国际期货市场运作5TheVarietyofFuturesMark
国际期货市场运作5TheVarietyofFuturesMarkets
Hurricane Jeanne
Satellite image (September 26, 2019) shows Hurricane Jeanne as the oncepowerful storm weakened to a tropical storm while inland in Florida. Hurricane Jeanne peeled off roofs, snapped power lines and left large swaths of coastline knee-deep in water Sunday as it plowed through parts of Florida.
If I am an automobile distributor, and I place an order for 20 million dollars worth of German cars to be delivered three months, I face the risk that when I pay for the cars the value of the Euro, which I must use to pay the manufacturer, may have gone up in relationship to the dollar.
An earthquake
Jim Batson carefully walks across bricks in his living room after An earthquake Tuesday, Sept. 28, 2019, in Parkfield, Calif.
International Markets
【国际期货市场运作】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.
Chapter 1 The Journey Ahead 国际期货市场运作(英文 教学课件)
REALITIES & NECESSITIES OF RISK & REWARD
The ultimate intent and purpose of futures trading is to provide a marketplace where buyers and sellers can come together to either protect their existing assets, attempt to increase their profits.
anyone who attempts it.
Keeping The Following Points in Mind
Trading commodities can be a gamble or it can be speculation. It all depends on how one approaches trading.
Chapter 1 The Journey Ahead
Zhengming Li
The Differences
Investor Investors come from all walks of life, all levels of education, all races, both sexes, and virtually every age group.
COMPARISONS AND CONTRASTS
Gambling is what the public does Speculating is what professionals do
REALITIES &a; REWARD
The greater the potential for profit, the greater the possibility of loss.
国际期货市场运作3TheModernFuturesExchang
Crowning the Board of Trade Building is a statue of “Ceres”, the goddess of grain and harvest. The sculptor was John H. Stoors.
The other three exchanges are located in
close as possible to the daily settlement prices.
THE RING
Between the hours of 11.45 and 17.00 London time, the LME publishes bid, ask and traded prices as category one ring dealing members trade metal futures ‘open outcry’ in the rings and kerbs.
The Original Futures Market of LME
Three Ways to Trade on the LME
A significant proportion of all LME contracts are traded in the ring sessions, including the kerb(场 外交易). The balance goes through the interoffice telephone market and LME Select.
230 3826 320 26990 360 8612
0602 35890 36100 36300 36100 36290 36260 400 1014
Three Ways to Trade on the LME
期货市场
基差和基差风险 Basis and Basis Risk
基差- 期货价格与现货价格的差 Basis - the difference between the futures price and the spot price
– 在到期前的时间短整个基差都在变化最后为零 over time the basis will likely change and will eventually converge
基差风险-影响利润或套期业绩的基差变化 Basis Risk - the variability in the basis that will affect profits and/or hedging performance
22-10
基差=现货价格—期货价格 基差为正，即反向市场。 “期货贴水”或 “现货升水”即远期期货价格低于近期期 货价格 基差为负，即正向市场。远期期货的价格 高于近期期货的价格，这种情况叫“期货 升水”，也称“现货贴水”， 。 升水意味着远期汇率比即期的要高，贴水 则反之。
22-4
合同类型 Types of Contracts
农产品 Agricultural commodities 金属和矿产品（包括能源 ） Metals and minerals (including energy contracts) 外汇 Foreign currencies 金融期货 Financial futures
利率期货 股指期货 Interest rate futures Stock index futures
22-5
交易机制 Trading Mechanics
清算所－ 担当多头寸的合约卖方和空头寸的合约买方 Clearinghouse - acts as a party to all buyers and sellers. – 有义务向多头寸转让商品和向空头寸转让的商品支付货 款 Obligated to deliver or supply delivery 平仓Closing out positions – 反向交易 Reversing the trade – 买入和出售 Take or make delivery – 绝大部分交易都被对冲没有实际的交易 Most trades are reversed and do not involve actual delivery
国际上期货市场常用交易指令有哪些
国际上期货市场常用交易指令有哪些期货市场的概念期货市场(英文：futuremarket)，是指交易双方达成协议或成交后，不立即交割，而是在未来的一定时间内进行交割的场所，即期货交易所。
它是按照“公开、公平、公正”原则，在现货市场基础上发展起来的高度组织化和高度规范化的市场形式。
我国期货交易所规定的交易指令有两种：限价指令和取消指令，交易指令当日有效。
在指令成交前，客户可提出变更或撤销。
期货市场常用交易指令主要有以下一些：期货市场(1)市价指令市价指令是期货交易中常用的指令之一。
它是指按当时市场价格即刻成交的指令。
客户在下达这种指令时不须指明具体的价位，而是要求期货经纪公司出市代表以当时市场上可执行的最好价格达成交易。
这种指令的特点是成交速度快，一旦指令下达后不可更改和撤销。
期货市场(2)限价指令限价指令是指执行时必须按限定价格或更好的价格成交的指令。
下达限价指令时，客户必须指明具体的价位。
它的特点是可以按客户的预期价格成交，成交速度相对较慢，有时无法成交。
期货市场(3)止损指令止损指令是指当市场价格达到客户预计的价格水平时即变为市价指令予以执行的一种指令。
客户利用止损指令，既可以有效地锁定利润，又可以将可能的损失降低至最低限度，还可以相对较小的风险建立新的头寸。
(目前国内尚没有该指令)期货市场(4)取消指令取消指令是指客户要求将某一指令取消的指令。
客户通过执行该指令，将以前下达的指令完全取消，并且没有新的指令取代原指令。
期货经纪公司对其代理客户的所有指令，必须通过交易所集中撮合交易，不得私下对冲，不得向客户作获利保证或者与客户分享收益。
拓展阅读法律规范1.法律。
即由全国人大会制定颁布的关于期货市场的基本法律。
中国《期货交易法》正在起草，已形成该法草案第三稿。
《期货交易法》作为期货交易的基本法律，是中国期货市场法律规范体系的核心，应加快立法进程，早日颁行，以实现尽早在此基础上构建完善的期货法规体系。
Chapter 8 How to Trade the Futures Options 国际期货市场运作(英文 教学课件)
Available silver options and their pቤተ መጻሕፍቲ ባይዱemiums are:
Single Strategy
The goal is to earn most or all of the option premium. The futures position is taken to preclude the risk of being short an uncovered option.
volatility of the market.
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.
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 price at some time in the future, regardless of what the actual price may be at that time.
NUTS AND BOLTS
December T-Bond 90 Call
Futures contract
Striking price Kind of option
期货专业术语中英文对照
期货专业术语中英⽂对照期货专业术语中英⽂对照中⽂ 英语期货 Futures期货交易 Futures Trading商品期货 Commodity Futures⾦融期货 Financial Futures期货市场 Futures Market保证⾦制度 Margin System当⽇⽆负债结算 Marking-to-Market衍⽣品 Derivatives场内交易 Curb Trading, Exchange Trading场外交易 over-the-Counter Trading期货佣⾦商 Futures Commission Merchant, FCM介绍经纪商 Introducing Broker商品交易顾问 Commodity Trading Advisor商品投资基⾦ Commodity Pool对冲基⾦ Hedge Fund交易单位，合约规模 Contract Size最⼩变动价位 Tick Size, Minimum Price Fluctuation每⽇价格最⼤波动限制 Daily Price Limit, Daily Price Fluctuation涨停板 Up Limit跌停板 Down Limit合约交割⽉份 Contract Month最后交易⽇ Last Trading Day交割⽇期 Delivery Day交割等级 Delivery Grade持仓限额制度 Position Limits下单 Place an Order平仓 Offset, Close out市价指令 Market Order限价指令 Limit Order停⽌限价指令 Stop Limit Order⽌损指令 Stop Order触价指令 Market If Touched Order, MIT限时指令 Time Limit Order长效指令 Good-till-Cancelled Order套利指令 Spread Order取消指令 Cancel Order结算价 Settlement Price实物交割 Physical Delivery现⾦交割 Cash Delivery套期保值 Hedger套期保值⽐率 Hedge Ratio卖出套期保值 Selling Hedging买⼊套期保值 Buying Hedging完全套期保值 Perfect Hedging不完全套期保值 Imperfect Hedging基差 Basis持仓费 Carrying Charge正向市场 Normal Market反向市场 Inverted Market期货转现货交易 Exchange of Futures for Physical, EFP 点价交易 Pricing基差交易 Basis Trading期货投机 Futures Speculation⽌损 Stop-Loss跨期套利 Calendar Spread⽜市套利 Bull Spread熊市套利 Bear Spread蝶式套利 Butterfly Spread跨品种套利 Intercommodity Spread跨市套利 Inter-Exchange Spread程序化交易 Program Trading开盘价 Opening Price收盘价 Closing Price成交量 Volume持仓量 Open Interest基本分析 Fundamental Analysis技术分析 Technical Analysis⽀撑线 Support Line阻⼒线 Resistance Line移动平均线 Moving Average相对强弱指数 Relative Strength Index, RSI外汇期货 Foreign Exchange Futures远期外汇交易 Forward Exchange Transaction外汇保证⾦交易 Foreign Exchange Margin Trade利率期货 Interest Rate Futures欧洲美元 Eurodollar股票指数期货 Stock Index Futures股票期货 Stock Futures期权 Options看涨期权 Call Options看跌期权 Put Options美式期权 American Options欧式期权 European Options执⾏价格 Exercise Price期权的内涵价值 Intrinsic Value期权的时间价值 Time Value实值期权 In-the-Money Options虚值期权 Out-of-the-Money Options平值期权 At-the-Money Options权利⾦，期权费，期权价格 Premium。
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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.
risk to businesses and investors who count
the interest earned or paid on borrowed money as a source of profit or expense.
Interest Rate Futures
If I am a banker, for instance, I may want to invest some of my bank’s assets in government securities. drop in value, meaning I
could buy more Euro with U.S. dollars three
months hence.
An Overview of Market Sectors
Foreign Currency Futures
In order to hedge against fluctuations in
currency relationships, a producer can use
foreign currency futures as his or her vehicle.
Interest Rate Futures
Interest rate volatility represents a large
Chapter 5 The Variety of Futures Markets
CBOT
Even though the CBOT was established in 1848, a formal set of rules for trading futures contracts was not written until 1865, which is a more accurate date
response to increased price volatility,
international instability, growing consumer
demand, and unstable global weather conditions.
Hurricane Jeanne
Satellite image (September 26, 2004) shows Hurricane Jeanne as the oncepowerful storm weakened to a tropical storm while inland in Florida. Hurricane Jeanne peeled off roofs, snapped power lines and left large
and onions until 1945.
Proliferation of Futures Markets
Futures and futures options trading has been growing steadily in volume yearly.
This explosive growth has been a natural
International Markets
In 1972 the CME established the
International Monetary Market (IMM)
division and initiated trading in seven
foreign currency futures contracts.
How do we develop a currency futures contract ?
If I am an automobile distributor, and I place an order for 20 million dollars worth of German cars to be delivered three months, I face the risk that when I pay for the cars the value of the Euro, which I must use to pay the manufacturer, may have gone up in relationship to the dollar.