第十三章 期货市场_现货市场期货市场
第十三章 期货市场由刀豆文库小编整理，希望给你工作、学习、生活带来方便，猜你可能喜欢“现货市场期货市场”。
Chapter 17 Futures Markets New Words and Expreions Financial Innovation
Competition among financial institutions has brought forth and fostered the development of new products and markets.Regulations that impede the free flow of capital and competition among financial institutions(particularly interest rate ceilings)have fostered the development of financial products and trading strategies to get around these restrictions.Finally, the global pattern of financial wealth has transformed financial markets from local markets into globally internationalized financial markets.Through technological advances and the reduction in trade and capital barriers, surplus funds in one country can be shifted more easily to those who need funds in another country.As a result, there has arisen a need for financial products and trading strategies to protect more efficiently against the adverse movements of foreign currencies.金融创新与衍生市场
(我们都知道竞争是发展和创新的原由，竞争推动着整个社会的发展，在金融领域，正是金融机构之间的竞争，才促进了新的金融产品的创新和整个金融市场的发展。)
2006年10月17日美国芝加哥商业交易所（CME）和芝加哥期货交易所（CBOT）宣布已经就合并事宜达成最终协议，两家交易所合并成全球最大的衍生品交易所——芝加哥交易所集团。
具体的投机者包括：
头寸交易者(Position Trader)。这种投机者以取得交易部位的方法从明显的价格变化中获利。他们认为期货价格会涨时则买入合约，看跌时则卖出合约。前者称多头部位，后者称空头部位。由于头寸交易者一般关注于合约的大势利益，他们通常要把自己的期货部位保持较长时间，即进行长线交易。
抢帽子者(Scalpers)：整日以极微小的波动买进或卖出，赚取一个刻度或两个刻度，此类交易者数量较大，为市场提供流动性。一般来说，他们一天要签约、平仓几百次，而手中的合约时间一般也不会超过几分钟 日交易者（Day Traders）：指那些保持合约时间从几小时到整个交易日的厅内交易者。套利者(Arbitragers)是指利用“股指期货市场和股票现货市场（期现套利）、不同的股指期货市场（跨市套利）、不同股指期货合约（跨商品套利）或者同种商品不同交割月份（跨期套利）”之间出现的价格不合理关系，通过同时买进卖出以赚取价差收益的机构或个人。averse.Adj.be averse to do sth.=be unwilling to do sth.不愿意去做某事,讨厌做某事。
Be averse to sb/sth=dislike sb/sth
Be not averse to do sth= be willing to do sth
Be not averse to sb/sth=like sb/sth who are not averse to risk=who like risk.喜欢风险，有风险偏好的投资者。
Risk aversion: 风险偏好。广义地讲，就是投资者在追求其价值增值过程中所愿意接受的风险数量。
(收益和风险通常是相关联的，风险大收益高，风险小收益少。要想获得高收益往往要承担高风险。投资者在追求其价值增值过程中所愿意接受的风险数量越多，我们说他的风险偏好度也越高。)Offset：抵消，对冲 Exposure：敞口，风险 金融衍生产品 概述
A financial derivative is a financial instrument that is based upon another more elementary financial instrument, and the value of the financial derivative depends upon the more basic instrument.金融衍生产品是基于另外一种更加基本的金融工具而存在的金融工具，其价值取决于基本的金融工具。Usually, the base instrument is a cash market financial instrument, such as a bond or a share of stock.通常，基本金融工具是现货市场金融工具，例如债券或股票。For example, a stock option gives its owner the right to buy or sell the shares of stock that underlie the stock option.例如，股票期权给予其所有者买或卖某种股票的权利。In this sense, the stock option is based upon a share of stock.在这种意义上讲，股票期权以股票为基础，Because the stock option cannot exist without the underlying stock, the stock option is derived from the stock itself.因为股票期权不能在没有隐含的股票的情况下存在，所以它是源于股票本身的衍生品。Because the stock is a financial instrument, the stock option is a financial derivative.因为股票是一种金融工具，所以股票期权是金融衍生产品。The succeeding section briefly discues three types of financial derivatives-futures, options, and swaps.在下面的部分，我们简要地介绍三种金融衍生品——期权、期货、和互换。
An option is a contract in which the writer of the option grants the buyer of the option the right, but not the obligation,期权是期权的鉴发者赋予其购买者权力而不是义务的一项合同。writer of the option ：期权的鉴发者 buyer of the option：期权的购买者
Grant： to give someone something or allow them to have something that they have asked for: 赋予，给予。Grant sb the right: 赋予某人某种权利。
to purchase from or sell to the writer something at a specified price within a specified period of time(or at a specified date).在这种合同项下，期权购买者可以在特定时期(或特定日期)以特定价格从鉴发者手中购买或向其出售某种产品。
The writer, also referred to as the seller, grants this right to the buyer in exchange for a certain sum of money, which is called the option price or option premium.鉴发者，也称作卖方，以收取一定数额的货币作为条件给予买者这项买或卖的权利，这部分货币金额称作期权价格或期权费 in exchange for：作为交换
option price or option premium：期权价格或期权费即 “期权手续费”。是指期权买方为获得在规定期限内买卖某种商品或资产的权利而向期权卖方支付的费用
The price at which the aet may be bought or sold is called the exercise or strike price.合同项下资产可能被买或卖的价格称作执行或履约价格。exercise or strike price：执行或履约价格
The date after which an option is void is called the expiration date.期权变为无效的日期称作到期日。
Void：a contract or official agreement that is void is not legal and has no effect无效
When an option grants the buyer the right to purchase the designated instrument from the writer(seller), it is referred to as a call option, or call.当一项期权赋予买者从卖者那里购买一特定工具的时候，该期权称作看涨期权或买权。Designated：指定的，特定的call option, or call：看涨期权或买权
When the option buyer has the right to sell the designated instrument to the writer, the option is called a put option, or put.当一项期权赋予买者向卖者出售特定工具的时候，则该期权称作看跌期权或卖权。
put option, or put.：跌期权或卖权。
An option is also categorized according to when the option buyer may exercise the option.期权也根据期权的购买者可以何时执行期权进行分类。There are options that may be exercised at any time up to and including the expiration date.有些期权可以在到期前的任何时间(包括到期日)执行，Such an option is referred to as an American option.这类期权称作美式期权。There are options that may be exercised only at the expiration date.有些期权仅可以在到期日执行,An option with this feature is called a European Option.具有这一特征的期权称为欧式期权。
Futures Market
期货市场与金融期货的产生
1848年美国芝加哥期货交易所(CBOT)正式成立的成立标志着期货交易正式开始。由于期货交易所最初和最主要的功能是提供一个现货价格风险转移的场所，因此，从期货交易的合约中即可看到各个时代经济结构的演变。
The economic functions of futures markets are to provide a competitive market price discovery mechanism, a hedging mechanism for price risk, and a means to improve market efficiency.This sentence tell us the function of the future markets: 这句话告诉我们期货市场的功能functions of futures markets are to provide a competitive market price discovery mechanism, 提供价格发现的竞争市场机制,(这句话中，我们主要把握一点one of the functions of future market is price discovery.价格发现)，a hedging mechanism for price risk 价格风险的规避机制a means to improve market efficiency改进市场效率的手段。
译文： 期货市场具有以下经济功能：提供价格发现的竞争市场机制、价格风险的规避机制和改进市场效率的手段。
The price of futures contract for a commodity or financial instrument represents the expectations of a large number of buyers and sellers concerning the current and prospective effect of all market influence.The sentence tells us that: The price of futures contract for a commodity or financial instrument 商品或者金融工具期货合约的价格 represents the expectations of a large number of buyers and sellers 代表着许多买者和卖者的预期 concerning the current and prospective effect of all market influence.有关目前和未来所有影响市场的因素的预期。
商品或者金融工具期货合约的价格代表着许多买者和卖者对于目前和未来所有影响市场的因素的预期。Financial futures contracts are not different from commodity futures contracts, except that the item delivered is a financial instrument, rather than a commodity, such as a wheat or cattle.金融期货合约和商品期货合约完全一样，只是交割的对象不是小麦、牲畜这样的实际商品，而是金融工具。
Today, financial futures based on currencies, debt instruments, and financial indexes trade actively.目前，基于货币、债务工具和金融指数的金融期货交易非常活跃。Currency futures, based on specific foreign currencies, foreign Currency futures allow various commercial interests to hedge against fluctuations in exchange rates.基于某种外汇的货币期货即外汇期货可以使商业利益有关各方来防范外汇汇率波动的风险。
various commercial interests: 各种商业利益，实际上是指获得各种商业利益人或机构，英文为了简洁，就用various commercial interests 来指代获得各种商业利益人或机构，翻译汉语时我们可以简洁的翻译为商业利益的有关各方
Foreign currency futures are futures contracts calling for the delivery of a specific amount of a foreign currency at a specified future date in return for a given payment of U.S.dollars.外汇期货是在未来特定日期交割特定数量某种特定外汇以换取给定数量美元的期货合同。
Call for: 要求，规定
In addition, financial futures trade based on financial indexes.此外，金融期货也以金融指数为基础进行交易。For these kinds of financial futures, there is no delivery, but traders complete their obligations by making cash payments based on changes in the value of the index.这类金融期货没有实际交割，交易者完成其义务（即交易），通过进行以指数价值变化为基础的现金支付。
A recent innovation is stock index futures.期货市场最近的创新是股票指数期货。
Based on the performance of a group of stocks, these futures allow investors to protect a portfolio of stocks from a decline in value.股票指数期货以一组股票的市场业绩为基础，投资者利用这种期货规避投资股票组合市场价值下跌的风险。
Interest rate futures take a debt instrument, such as a Treasury bill(T-bill)or Treasury bond(T-bond), as their underlying good.利率期货是以债务工具——例如国库券或国债——作为合同标的金融期货。With these kinds of contracts, the trader must deliver a certain kind of debt instrument to fulfill the contract.在这类合同项下，交易者必须交割一特定种类的债务工具来完成合同义务。
Types of futures commodity futures商品期货
agricultural products futures 农产品期货
precious metals futures 贵重金属期货
energy futures 能源期货
financial futures金融期货
foreign currency futures 外汇期货 Based on foreign currency :基于某种外汇
interest rate futures 利率期货
Based on debt instrument: 基于债务工具
stock index futures 股指期货
Based on financial index: 基于金融指数 A hedge is placed by taking a future position opposite to the position held in the cash market, and exactly equivalent in value.For example, a banker who expects to invest $1 million in a Treasury bill in three months needs to protect himself against a decline in interest rates.A decline would lower his interest income.To hedge, he buys a Treasury bill futures contract, thus taking a long position.Eential Concepts of Hedging套期保值的基本概念
Hedging in futures markets is synonymous with shifting risk.期货市场上的套期保值实际上就是转移风险。
Synonymous：同义的 Antonymous: 反义的A hedge is placed by taking a future position opposite to the position held in the cash market, and exactly equivalent in value.套期保值是指在期货市场上采取和现货市场头寸方向相反、价值完全相等的合约部位的交易。
For example, a banker who expects to invest $1 million in a Treasury bill in three months needs to protect himself against a decline in interest rates.例如一位银行家打算在3个月后在国库券上投资100万美元，他需要防范利率下降的风险。
A decline would lower his interest income.To hedge, he buys a Treasury bill futures contract, thus taking a long position.利率下降就会使投资收益率下跌，为了套期保值，他购买一份国库券期货合约，从而在期货市场处于多头部位。
Participants in futures markets can take one of two positions in the market.期货市场的入市者可以在两种市场部位之间选择一个：
A buyer of a futures contract takes a long position in the market.This is true because the buyer owns a contract that can be sold at any time.期货合约买方在市场上处于多头部位，由于买方持有合约，并且可以随时售出，因而称为多头。
To profit from a long position, he must sell the contract for a price higher than the purchase price.以多头部位获利，交易者必须在高于买价的价格上售出该合约。
In the case of an interest-rate futures contract, such as a Treasury-bill contract, a long position profits from a decline in interest rates.以利率期货如国库券合约为例，多头部位将从利率下降中获利，A lower interest rate means a higher contract price, since the two are inversely related.因为双方负相关，利率下跌意味着合约价格上升。
Thus, a long position in a Treasury bill futures contract can be sold at a profit when interest rates fall.An increase in interest rates, on the other hand, produces a lo in a long position.在国库券期货合约中持多头部位，在利率下跌时售出合约可以获利。反之，利率上升会使多头部位亏损。A seller of a futures contract takes a short position in the market.期货合约的售出方处于空头部位。
That is true because the seller sells a contract that is a promise to deliver on a specific date a commodity or financial aet, even he may not currently own that aet.售出的期货合约是在一定日期交割某种商品或者金融资产的承诺，即使售出期货时可能并不拥有该项资产。
To profit from a short position, he must buy the contract at a price lower than the selling price.以空头部位获利，交易者必须在低于售价的价格上买入该合约。
In the Treasury bill futures contract example, a short position profits from an increase in interest rates, because the contract price then declines, allowing the contract to be bought at a profit.以国库券合约为例空头部位将从利率上升中获利，因为这时合约价格将下跌，买入该合约即可获利，A decline in interest rates produces a lo in a short position.而利率下降将会造成空头部位亏损。
Only rarely do buyers and sellers of futures contracts ever make or accept delivery of the actual instrument.Rather, most participants offset their positions by taking a market position opposite to the original one.期货买卖双方实施和接受实际金融工具交割的情况极为少见，大多数入市者通常采用与初始交易相反的部位对冲了结。
For instance, if the original position was to buy a March Treasury bill contract, the position would be offset by subsequently selling a March Treasury bill contract.例如：若初始部位是买入一份3月期国库券合约，这一多头部位可以用后来售出一份3月期国库券合约加以对冲。
参考译文
第十七章 期货市场
每天的报纸和电视都有期货价格的信息报道，但是了解这一行业的一般大众还是不多。期货是买卖双方按照期货交易所的要求签订的合同协议。各方一致同意在未来某个时间，以双方议定的价格购买或出售某项资产如牲畜、外币，或其他一些商品。每个期货合约除了价格外规定了商品的数量和质量，到期月份，交货时间和几乎所有交易的细节，期货价格由买卖双方根据当前市场价格进行谈判而定。有些期货合约在到期日要求实际交付标的物商品或金融产品，一些合约在到期日则要求以现金结算。但是，总的来说，期货市场的投资者并不会在到期日一直持有期货合约，而是冲消期货合约，他们买了期货（“做多头”），随后出售来对冲；或者他们用先售出期货（“做空头”）随后购买的方式来对冲期货合约。
更广泛的说，期货是根据目前的市场信息预计一般商品和金融产品未来的价格。期货涉及到的问题有：明年12月的黄牛是什么价？接下来的6个月内利率如何走势？五月份欧元的价值如何？
因为商品价格是不断变化的情况，几乎所有的企业均面对着持续的价格波动风险。肉类加工企业面临的风险来自波动的黄牛价格，贷款者受到利率变动的影响，国际业务则受到不同货币间的汇率变动影响。所有这些企业都可以利用期货合约来帮助规避价格风险。
Answers for chapter 17 Ⅰ.Answer the following in English 1.Carefully describe a futures contract.A futures contract is a binding agreement between a seller and a buyer to make(seller)and to take(buyer)delivery of the underlying commodity(or financial instrument)at a specified future date with agreed upon payment terms.2.Explain how futures contracts are valued daily.It is poible to calculate a theoretical fair value for a futures contract.The fair value of a futures contract should approximately equal the current value of the underlying shares or index, plus an amount referred to as the 'cost of carry' 3.Describe the role of the clearinghouse in futures trading.The clearinghouse, an agency or separate corporation of a futures exchange, is responsible for settling trading accounts, collecting and maintaining margin monies, regulating delivery and reporting trade data.The clearinghouse becomes the buyer to each seller(and the seller to each buyer)and aumes responsibility for protecting buyers and sellers from financial lo by auring performance on each contract.4.Explain the differences between a hedger and a speculator.Hedgers are interested in the products of the futures contracts.They can be producers, like farmers, mining companies and oil drillers.Or they can be users, like bankers, paper mills and oil distributors.In general, producers sell futures contracts while users buy them.Speculators, trade futures strictly to make money.Typically, speculators trade futures contracts, but never use the commodity itself.5.Give a brief description of the history of futures.The history of futures trading is, in a sense, two histories, both focused on how people have tried to improve the effectivene of the commercial marketplace.The early story is a tale of how people in an agrarian society used forward contracts(agreements to buy now, but pay and deliver later)as a means of getting farm commodities efficiently from producers to consumers, at established prices and delivery terms, and how those forward contracts evolved into futures contracts.The present day story explains how the futures industry reinvented itself in the latter part of the twentieth century, eentially by redefining the meaning of “commodity,” so that it could accommodate the needs of complex financial markets in a society whose economy was no longer based primarily on agriculture.6.What is key difference between forward and futures?
Fundamentally, forward and futures contracts have the same function: both types of contracts allow people to buy or sell a specific type of aet at a specific time at a given price.However, it is in the specific details that these contracts differ.First of all, futures contracts are exchange-traded and, therefore, are standardized contracts.Forward contracts, on the other hand, are private agreements between two parties and are not as rigid in their stated terms and conditions.Because forward contracts are private agreements, there is always a chance that a party may default on its side of the agreement.Futures contracts have clearing houses that guarantee the transactions, which drastically lowers the probability of default to almost never.Secondly, the specific details concerning settlement and delivery are quite distinct.For forward contracts, settlement of the contract occurs at the end of the contract.Futures contracts are marked-to-market daily, which means that daily changes are settled day by day until the end of the contract.Furthermore, settlement for futures contracts can occur over a range of dates.Forward contracts, on the other hand, only poe one settlement date.Lastly, because futures contracts are quite frequently employed by speculators, who bet on the direction in which an aet's price will move, they are usually closed out prior to maturity and delivery usually never happens.On the other hand, forward contracts are mostly used by hedgers that want to eliminate the volatility of an aet's price, and delivery of the aet or cash settlement will usually take place.Ⅱ.Fill in the each blank with an appropriate word or expreion 1.Futures are contractual agreements made between two parties through a regulated futures exchange.Each futures contract specifies the and quality of the item, expiration month, the time of delivery and virtually all the details of the transaction except price which the two parties negotiate based on current market conditions.2.The clearinghouse, an agency or separate corporation of a futures exchange, is responsible for settling trading accounts, collecting and maintaining margin monies, regulating delivery and reporting trade data.3.A futures contract is an agreement to purchase or sell a commodity for delivery in the future:(1)at a price that is determined at of the contract;(2)which obligates each party to the contract to
the contract at the specified price;(3)which is used to aume or shift price risk;and(4)which may be satisfied by delivery or offset.4.The key to any hedge is that a futures position is taken opposite to the position in the cash market.That is, the nature of market position determines the hedge in the futures market.5.Currency futures are standardized contracts that trade like conventional commodity futures on the floor of a futures exchange.6.These orders, from companies, individuals, and even market-making commercial banks, are communicated to the floor of the futures exchange.Ⅲ.Translate the following sentences into English 1.商品生产者和经营者在生产和经营过程中，时刻面临着价格波动的风险。
The commodity producer and the operator is facing the price fluctuations risk frequently in the proce of producing and operation, 2.价格无论向哪个方向变动，都会给一部分商品生产者和经营者造成损失。期货市场建立以后，他们可以在期货市场上按预期价格卖出商品和买进商品，锁住成本。
Regardle of actual price fluctuation path, a part of commodity producers and the operators will lose some thing.After establishing futures market, they may sell and buy the commodity according to the expected price in the futures market and lock the commodity cost.3.期货市场以标准化的交易所交易的证券代替了不规范的远期合约。
Standard contract trading in future exchange replace irregular forward contract in future market.4.需要特别注意的是，交割日的期货价格等于当时的现货价格。
The more attention should be on that the future price in maturity is equal to spot price.5.产品期货交易还可以在一定程度上减少商品价格的波动。
The product future trading may also reduce the commodity price fluctuation to a certain extent.6.期货市场上产品经营风险的转移功能大部分是由投机牟利者来完成的。期货市场上的投机牟利者利用产品价格的频繁变化进行买空和卖空，从中谋利。
The majority of transfer function of operational risk in the futures market is completed by speculators.The speculators in futures market make use of price’s frequent change to make long and short for profit.Ⅳ.Translate the following paage into Chinese 1.Futures trading have a long history, both in the U.S.and around the world.Futures trading on a formal futures exchange in the U.S.originated with the formation of the Chicago Board of Trade(CBT)in the middle of the Nineteenth Century.期货交易在美国和世界其它地方都有悠久的历史，美国期货交易在正式的期货交易所进行开始于19世纪中期芝加哥期货交易所(CBT)的建立。
2.Grain dealers in Illinois were having trouble financing their grain inventories.The risk of grain prices falling after harvest made lenders reluctant to extend grain dealers credit to purchase grain for subsequent sale in Chicago.伊利诺伊洲的谷物交易商在购买谷物时遇到融资问题。谷物丰收后价格下跌的风险使贷款人不愿意为交易商进一步提供贷款来购买谷物在芝加哥销售。
3.To reduce their risk exposure, grain dealers began selling “To Arrive” contracts, which specified the future date(usually the month)a specified quantity of grain would be delivered to a particular location at a price identified in the contract.为减少风险程度，谷物交易商开始销售到站合约，合约规定了谷物的交易价格，并约定在未来的某个时间(通常指月份),将一定数量的谷物运到指定的交货地点。
4.Futures are contractual agreements made between two parties through a regulated futures exchange.The parties agree to buy or sell an aet-livestock, a foreign currency, or some other item---at a certain time in the future at a mutually agreed upon price.期货是买卖双方按照期货交易所的要求签订的合同协议。双方一致同意在未来某个时间，以双方议定的价格购买或出售某项资产如牲畜、外币，或其他一些商品。
5.Commodity markets have existed for centuries around the world because producers and buyers of foodstuffs and other items have always needed a common place to trade.商品市场已经存在了几个世纪,这是因为粮食和其他商品的生产者和购买者总是需要一个共同的地方进行交易。
6.Currency futures are standardized contracts that trade like conventional commodity futures on the floor of a futures exchange.货币期货就像在期货交易所进行交易的常规商品期货一样是标准化的合约.
