一份“国际视野”的期货聊天指南

2022-09-14 20:27:10

硬核的干货，专业的解读

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《专家谈仓单套期保值》

相对于股票、基金，大家对期货比较陌生，相信经过前几期的学习，同学们已经对期货有了初步的认识。但想要进阶操作，成为仓单套期保值的高手，还要加深对专业术语的理解。

什么是基差？什么是杠杆作用？什么是风险管理？……

本期《专家谈仓单套期保值》，华泰期货联合66云链，为大家整理了中英文对照的期货术语集锦，我们先来一睹为快吧！

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《专家谈仓单套期保值》第4篇

内容首发丨芝加哥商品交易所

期货

指的是在商品期货交易所中为了将来交割出售和购买金融商品和商品而订立的合同。

Futures

A term used to designate all contracts covering the purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.

保证金

客户付给经纪商或清算所的一定数额的现金或间接形式的抵押金，为了避免经纪商或清算所在未平仓的期货或期权合同中遭受损失。

Margin

The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts.

杠杆作用

利用少量资产来控制大量资产，通常是保证金交易模式。

Leverage

The use of a small amount of assets to control a greater amount of assets.

最后交易日

这指的是期权可行权转换为建立标的期货头寸的最后一天。过了该时点后，期权将不再存在；买方不能再行权，而卖方再也没有任何义务。要注意的是有些期权合约在标的期货合约最后结算或到期之前先到期。举例，一份 2012 年 9 月份小麦 900 看涨期权将在 2012 年 8 月 24 日到期。但是标的期货是在 9 月 14 日到期。最后交易日 (last trading day) 为期权仓位可被冲销的最后一天。

Expiration Date/Last Trading Day

This is the last day on which an option can be exercised into the underlying futures contract. After this point the option will cease to exist; the buyer cannot exercise and the seller has no obligation. Note that some options expire prior to the final settlement or expiration of the underlying futures contract. For example, a September 2012 Wheat 900 call option will expire August 24, 2012. However, the underlying futures will expire September 14, 2012. The last trading day is the last day on which an option can be offset.

流动性

证券市场或商品市场有足够成员允许大量交易发生并且不会引起价格实质性变化的特性。

Liquid

A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price.

套期保值

购买或者出售一个期货合同作为一种临时性的替代品 , 以替代将来的现货交易，通常情况下同时在现货市场和期货市场做出相反方向的交易。

Hedge

The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.

基差

现货或商品的现金价格和相同的期货价格或相关价格的差额。它通常被计算到近期的期货 , 和可能表现不同的时间期数、产品规格、质量和场所。

Basis

The difference between the spot or cash price of a commodity and the futures price of the same or a related commodity. Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations.

升水

指远期交割月份的价格高于即期交割月份的价格，相对的贴水。

Contango

A situation where the futures price of a commodity is higher than the spot price.backwardation

交割

履行期货合约中，交付和接收金融商品或实际商品。

Delivery

The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.

价差组合

通过买入和卖出同级的期权而建立的期权盘口，但两个期权是不同的系列。包括跨品种、跨期、跨市场套利。

Spread

An options position established by purchasing one option and selling another option of the same class, but of a different series.Intercommodity、Interdelivery、Intermarket