ch22期货市场分析.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 Figure 22.2 Profits to Buyers and Sellers of Futures and Option Contracts 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