期货贸易(第二章).ppt

Big Events in the History of Futures Development Big Events in the History of Futures Development In year 1069 (Song Dynasty): the “Qing Miao Law” (Put forward by Wang Anshi) has the nature of futures contract In year 1571: England established long-term spot exchange In 17th century: “Rice Ticket” occurred in Japan In 1848, United States Chicago Board of Trade (CBT) was set up United States Chicago Board of Trade United States Chicago Board of Trade Big Events in the History of Futures Development In 1876, London Metal Exchange was set up In 1933, U.S. New York Mercantile Exchange 1971, Bretton Woods System was dismantled 1972, Foreign Exchange Rate Futures was released in Chicago Mercantile Exchange; 1975, 1977, Futures of Interest Rate and Public Debt were released respectively in CBT; 1980, Stock Index Futures was released in Kansas Futures Exchange. Big Events in the History of Futures Development In 1978, Energy Futures was released in New York Mercantile Exchange In 1980, London’s International Petroleum Exchange was set up Big Events in the History of Futures Development In 1988, Futures market of Political Election was established in the U.S. and Ireland; in 2008, the Futures Trade of U.S. President Election reached $50 million. In 2002 and 2005, Chicago Climate Exchange and European Climate Exchange were set up respectively Big Events in the History of Futures Development In 2005, Climate Futures was released in India Mengmai Many Varieties Futures Exchange In 2006, China Financial Futures Exchange was established in Shang Hai, and Stock Index Futures was released in 2010. In 2008, Live Pig Futures was released in Korea Exchange. Chapter2 Mechanics of Futures Market The specification of the futures contract Convergence of futures price to spot price The operation of margins Delivery Procedures Types of traders Main types of orders Key Words Specification：规定 Converg