第22章 期货市场 Futures markets 22-1
22-1 第22章 期货市场 Futures Markets
期货市场 Futures markets 22.1期货合约 222期货市场的交易机制 22.3期货市场策略 224金融价格的决定 22.5金融期货 22-2
22-2 期货市场 Futures Markets 22.1 期货合约 22.2 期货市场的交易机制 22.3 期货市场策略 22.4 金融价格的决定 22.5 金融期货
期货和远期合约 Futures and forwards ■远期合约-在未来某一时间以现在商定的价格买卖资产的协议 Forward -an agreement calling for a future delivery of an asset at an agreed-upon price ■期货合约一将远期合约标准化和正式化 Futures-similar to forward but feature formalized and standardized characteristics 期货与远期合约的主要差异 Key difference in futures 二手交易一流动性 Secondary trading- liquidity 集中市场 Marked to market 标准合同单位 Standardized contract units 清算所保证合约的执行 Clearinghouse warrants performance 22-3
22-3 期货和远期合约 Futures and Forwards 远期合约–在未来某一时间以现在商定的价格买卖资产的协议 Forward - an agreement calling for a future delivery of an asset at an agreed-upon price 期货合约－将远期合约标准化和正式化 Futures - similar to forward but feature formalized and standardized characteristics 期货与远期合约的主要差异Key difference in futures – 二手交易－流动性 Secondary trading - liquidity – 集中市场 Marked to market – 标准合同单位 Standardized contract units – 清算所保证合约的执行 Clearinghouse warrants performance
期货合同的关键项 Key Terms for Futures Contracts 期货价格一到期日的商定价格 Futures price- agreed-upon price at maturity ■持有多头寸一承诺购买 Long position -agree to purchase ■持有空头寸一承诺卖出 Short position agree to sell 头寸到期日的收益 Profits on positions at maturity 多头寸收益=到期日的既期价格一初始期货价格 Long spot minus original futures price 空头寸收益初始期货价格一到期日的既期价格 Short original futures price minus spot
22-4 期货合同的关键项 Key Terms for Futures Contracts 期货价格 － 到期日的商定价格 Futures price - agreed-upon price at maturity 持有多头寸－ 承诺购买 Long position - agree to purchase 持有空头寸－承诺卖出 Short position - agree to sell 头寸到期日的收益 Profits on positions at maturity 多头寸收益＝到期日的既期价格－初始期货价格 Long = spot minus original futures price 空头寸收益＝初始期货价格－到期日的既期价格 Short = original futures price minus spot
合同类型 Types of Contracts ■农产品 Agricultura| 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 Interest rate futures 股指期货 Stock index futures 22-5
22-5 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 Interest rate futures 股指期货 Stock index futures