hapter≌ Futures Markets the Use of Futures for Hedging
⚫Futures Markets ⚫& the Use of Futures for Hedging Chapter 2
hapter≌ 1.期货合约的交易 2.期货合约的特性 3.保证金的操作 4.期货价格与现货价格的关系 5.利用期货套期保值 6.最佳套期比率 2.1
1. 期货合约的交易 2. 期货合约的特性 3. 保证金的操作 4. 期货价格与现货价格的关系 5. 利用期货套期保值 6. 最佳套期比率 Chapter 2 2.1
Futures Contracts Available on a wide range of underlyings ● Exchange traded o Specifications need to be defined: What can be delivered Where it can be delivered. When it can be delivered 22
⚫ Available on a wide range of underlyings ⚫ Exchange traded ⚫ Specifications need to be defined: - What can be delivered, - Where it can be delivered, & - When it can be delivered Futures Contracts 2.2
Case 3: Futures Trade An individual takes a long position in 2 December gold futures contracts traded on the New York Commodity Exchange(COMEX), on June 1, 1996: contract size is 100 OZ futures price entered into is US$400 margin requirement is US$2, 000/contract (US$4,000 in total maintenance margin is US$1, 500/contract (US$3,000 in total) 2.3
Case 3: Futures Trade ⚫ An individual takes a long position in 2 December gold futures contracts, ⚫ traded on the New York Commodity ⚫ Exchange(COMEX), on June 1, 1996: – contract size is 100 oz. – futures price entered into is US$400 – margin requirement is US$2,000/contract (US$4,000 in total) – maintenance margin is US$1,500/contract (US$3,000 in total) 2.3
Futures Trade 两类交易员: 1.佣金经纪人 commission broker 2.自营经纪人 locals 两种交易指令: 1.市价指令 market order 2.限价指令 limit order 两种仓位 1.建仓 opening up a position 2.平仓 closing out a position
Futures Trade ⚫ 两类 交易员： 1. 佣金经纪人 commission broker 2. 自营经纪人 locals ⚫ 两种 交易指令： 1. 市价指令 market order 2. 限价指令 limit order ⚫ 两种 仓位： 1. 建仓 opening up a position 2. 平仓 closing out a position