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期货交易基本词汇释义

时间:2011-02-25 23:29 我要评论
Trading glossary 1 Arbitrage The simultaneous purchase and sale of similar commodities in different markets to take advantage of price discrepancy without taking a risk. At-the-money option An option with a strike price that is equal, or approximate

Trading glossary 1

Arbitrage

The simultaneous purchase and sale of similar commodities in different markets to take advantage of price discrepancy without taking a risk.

At-the-money option

An option with a strike price that is equal, or approximately equal, to the current market price of the underlying futures contract.

Backwardation

A market condition in which a futures price is lower in the distant delivery months than in the near delivery months. The opposite of contango.

Bar chart

A chart that graphs the high, low, and settlement prices for a specific trading session over a given period of time.

Basis

The difference between the current cash price and the futures price of the same commodity.

Basis risk

Difference between a hedge’s actual underlying reference point and the needed fundamental hedge. E.g. the basis for the Nordpool market is the systems spot price. If, however, a power producer in the north of Sweden hedges his production (hedges his risk) by using system price based derivatives – he might encounter a basis risk. This is because there might be constraints in the transmission system – and hence the price he can sell his physical power at might not be the same as the systems price. (The system price might not be the same as the price in northern Sweden).

Bear market

A period of declining market prices.

Bear spread

The term refers to selling the nearby contract month, and buying the deferred contract, to profit from a change in the price relationship.

Bear

Someone who thinks market prices will decline.

Bid

An expression_r_r indicating a desire to buy a commodity at a given price, opposite of offer.

Book

Normally refers to the total portfolio of a trader He was trading this “book” as best he could).

Broker

A company or individual that executes physical or financial products in a market place. In commodity markets a broker normally does not take price of volume risk and hence does not normally take positions. A broker may however some times function as a portfolio manager – trading behalf of a commercial entity.

Brokerage fee

A fee charged by a broker for executing a transaction.

Bull market

A period of rising market prices.

Bull spread

In most commodities and financial instruments, the term refers to buying the nearby month, and selling the deferred month, to profit from the change in the price relationship.

Bull

Someone who thinks market prices will rise.

Buying hedge

Buyer futures contracts to protect against a possible price increase of cash commodities that will be purchased in the future. At the time the cash commodities are bought, the open futures position is closed by selling an equal number and type of futures contracts as those that were initially purchased.

Calendar spread

The purchase of one delivery month of a given futures contract and simultaneous sale of another delivery month of the same commodity in the same market 8same commodity). The purchase of either a call or put option and the simultaneous sale of the same type of option with typically the same strike price but with a different expiration month.

Call option

An option that gives the buyer the right, but not the obligation, to purchase (go “long") the underlying futures contract at the strike price on or before the expiration date.

Candlestick charts

A charting method, originally from Japan, in which the high and low are plotted as a single line and are referred to as shadows. The price range between the open and the close is plotted as a narrow rectangle and is referred to as the body. If the close is above the open, the body is white. If the close is below the open, the body is black.

Contango

A condition in which distant delivery prices for futures exceed spot prices, often due to the costs of storing and insuring the underlying commodity. The opposite of backwardation.

Carrying charge (cost of carry)

For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity.

Carryover

Commodities not consumed during the marketing year and remaining in storage at the end of a period. These stocks are "carried over" into the next marketing year.

Cash commodity/ physical commodity

An actual physical commodity someone is buying or selling, e.g., Co2e, power, soybeans, corn, gold, silver, Treasury bonds, etc. Also referred to as actuals.

Cash/physical contract

A sales agreement for either immediate or future delivery of the actual product.

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