respect of the listing is false or misleading as to a materialfact or is false or misleading through the omission of a material fact;(c) the applicant has failed to comply with a requirement under subsection (4) or,in purported compliance with such requirement has furnished the Commissionwith information which is false or misleading in any material particular; or(d) it would not be in the interest of the investing public or in the public interestfor the securities to be listed.(7) A notice given under subsection (6) must be accompanied by a statement specifying the reasons for the objection.6.Copy of ongoing disclosure materials to be filed with the Commission(1) An issuer must file with the Commission a copy of any announcement, statement, circular, or other document made or issued by it or on its behalf to the public or to a group of persons comprising members of the public (including its shareholders) under the rules and requirements of a recognized exchange company or any provision of law applicable, or pursuant to the terms of any listing agreement between the issuer and a recognized exchange company under the rules of the recognized exchange company within one business day following the day on which such announcement, statement, circular or other document is made or issued.(2) A person must file with the Commission a copy of any announcement, statement, circular or other document made or issued by that person or on his behalf to the public or to a group of persons comprising members of the public (including holders of the securities of an issuer) under any codes published by the Commission under sections 399(2)(a) and (b) of the Ordinance within one business day following the day on which such announcement, statement, circular or other document is made or issued.(3) An issuer or other person, as the case may be, is regarded as having complied with subsection (1) or (2) if the issuer or other person has –(a) filed with the recognized exchange company concerned; and(b) authorized the recognized exchange company in writing to file with theCommission on its behalf,a copy of the relevant announcement, statement, circular or other document.PART IIISUSPENSION OF DEALINGS7. Suspension of dealings in securities(1) Where it appears to the Commission that –(a) any materially false, incomplete or misleading information has been includedin any –(i) prospectus, circular, or other document, including an introductiondocument and a document containing proposals for an arrangement orreconstruction of a corporation, issued in connection with a listing ofsecurities on a recognized stock market;(ii) announcement, statement, circular or other document made or issuedby or on behalf of an issuer in connection with its affairs; or(b) it is necessary or expedient in the interests of maintaining an orderly and fairmarket in securities traded through the facilities of a recognized exchangecompany on the recognized stock market it operates;(c) it is in the interest of the investing public or in the public interest, or it isappropriate for the protection of investors generally or for the protection ofinvestors in specified securities listed on a recognized stock market; or(d) there has been a failure to comply with any condition imposed by theCommission under section 8(3)(c) relating to the listing of, or dealings in, anysecurities,the Commission may direct, by notice to the recognized exchange company concerned, the recognized exchange company to suspend all dealings in any securities specified in the notice.(2) A recognized exchange company must comply with any notice given under subsection (1) without delay.8. Powers of the Commission upon the suspension under this Part of dealings in anysecurities(1) An issuer which is aggrieved by the exercise of the Commission's powers under section 7 may make representations in writing to the Commission and where an issuer makes such representations, the Commission must notify the recognized exchange company concerned.(2) In respect of the exercise of the Commission's powers under section 7, the recognized exchange company concerned may make representations in writing to the Commission irrespective of whether representations in respect of that exercise of powers have been made by an issuer under subsection (1) and where the recognized exchange company makes such representations, the Commission must notify the issuer concerned.(3) Where the Commission has –(a) directed a recognized exchange company under section 7(1) to suspenddealings in any securities; and(b) considered any –(i) representations by the issuer under subsection (1);(ii) representations by the recognized exchange company under subsection(2); and(iii) further representations by the issuer or the recognized exchangecompany,the Commission by notice to the recognized exchange company concerned may –(c) permit dealings in the securities to recommence subject to such conditions asthe Commission may think fit to impose, being conditions of the naturespecified in subsection (4); or(d) direct the recognized exchange company to cancel the listing of the securitieson its recognized stock market if the Commission –(i) is satisfied that there has been a failure to comply with therequirements in respect of listing set out in these Rules or in any otherrules made under section 36 of the Ordinance; or(ii) considers that such action is necessary to maintain an orderly marketin Hong Kong,and the recognized exchange company must comply with that direction without delay.(4) The conditions which may be imposed under subsection (3)(c) are –(a) where the Commission has exercised its powers under section 7(1)(a) or (d),conditions imposed with the object of ensuring, so far as is reasonablypracticable, that the issuer remedies the default by reason of which thesuspension of dealings was directed, provided that the Commission mustpermit such dealings unconditionally without delay if it is of the view thatthere has been no such default;(b) where the Commission has exercised its powers under section 7 (1)(b), suchconditions as the Commission may consider necessary or expedient in theinterests of maintaining an orderly and fair market in securities traded throughthe facilities of a recognized exchange company on its recognized stockmarket;(c) where the Commission has exercised its powers under section 7(1)(c), suchconditions as the Commission may consider to be in the interest of theinvesting public or in the public interest, or to be appropriate for the protectionof investors generally or for the protection of investors in specified securitieslisted on a recognized stock market.(5) In subsection (3) "further representations" means representations either in writing or orally or both in writing and orally as the issuer or the recognized exchange company concerned may determine which are submitted within such reasonable time as the Commission may determine.(6) The functions of the Commission under this section may only be exercised by a meeting of the Commission and are not delegable.(7) A director of the Commission who made the decision in the exercise of the Commission's powers under section 7 may not participate in the deliberations or voting of the Commission in the performance of its functions under this section as regards that exercise of the Commission's powers.(8) Notwithstanding subsection (7), the director referred to in that subsection may attend any meeting or proceeding of the Commission in the performance of its functions under this section as regards that exercise of the Commission's powers and may make such explanations of his decision as he thinks necessary.9. Provisions supplementary to sections 7 and 8(1) At any hearing held by the Commission to receive oral representations made to it under section 8(3), the issuer and the recognized exchange company each have the right to be represented by its counsel or solicitor.(2) If representations are made under section 8(1) or 8(2) against a direction made under section 7(1) then, pending the decision of the Commission under section 8 (3), all dealings in the securities concerned shall continue to be suspended.10. Restriction on re-listingNo security the listing of which has been cancelled under section 8 may be listed again on a recognized stock market except in accordance with Part II.11. Waiver of requirements of Parts II and IIIThe Commission may by notice to an applicant or an issuer, as the case may be, and a recognized exchange company, modify or waive, subject to such reasonable conditions as the Commission may think fit to impose, the requirements of any provision of Parts II and III where the Commission is of the opinion that –(a) the applicant or issuer, as the case may be, cannot comply with the provisionor it would be unreasonable or unduly burdensome for the applicant or issuerto do so;(b) the provision has no relevance to the circumstances of the applicant or issuer,as the case may be; or(c) compliance with the provision would be detrimental to the commercialinterests of the applicant or issuer, as the case may be, or to the interests of theholders of its securities.PART IVAPPROVED SHARE REGISTRARS12. Approval of share registrars(1) The Commission may approve an association of persons as an association each of whose members must be an approved share registrar for the purposes of these Rules.(2) The Commission may cancel the approval of any association of persons approvedunder subsection (1).(3) The Commission must maintain a list of associations of persons approved undersubsection (1).13. Securities not to be listed where approved share registrar not employedNo application made by a corporation to a recognized exchange company for the listing of any securities issued or to be issued by that applicant may be approved by the recognized exchange company concerned unless the applicant is an approved share registrar or employs an approved share registrar.14. Suspension of dealings on cessation of employment etc. of approved share registrar(1) If –(a) the securities of a corporation are listed on a recognized stock market; and(b) the corporation ceases either to be an approved share registrar or to employ anapproved share registrar;the recognized exchange company concerned must suspend dealings in those securities unless within 3 months after the date on which the recognized exchange company first learned of such cessation or before the expiry of 21 days’ notice given under subsection (2), whichever is the later, the corporation becomes an approved share registrar or employs an approved share registrar as its share registrar.(2) Before suspending dealings in the securities of a corporation under subsection (1) the recognized exchange company concerned must give notice in writing to the corporation warning the corporation of its intention to suspend dealings in the corporation’s securities unless, before the date specified in the notice, being the date on which the period of 3 months specified in subsection (1) expires or 21 days from the date of the notice, whichever is the later, the corporation becomes an approved share registrar or employs an approved share registrar as its share registrar.(3) The Commission may require a recognized exchange company to give notice under subsection (2) to a corporation which has ceased either to be an approved share registrar or to employ an approved share registrar if, in the Commission’s opinion, the recognized exchange company has failed or neglected to do so within a reasonable time, and the recognized exchange company must comply with such a requirement without delay.(4) A recognized exchange company which has suspended dealings in the securities of any corporation under subsection (1) must permit the recommencement of dealings in those securities when it is satisfied that the corporation has become an approved share registrar or has employed an approved share registrar as its share registrar.15. Power to exempt(1) The Commission may exempt all or any particular class of securities issued by a specified corporation from all or any of the provisions of this Part.(2) An exemption granted under subsection (1) must be notified in writing by the Commission to the specified corporation and to the recognized exchange company which operates the recognised stock market on which the exempted class of securities are, or are proposed to be, listed.(3) The Commission may withdraw any exemption granted under subsection (1), and such withdrawal must be notified in the same manner as an exemption is required to be notified under subsection (2).(4) Where any securities of a corporation are listed on a recognised stock market and have been exempted under subsection (1), in the event of a withdrawal under subsection (3) of the exemption the recognised exchange company concerned must suspend dealings in those securities unless at the date of notification of the withdrawal the corporation is, or within 3 months after the date the corporation becomes, an approved share registrar or employs an approved share registrar as its share registrar.16. Appeal against suspension(1) Where a recognized exchange company suspends dealings in the securities of a corporation under sections 13 or 14 the corporation may within 21 days of the suspension appeal in writing to the Commission against the suspension.(2) An appeal under subsection (1) must be accompanied by such submissions in writing as the corporation wishes to make.(3) On any appeal under subsection (1), the Commission may –(a) dismiss the appeal;(b) direct the recognized exchange company to recommence dealings in thesecurities; or(c) direct the recognized exchange company to recommence dealings in thesecurities subject to such conditions as the Commission thinks fit.PART VMISCELLANEOUS17. Suspensions, etc. by recognized exchange company to be notified to the Commission(1) If a recognized exchange company intends to suspend dealings in any securities it must, where reasonably practicable, inform the Commission of its intention prior to such suspension and, if not so practicable, inform the Commission of the suspension as soon as possible after the event.(2) A recognized exchange company, after having suspended dealings in any securities, may not permit dealing in them to recommence without first giving notice to the Commission.(3) A recognized exchange company may not cancel the listing of any securities unless it gives the Commission 48 hours’ notice of its intention to do so.18. Notices, etc. to be in writingAny notice or direction under these rules must be in writing.ChairmanSecurities and Futures CommissionExplanatory NoteThese Rules are made by the Securities and Futures Commission under section 36(1) of the Securities and Futures Ordinance (5 of 2002). They prescribe certain requirements to be met before securities may be listed including requirements for applications for the listing of securities and the employment of approved share registrars and provide for the cancellation of the listing of any specified securities by the Commission if the requirements for listing are not met. The Rules prescribe the circumstances in which and the conditions subject to which a recognized exchange company must suspend dealings in specified securities. They also prescribe for the filing with the Commission of copies of applications for the listing of securities and information disclosed to the public by issuers and certain other persons under the rules and other requirements of a recognized exchange company.SECURITIES AND FUTURES(TRANSFER OF FUNCTIONS – STOCK EXCHANGE COMPANY) ORDER(Made by the Chief Executive in Council undersection 25(1) of the Securities and FuturesOrdinance (No. 5 of 2002))1. CommencementThis Order shall come into operation on the day appointed for the commencement of Part III of the Securities and Futures Ordinance (No. 5 of 2002).2. InterpretationIn this Order, unless the context otherwise requires, the expressions "prospectus" (©ÛªÑ³¹µ{), "share" (ªÑ¥÷) and "debenture" (¶ÅÅvÃÒ) have the respective meanings assigned to them by the Companies Ordinance (Cap. 32).3. ApplicationNothing in this Order applies to a prospectus offering interests in a collective investment scheme, the issue of which –(a) would be an offence under section 103(1)(b) of the Ordinance; or(b) is exempted from the application of section 103(1)(b) solely by virtue ofsection 103(3)(h) of the Ordinance.4. Transfer of functions of the CommissionThe functions conferred upon the Commission by sections 38B(2A)(b), 38D(3) and (5) and 342C(3) and (5) of the Companies Ordinance (Cap. 32) are transferred to the Stock Exchange Company to the extent that they relate to any prospectus which is concerned with any shares in or debentures of a corporation that have been approved by the Stock Exchange Company for listing on a recognised stock market.5. FeesThe Stock Exchange Company is entitled to charge and retain any fees for the performance of functions transferred under this Order which, had this Order not been made, would be payable to the Commission under the Securities and Futures (Fees) Rules (L.N. [ ] of 2002) in relation to the performance by the Commission of such functions.Clerk to the Executive Council COUNCIL CHAMBER2002Explanatory NoteThis Order is made by the Chief Executive in Council under section 25(1) of the Securities and Futures Ordinance (No. 5 of 2002). It transfers certain functions of the Securitiesand Futures Commission in relation to prospectuses under the Companies Ordinance (Cap.32) to the Stock Exchange of Hong Kong Limited.21。
CFA考试一级章节练习题精选0329-33(附详解)
CFA考试一级章节练习题精选0329-33（附详解）1、A trader takes a long position in 40 futures contracts on Day 1. The futures have a daily price limit of $5 and closes with a settlement price of $106. On Day 2, the futures trade at $111 and the bid and offer move to $113 and $115, respectively. The futures price remains at these price levels until the market closes. The marked-to-market amount the trader receives in his account at the end of Day 2 is closest to:【单选题】A.$200.B.$280.C.$320.正确答案:A答案解析:“Futures Markets and Contracts,” Don M. Chance, CFA2013 Modular Level I, Vol. 6, Reading 62, Section 3Study Session 17-62-dDescribe price limits and the process of marking to market, and calculate and inte rpret the margin balance, given the previous day’s balance and the change in the futures price.A is correct. Because the future has a daily price limit of $5, the highest possible settlement price on Day 2 is $111. Therefore, the marked to market value would be ($111-$106) x 40 = $200.2、With respect to the underlying asset, which of the following derivatives providesthe least information about price volatility?【单选题】A.Call.B.Put.C.FRA.正确答案:C答案解析:价格波动性会改变看涨期权或看跌期权的价值，所以期权价格可以提供更多关于价格波动性的信息，而不是远期利率协议（forward rate agreement，简称FRA）。
Stock_and_the_Futures_Market
What is the futures market ?
期货市场是什么?
The futures market provides a mechanism of insurance opportunity to traders against the risk of price fluctuation.期 货市场提供了一种机制的保险机会交易员对价格波动的风险。 Futures’ trading helps to enlarge the volume of the trade and also the entry of speculators.期货交易有助于扩大贸易 的体积和条目的投机者。 The futures market was created to help businesses minimize risks.期货市场的创立就是为了帮助企业降低风险。 Commodity prices are unpredictable.商品价格是不可预测 的。 At harvest time:在收获的时候: At scarce time:在稀缺时间:
须付出的代价,在未来的日子;
the quantity and quality of the commodity. 的数量和质量的商品。
Businesses
which produce or use commodities, however, routinely buy and sell in the cash market. 企业生产或使用大宗商品,然而,
Stock and the Futures Market 股票和期货市场
制作人：
Luther
What is stock?
什么是股票吗?
Futures Markets：期货市场
The Nuts and Bolts of Futures Markets1P.J. van Blokland and Bryan Harrington2Importance of Futures MarketThe futures market, like any market, serves as a medium of exchange. In an equity market people buy and sell shares of stock. In a futures market, people buy and sell contracts for commodities and financial instruments (collectively called "commodities" in this paper). The major difference between the two markets is that when investors buy stocks, they become owners in the company, and when investors buy futures contracts, they enter into an agreement to deliver or receive delivery of a commodity at some predetermined time in the future. They can, but need not, become owners of the commodities they trade.The trades in futures markets set world prices for these commodities. The commodities themselves include in rough order of importance:1.Interest rates, composed mainly of Treasuries, Eurodollars, Fed Fund Rates,LIBOR, and Euro currency spreads like the Euro Yen.2.Petroleum products, which include Crude Oil, Gasoline, Natural Gas, and HeatingOil.3.Stock indexes trade the Dow, the S & P 500, and the Mid-Cap 400, the Russell2000, Nasdaq indices, and foreign indices such as the Nikkei, the Dax, and FTSE.4.Currency consists of major currencies such as the Yen, Deutsche Mark, Pound,French and Swiss Franc, Canadian and Australian dollar, and the Peso.5.Precious metals such as Gold, Silver, Platinum, and Palladium.6.The agriculture sector, including all major row crops and animal industries as wellas major commodities such as sugar, cocoa, coffee, and fiber. Interestingly, agriculture was the major group in futures markets until the early 1970s when financials started and quickly dominated futures trading.Daily trade in Chicago alone, the main center for futures markets in America, runs into billions of dollars. Yet EUREX of Germany and Switzerland has 40 percent more trading volume than the largest Chicago exchange (Chicago Mercantile Exchange). Futures are huge markets, totally dwarfing the far better known equity markets such as the New York Stock Exchange. Monthly futures trading in the world is measured in trillions of dollars. So it is somewhat surprising that most individuals are both unaware and uninformed about these markets.Futures markets exist because they provide huge benefits to a great many firms and people. Yet mainly two types of traders use them, namely hedgers and speculators. Hedgers use the futures market as a price insurance policy and supply the commodity to the market. Speculators use it like the equity market as a source of capital gains and provide the capital and hence the liquidity. The market needs both for operation. The twogroups are like the two blades of a pair of scissors. Both blades cut equally if the tool works. Likewise the market cannot function properly without a lot of hedging and speculating. The more there is, the deeper the market and the smaller the price differences among trades. The smaller these are, the better the market is for the final consumer, which is us.Futures TerminologyInevitably, there is some terminology to learn. Futures cannot be understood without knowing the terminology. For example, traveling in Quebec is enhanced by speaking at least some French. The same argument applies here. Futures terminology includes: •Underlying:The commodity that makes up the subject matter of the futures contract. A futures contract is a derivative instrument, meaning it gets its value from something else. The "something else" is the underlying. For example, the underlying for the corn contract is 5,000 bushels of corn, and the underlying for the corn option is the corn contract.•Hedge: To take a position in both futures and cash markets. This is done solely to reduce risk of price movement in the cash market. For example, a corn farmer wants to sell cash corn in his local market. To get a price that will mature, he enters into futures contract to sell corn at about the same time as he takes his cash corn to the market. In market terminology, he short futures.•Cash Market:The physical commodity market in which everyone normally trades. For example, buyers and sellers gather at markets to buy and sell corn;bankers buy and sell interest rates or currencies; oil producers and refiners agree on crude oil prices; mutual funds buy and sell stock indices; local, national, and foreign governments purchase Treasuries; and so on, all in everyday cash markets.•Spot Market: Refers to the terms of delivery, rather than to the terms of payment.A spot transaction can involve cash or credit. But because it is a cash markettransaction, the cash price paid for the good is often called the "spot price". And spot usually means the current or today's price.•Speculators:Buyers and sellers of commodities, with the sole intention of making money and realizing capital gains. Many of the best are pit traders in the exchanges and are called locals. They do not produce, nor do they intend to take delivery of the commodities they trade.•Long: A person who promises to receive a commodity in the future is said to be "long" in the market. For example, a buyer of corn that will be received six months hence has a long position in corn. Realize that this individual can be eithera hedger or a speculator.•Short: A person who promises to sell something in the future is said to be "short"in the market. The same provisos apply as in the above definition.•Futures Contract: This is the unit that is actually traded in futures markets. All the commodities are traded in contracts. Each contract is unique to that commodity in terms of size, delivery date, and quality. It is a legally binding document that obligates the owner to deliver or receive delivery of a specific quantity and quality of that commodity at a specific time and place. For example,corn is traded in contracts of 5,000 bushels of #2 yellow corn and the municipal bond contract is $1,000 times the Bond Buyer Municipal Bond Index.•Volume: The daily volume of the market is the number of contracts that traded hands on that day. Interestingly, fewer than one percent of contracts are actually delivered; 99 percent of contracts are offset before delivery. This shows that futures markets are not delivery markets but risk reduction and profit seeking markets. This is what makes the markets liquid and highly efficient.History of the Futures MarketIn 1851, Midwest grain traders and affluent Chicago businessmen established the Chicago Board of Trade (CBOT) on Chicago's Water Street. The CBOT's purpose was to maintain a commercial exchange; to promote uniformity and equity in trade; to acquire and make available valuable economic information; and to settle disputes by arbitration among merchants, warehouses, and traders to eliminate as many law suits as possible (Ferris, 1988).The exchange's function grew and soon became a risk management tool for farmers and input consumers. As time went forward, additional commodities were added to the exchange, and new exchanges were founded to house additional commodities. The advent of the computer age has led to greater efficiency in the markets. As a result, more accurate price discovery has occurred, perhaps the best in the world.The Exchange and the Clearing HouseEach exchange provides the facilities for traders to buy and sell commodities, referee and record these trades, and simultaneously provide the resulting prices throughout the world continuously. The U.S. exchanges are self-policing and have never reneged on a trade. Trade conduct and efficiency are roles of the clearing house. A clearing house is an institution that monitors all the transactions of the exchange. It appoints a physical location for delivery and reception to occur. It acts as arbitrator on behalf of an exchange. It listens to traders' grievances and metes out decisions based on the facts provided. All decisions made by the clearing house are binding, and the traders grant this authority to the clearing house as part of every trade. Most important of all, it is a long for every short and a short for every long, thereby guaranteeing each trade made in the exchange.The two main types of exchanges are "open outcry" (physical building) and "electronic" (computer). In an open outcry exchange (e.g., CBOT), there is a physical building with a trading floor that has "pits". Each pit is designated for a single commodity that is traded at the exchange. The pits are large octagonal structures on the floor of the exchange that are lined with steps/stairs. The stairs are located around the entire interior of the pits. The pits are designed so that all traders can see one another. All trading must take place within the pit and during the trading hours set for each commodity by the exchange.There is one pit for every commodity (mostly) and all of its contract dates. Each level of steps within a pit helps to identify the contract date on which a trader wishes to deal. Thus September corn is traded in one area and December corn in another. Hand gestures and shouting between traders help to communicate price and quantity of the contracts being traded. All traders can thus see and hear what other traders are doing even where there are several hundred traders like the Eurodollar pit.At the end of the trading day, all trades are compiled and every sell order must be matched up with a corresponding buy order. In the terminology of the exchange, every "short" must have a "long". Outside the pits, a great deal of activity takes place. Brokerage officials take the orders, runners relay the order information to the traders in the pits, and trading referees watch over the exchange to ensure that fair-trading occurs. On the other hand, the electronic exchange occurs via the Internet, not in the physical environment of a pit. Like the open outcry exchange, only members are allowed to trade on the electronic exchange. Memberships are limited and can be bought and sold. While a corporation cannot buy an electronic exchange membership, it can financially back an individual's membership requirements.The electronic exchange has a cost advantage over the open outcry exchange because it does not require a huge physical space for trading to occur (e.g., the Chicago Board of Trade takes up more than two city blocks of space). An electronic exchange requires a much more modest space, leading to considerable cost savings, which can be passed on to brokers and other users. This cost reduction provides an additional incentive to traders to get involved in the market.TradersThe two types of traders in the futures exchange are "hedgers" and "speculators". Hedgers include traders such as bankers; mutual funds; pension portfolios; currency dealers; brokerage houses; and the agricultural industry, including retailers and processors. Hedgers use the futures market to guarantee the future prices of products. Their goal is to reduce the risk of owning commodities that might have adverse price movements. Most hedgers rely on brokers to execute their trades.Speculators have no desire to deliver or take delivery of the commodity. Their objective is simply to make money, nothing else. They practice the ancient art of arbitrage. They take advantage of price differences, and in so doing they turn a profit.The two types of traders have a synergistic relationship. One cannot exist without the other. The hedger provides the physical commodity, and the speculator provides the capital to the market.Illustrating a TradeThe simplest example of a trade is probably a farming one:•It is March and a farmer (hedger) plans to plant corn in April and wants to protect the value of his investment in purchasing the necessary inputs by obtaining a profitable price for the harvest corn in November.•He wants to bolster the spot price by realizing gains in the futures market.Therefore, he contacts his broker in March and instructs the broker to short the number of December contracts that he thinks he will harvest, or a lower amount to guard against any crop failure. The December contract is the nearest contract to his harvest. He believes that the futures price in March of a December contract is higher than the contract price will be closer to maturity.•The broker then calls the exchange representative and instructs him to sell a certain number of December corn contracts at or above an agreed price that the hedger supplied.•The exchange representative then hands the market order to a runner. The runner then takes the order to the corn pit and hands it to their trader.•The trader then finds a buyer at or around the price for which the hedger is willing to short and motions his intent. Since the trader is trying to sell, he will make a motion with his palms out towards the pit, indicating that he wishes to short the commodity. Another trader will see that someone wishes to short, and if the trader agrees on the price, he will make a motion with his hands like an inward wave to buy.•The trader, who was acting on the hedger's behalf, gives the runner a confirmation of the trade. The runner takes this information back to the brokerage representative, who then contacts the brokerage. The broker calls the hedger to confirm the trade.Typically, his whole process can be completed in five minutes.Final RemarksThese are the essential "nuts and bolts" of futures markets. This paper is intended solely to provide a brief but fairly comprehensive synopsis of futures.ReferencesFerris, William. The Grain Traders. East Lansing, MI: Michigan State Press. 1988.Stephens, John. Managing Commodity Risk. New York, NY: John Wiley and Son, Limited. 2000.。
常用的证券英语词汇汇总
常用的证券英语词汇汇总在日常生活中，我们能见到各种各样的英语，可见英语的使用范文很广。
小编在此献上金融英语词汇，希望对大家有所帮助。
证券英语词汇汇总(Q-R)qualified corporation 合资格法团qualified lender 合资格借出人qualified overseas schem合资格海外计划qualified shares 合资格股份qualifying client 合资格客户qualifying credit rating 合资格信贷评级qualifying debt securities合资格债务证券ranking liabilities 认可负债recipient 接收人reckless misrepresentation 罔顾实情的失实陈述recognized certificate 认可证书recognized certification authority认可核证机关recognized clearing house 认可结算所recognized counterparty 认可对手方recognized exchange company 认可交易所recognized exchange controller 认可控制人recognized futures market 认可期货市场recognized investor compensation company认可投资者赔偿公司recognized occupational retirement scheme认可职业退休计划recognized stock market 认可证券市场record 纪录redeemable shares 可赎回股份register of companies 公司登记册register of directors’ and chief executives’ interests and short positions董事及最高行政人员权益及淡仓登记册register of interests in shares and short positions股份权益及淡仓登记册registered 注册registered company 注册公司registered institution 注册机构Registrar of Companies 公司注册处处长registration 注册regulated activity 受规管活动regulated function 受规管职能regulated investment agreement 受规管投资协议regulated person 受规管人士regulations 规例regulatory body 规管机构related assets 有连系资产relevant agreement 有关协议relevant authority 有关当局;监管当局relevant authorized automated trading services有关认可自动化交易服务relevant communication 有关通讯relevant condition 有关条件relevant contract 有关合约relevant contravention 违例事件relevant corporation 相关法团relevant date 有关日期relevant event 有关事件relevant exchange company 有关交易所公司relevant information 有关消息relevant market 有关市场relevant offer 有关要约relevant office-holder 有关人员relevant overseas market 有关境外市场relevant period 有关期间relevant property 有关财产relevant provisions 有关条文relevant recognized exchange controller 相关认可控制人relevant recognized market 有关认可市场relevant securities 有关证券relevant share capital 有关股本relevant shares 有关股份relevant time 有关时间remittance 转付remuneration 报酬repealed Ordinance 已废除条例repealed Securities Rules 已废除的《证券规则》report 报告reportable matter 须报告事项reportable position 须申报的持仓量reporting currency 申报货币reporting day 申报日reporting period 申报期representation 陈述representative 代表repurchase transaction 回购交易required liquid capital 规定速动资金required liquid capital deficit 规定速动资金短欠数额respondent 答辩人responsible officer 负责人员review 复核rights issue 供股Risk Management Committee 风险管理委员会rolling balance cash client 滚存结余现金客户rules 规章ruling 裁定证券英语词汇汇总(S)Secretary 局长securities 证券securities adviser 证券顾问Securities and Futures Appeals Tribunal上诉审裁处securities and futures industry 证券期货业securities and futures market 证券期货市场securities borrowing and lending agreement证券借贷协议securities collateral 证券抵押品securities consultant 证券顾问securities dealer 证券交易商;证券经纪securities margin financing 证券保证金融资Securities Market Maker 证券庄家segregated account 独立账户SEOCH 期权结算公司served 送达service bureau 服务单位settlement 交收settlement date 交收日期shadow director 幕后董事share 股份share registrar 股份登记员Share Repurchase Code 《股份购回守则》shareholder controller 股东控制人short position 淡仓short selling 卖空short selling order 卖空指示special debt securities 特别债务证券specified amount 指明款额specified amount requirements 指明数额规定specified bank regulator 指明银行规管当局specified credit rating 指明信贷评级specified debt securities 指明债务证券specified decision 指明决定specified exchange 指明交易所specified futures exchange 指明期货交易所specified instrument 指明文书specified investments 指明投资项目specified jurisdiction 指明司法管辖区specified licensed corporation 指明持牌法团specified licensing condition 指明发牌条件specified percentage level 指明百分率水平specified person 指明人士specified recipient 指明收受者specified risks 指明风险specified securities 指明证券specified securities or futures contracts指明证券或期货合约specified stock exchange指明证券交易所specified titles 指明称衔stabilizing action 稳定价格行动stabilizing manager 稳定价格操作人stabilizing period 稳定价格期间stabilizing price 稳定价格standby subordinated loan facility备用后偿贷款融通standing authority 常设授权stock adviser 股票顾问stock dealer, stockbroker 股票经纪Stock Exchange Company 联交所stock futures contract 股票期货合约stock market 证券市场stock options contract 股票期权合约stock return 证券交还subordinated loan 后偿贷款substantial shareholder 大股东systems of control 监控系统证券英语词汇汇总(T-W)take delivery 提取take-over offer 收购要约Takeovers Appeal Committee 收购上诉委员会Takeovers Code 《收购守则》Takeovers Panel 收购委员会target corporation 目标法团the corporation concerned 有关法团title 称衔top 3 collateral 首3位抵押品top margin client 前列保证金客户trade date 交易日期trader 交易商trading day 交易日trading right 交易权Tribunal 审裁处trust corporation 信托法团trustee 受托人Type 1 intermediary 第1类中介人Type 1 intermediary or representative第1类中介人或代表Type 2 intermediary 第2类中介人Type 4 intermediary or representative第4类中介人或代表Type 6 intermediary or representative第6类中介人或代表unconscionable 不合情理underlying shares 相关股份Unified Exchange 联合交易所Unified Exchange Compensation Fund 联交所赔偿基金unit trust 单位信托unsolicited call 未获邀约的造访valid business registration certificate有效商业登记证variable required liquid capital 可变动规定速动资金whitewash document清洗交易文件whitewashed offer 清洗交易要约written direction 书面指示written document书面文件关文章：1.常用金融英语词汇大全2.与金融词汇有关的谜语大全及答案3.金融英语4.金融英语词汇5.银行晨会猜谜语。
中英文对照外汇市场名词
Chapter ThreePart EightForeign Exchange Markets外汇市场[Teaching Aim]This chapter includes exchange rate, spot transactions, forward transactions, swap transactions, futures, options, etc. The students will be taught some general knowledge on foreign exchange dealing and some special expressions used in foreign exchange markets. It is planned that 4 or 5 periods will be used to study this chapter. The students will read the 10 passage with the help of their instructor and improve their both reading and listing comprehension. They will also have time to discuss their problems in understanding the passages and make some practice in calculation of the futures gain or loss, forward rate or in decision whether or not to exercise the option contract. They will be interested in the study of this chapter and be ready to learn more from their specialty courses.[Key Words & Expressions]1)pound sterling 英镑;2)Canadian dollar 加拿大元3)purchasing power 购买力4)foreign exchange rate 外汇汇率5)the dollar exchange rate 美元汇率6)reciprocal 倒数7)external value 对外价值8)appreciate 升值, 涨价9)depreciate (depreciation n.) 贬值, 跌价, 折旧10)domestic demand (for) 国内需求11)domestic supply (of) 国内供应12)equilibrium exchange rate 平均汇率13)supply and demand condition 供求条件14)offset 抵消15)exchange some dollars for pounds 把一些美元兑换成英镑类似的表示法还有：exchange dollars against pounds; exchange dollars in terms of pounds; trade dollars for pounds; convert dollars into pounds; buy pounds with dollars等。
硕士论文--沪深300股指期货套利策略研究
律法规不完善以及国际市场风险传导等原因，我国股市价格波动剧烈，市场蕴含的系统性风 险较大。为有效规避股票市场系统性风险，我国需要一种有效的金融衍生工具——股指期货
来平抑市场异常波动。在这样的背景下，我国于２００６年９月８日在上海成立了中国金融期 货交易所，并相继推出沪深３００股票指数期货仿真交易，发布了股指期货相关业务规则等，
ｃｏｓｔ，ｃｏｓｔｓ
ｏｆ
ｚｏｎｅ
ｔｒａｄｉｎｇ，ｆｕｔｕｒｅｓ ｍａｒｇｉｎ ｒａｔｉｏ ｂａｓｅｄ
ｏｎ ｏｕｒ
ｔｒａｃｋｉｎｇ ｅｒｒｏｒｓ．Ｆｉｎａｌｌｙ，ｔｈｅ ｐａｐｅｒ ｃｏｎｆｉｒｍ ｔｈｅ ａｒｂｉｔｒａｇｅ－ｆｒｅｅ
ｏｗｎ
ｃａｐｔｉａｌ ｍａｒｋｅｔ． ｏｆ ａｒｂｉｔｒａｇｅ ｏｆ ｓｔｏｃｋ ｉｎｄｅｘ ｆｕｔｕｒｅｓ，ｉｔ ｉｓ ｐｒｏｖｅｄ ｔｈａｔ ａｌｔｈｏｕｇｈ ｔｈｅ
ｃａｐｉｔａｌ ｍａｒｋｅｔ ｉｓ ｇｒｏｗｔｈ ｉｎ ｅｘｐｌｏｓｉｖｅ ｏｆ ｓｔｏｃｋ ｉｎｄｅｘ ｆｕｔｕｒｅｓ ｂｅｃａｕｓｅ ｉｔ ｉｓ ｓｔｏｃｋ ｉｎｄｅｘ ｆｕｔｕｒｅｓ ｔｒａｄｉｎｇ ｐｒｉｃｅ—ｄｉｓｃｏｖｅｒｙ
ｃａｌｌ ａ
ｓｐｅｅｄ．Ｍｏｒｅｏｖｅｒ，ｍａｎｙ
ｋｉｎｄ ｏｆ ｎｅｗ ｇａｉｎｉｎｇ ｐｒｏｆｉｔ ｐａｔｔｅｒｎ．Ｎｏｔ ｏｎｌｙ ｔｈｅ ａｒｂｉｔｒａｇｅ ｏｆ
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
Many investors, however, live and die by technical analysis, which uses charts based on past performance to identify price trends and cyclical movements of a particular stock.
Stock and the Futures Market
What is stock?
It refers to the capital raised by a corporation through the issue of shares entitling holders to an ownership interest There are four tiers of stock in the American market: Blue chips: The term was introduced to mean the stocks of the largest, most consistently profitable corporations, like IBM and AT&T.
Hedgers and speculators
Hedgers are businesses who use commodities, but all they want is today’s contract price. They would rather give up making more money to avoid suffering a loss. Speculators, on the other hand, trade futures strictly for money. Hedgers sell a futures contract of the same amount in the futures market at the same time when they buy some goods in the cash market. Speculators try to make profits from the difference of futures prices.
Businesses which produce or use commodities, however, routinely buy and sell in the cash market. The futures contract can protect the businesses against risks from volatile prices.
Preferred stockholder receive preferential treatment. Dividends are distributed to them before being distributed to common stockholders. Should the company be forced go out of business and sell its assets, commonly called liquidation, preferred stockholders are entitled to the company they have invested before others. In exchange for these benefits, they must accept a fixed dividend payment, regardless of any increase in company profits
Why does a company issue stock?
The first time a company’s stock is issued, the company is said to be going public. The company can raise cash usually for expansion. The trading of stock tends to give the company legitimacy.
How to buy and sell stocks?
Simple ways are: talking to your broker, reading the newspaper, and tracking stock’s progress in the daily stock tables. There are two major schools of thoughts on picking stocks. Many serious investors swear by fundamental analysis, which involves appraising a company’s financial condition and management, and an industry’s competitive position.
The futures contract
The futures contract is a deal made to take place in the future. In a futures contract, the buyer and seller agree on: a future date for delivery; the price to be paid on that future date; the quantity and quality of the commodity.
What is the futures market?
The futures market provides a mechanism of insurance opportunity to traders against the risk of price fluctuation. Futures’ trading helps to enlarge the volume of the trade and also the entry of speculators. The futures market was created to help modity prices are unpredictable. At harvest time: At scarce time:
Short selling
In short selling, you actually sell stock before you buy it. Here is how it works. You borrow 100 share of ABC, sell them in the market and receive the money. Then later on you will have to replace the stock you borrowed. Buying the shares back is called covering the short position. In this process, investors hope to make profits from the share difference. The risk comes from what happens to the price of the stock.
Who can bean individual or an investors? An investor can either be
institution. Only a broker can execute an order to buy or sell stocks. And only a broker whose brokerage firm is a member of a stock exchange can trade stock on that exchange. In stock exchange, brokers pass their orders to the floor brokers, who actually buy and sell. Each time you buy or sell stock, you pay a commission. A portion of commission goes to your broker, and the rest finds its way to the firm to cover costs and hopefully, provide a profit.
Two types of stock: common and preferred
Common stock represents the basic ownership of a corporation. Owners of common stock share directly in the success or failure of the business. If the company prospers, common stock owners can benefit through dividend increase and higher stock prices..
Secondary issues: are the solid, wellestablished businesses receiving little less investor confidence than the blue chips. Growth stocks: generally are relatively young companies with growth potentials but no insurance of success. Penny stocks: stands for the companies with virtually no value other than their speculative value.