第一堂课-期货市场.pptxVIP

Futures Markets 期货市场 Jim Wang;Futures Markets Summary;Futures Markets Fundamental 期货市场基本面;Exchange Traded Futures Markets 场内交易期货;OTC traded Markets 场外交易期货;Futures Markets Regulation 期货市场监管;Futures Business Customers 期货公司商务客户;Types of Customer 客户的种类;Hedgers use the futures markets to avoid risk protecting themselves against price changes 套期保值 The number and variety of hedging possibility is practically limitless Willing to give up benefit from favorable price changes to achieve protection against unfavorable price changes 锁定价格，放弃有利价格，以避免不利价格 Producers and consumers of a commodity 生产商和消费者 XOM producer of oil, American Airline consumer of oil 美孚石油和美航 Farmers to lock-in selling price, making planning easier 农民锁定卖价 Hog producers lock-in buying price of grain to fix costs 养猪户锁定买价 Lenders and borrowers of a debt security 贷款人和借款人 Government, corporation, individual borrow money 政府，公司，个人借钱 Pension fund, hedge fund, mutual fund lend money 养老金，对冲基金互惠基金借出钱 Corporations with global reach in FX hedging全球性公司外汇 ;Speculators 投机者;B/D Investment banking firms 经纪及交易商 Hedge Fund 对冲基金 Banks 银行 Trading Firms 交易公司 Cash - futures arb 现金与期货对冲 Spot-futures arbitrage 现货与期货对冲 Index arbitrage 指数与期货对冲 ;Futures Business Competitors 期货公司业务对手;Futures Commission Merchant;ADMIS provide services to 185 Introducing Brokers Technology 技术 Research 研究 Execution 执行 Clearing 清算 Back office support 后台支持 Marketing 市场营销;;Managed Futures Account: 管理期货帐户 owned by one (private banking) 一人所有 （私人银行） owned by more investors (CPO) 重人集资 （商品池运营商) Commodity Pool Operators (CPO): 商品池运营商 Pool client money into one account, allow small investor to gain access to larger investment opportunity, with more diversified profile 重人集资合一，能使散户获得大型投资机会， 投资更多元化。 CPO may hire CTA to make trading decisions 商品池运营商可雇用商品交易顾问管理 Commodity Trading Advisors (CTA): 商品交易顾问 The agent who manage account(s) 管理帐户的代理人 CTA clients have separate accounts, allocate trade positions 交易头寸配给多个顾客的不同账户 Agent has power of attorney to trade account, not po