期货市场的运作机制重点.ppt

指令类型： 市场指令market order 限价指令Limit 止损指令Stop-loss Stop-limit Market-if touched Discretionary Time of day Open Fill or kill 2.9 制度 Regulation of Futures In the US, the regulation of futures markets is primarily the responsibility of the Commodity Futures and Trading Commission (CFTC) 商品期货交易委员会 Regulators try to protect the public interest and prevent questionable trading practices 美国全国期货协会(NFA) 证券交易委员会(SEC) 联邦储备委员会(FRB) 财政部 * 违规交易 操纵市场（corner the market,囤积合约） 如持有巨额多头合约，同时控制标的商品的供应 流通在外的期货合约数量超过了可用于交割的标的商品数量。 空头头寸的持有者意识到他们将难以交割，只能绝望地在高价位平仓。 挤空就是逼空：多头利用空头手中无货，把价格推到一个很高的地步，让空头认亏砍仓！ 老鼠仓（Rat Trading）是指庄家在用公有资金在拉升股价之前，先用自己个人（机构负责人，操盘手及其亲属，关系户）的资金在低位建仓，待用公有资金拉升到高位后个人仓位率先卖出获利。 金融伦理学 在金融伦理这一新兴领域中里，本书是一部开拓性的著作。它以几例华尔街金融丑闻开篇，告诉人们，无论在个人的金融活动中，还是在金融市场及金融机构的运作中，伦理都是不可缺少的。本书探讨了金融服务业、投资决策及公司金融管理等方面的各种实际问题，重点讨论了市场交易中的分平标准和信托公司及代理商在金融关系中的义务。涉及的话题包括不道德的销售活动，资金管理者的个人交易，住宅抵押贷款中的歧视，机构投资者的角色，社会责任的投资活动，内幕交易，宣告破产的滥用，以及不友善的接受合并等等。《金融伦理学》还对金融公司理论和公司金融目标的观念进行了批判性的考察，对金融中的伦理问题进行了严谨的分析。 2.10 会计和税收 Accounting Tax Ideally hedging profits (losses) should be recognized at the same time as the losses (profits) on the item being hedged Ideally profits and losses from speculation should be recognized on a mark-to-market basis Roughly speaking, this is what the accounting and tax treatment of futures in the U.S. and many other countries attempt to achieve 美国财务会计准则委员会(FASB) 以公平价格计入资产负债表 * 2.11 远期与期货合约比较 Forward Contracts vs Futures Contracts (Table 2.3, page 41) * Contract usually closed out Private contract between 2 parties Exchange traded Non-standard contract Standard contract Usually 1 specified delivery date Range of delivery dates Settled at end of contract Settled daily Delivery or final cash settlement usually occurs prior to maturity FORWARDS FUTURES Some credit risk Virtually no credit risk 外汇报价 Foreign Exchange Quotes Futures exchange rates are quoted as the number of USD per unit of the foreign currency Forward exchange rates are quoted in the same way as spot exchange rates. This mea