【国际期货市场运作】Chapter 4 Life on the Trading Floor.pptVIP

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. Dealers on the Futures Market The pit At the heart of the open outcry market system is the pit, a circular construction forming just what its name implies: a hole in the trading floor. 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. --------------------------------------------- Cntrct Settle Open High Low Close 0208 14770 14800 14800 14780 14770 0209 14820 14850 14860 14820 14820 0210 14870 14870 14930 14870 14870 0211 14970 15000 15030 14970 14970 0212 15060 15090 15120 15060 15060 0301 15160 15180 15210 15150 15160 ---------------------------------------------------- ----------------------------------------------------------------- Contract Settle1 Open High Low Close Settle2 0210 15040 15030 15040 15000 15040 15010 0211 15100 15050 15090 15050 15080 15060 0212 15150 15100 15140 15090 15130 15110 0301 15200 15080 15200 15080 15180 15160 0302 15240 15140 15250 15130 15240 15200 0303 15320 15250 15310 15250 15300 15280 0304 15420 15390 15410 15300 15410 15380 ------------------------------------------- The Floor Broker The floor broker, or pit broker, is a member of the exchange who has a business relationship with one or more brokerage firms. How An Order Is Filled in USA The trader in Idaho(a state in northwest USA) may call his or her broker with an order to buy one contract of live hogs at the market. That