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1、Chapter 5The Variety of Futures Markets国际期货市场运作5TheVarietyofFuturesMarknEven though the CBOT was established in 1848, a formal set of rules for trading futures contracts was not written until 1865, which is a more accurate date from which to mark the beginning of futures trading in the United States
2、.CBOT国际期货市场运作5TheVarietyofFuturesMarkChicago Mercantile Exchange (CME)nThe CME was established in 1919. nIt traded futures in eggs, butter, cheese, potatoes, and onions until 1945.国际期货市场运作5TheVarietyofFuturesMarkProliferation of Futures MarketsnFutures and futures options trading has been growing st
3、eadily in volume yearly. nThis explosive growth has been a natural response to increased price volatility, international instability, growing consumer demand, and unstable global weather conditions.国际期货市场运作5TheVarietyofFuturesMarkHurricane JeanneSatellite image (September 26, 2004) shows Hurricane J
4、eanne as the once-powerful storm weakened to a tropical storm while inland in Florida. Hurricane Jeanne peeled off roofs, snapped power lines and left large swaths of coastline knee-deep in water Sunday as it plowed through parts of Florida. 国际期货市场运作5TheVarietyofFuturesMarkJim Batson carefully walks
5、 across bricks in his living room after An earthquake Tuesday, Sept. 28, 2004, in Parkfield, Calif. An earthquake国际期货市场运作5TheVarietyofFuturesMark In 1972 the CME established the International Monetary Market (IMM) division and initiated trading in seven foreign currency futures contracts.Internation
6、al Markets国际期货市场运作5TheVarietyofFuturesMarkHow do we develop a currency futures contract ?nIf I am an automobile distributor, and I place an order for 20 million dollars worth of German cars to be delivered three months, I face the risk that when I pay for the cars the value of the Euro, which I must
7、 use to pay the manufacturer, may have gone up in relationship to the dollar. 国际期货市场运作5TheVarietyofFuturesMark In other words, when I order the cars, my U.S. dollar is worth a certain number of Euro, a value we will call X. How do we develop a currency futures contract ?国际期货市场运作5TheVarietyofFuturesM
8、ark In the event that the Euro has decreased against the U.S. dollar the opposite condition will hold true. How do we develop a currency futures contract ?国际期货市场运作5TheVarietyofFuturesMarkHow do we develop a currency futures contract ? The Euro might drop in value, meaning I could buy more Euro with
9、U.S. dollars three months hence.国际期货市场运作5TheVarietyofFuturesMarkAn Overview of Market Sectors Foreign Currency Futures In order to hedge against fluctuations in currency relationships, a producer can use foreign currency futures as his or her vehicle.国际期货市场运作5TheVarietyofFuturesMarkInterest Rate Fut
10、ures Interest rate volatility represents a large risk to businesses and investors who count the interest earned or paid on borrowed money as a source of profit or expense. 国际期货市场运作5TheVarietyofFuturesMark If I am a banker, for instance, I may want to invest some of my banks assets in government secu
11、rities. The amount of interest those securities earn will directly affect the profitability of my bank. Interest Rate Futures国际期货市场运作5TheVarietyofFuturesMarknTherefore, volatile interest rates represent a major financial risk to me. I dont want to speculate on what interest rates will be three six,
12、or twelve months from now.Interest Rate Futures国际期货市场运作5TheVarietyofFuturesMarkStock Index FuturesnA person responsible for the assets of a large pension fund or mutual fund who must maintain a productive, well-balanced portfolio of investments understands the risk involved in owning millions of dol
13、lars worth of stocks.国际期货市场运作5TheVarietyofFuturesMarknAfter the stock market crash of October 19, 1987, that risk became particularly apparent. nIn 1982 the futures industry responded to the need to hedge such risks by offering the first stock index futures contract, the Value Line Index( an index o
14、f 1,700 stocks), at the Kansas City Board of Trade.Stock Index Futures国际期货市场运作5TheVarietyofFuturesMarkOther FuturesnAgricultural Futures: Grains, soybeans, and meats. nMetal Futures: Silver, gold, copper, platinum(铂), palladium(钯), and aluminum and so on. nEnergy Futures: petroleum, natural gas, and
15、 electricity.nTropical Futures: Coffee, cocoa, sugar, and orange juice. 国际期货市场运作5TheVarietyofFuturesMarknSince the late 1990s, it has been possible to trade in everything from dried silk cocoon futures to freight futures. Emerging Futures Markets国际期货市场运作5TheVarietyofFuturesMarkCash SettlementnHow do
16、es a trader take delivery of a stock index, which has no substance and cannot be seen or touched? The answer is, by cash settlement. 国际期货市场运作5TheVarietyofFuturesMarkCash Settlement In cash settlement, if a futures contract has come due for delivery, the two parties can settle for the difference between the price of the contract that day and the price on the day they first made the contract.国际期货市场运作5TheVarietyofFuturesMark
