Chapter 2 Beginning with the Basics 国际期货市场运作(英文 )知识讲稿.pptVIP

Chapter 2Beginning with the Basics;Suppose that you and I lived in rural area. I raise beef cattle. You raise corn 15 miles down the road. ;;Corn is important to both of us. It is your principal crop; it is my main cost in feeding cattle.;;What is Risk Transfer and Why transfer it? ;Who Benefits from the Transfer of Risk?;Who Benefits from the Transfer of Risk?;Who Benefits from the Transfer of Risk?;Market Participants;Producer;End User;Speculator;Price Risk;Price Risk;Price Risk;The Early History of the Futures Contract in Europe and Japan;The History of the Futures Contract in China;Dalian Commodity Exchange (DCE) ;Shanghai Futures Exchange;CHAIRMAN OF CHINA SECURITIES REGULATORY COMMISSION;China Securities Regulatory Commission ;China Securities Regulatory Commission;China Securities Regulatory Commission;Regulation of the Futures Industry in USA;National Futures Association (NFA);National Futures Association (NFA);Who Is Required to Register with the CFTC ?;Protection for the Individual Investor;Trading The Futures Contract 1;Trading The Futures Contract 2;Trading The Futures Contract 3;Trading The Futures Contract 4;Defining Margin; Who Sets Margin Requirements and Why 1;Who Sets Margin Requirements and Why 2;Margin and Broker Protection;Margin and Broker Protection;WHAT IS A HEDGE ?;电解铜车间;铜材加工过程;Making an Example for a Hedge; ;Making an Example for a Hedge;How Hedging Transfers Risk 1;Cash Market Futures Market --------------------- --------------------------------- Wheat price $3.85 Fall Sell wheat futures at $ 3.90 Sell wheat at 3.44 Next May Buy wheat futures 3.49 Loss $ .41/bushel Gain $ .41 Net gain or loss = 0;Short hedgers comprise those who grow, store, process, or distribute a cash commodity. A China oil importer with a tanker of crude on the high seas would use a short hedge to p