交易机制 Trading Mechanics 清算所一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 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 226
22-6 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
保证金和交易事项 Margin and Trading Arrangements 原始保证金一提供弥补损失的储备基金 Initial Margin-funds deposited to provide capital to absorb losses 盯市-每天在会计帐户上反映的新的期货价格变化 带来的收益或损失 Marking to Market -each day the profits or losses from the new futures price and reflected in the account 维持保证金或可变保证金一交易者的保证金不能低 与此保证金线 Maintenance or variance margin -an established value below which a traders margin may not fall 22-7
22-7 保证金和交易事项 Margin and Trading Arrangements 原始保证金 – 提供弥补损失的储备基金 Initial Margin - funds deposited to provide capital to absorb losses 盯市 – 每天在会计帐户上反映的新的期货价格变化 带来的收益或损失 Marking to Market - each day the profits or losses from the new futures price and reflected in the account. 维持保证金或可变保证金 – 交易者的保证金不能低 与此保证金线 Maintenance or variance margin - an established value below which a trader’s margin may not fall
保证金和交易事项 Margin and Trading Arrangements 保证金增加-在维持保证金达到保证金线时,经纪人 将要投资者支付额外的保证金 Margin call -when the maintenance margin is reached broker will ask for additional margin funds 价格趋同-在到期日期货价格与市价相等 Convergence of Price- as maturity approaches the spot and futures price converge 交割一实际的某类商品进行交割或现金结算 Delivery -Actual commodity of a certain grade with a delivery location or for some contracts cash settlement 22-8
22-8 保证金和交易事项 Margin and Trading Arrangements 保证金增加-在维持保证金达到保证金线时，经纪人 将要投资者支付额外的保证金 Margin call - when the maintenance margin is reached, broker will ask for additional margin funds 价格趋同-在到期日期货价格与市价相等 Convergence of Price - as maturity approaches the spot and futures price converge 交割 – 实际的某类商品进行交割或现金结算 Delivery - Actual commodity of a certain grade with a delivery location or for some contracts cash settlement
交易策略 Trading Strategies ■投机 Speculation 空头寸一相信价格将下跌 short-believe price will fall 多头寸-相信价格将上升 long - believe price will rise ■套期 Hedging 多斗套期一保护价格上升 long hedge-protecting against a rise in price 空头套期-保护价格下跌 short hedge-protecting against a fall in price 22-9
22-9 交易策略 Trading Strategies 投机 Speculation - – 空头寸 – 相信价格将下跌 short - believe price will fall – 多头寸 -相信价格将上升 long - believe price will rise 套期Hedging - – 多斗套期 – 保护价格上升 long hedge - protecting against a rise in price – 空头套期 -保护价格下跌 short hedge - protecting against a fall in price