国际期货市场运作4LifeontheTradingFloor
合集下载
国际期货市场运作4LifeontheTradingFloor-23页文档资料
--
Copper Prices in Shanghai Futures Exchange September 18, 2019
-----------------------------------------------------------------
Contract Settle1 Open High Low Close Settle2
The pit
The pit
The pit
When a contract month expires, all the other contract months move up, so that, for example, the area that was formerly February copper becomes March copper when the February contract expires, and so forth.
The Route of Price Data
Bids and offers are made in the pits. Trade occurs
A market reporter notes the trade and types key or punches data into the computer.
How An Order Is Filled in China
How Prices Reach the Quote Board
At the CME, a pit observer, who is an employee of the exchange, stands in the pit with a walkie-talkie.
Chapter 4 Life on the Trading Floor
Copper Prices in Shanghai Futures Exchange September 18, 2019
-----------------------------------------------------------------
Contract Settle1 Open High Low Close Settle2
The pit
The pit
The pit
When a contract month expires, all the other contract months move up, so that, for example, the area that was formerly February copper becomes March copper when the February contract expires, and so forth.
The Route of Price Data
Bids and offers are made in the pits. Trade occurs
A market reporter notes the trade and types key or punches data into the computer.
How An Order Is Filled in China
How Prices Reach the Quote Board
At the CME, a pit observer, who is an employee of the exchange, stands in the pit with a walkie-talkie.
Chapter 4 Life on the Trading Floor
国际期货市场运作0InternationalFuturesMarketsOperation
5. Lasting success is a function of skill, knowledge, and persistence.
Байду номын сангаас
Why Trade Futures?
1. Futures trading offers the independent individual a career that can lead to great wealth
3. 50% come from final exam.
Grading Scale
A 90 + B 80 – 89 C 70 – 79 D 65 – 69 F Below 65
Notes
Regular attendance and active participation in class are expected from all students.
Illustrations & Suggestions on The Course
Some views on futures trading
Armed with information, sufficient starting capital, discipline, and time, the average investor can generate large profits.
2. The futures industry has grown rapidly.
Why Trade Futures?
3. The futures markets are, in many respects, leading economic indicators.
4. Learning how to trade futures can help you develop the discipline necessary for success in many other investment areas.
Байду номын сангаас
Why Trade Futures?
1. Futures trading offers the independent individual a career that can lead to great wealth
3. 50% come from final exam.
Grading Scale
A 90 + B 80 – 89 C 70 – 79 D 65 – 69 F Below 65
Notes
Regular attendance and active participation in class are expected from all students.
Illustrations & Suggestions on The Course
Some views on futures trading
Armed with information, sufficient starting capital, discipline, and time, the average investor can generate large profits.
2. The futures industry has grown rapidly.
Why Trade Futures?
3. The futures markets are, in many respects, leading economic indicators.
4. Learning how to trade futures can help you develop the discipline necessary for success in many other investment areas.
【国际期货市场运作】Chapter 4 Life on the Trading Floor
How An Order Is Filled in China
How Prices Reach the Quote Board
At the CME, a pit observer, who is an employee of the exchange, stands in the pit with a walkie-talkie.
Dealers on the Futures Market
Hands up and palms facing in are an indication to buy. Various fingers signify various digits, as well.
Dealers on the Futures Market
Chapter 4 Life on the Trading Floor
Dealers on the Futures Market
Dealers on the Futures Market
Amid a steady din of voices crying out bids and offers, various clerks and runners scurry here and there with orders to be filled and orders to be reported.
The Route of Price Data
Bids and offers are made in the pits. Trade occurs A market reporter notes the trade and types key or punches data into the computer.
国际期货市场运作7HedgingwithSpreads
either long or short positions. 4. There are a number of good timing indicators for
entering and exiting spreads.
Margin Requirements on Spreads
Many intracommodity spreads have extremely low margins.
if a stop point has been penetrated and it is important to exit the market immediately;
The purchase of one futures delivery month against the sale of another futures delivery month of the same commodity;
SPREADS AND STRADDLES 套利和对冲
A spread can also apply to options. It involves buying one futures contract and selling another futures contract.
Chapter 7 Hedging with Spreads
What is hedging?
When a businessperson uses the futures market to protect against adverse price movements, the process is called hedging.
This is a technique that can not only complicate matters but also increase the risk of losses.
entering and exiting spreads.
Margin Requirements on Spreads
Many intracommodity spreads have extremely low margins.
if a stop point has been penetrated and it is important to exit the market immediately;
The purchase of one futures delivery month against the sale of another futures delivery month of the same commodity;
SPREADS AND STRADDLES 套利和对冲
A spread can also apply to options. It involves buying one futures contract and selling another futures contract.
Chapter 7 Hedging with Spreads
What is hedging?
When a businessperson uses the futures market to protect against adverse price movements, the process is called hedging.
This is a technique that can not only complicate matters but also increase the risk of losses.
【国际期货市场运作】Chapter 8 How to Trade the Futures Options
Chapter 8 How to Trade the Futures Options
FUTURES OPTIONS TRADING
A futures option gives the buyer of
the option the right to buy or sell the
underlying futures contract at a given
Option Sell September silver 450 call for 29.0 cents Call is exercised +29.0 cents
price at some time in the future,
regardless of what the actual price
may be at that time.
FUTURES OPTIONS TRADING
A put option conveys the right to sell the
underlying option.
call option conveys the right to buy the
underlying option.
LME铜期权行情
月份 敲定价 9 1475 10 1475 11 1475
波动率 18.65 18.32 18.20
看涨期权 5.02 6.52 32.67
Margin in Options Trading
For an option buyer, there is no margin cost per se; there is only the cost of the premium plus commission costs.
FUTURES OPTIONS TRADING
A futures option gives the buyer of
the option the right to buy or sell the
underlying futures contract at a given
Option Sell September silver 450 call for 29.0 cents Call is exercised +29.0 cents
price at some time in the future,
regardless of what the actual price
may be at that time.
FUTURES OPTIONS TRADING
A put option conveys the right to sell the
underlying option.
call option conveys the right to buy the
underlying option.
LME铜期权行情
月份 敲定价 9 1475 10 1475 11 1475
波动率 18.65 18.32 18.20
看涨期权 5.02 6.52 32.67
Margin in Options Trading
For an option buyer, there is no margin cost per se; there is only the cost of the premium plus commission costs.
国际期货市场运作5TheVarietyofFuturesMark
How do we develop a currency futures contract ?
In other words, when I order the cars, my U.S. dollar is worth a certain number of Euro, a value we will call X.
from which to mark the beginning of
futures trading in the United States.
Chicago Mercantile Exchange (CME)
The CME was established in 1919. It traded futures in eggs, butter, cheese, potatoes,
How do we develop a currency futures contract ?
In the event that the Euro has
decreased against the U.S. dollar
the opposite condition will hold true.
How do we develop a currency futures contract ?
swaths of coastline knee-deep in water Sunday as it plowed through parts of Florida.
An earthquake
Jim Batson carefully walks across bricks in his living room after An earthquake Tuesday, Sept. 28, 2004, in Parkfield, Calif.
Chapter 7 Hedging with Spreads 国际期货市场运作(英文 教学课件)
Hedging involves taking a position in the futures market that is opposite to the position held in the cash or spot market.
Selling Hedge
If a businessperson buys a commodity in the cash market, he or she would then hedge that position by selling an equivalent quantity in the futures market.
Chapter 7 Hedging with Spreads
What is hedging?
When a businessperson uses the futures market to protect against adverse price movements, the process is called hedging.
This is a technique that can not only complicate matters but also increase the risk of losses.
A Market Order Is Advisable
If an ideal opportunity to enter or to exit a given spread has been missed;
As the term implies, this technique involves entering a spread one side, or leg, at a time or exiting a spread one side, or leg, at a time.
Selling Hedge
If a businessperson buys a commodity in the cash market, he or she would then hedge that position by selling an equivalent quantity in the futures market.
Chapter 7 Hedging with Spreads
What is hedging?
When a businessperson uses the futures market to protect against adverse price movements, the process is called hedging.
This is a technique that can not only complicate matters but also increase the risk of losses.
A Market Order Is Advisable
If an ideal opportunity to enter or to exit a given spread has been missed;
As the term implies, this technique involves entering a spread one side, or leg, at a time or exiting a spread one side, or leg, at a time.
国际期货常用英文精译与运用
1. 市價委託（Market Order，簡稱MKT）：在正常狀況下，此種委託係以當時最快時間內進行交易，通常於交易所場內之會員接到買賣委託後數分鐘內完成買賣委託。
2. 限價單（limit Order，簡稱LIT）：此種限價單不管是買單或賣單都可以優於(Better)、低於或等於市場價格的價位下出委託，成交的價格保證等於或優於原來的委託價格。
3. 停損委託（Stop Order，簡稱STP）：此種委託依委託人在委託時為"買"或"賣"而有所不同，在委託時若為"買"所設價位需高於最新成交價，若為"賣"，所設價位需低於最新成交價。
在交易所內之會員接到此種買賣委託後，若最新成交價等於或高於所設買價或低於所設賣價時，此種委託將立即成為市價委託，此時不論是"買"或"賣"其成交價均有可能等於或高於或低於原先所設之價位。
4. 觸及市價委託（Market If Touched Order，簡稱MIT）：此種委託依委託人在委託時為"買"或"賣"而有所不同，在委託時若為"買"所設價位需低於最新成交價，若為"賣"，所設價位需高於最新成交價。
在交易所內之會員接到此種買賣委託後，若最新成交價等於或低於所設買價或高於所設賣價時，此種委託將立即成為市價委託。
此時不論是"買"或"賣"，成交價均有可能等於或高於或低於原先所設定之價位。
5. 開盤市價委託(Market-On-Opening Order，簡稱MOO）：此種買賣委託限定在開盤後之一段時間內執行買賣委託，此段時間內出現過的所有成交價位稱為開盤價範圍(OpeningRange)，以開盤市價委託方式進行之交易，其實際成交價必定不超過開盤價範圍（有可能是開盤價範圍內之任何價位，但並非一定是開盤價）。
国际期货市场运作5TheVarietyofFuturesMarkets-22页PPT精品文档
Other Futures
Agricultural Futures: Grains, soybeans, and meats.
Metal Futures: Silver, gold, copper, platinum(铂), palladium(钯), and aluminum and so on.
Stock Index Futures
A person responsible for the assets of a large pension fund or mutual fund who must maintain a productive, well-balanced portfolio of investments understands the risk involved in owning millions of dollars worth of stocks.
Cash Settlement
How does a trader take delivery of a stock index, which has no substance and cannot be seen or touched?
The answer is, by cash settlement.
谢谢！
xiexie!
Foreign Currency Futures In order to hedge against fluctuations in currency relationships, a producer can use
foreign currency futures as his or her vehicle.
Hurricane Jeanne
期货交易市场交易流程
期货交易市场交易流程一、期货交易市场的基本概念期货交易市场是指买卖金融或实物品种的期货合约的场所，是投资者进行期货交易的主要场所。
期货交易市场可以是交易所或者场外市场，是投资者进行期货交易的场所。
1. 交易所市场交易所市场是指投资者在交易所进行期货交易。
交易所是金融市场的主要基础设施之一，提供了定期交易、价格透明度、交易监管等功能。
交易所的功能包括撮合买卖双方的订单、提供价格信息、监管市场交易行为、发布交易规则等。
交易所市场能够提供稳定的交易环境、监管保护和公开透明的交易数据，是期货交易的主要场所。
2. 场外市场场外市场是指投资者在场外进行期货交易。
场外市场不像交易所市场那样有统一规则和撮合机制，而是由交易对手直接协商完成交易。
场外市场的特点是交易灵活、定价不透明、监管不足。
在场外市场中交易的期货合约主要是定制化合约，一般由交易对手根据自己的需求协商交易条款，并且没有统一的交易规则。
二、期货交易市场的参与主体1. 期货公司期货公司是经国务院银行业监督管理机构批准设立的金融机构，主要从事期货经纪、做市商、自营交易等业务。
期货公司是期货交易市场的主要参与者，提供给投资者期货交易服务。
期货公司一般分为期货经纪公司和期货做市商两种。
期货经纪公司是向客户提供期货经纪服务的机构，包括接受客户委托进行期货交易、提供市场咨询、风险管理等服务。
期货做市商是专门提供流动性支持和报价服务的期货交易主体。
2. 投资者投资者是指在期货交易市场进行买卖期货合约的主体，包括个人投资者、机构投资者等。
投资者通过期货公司参与期货交易，是期货交易市场的主要参与者。
投资者参与期货交易的目的主要包括对冲风险、投机获利、套利等。
投资者的交易行为对期货价格的形成和市场的稳定性具有重要影响。
3. 做市商做市商是指在期货交易市场上提供流动性支持和报价服务的机构。
做市商通过持续报价和交易活动提供市场流动性，是期货市场的重要参与者。
做市商一般由期货公司或金融机构充当，通过不断调整买卖价格、提供大额报价等方式提供市场流动性。