期货市场演示稿件.pptVIP

22-* McGraw-Hill/Irwin ? 2007 The McGraw-Hill Companies, Inc., All Rights Reserved. 第22章 期货市场Futures Markets 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－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 － 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 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 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 Tradin