Chapter 3 The Modern Futures Exchange 国际期货市场运作(英文 )教程文件.pptVIP

Chapter 3The Modern Futures Exchange;1.The International Securities Exchange 2.The Coffee, Sugar and Cocoa Exchange 3. The Commodity Exchange, Inc.(COMEX) 4. The New York Cotton Exchange (NYCE) 5. The New York Mercantile Exchange (NYMEX) ;1. The Chicago Board of Trade (CBOT) is the world’s oldest futures exchange. 2. Chicago Board Options Exchange (CBOE) 3. The Chicago Mercantile Exchange (CME) 4. The Mid-America Commodity Exchange (MidAm) ;CBOT Building Features;This fine example of architecture of the late 1920’s rises forty-five stories above Lasalle Street at Jackson Boulevard.;LONGDON METAL EXCHANGE;LONGDON METAL EXCHANGE;Three Ways to Trade on the LME;The Original Futures Market of LME;A significant proportion of all LME contracts?are traded in the ring sessions, including the kerb(场外交易).? The balance goes through the inter-office telephone market and LME Select. ;The ring sessions, and especially the second morning rings from which official prices emerge, concentrate liquidity because the physical trade requires prices as close as possible to the daily settlement prices. ;Between the hours of 11.45 and 17.00 London time, the LME publishes bid, ask and traded prices as category one ring dealing members trade metal futures ‘open outcry’ in the rings and kerbs.;INTER-OFFICE;上海期货交易所期货铜合约行情2005年10月12日 ;;Three Ways to Trade on the LME;The ring offers the traditional benefits of transparency which attach to a physical, open outcry marketplace, but it is only available for a part of the 24 hour working day.?;This is a system that deals like the foreign exchange, bond or stock markets, but then clears like a ring-traded contract. In other words, people can see an indicative price on a screen as they contact a broker, and then complete a deal there and then(当时当地). ;Brokers continually to provide indicative?prices which are available through vendor screens. ;Trading on the inter-office telephone market;