《期货贸易实务 英文读物》

Chapter 1Basic Concept of Futures Trading1

1.Price Risk in Market Economy1

2.Forward Trading10

3.Emergence of Futures Market16

4.Rapid Development of Futures Trading22

Chapter 2Establishment and Functions of Futures Market26

1.Prerequisites for the Establishment of Furures Market26

2.Characteristics of Futures Market30

3.Functions of Futures Market34

Chapter 3Operation of Futures Market42

1.Organizational Structure43

2.Market Participation45

3.Daily Operation and Order Routing48

4.Futures Contracts52

5.The Margining System61

6.Clearing Houses63

Chapter 4Commodity Futures Trading:Hedging68

1.What is Hedging?69

2.Two Types of Basis70

3.Cash and Futures Price Relationship75

4.Cash Price at a Premium77

5.Two Types of Hedging79

6.Additional Advantages of Hedging85

Chapter 5The Effect of Basis Movement on Hedging88

1.Basis Movements88

2.A Selling Hedge in a Normal Market89

3.A Buying Hedge in a Normal Market96

4.Great Risk in an Inverted Market102

5.Integrated Hedging103

6.Summary111

Chapter 6Basis Trading114

1.Techniques of Basis Trading114

2.Buyer's Call117

3.Seller's Call118

4.Trading Outside the Ring120

1.Speculator's Position124

Chapter 7Spreading124

2.What is a Spread?126

3.Inter-delivery Spreading127

4.Inter-market Spreading130

5.Inter-commodity Spreading134

Chapter 8Option139

1.Call Option139

2.Put Option143

3.What Determines the Premium?145

4.Option Spreads149

Chapter 9Gold Futures Market153

1.Fixed Exchange Rate System Collapsed153

2.International Gold Market155

3.Pricing of Spot Gold159

4.Gold Futures167

5.Investment Strategy on Gold Futures172

6.Intermarket Gold Futures Trading175

1.Emergence of Financial Futures Trading177

Chapter 10Financial Futures Trading177

2.Interest Rate Futures179

3.Financial Instrument Futures185

4.Common Features of Financial Instruments188

5.Operation of Financial Futures Trading196

6.Option on Financial Futures211

7.Stock Index Futures213

Chapter 11Foreign Exchange Futures222

1.Forward Exchange Transactions and Arbitrage223

2.Foreign Currency Futures231

3.Foreign Currency Option240

Chapter 12Futures Markets in China249

1.Market Economy and Futures Trading249

2.Integration of the Chinese Market with the World Market252

3.Futures Market in the Embryonic Stage258

4.Futures Market in Operation267

5.Positive Steps to be Taken272