国际期货市场运作4LifeontheTradingFl.ppt

Chapter 4 Life on the Trading Floor,Dealers on the Futures Market,Amid a steady din of voices crying out bids and offers, various clerks and runners scurry here and there with orders to be filled and orders to be reported.,Dealers on the Futures Market,Hands up and palms facing in are an indication to buy. Various fingers signify various digits, as well.,Dealers on the Futures Market,Dealers on the Futures Market,Dealers on the Futures Market,The pit,At the heart of the open outcry market system is the pit, a circular construction forming just what its name implies: a hole in the trading floor.,The pit,The pit,When a contract month expires, all the other contract months move up, so that, for example, the area that was formerly February copper becomes March copper when the February contract expires, and so forth.,The pit,- Cntrct Settle Open High Low Close 0208 14770 14800 14800 14780 14770 0209 14820 14850 14860 14820 14820 0210 14870 14870 14930 14870 14870 0211 14970 15000 15030 14970 14970 0212 15060 15090 15120 15060 15060 0301 15160 15180 15210 15150 15160 -,Copper Prices in Shanghai Futures Exchange August 02, 2002,- Contract Settle1 Open High Low Close Settle2 0210 15040 15030 15040 15000 15040 15010 0211 15100 15050 15090 15050 15080 15060 0212 15150 15100 15140 15090 15130 15110 0301 15200 15080 15200 15080 15180 15160 0302 15240 15140 15250 15130 15240 15200 0303 15320 15250 15310 15250 15300 15280 0304 15420 15390 15410 15300 15410 15380 -,Copper Prices in Shanghai Futures Exchange September 18, 2002,The Floor Broker,The floor broker, or pit broker, is a member of the exchange who has a business relationship with one or more brokerage firms.,How An Order Is Filled in USA,The trader in Idaho(a state in northwest USA) may call his or her broker with an order to buy one contract of live hogs at the market. That broker then relays the order to a phone clerk on the trading floor.,The Route of Price Data,Bids and offers are made in the pits.,Trade occurs,A market reporter notes the trade and types key or punches data into the computer.,Data is distributed electronically to main terminal,The terminal validates the trade and distributes the data,The Route of Price Data,Data is distributed to price boards surrounding the pits.,sent back to the pit reporters computer,Data is made available to press and data services,The data provider sells access to the prices,How An Order Is Filled in China,A trader(for example: a copper producer) can phone its brokerage firm in Beijing, then the broker relay the traders order to its floor broker who will type the traders order into the computer in Shanghai Futures Exchange. The computer will have your order settled in SHFE.,How An Order Is Filled in China,How Prices Reach the Quote Board,At the CME, a pit observer, who is an employee of the exchange, stands in the pit with a walkie-talkie.,The Electronic Trading,The computerized method of trading relies entirely on orders between sellers and buyers being matched by computer(for example, Shanghai, China).,The drawback is that unless there are sufficient orders to balance out volatility, price swings may be very large and erratic.,The Electronic Trading,Route of a Phone Order,The Client or broker phones the trading floor,The order desk takes the order and time stamps it,The order is sent into the pit (either by hand signals or via a runner),The fl