Futures terminology

Futures

Futures trading: Pointing at buyers and sellers not complete a business transaction immediately after closing the business , is according to contract stipulation conclude price and quantity, arriving agreement after complete a business transaction time limit fulfills again to complete a business transaction the trade of formality.

Futures contract: Futures contract is a kind of when future certain time completes a business transaction a certain quantity of forward contracts of the merchandise of and quality grade or agreements. Reach in the trade hall of exchange that had been approved , it has legal binding. It has standardization form relative to the forward contract of on-hand stock; Is easy to pass on business; Really goods complete a business transaction proportion is little; It is very high to honor the agreement to lead. Futures trading is forward contract, have stipulated quality and the quantity of standardization , complete a business transaction place , complete a business transaction with time, futures price changes with the change of market conditions.

Forward contract: Is basis the contract

Expect contract: Is a kind of trade both sides sign when the future certain momentary issue mutual exchange the contract of some asset. More accurate he says , expect contract sign between involved party demand between future certain first phase mutual exchange they think that having is equal economic the contract of value that cash flows out. What is relatively common is that interest rate loses issue contract and currency to expect contract.

Option market: It is the place that"Publicize"Principle develops the market form of systematizing and standardizing highly highly of geting up on the foundation of spot market. Is spot market extend , again is the another high-grade development of market stage. From organization structure, see that the option market on broad sense includes futures trading and settlement to place or settlement company , manage company and futures trading Yuan; The option market on narrow sense points at futures trading only.

Futures trading place: It is the place of business futures contract , is the core of option market. It is a kind of non-profit organization, however its non-profitance points at the very exchange only do not do business to move about , not is taking profit as purpose not is equal to do not speak interests accounting. On this meaning, exchange or a financial independence seek profits organization, it when offer a open, fair, just trade place and effective supervisor service foundation for trade person on the economic interests with reasonable realization, include the member income of membership dues, the trade income of service charge, the income of information service and other income. A set of system rule established by it has offered a kind of self management mechanism for entire option market, make futures trading"Publicize"Principle

Futures manage business: Denoting in accordance with law establish carry out futures trading with own nominal agency customer take the intermediary organization of certain service charge, call futures to manage normally company.

Site trade: Again weigh in exchange the square concentration of supply and demand that exchange trade and finger have to carry out the trade way of the trade of price offer. This kind of trade way has exchange to take earnest money to trade participator , at the same time take the responsibility for settling accounts and undertaking to honor the agreement to assure the characteristic of responsibility.

Site diplomacy is easy: Again weigh counter trade , point at the trade mutual direct trade way of becoming trade for hand. This kind of trade way has a lot of forms, may devise the product of different content according to every different demand of using person.

Appear on the market kind: Point at the thing of futures contract trade that marked , as the copper, petroleum etc. and corn that contract represents. And not is all merchandise suits to do futures trading , in the numerous merchandise of material object, only have the merchandise of following attribute in general terms to be futures contract appear on the market kind: One is price fluctuation is big. 2 is big for supply and demand to measure. 3 is to be easy to grade and standardize. 4 is to be easy to store and transport. According to trade kind, futures trading may divide into two big kinds: Merchandise futures and finance futures. With the merchandise of material object, as corn, wheat, copper and aluminium etc. as futures kind belong to merchandise futures. With financial product, as exchange rate, interest rate and stock index etc. as futures kind belong to financial futures. As financial futures kind, do not have quality problem, complete a business transaction the cash that also adopts the settlement of price difference mostly the way of completing a business transaction. Our country appears on the market kind has copper, aluminium, bean and wheat mainly and natural rubber.

Merchandise futures: Merchandise futures denote the futures contract with the thing marked of the merchandise of material object. Merchandise futures history is long, kind is numerous, major to include few big kinds such as farming by-product, metal product and energy product. Specific, farming by-product is asked20Kind includes corn, bean, wheat, paddy, oats, barley, rye, pig stomach, alive pig, alive ox, little ox, bean powder, soybean oil, cocoa, coffee, cotton, wool, sugar, orange juice and rapeseed oil etc., in which bean, corn and wheat are called as 3 big agricultural product futures: Metal product9Grow and include gold, silver,5Kind has3, keep warm to use oil , have2Kind has timber

Merchandise futures trading:"Standardize"("Futures") business.

Financial futures: Finger is taking financial instruments as the futures contract of the thing marked. Financial futures are a kind of general characteristic in futures trading that has futures trading , but compared with merchandise futures, the thing that contract marks comparatively is not the merchandise of material object , but is traditional financial merchandise, such as bond, currency, exchange rate and interest rate etc..

The futures of interest rate: Denote the futures contract

Currency futures: Again weigh the futures

Stock index futures: Is a kind of

Option: Again weigh choice right, option trade is the business of a kind of right actually. It may be at any time in certain period if this kind of right denotes investor, with the price that determines in advance( name agreement price), buy to the seller of option to enter or sell happen a certain quantity of some"Merchandise", no matter"Merchandise"How price changes. Option contract makes agreement for time limit, agreement price, trade quantity and kind etc.. In term of validity, buyer may select freely to exercise to resell right; If think that is unfavourable, may give up this right; Exceed prescribed time limit, contract becomes invalid , option of buyer also becomes invalid voluntarily. Option has the minute of call option and put option.

Call option: Denote to buy in a certain

Put option: Denote to sell the right

Option buyer: Call option or put option buyer. Option

Option seller: Through selling option contract, earn

Europe type option: Denote to have only in

Beautiful type option: Denote may when the

Really worth option: It has option of intrinsic value. Call option knocks price shelf to be related below futures contract the market price at that time, this call option has intension value. Put option knocks price shelf to be higher than related futures contract the market price at that time, this put option has intension value.

Empty value option: It does not have option of intension value, knocking price to be higher than when the call option of goods price of period or knock price to pawn period below the put option of goods price.

Interest rate expects trade: It is the exchange

Currency expects trade: Denote the exchange trade

Foreign exchange according to gold trade: Denote between financial institution and financial institution with a kind of forward business way of foreign exchange that goes on between investor. When trading , trade person pays out only1%10%According to gold(100% volume

The futures Is equivalent to the futures price of spot price. Calculation method: Multiply with futures price in order to be used in the commutation coefficient of certain a specific financial bond( as treasury bonds) that completes a business transaction ( factor).

Entrustment sheet: Make city

Conclude sheet: After computer

Zuo receipt city: Finger

The price of opening

Closing price: In the

Ceiling price: In

Bottom price: In the

Newest price: In the

Conclude price: Point at

Settlement price: In the

Resistance point: Price

Support Since for contract inhale to

Conclude quantity: Finger certain for a short

Hold storehouse quantity: Have not rushed relatively by opposite futures or option contract, do not also go on really goods complete a business transaction or fulfill option or some merchandise futures of option contract to unify.

Settlement price:

Open storehouse quantity:

Flat storehouse quantity:

Add right quantity: Exchange

Buying price: Certain

Selling price: Certain

Price difference: Related

Fluctuation: Is used to measure in the calculation method of price change in certain duration. Usually with percentage point, show , so as everyday the annual standard deviation of price change percentage point comes to calculate.

Rise falls: Certain merchandise

Stop board From the biggest price fluctuation

The volume of raising(Is equal+Biggest).

Fall to stop board volume:(Is equal-Biggest).

Empty a plate of quantity: Have not rushed relatively by opposite futures or option contract, do not also go on really goods complete a business transaction or fulfill option contract total quantity or some merchandise futures of option contract.

Trade quantity: When certain for a short while

Open storehouse: In futures trading usually, there are two mode of operations, a kind of is expected to rise quotations does is bull( buyer), another is declining quotations does nominal( seller). No matter do is many or do leave empty , next single business is called"Open".

Flat storehouse: After or sell buy

Single number: System for

Quality gives as security: Point at member to suggest that application is approved by exchange, the right proof handover that will be held exchange possession, is the behavior of it for fulfilling the assurance of the trade debt of earnest money. Right proof quality gives as security to be confined only to trade earnest money , but the funds such as loss, cost and taxes must be settled with currency fund.

Limit storehouse system: Being excessive for futures trading to have been to prevent market risk concentrate in few trade person and guard against control market behavior, for member with customer hold storehouse quantity to carry out the system of restriction.

Big household report system: Being and limiting

Stare at the degree of market system day by day: Denoting settle accounts , calculate and inspect the account remaining sum of earnest money after department closes city everyday, through sending the addition notice of earnest money at the right moment, make the remaining sum of earnest money keep on certain level, prevent liability the settlement that phenomenon occurs system.

Hedge trade: Hedge finger(Or sell)It is opposite with the trade direction of spot market , the futures contract of equal same kind merchandise of quantity, and then regardless of the supply on-hand stock how market price fluctuates , can obtain eventually when the loss on a market at the same time the result that gets profit in another market, and loss volume and profit volume are equal approximately, so reach to be to take shelter from the wind dangerous purpose.

Bull hedge: Bull hedge denotes to trade person first when option market buies in futures, in order to will not cause a kind of way of futures trading of economic losses because of price rising to self when future spot market is bought in.

Phony hedge: Sell futures contract, so as prevent selling appearance in the future goods merchandise since price is declining the loss caused. When selling to arise goods merchandise , pass through the futures contract that sells first before to buy in another quantity and classification and complete a business transaction for month equal futures contract rushes relatively, with finish, protect value. Also claiming to sell issue protect value.

Hedge person: Possess or plan to possess the merchandises on-hand stock such as corn, bean, wheat and the government ticket of government bonds, worry when these former actual business merchandise prices of spot market the company or individual that can appear to change unsuccessfully. Hedge person passes in option market to buy( sell ) the futures contract similar to the merchandise on-hand stock, and in the future certain pass for a short while to sell ( buy ) another identical futures contract as rush the empty a plate of contract on hand held, through this kind of method, come to avoid that price change is for the ` loss that the trade of spot market causes.
National debt counter-purchases business: National debt counter-purchases business to denote buyers and sellers agree to carry out reverse trade totally for a short while again in the future with certain a price and same quantity while concluding the certain over-the-counter trading of national debt( previous buyer changes into seller, previous seller changes into buyer). The development of this business is helpful to hold ticket side and have owner to adjust own investment combination , national debt hold issue earning rate also get ample embodiment.
The futures trading of national debt: The futures trading of national debt denotes the buyers and sellers of national debt to pass through open price offer in trade place, in the future certain momentary issue according to conclude price to complete a business transaction the contract trade of the quantity of criterion numeral that specific national debt reaches. Since speculative speculative wind is contained on day, the order of national debt of futures trading occurs confusion, China certificate prison meeting< xml:namespace prefix=st1 ns="urn:schemas-microsoft-com:office:smarttags"/>< chsdate w:st=on isrocdate=False islunardate=False day=17 month=5 year=1995>1995Year5Month17Day< chsdate/>Decide to suspend

Settlement: Finger basis trade result and exchange relevant stipulation trades for member earnest money, profit and loss and service charge , complete a business transaction payment and the business campaign that other calculates and transfers concerning fund.

Settlement member: Exchange clearinghouse member. This kind of member qualification is usually company or enterprise possesses. Settlement member, for passing through it, belongs to the company's customer that settles accounts to trade the financial ability of undertaking has responsibility.

Earnest money: Sometimes, again claiming press gold. In the trade of earnest money, buyers and sellers pays a little earnest money just to give to manage business can. Paying to incorporate the purpose of earnest money have 2:
(1) protection manages the interests
(2) for the speculative campaign of control10% controls. See from the essence of earnest money, trade personage process manages business pays merchandise settlement a fund of place, and do not calculate any interest in order to guarantee that trade personage has ability to pay the loss of commission as well as possible appearance. But trade earnest money unique not is business futures order gold.
Initial earnest money: The trade person of option market when single business futures contract must deposit its account of earnest money according to stipulation minimum honor the agreement earnest money.

Settlement earnest money: Ensure to settle accounts member( usual for company or enterprise) leaves empty option contract and the futures of its customer to coil is financial as honoring the agreement to guarantee. Settlement earnest money has other customer honors the agreement earnest money. Customer honors the agreement earnest money keeps in broker place, settle accounts earnest money keeps in clearinghouse.

Honor the agreement earnest money: Unify to ensure to fulfill the deposit that futures contract buyers and sellers or option seller is kept in trade account. Merchandise futures earnest money is not the payment of a kind of stock, also not is for trade this merchandise the down payment of prepay, and it is a kind of good credit deposit.

Maintain earnest money: Customer

The scope of closing price:

Complete a business transaction to settle accounts price: Trade finally for this futures contract with day settlement price. Complete a business transaction merchandise valuation so as complete a business transaction to settle accounts price is basic, add not equal level merchandise quality liter agio again as well as complete a business transaction differently storehouse and standard complete a business transaction the liter agio of storehouse.

Is expected to rise

Is declining person:

Sharp many newses: Cause

Sharp empty news: Causing

Bear market: Is in

Bull market: Is in

Set issue plans to make money: At the same time, buy in and sell two related merchandises, and hope when trade in the future for rushing position the advantage obtained from time to time. For instance, buy in and sell same merchandise , but not complete a business transaction together for month futures contract; Buying in and selling identical complete a business transaction for month, identical merchandise , but not unify with the futures of exchange; Buying in and selling identical complete a business transaction for month, but not unify with the futures of merchandise( but have correlative relation between 2 merchandises).

The set issue A kind of trade way used in the most merchandises and the futures of financial instruments, Yi finger sells recent contract, buy in forward contract, is related using different contract month the change of price relation profits.

The set issue A kind of way of futures trading used in the most merchandises and financial instruments, Yi finger buies in recent contract, sell forward contract, is related using different contract month the change of price relation profits.

Butterfly type set issue plans to make money: The one of form of futures trading. Yi finger does two trade directions but share one on the contrary intermediate complete a business transaction for month step to complete a business transaction month set issue plans to make money to trade , ifBuy3Open3Month contract6Open6Month contract3Open9Month

Option set While buying in a or many option contracts,

Horizontal set issue plans to make money: When buy in is expected to rise or put option at the same time, according to identical honor the agreement price, but different due month sells option of same type of merchandise. Also claim that across month, cover expects to plan to make money.

Vertical set issue plans to make money: Buying in and selling identical due month but not move about with the trade of the contract of put option that knocks price shelf or the contract of call option.

Plan to make money across merchandise set issue: Buy in certain one established complete a business transaction for month a kind of certain merchandise futures contract, at the same time, selling same one complete a business transaction for month , but not unify with the futures of merchandise. Also claiming to step merchandise market set issue plan to make money , if buy7In month,7Month

Step to complete a business transaction month set issue plans to make money: Buy in certain one to complete a business transaction the established merchandise futures contract of month, at the same time, sell the same merchandise of same exchange , but not complete a business transaction together for month futures contract. Also weigh same market arbitrage ,such as buying in same exchange7In month,12Month

Plan to make money across exchange set issue: Sell certain one in a exchange established complete a business transaction for month futures contract, at the same time, buying in same one in another exchange complete a business transaction for month and unify with the futures of kind merchandise. Profit using the price difference between two markets, if when Chicago futures trading sells12Month wheat futures,12Month wheat

Arbitrage: Arbitrage denotes the currency kind of the difference and market of foreign exchange that uses difference, difference complete a business transaction with time as well as some currency exchange rates and and the discrepancy on interest rate, go on since low-priced one side buies in , expensive one side sells , earns the business of foreign exchange of profit from it. As arbitrage, may divide into place arbitrage and time arbitrage and arbitrage 3 kinds of form. It is two that place arbitrage again divides , the first kind of is direct arbitrage. Is again called as the discrepancy on the arbitrage of two places and the market of foreign exchange that is use in two differences that some currency exchange rate occurs , at the same time on the market of two places lowly buy is expensive to sell , so, earn the difference profit of exchange rate. Second kind is indirect arbitrage, again weigh 3 lands arbitrage. Occur the discrepancy of exchange rate in 3 or 3 above places , use a kind of same currency when same for a short while go on lowly buy is expensive to sell , from it, earn difference profit. Time arbitrage is again called as tune issue trade, it is the trade way a kind of sight business and forward business , is in order to protect value, is purpose. Normally, it is to at the same time carry out sight and two forward trades between two funds have person , so avoids since exchange rate changes , the risk that arouses. Arbitrage again weighs interest arbitrage, it is to use the discrepancy of interest rate of the two national markets of foreign exchange , adjusts the fund of short period from the low market of interest rate to the market of high interest rate , so earns interest income.

Arbitrage: Speculator or a kind of trade technology that person may use for rushing , buy in on-hand stock or futures merchandise in certain market , at the same time sell identical or similar merchandise in another market , and hope that two Fairs produce price difference and profit.

Speculative trade: Finger is taking geting price bad profit on option market as the behavior of futures trading of purpose. Speculator, according to the own judgment for futures price tendency, makes the decision bought in or sold , if333This kind of judgment and market price tendency are identical, after speculator flat storehouse makes department, may get speculative profit; If judgment and price tendency are opposite, after speculator flat storehouse makes department, undertake speculative loss.
Control market behavior: Denote the big household and organization that participates in market trade to seek huge ill-gotten gains, violating national relevant futures trading intentionally stipulation and the trade rule of exchange violate futures currency site to publicize , are fair , just principle, it is individual or conspires to use the behavior of illegitimate means, the serious twisted price of option market and disturbance market order.

Buy to leave empty:"Buy"Or"It", namely

Short sales: Is declining"Short"Or"It", namely

Complete a business transaction: The merchandise on-hand stock that futures contract seller and futures contract carry out between buyer shifts. Each exchange for on-hand stock merchandise completes a business transaction to stipulate have specific step. Some futures contracts, if stock index unifies , completes a business transaction to adopt the cash way of settling accounts.

Complete a business3Completing a business transaction with day in the process of completing a business transaction 3th day. Contract buyer's settlement company must when complete a business transaction with day will complete a business transaction notice, protect together with a enough volume to pay check send to compensate for contract seller settlement the office of company.

Material object completes a business transaction: Denote the buyers and sellers of futures contract in contract to expire , basis is regular as exchange works out and program, all right transfer of the thing that passes through futures contract to mark, will expire do not level storehouse contract to carry out the behavior of finish. As merchandise futures trading adopting material object the way of completing a business transaction.

Cash completes a business transaction: Denote to expire end flat storehouse futures contract completes a business transaction , use settlement price comes to calculate do not level the profit and loss of storehouse contract, eventually finish the way of completing a business transaction of futures contract with the way of cash payment.
Recent( complete a business transaction
It is forward( complete a business

Liter1) exchange regulation allows , complete
銆€銆€銆€銆€銆€2)Finger certain a merchandise between difference completes a business transaction for month price relation. When certain month price is higher than another month price, we name higher price month rises for lower price month water.
銆€銆€銆€銆€銆€3) when certain a bond trade price
Open storehouse: Begining"Open"Or"Establish".

Hold storehouse: When before material object completes a business transaction to expire , investor may decide to buy to enter or sell according to market conditions and personal wishes from here, make futures contract. And investor( do is many or do leave empty ) has no to do , complete a business transaction for month hold futures contract with frequently heavy equal contrary to operation( sell happen or buy to enter ) , call"Hold".

Flat storehouse: The contract"Level"Or"As".

Minute storehouse: Exchange member or customer holds storehouse to exceed quantity in order to influence price , controls market, borrow other member seats or other customer names to be engaged in futures trading in exchange, avoiding exchange hold storehouse to set bounds to stipulate, it on every seat total hold storehouse quantity have exceeded exchange for this customer or member hold storehouse to set bounds.

Move storehouse( pour storehouse): Exchange member for
For knocking: Exchange member or customer for manufacture market false appearance, attempt or reality influences futures price seriously or market holds storehouse quantity , collaborates deliberately , does business or is mutual the behavior of business according to the price or way agreed in advance.

Force storehouse: The member or customer of futures trading uses fund advantage, pass through the control money or monopoly of futures trading for complete a business transaction on-hand stock merchandise, raise or lower the price of option market intentionally, exceeding quantity hold storehouse , complete a business transaction , forcing opposite side promise breaking or level storehouse with unfavourable price in order to seek the behavior of huge ill-gotten gains. According to operating tactic, difference may again divide into"Force"And"It is"Two ways.

Force to leave empty: The futures trading in some kinds of short artistic creation in, when control market person expectation for complete a business transaction on-hand stock merchandise deficiency, relying on fund advantage in option market establishment enough bull hold storehouse in order to pull high futures price, at the same time, purchase and hoard in large quantities the material object that may be used to complete a business transaction , so the price of spot market at the same time goes up. Will so unify close to complete a business transaction , catch up make phony member and customer want buy back futures contract with high price to agree to pay to level storehouse make department; Want buy with high price into on-hand stock to carry out material object complete a business transaction , even get the penalty of promise breaking because of can not hand over material object, so bull money holds person can seek huge ill-gotten gains from it.

Leave empty to force many: Control market person uses fund or the advantage of material object , sells some futures contract in large quantities on option market, it can accept the task of the ability of material object if making its nominal possessed hold storehouse exceed multi-party greatly. So, make the price of option market be declining rapidly , force to be speculative and bull so as sell with low price level the contract that holds to agree to pay make department, or in view of fund strength, receive goods and get the penalty of promise breaking, so, seek huge ill-gotten gains.

Designated position: Make option contract seller enter certain a specific futures position in order to fulfill the instruction of its duty. If the seller of call option will undertake phony futures position when buyer asks to honor the agreement , the seller of put option will undertake bull futures position when buyer asks to honor the agreement.

Trade position( money): A kind of market agreement. Futures

Manage business agent: For goods commission, business, introduction broker, merchandise trade adviser or merchandise fund manager of joint venture pulls order, customer or the person of customer fund.

Federation Yuan qualification or informal member qualification: Chicago futures trading a kind of member qualification of place. Have federation Yuan the individual of qualification may carry out the futures trading of financial futures and other designated merchandise.

Two flat options: Option contract knocks price(

Bar chart: Mark in certain period settlement,

Base difference: The same merchandise price at that time of spot market and the discrepancy between the price of option market are to calculate base difference with recent futures contract month normally if not pointing out separately.

Coil successively: Hope to buy in

Broker: Unify for finance, business organization

Storehouse stores up cost: When hold merchandise( such as cereal or metal) duration on-hand stock the storehouse of payment stores up cost and insurance premium, when the option market of interest rate, Yi finger the interest that occupation fund pays cost. Also claiming hold storehouse cost or hold storehouse.

Knot transfer of cargo to another storage

The merchandise on-hand stock: The actual merchandise

Spot market: The place of business

The contract on-hand stock: Is

Spot price: Point usually may

Cash settlement: Is usually used in index futures contract trade, the way of settling accounts trades finally for basis with day the value on-hand stock of index settles accounts with cash index futures contract. Difference according to designated merchandise or financial instruments complete a business transaction.

Chart law: Use chart analysis market behavior, the method of future estimated market price tendency. Technical analysis style uses chart law to calculate ceiling price and bottom price , settlement price, average price change, trade quantity and empty a plate of quantity. Two basic price chart forms are form picture and some shape picture.

Is most economic( low-priced) may complete a business transaction law: To decision the what kind of bond on-hand stock profits when completing a business transaction according to futures contract a kind of biggest calculation method.

Merchandise option market member qualification: A kind of member qualification offered by Chicago futures trading. Possess the individual of this kind of member qualification may the contract that places in merchandise option market classification trade.

Commission: Broker instructs

Get together: The terminology of option Join , that is said,

Interest coupon: Bond publisher guarantees

Crops sales year: Agricultural product is from the gains season of same year to taking off the time interval between the gains season of one year. The sales between various agricultural product year is somewhat different, for instance, year is bean sales< chsdate w:st=on isrocdate=False islunardate=False day=1 month=9 year=2008>9Month1Day< chsdate/>One< chsdate w:st=on isrocdate=False islunardate=False day=31 month=8 year=2008>8Month31Day< chsdate/>, in11The futures contract month7The futures contract month

Intersect to protect value: When is the certain a merchandise hedge on-hand stock , but again have no the futures contract with kind merchandise, may use another identical price develops the merchandise futures contract of tendency to protect value for this merchandise on-hand stock.

Current profit: The market

Day trade person: Trade everyday closing

Delivery grade: When must complete a business transaction according to futures contract really goods, basis the financial instruments or merchandise of standard grade that the relevant rule of exchange offers.

Butterfly he: A kind of way of showing of calculating option right golden change range , each option that futures price change causes related to unit right gold change range. Butterfly he is usually been by explanation related futures price change can make option contract have the possibility of intension value when it is due.

Gap: Grow merchandise grade and

Minimum price: The minimum price variation

Balanced price: When the market

Knock price With the price bought in or sold

European Set up in American external

Futures turn on-hand stock: Between when the two hedge persons that want to use the own position of futures trading to gain the position of opposite side of spot market go on a kind of trade way. Also weigh exchange on-hand stock.

Honor the agreement: When call option holds person

Date due( expire with day): The date due of option3Option of month2The certain a trade3Month option, because3Month a certain position

Basicness analysis law: Utilization

Technical analysis law: Use historical price, trade

Speculator: With forecast in the future, the

Futures commission Seek and accept futures and option contract

Processing gross profit: Bean cost

Is placed upside down market: Finger

Final trade day: Stipulate according to Chicago futures trading, may when in the certain goods or option contract of first phase month does business final one day, when final trade day closing, have empty a plate of futures contract must be related through completing a business transaction merchandise and financial instruments or level storehouse with the cash way of settling accounts or as rush.

The instruction of price limit:

Stop the instruction of price limit: Stop the variation of instruction. Under this instruction, trade must be concluded strictly according to instruction price or is concluded on better price level, if this instruction does not be carried out , must carry out once more when instruction price or better price appears again.

Stop instruction: A kind of when market price reaches certain a specific level the instruction that may be bought in or sold. When merchandise or bond trade price reaches or is higher than , when stoping price, buying in to stop instruction change into the instruction of market price, when trade price falls to or stop price below, selling instruction to change for market price instruct.

Instruct in limit period: One of customer

The instruction of market price: Trade to instruct one of form. According to the best price with the market at that time immediately( as soon as possible) buy ( sell ) certain one specifies to complete a business transaction the instruction of month futures contract.

Chain relation: Buying in in certain a exchange( sell

Cry out openly price system: In trade hall

Business Commission is all right in customer futures or when option position arises change, the list sent customer includes contract business quantity, price level and the total volume of profit and loss , commission cost and trade campaign the net volume of profit and loss.

Trade pool: In trade hall, carry out the place of futures and option contract business. Trade pool general is can make contract trade the 8 that person may see mutually angle shape , outside is high low estrade.

Recovery trade: Point at those futures that the trade plate of futures trading of evening show carries out in Chicago unify with option when a trade that takes off day the in the morning new trade of opening quotation.

Snatch hat person( ox): Only do trade the same day, with a view to profit with the small contract price difference of short period is the trade person of purpose. This kind of trade person very major general the empty a plate of reservation on hand levels storehouse to next a trade on day.

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