【正文】 工商管理英文文獻翻譯 期貨基礎(chǔ) 英語論文 工商管理英文文獻翻譯 期貨基礎(chǔ) Futures Fundamentals 1 Introduction A futures contract is a type of derivative instrument, or financial contract, in which two parties agree to transact a set of financial instruments or physical modities for future delivery at a particular price. If you buy a futures contract, you are basically agreeing to buy something that a seller has not yet produced for a set price. But participating in the futures market does not necessarily mean that you will be responsible for receiving or delivering large inventories of physical modities remember, buyers and sellers in the futures market primarily enter into futures contracts to hedge risk or speculate rather than to exchange physical goods (which is the primary activity of the cash/spot market). That is why futures are used as financial instruments by not only producers and consumers but also speculators. The consensus in the investment world is that the futures market is a major financial hub, providing an outlet for intense petition among buyers and sellers and, more importantly, providing a center to manage price risks. The futures market is extremely liquid, risky and plex by nature, but it can be understood if we break down how it functions. While futures are not for the risk averse, they are useful for a wide range of people. In this tutorial, you39。ll learn how the futures market works, who uses futures and which strategies will make you a successful trader on the futures market. 2 How the Market Works The futures market is a centralized marketplace for buyers and sellers from around the world who meet and enter into futures contracts. Pricing can be based on an open cry system, or bids and offers can be matched electronically. The futures contract will state the price that will be paid and the date of delivery. But don39。t worry, as we mentioned earlier, almost all futures contracts end without the actual physical delivery of the modity. What Exactly Is a Futures Contract? Let39。s say, for example, that you decide to subscribe to cable TV. As the buyer, you enter into an agreement with the cable pany to receive a specific number of cable channels at a certain price every month for the next year. This contract made with the cable pany is similar to a futures contract, in that you have agreed to receive a product at a future date, with the price and terms for delivery already set. You have secured your price for now and the next year even if the price of cable rises during that time. By entering into this agreement with the cable pany, you have reduced your risk of higher prices. That39。s how the futures market works. Except instead of a cable TV provider, a producer of wheat may be trying to secure a selling price for next season39。s crop, while a bread maker may be trying to secure a buying price to determine how much bread can be made and at what profit. So the farmer and the bread maker may enter into a futures contract requiring the delivery of 5,000 bushels of grain to the buyer in June at a price of $4 per bushel. By entering into this futures contract, the farmer and the bread maker secure a price that both parties believe will be a fair price in June. It is this contract and not the grain parse that can then be bought and sold in the futures market. So, a futures contract is an agreement between two parties: a short position the party who agrees to deliver a modity and a long position the party who agrees to receive a modity. In the above scenario, the farmer would be the holder of the short position (agreeing to sell) while the bread maker would be the holder of the long 1220 工商管理英文文獻翻譯 期貨基礎(chǔ) (agreeing to buy). We will talk more about the outlooks of the long and short positions in the section on strategies, but for now it39。s important to know that every contract involves both positions. In every futures contract, everything is specified: the quantity and quality of the modity, the specific price per unit, and the date and method of delivery. The “ price” of a futures contract is represented by the agreedupon price of the underlying modity or financial instrument that will be delivered in the future. For example, in the above scenario, the price of the contract is 5,000 bushels of grain at a price of $4 per bushel. Profit And Loss Cash Settlement The profits and losses of a futures contract depend on the daily movements of the market for that contract and are calculated on a daily basis. For example, say the futures contracts for wheat increases to $5 per bushel the day after the above farmer and bread maker enter into their futures contract of $4 per bushel. The farmer, as the holder of the short position, has lost $1 per bushel because the selling price just increased from the future price at which he is obliged to