已阅读5页,还剩23页未读, 继续免费阅读
版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
第二章 期货市场运作机制,董彦峰,目录,期货合约的开仓与平仓,期货合约的规定,期货价格收敛到现货价格,保证金运作,4,1,2,3,目录,场外市场,报价,交易与交割,远期与期货比较,8,5,6,7,2.1 期货的开仓与平仓,大多数期货交易不会导致实物交割,其原因是大多数投资者在合约规定的交割期到来之前会选择平仓。 开仓建立新的合约头寸; 平仓对冲原有合约头寸,方向相反的交易。,2.2 期货合约的规定,标的资产 合约规模 交割安排 交割月份 报价方式 涨跌停板 头寸限额,2.3 期货价格收敛到现货价格的特性,在到达交割日期时,期货价格应等于或非常接近现货价格。 如果不收敛,则存在一个显而易见的套利机会: 卖出一个期货合约 买入资产 进行交割,2.4 保证金的运作,保证金: 初始保证金(开仓时必须存入的资金量) 维持保证金(最小保余额,常为初始的75%) 变动保证金(补足到初始水平的追加资金) 每日结算: 逐日盯市:在交易日结束时,保证金账户的余额数量将被调整以反映投资者的盈亏。 实际上,期货合约每天都要平仓,然后以全新的价格开仓。,2.4 保证金运作,清算中心 交易所的附属机构,期货交易的媒介,保证交易双方履行合约; 会员必须在交易所注入资金,非会员经纪人必须通过会员开展业务; 对每日交易进行记录,以便就算每一个会员的净头寸。 结算保证金 会员开设的保证金账户中保证金,只有初始保证金,没有维持保证金。 非会员必须在会员那里开设保证金账户。,2.5 场外市场,在场外交易中,交易对手总有一定概率会违约。为了降低信用风险,场外市场通过设定抵押品策略来模仿保证金系统的运作。 清算中心在场外市场得以应用,但局限于标准化的场外市场合约。,2.6 报价,价格 开盘价 最高价 最低价 结算价格 用于每日结算,交易日结束之前即时成交的期货合约价格。 未平仓合约数量 正在交易的合约数量的总和=长头寸总和=短头寸总和 期货价格模式 正常市场:价格随合约期限递增 反向市场:价格随合约期限递减,2.7 交易与交割,交易员类型 佣金经纪人 自营经纪人 对冲者 套利者 投机者:黄牛(几分钟)、日间交易员(不超过一个交易日)、头寸交易员(持有期限较长) 交易指令类型 市场指令、限价指令、止损指令(转市价和转限价)、触及市价指令,2.7 交易与交割,通常规则: 交易所将交割产品意向书转给持有长头寸最久的投资者,其必须接受交个通知 三个重要的日期: 第一交割通知日 最后交割通知日 最后交易日,2.8 远期和期货的比较,Click to edit title style,Text in here,Text in here,Contents,Contents,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Description of the contents Description of the contents,Description of the business,Description of the business,Description of the business,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Description of the contents,Description of the contents,Click to edit title style,2005,2006,2007,2008,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Click to edit title style,Description of the contents,Text in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Text in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Text in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Text in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Click to edit title style,Contents01,Contents02,Contents03,Contents04,Contents05,Contents06,0% 20% 40% 60% 80% 100%,18.5%,17.5%,8.7%,23.6%,63.6%,84.3%,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Click to edit title style,Text in here,Text in here,Text in here,Click to edit title style,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Title in here,Title in here,Title in here,Title in here,A,B,C,D,Click to edit title style,Description of the contents,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Title in here,Title in here,Title in here,Click to edit title style,Text in here,Text in here,Text in here,Text in here,Text in here,Text in here,Text in here,Text in here,Contents,Contents,Contents,Contents,Contents,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Click to edit title style,Description of the contents Description of the contents,Description of the contents Description of the contents,Description of the contents Description of the contents,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Content Title,Content Title,Content Title,Click to edit title style,Describe a vision of company or strategic contents.,Describe a vision of company or strategic contents.,Describe a vision of company or strategic contents.,Describe a vision of company or strategic contents.,Description of the products,Click to edit title style,Please write down of a slogan for a vision of a company in shortly.,Please write down of a slogan for a vision of a company in shortly.,Please write down of a slogan for a vision of a company in shortly.,Please write down of a slogan for a vision of a company in shortly.,Vision 01,Vision 03,Vision 02,Vision 04,Company LOGO,Click to edit title style,Description of the contents,Title in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Title in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Title in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Title in here,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Click to edit title style,Growth,Start,Jump,2008 2007 2006,2005 2004 2003,2002 2001 2000,Description of the contents Description of the contents Description of the contents,Description of the contents Description of the contents Description of the contents,Description of the contents Description of the contents Description of the contents,Click to edit title style,CEO,Text in here,Text in here,Text in here,Text in here
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 人教PEP五年级下册英语导学案:Unit 2 My favorite season let's spell
- 修理水管漏水合同范本
- 跨境大米贸易合同样本
- 如何提高我国早期胃癌诊断水平胃癌会议
- 三伏养生注意事项饮食睡眠疾病及预防培训课件
- 新生儿呼吸机相关性肺炎的预防
- 冲淤堆积岛监测指南-地方标准编制说明
- 小学二年级预防新型冠状病毒
- 幼儿园小班预防碘缺乏病
- 2024年上海市中考生命科学试卷
- 人工智能对社会和经济的影响
- 小班健康活动教案及教学反思《细菌躲猫猫》
- 基于复杂网络演化博弈的绿色消费者对新能源汽车扩散的影响研究
- 急性纵隔炎的护理查房
- 肺癌康复护理指南
- 人教版八年级历史上册选择题
- 青马工程培训班试题库附有答案
- 产品质量检验培训
- 初中地理中考真题试卷(合集)含参考答案
- 2023心肺复苏指南解读
- 婚恋红娘培训课件
评论
0/150
提交评论