
- 作 者:诸葛霖编著
- 出 版 社:北京:对外经济贸易大学出版社
- 出版年份:1997
- ISBN:7810008021
- 标注页数:277 页
- PDF页数:289 页
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Chapter 1 Basic Concept of Futures Trading 1
1.Price Risk in Market Economy 1
2.Forward Trading 10
3.Emergence of Futures Market 16
4.Rapid Development of Futures Trading 22
Chapter 2 Establishment and Functions of Futures Market 26
1.Prerequisites for the Establishment of Furures Market 26
2.Characteristics of Futures Market 30
3.Functions of Futures Market 34
Chapter 3 Operation of Futures Market 42
1.Organizational Structure 43
2.Market Participation 45
3.Daily Operation and Order Routing 48
4.Futures Contracts 52
5.The Margining System 61
6.Clearing Houses 63
Chapter 4 Commodity Futures Trading:Hedging 68
1.What is Hedging? 69
2.Two Types of Basis 70
3.Cash and Futures Price Relationship 75
4.Cash Price at a Premium 77
5.Two Types of Hedging 79
6.Additional Advantages of Hedging 85
Chapter 5 The Effect of Basis Movement on Hedging 88
1.Basis Movements 88
2.A Selling Hedge in a Normal Market 89
3.A Buying Hedge in a Normal Market 96
4.Great Risk in an Inverted Market 102
5.Integrated Hedging 103
6.Summary 111
Chapter 6 Basis Trading 114
1.Techniques of Basis Trading 114
2.Buyer's Call 117
3.Seller's Call 118
4.Trading Outside the Ring 120
1.Speculator's Position 124
Chapter 7 Spreading 124
2.What is a Spread? 126
3.Inter-delivery Spreading 127
4.Inter-market Spreading 130
5.Inter-commodity Spreading 134
Chapter 8 Option 139
1.Call Option 139
2.Put Option 143
3.What Determines the Premium? 145
4.Option Spreads 149
Chapter 9 Gold Futures Market 153
1.Fixed Exchange Rate System Collapsed 153
2.International Gold Market 155
3.Pricing of Spot Gold 159
4.Gold Futures 167
5.Investment Strategy on Gold Futures 172
6.Intermarket Gold Futures Trading 175
1.Emergence of Financial Futures Trading 177
Chapter 10 Financial Futures Trading 177
2.Interest Rate Futures 179
3.Financial Instrument Futures 185
4.Common Features of Financial Instruments 188
5.Operation of Financial Futures Trading 196
6.Option on Financial Futures 211
7.Stock Index Futures 213
Chapter 11 Foreign Exchange Futures 222
1.Forward Exchange Transactions and Arbitrage 223
2.Foreign Currency Futures 231
3.Foreign Currency Option 240
Chapter 12 Futures Markets in China 249
1.Market Economy and Futures Trading 249
2.Integration of the Chinese Market with the World Market 252
3.Futures Market in the Embryonic Stage 258
4.Futures Market in Operation 267
5.Positive Steps to be Taken 272