工商管理 外文翻译 外文文献 英文文献 期货基础.docx

PAGE PAGE 1 工商管理英文文献翻译-期货基础-英语论文 工商管理英文文献翻译-期货基础? Futures Fundamentals 1 Introduction A futures contract is a type of derivative instrument, or financial contract, in which two parties agree to transact a set of financial instruments or physical commodities for future delivery at a particular price. If you buy a futures contract, you are basically agreeing to buy something that a seller has not yet produced for a set price. But participating in the futures market does not necessarily mean that you will be responsible for receiving or delivering large inventories of physical commodities - remember, buyers and sellers in the futures market primarily enter into futures contracts to hedge risk or speculate rather than to exchange physical goods (which is the primary activity of the cash/spot market). That is why futures are used as financial instruments by not only producers and consumers but also speculators. The consensus in the investment world is that the futures market is a major financial hub, providing an outlet for intense competition among buyers and sellers and, more importantly, providing a center to manage price risks. The futures market is extremely liquid, risky and complex by nature, but it can be understood if we break down how it functions. While futures are not for the risk averse, they are useful for a wide range of people. In this tutorial, youll learn how the futures market works, who uses futures and which strategies will make you a successful trader on the futures market. 2 How the Market Works The futures market is a centralized marketplace for buyers and sellers from around the world who meet and enter into futures contracts. Pricing can be based on an open cry system, or bids and offers can be matched electronically. The futures contract will state the price that will be paid and the date of delivery. But dont worry, as we mentioned earlier, almost all futures contracts end without the actual physical delivery of the commodity. 2.1 Wh