【正文】 re, 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。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 account is credited by $5,000 ($1 per bushel X 5,000 bushels). As the market moves every day, these kinds of adjustments are made accordingly. Unlike the stock market, futures positions are settled on a daily basis, which means that gains and losses from a day39。s the price of wheat in the cash market when he closes out his contract. However, technically, the bread maker39。s and tomorrows estimated amount of supply and demand. Futures market prices depend on a continuous flow of information from around the world and thus require a high amount of transparency. Factors such as weather, war, debt default, refugee displacement, land reclamation and deforestation can all have a major effect on supply and demand and, as a result, the present and future price of a modity. This kind of information and the way people absorb it constantly changes the price of a modity. This process is known as price discovery. Risk Reduction Futures markets are also a place for people to reduce risk when making purchases. Risks are reduced because the price is preset, therefore letting participants know how much they will need to buy or sell. This helps reduce the ultimate cost to the retail buyer because with less risk there is less of a chance that manufacturers will jack up prices to make up for profit losses in the cash market. 3 Characteristics In the futures market, margin has a definition distinct from its definition in the stock market, where margin is the use of borrowed money to purchase securities. In the futures market, margin refers to the initial deposit of good faith made into an account in order to enter into a futures contract. This margin is referred to as good faith because it is this money that is used to debit any daytoday losses. When you open a futures contract, the futures exchange will state a minimum amount of money that you must deposit into your account. This original deposit of money is called the initial margin. When your contract is liquidated, you will be refunded the initial margin plus or minus any gains or losses that occur over the span of the futures contract. In other words, the amount in your margin account changes daily as the market fluctuates in relation to your futures contract. The minimumlevel margin is determined by the futures exchange and is usually 5% to 10% of the futures contract. These predetermined initial margin amounts are continuously under review: at times of high market volatility, initial margin requirements can be raised. The initial margin is the minimum amount required to enter into a new futures contract, but the maintenance margin is the lowest amount an account can reach before needing to be replenished. For example, if your margin account drops to a certain level because of a series of daily losses, brokers are required to make a margin call and request that you make an additional deposit into your account to bring the margin back up to the initial amount. Let39。s close and the results remain the upper and lower price boundary for the day. Say that the price change limit on silver per ounce is $. Yesterday, the price per ounce closed at $5. Today39。s not unmon for the exchange to abolish daily price limits in the month that the contract expires (delivery or “ spot” month). This is because trading is often volatile during this month, as sellers and buyers try to obtain the best price possible before the expiration of the contract. In order to avoid any unfair advantages, the CTFC and the futures exchanges impose limits on the total amount of contracts or units of a modity in which any single person can invest. These are known as position limits and they ensure that no one person can control the market price for a particular modity. 4 Conclusions Buying and selling in the futures market can seem risky and plicated. As we39。s important to understand the arithmetic of leverage when calculating profit and loss, as well as the minimum price movements and daily price limits at which contracts can trade. ? “ Going long,” “ going short,” and “ spreads” are the most mon strategies used when trading on the futures market. ? Once you make the decision to trade in modities, there are several ways to participate in the futures market. All of them involve risk some more than others. You can trade your own account, have a managed account or join a modity pool. 工商管理英文文獻翻譯 期貨基礎(chǔ) 期貨合同是一種衍生工具，或?qū)嵨锷唐方鹑诤贤?,在未來交付或雙方同意轉(zhuǎn)讓的一套 金融工具。目前世界的共識是： 期貨市場是一個集中的市場投資期貨市場是一大金融中心，存在于買方和賣方之間的激烈競爭，更重要的