国际期货市场运作3TheModernFuturesExchang.ppt

Chapter 3 The Modern Futures Exchange,1.The International Securities Exchange 2.The Coffee, Sugar and Cocoa Exchange 3. The Commodity Exchange, Inc.(COMEX) 4. The New York Cotton Exchange (NYCE) 5. The New York Mercantile Exchange (NYMEX),Five are in New York:,1. The Chicago Board of Trade (CBOT) is the worlds oldest futures exchange. 2. Chicago Board Options Exchange (CBOE) 3. The Chicago Mercantile Exchange (CME) 4. The Mid-America Commodity Exchange (MidAm),Four exchanges are in Chicago:,CBOT Building Features,This fine example of architecture of the late 1920s rises forty-five stories above Lasalle Street at Jackson Boulevard.,Crowning the Board of Trade Building is a statue of “Ceres”, the goddess of grain and harvest. The sculptor was John H. Stoors.,1. Kansas City (the Kansas City Board of Trade-KCBT) 2. Minneapolis (the Minneapolis Grain Exchange-MGE) 3. Philadelphia (the Philadelphia Board of Trade- PBOT),The other three exchanges are located in,LONGDON METAL EXCHANGE,The London Metal Exchange (LME) is the worlds premier non-ferrous metals market, with highly liquid contracts.,LONGDON METAL EXCHANGE,Three Ways to Trade on the LME,The LME system of fixed points clearly helps with the identification of the firms trading, it is only feasible because the Exchange has a small number of members permitted to take part in ring trading.,The Original Futures Market of LME,A significant proportion of all LME contracts are traded in the ring sessions, including the kerb(场外交易). The balance goes through the inter-office telephone market and LME Select.,Three Ways to Trade on the LME,The ring sessions, and especially the second morning rings from which official prices emerge, concentrate liquidity because the physical trade requires prices as close as possible to the daily settlement prices.,Three Ways to Trade on the LME,Between the hours of 11.45 and 17.00 London time, the LME publishes bid, ask and traded prices as category one ring dealing members trade metal futures open outcry in the rings and kerbs.,THE RING,INTER-OFFICE,Category one and two member firms provide the LME with pre-trade indicative bid and ask prices for metal and index futures and traded options contracts 24 hours a day.,上海期货交易所期货铜合约行情2005年10月12日,Three Ways to Trade on the LME,This is instantly sent to the various news vendor services, who display LME prices. Behind each firms ring seat is a place for assistants to stand in order to pass orders(定单) into the ring and to give commentaries to customers about current market conditions.,The ring offers the traditional benefits of transparency which attach to a physical, open outcry marketplace, but it is only available for a part of the 24 hour working day.,Trading on the inter-office telephone market,This is a system that deals like the foreign exchange, bond or stock markets, but then clears like a ring-traded contract. In other words, people can see an indicative price on a screen as they contact a broker, and then complete a deal there and then(当时当地).,Trading on the inter-office telephone market,Brokers continually to provide indicative prices which are available through vendor screens.,Trading on the inter-office telephone market,Trading on the inter-office telephone market,The actual prices quoted to a prospective client by a broker will not necessarily be identical to the indicative prices, but will depend on the size of the deal.,LME Select operates,between 07:00 and 19:00 (London Time).,LME CONTRACT SPECIFICATION,its primary properties in modern-times are its electrical conductivity and heat-transfer abilities making it invaluable for use in the building construction and electrical industries.,LME CONTRACT SPECIFICATION,LME Copper Grade A Futures Contract Specification,Contract Grade A Copper Lot size Lot size 25 tonnes (with a tolerance of +/- 2%) Grade A cathodes conforming to BS 6017-1981 (1989),China Exchanges,Four futures commodities (wheat, mung bean, peanut kernel and small red bean) have been approved by the State Council to be listed by ZCE, but only wheat , cotton and mung bean are being traded.,China Exchanges,Wheat Contract Specifications,Underlined Product: Wheat Trading Unit: 10 tons / lot Quotation Unit: Yuan(RMB)/ ton Tick Size: 1 yuan / ton,Delivery Method: Physical Delivery Symbol: WT Listing Exchange Zhengzhou Commodity Exchange,Wheat Contract Specifications,Cotton No. 1 Futures Contract Specs,Contract Size: 5 TS Price Quote: Yuan (RMB)/T Tick Size: 5 Yuan (RMB)/MT Daily Price Limit: 4% above or below the previous trading days settlement price.,Settlement price,Settlement price is the average price of a futures contract weighted by trading volumes on any trading day; if there is no a trading price on any trading day, settlement price shall be that of the previous trading day.,Cotton No. 1 Futures Contract Specs,Contract Months: Jan, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct , Nov and Dec Trading Hours: 9:00-11:30 a.m. 1:30-3:00 p.m. Beijing time, Mon-Fri Last Trading Day: The tenth business day of the delivery month.,Yuchen Zhu, President and CEO,Dalian Commodity Exchange.,Dalian Commodity Exchange,Dalian Commodity Exchange,大连商品交易所坐落于美丽的大连星海湾畔,大商所开市铜锣,Dalian Commodity Exchange,世界非转基因大豆期货交易中心，每天成交期货合约数十万手。,Listed Commodities,Yellow Soybean No.1 Futures Contract Specifications,Daily Price Limit 3% above or below the previous days settlement price Contract Months Jan., Mar., May., July, Sep., Nov.,Delivery warehouse designated by DCE,Delivery warehouse designated by DCE,Dalian Commodity Exchange,Corn Futures Contract,Trading Unit: 10MT/Contract Price Quote: RMB Tick Size: 1 Yuan/MT Daily Price Limit: 4% of Last Settlement Price,Corn Futures Contract,Last Delivery Day: 2nd Day after the Last Trading Day of the Delivery Month Deliverable Grades: Corn at Par is Subject to DCE Corn Delivery Quality Standard(F/DCE D001-2004),Shanghai Futures Exchange (SHFE),Shanghai Futures Exchange (SHFE) is sitting on the Shanghai Futures Tower in Pudong New Area. SHFE is established after reorganizing and merging of Shanghai Metal Exchange, Shanghai Commodity Exchange and Shanghai Cereals & Oils Exchange.,Shanghai Futures Exchange,Copper Cathode Contract Specifications,Underlined Product Copper Cathode Trading Unit 5 tons / lot Quotation Unit Yuan(RMB)/ ton Tick Size 10 yuan / ton,Copper Cathode Contract Specifications,Daily Price Limit 3% above or below the previous days settlement price Contract Months Jan., Feb., Mar., Apr., May, Jun., Jul., Aug., Sep., Oct., Nov., Dec. Trading Hours 9:00-11:30AM 1:30-3:00PM,Management and organization of the exchange,In order to facilitate the orderly and honest transaction of business, the modern futures exchange is highly organized and operates under a strict set of rules and regulations.,Board of Governors (Members and Nonmembers),Defining A “Cleared” Trade,The most important function of the clearinghouse is to “clear” all trades.,The Role of the Exchange in Futures Trading,The role of the exchange is to bring together the buyers and the sellers, the hedgers and the speculators, in an orderly, efficient manner. The exchange performs four vital roles: price discovery, risk transfer, l