中英文對照【期貨詞匯】
A
Across the board 全盤
All the months of a particular futures contract or futures option contract.
某一期貨或期權合約的所有月份,。
Adjusted Futures Price 調整后的期貨價格
The cash-price equivalent reflected in the current futures price. This is calculated by taking the futures price times the conversion factor for the particular financial instrument (e.g., bond or note) being delivered.
等同的現(xiàn)金價格反映在現(xiàn)在的期貨價格上。計算是通過用期貨的價格乘以被交割的特定金融商品的轉換系數(shù),。 ( 例如 , 債券或票據(jù) )
American-style options 美式期權
Options that permit exercise at any time on or before the expiration date.
在任何時間或者是在有效日期前被允許執(zhí)行的期權,。
AON (all or none) AON( 全部的或決不 )
Order type: At order entry, if it can execute in total, then it executes. Otherwise it stays in the order book until it can execute in total.
下單類型 : 在已經(jīng)下單時，如果它能完全執(zhí)行 , 那么就被執(zhí)行,。否則它會寄存在買賣盤記錄一直到它能夠完全執(zhí)行,。
Arbitrage 套利
The simultaneous purchase and sale of identical or equivalent financial instruments or commodity futures in order to benefit from a discrepancy in their price relationship.
同時的買賣相同或相等的金融商品或商品期貨以從他們的價格差異中獲利。
Arbitration 仲裁
The procedure of settling disputes between members, or between members and customers.
解決在成員之間或成員和客戶之間爭論的程序,。
As-of trade 原有貿(mào)易
An unmatched trade from a previous day that is resubmitted to the clearing system; trade is submitted 'as of' the original trade date.
前日未成交的單再被傳送到結算系統(tǒng)并保留在原有的交易日,。
Ask 沽出價
Also called "offer." A motion to sell. Indicates a willingness to sell a futures contract at a given price.
經(jīng)常被稱為“出價”它是一個出售的意思。指的是在指定的價格下愿意出售期貨合約,。
Assignment 轉讓
The designation of an option writer for fulfillment of his obligation to sell the underlying futures contract (call options writer) or buy the underlying futures contract (put option writer) upon notice from the Clearing House. Notice to the seller of an option that has been exercised by the buyer.
期權賣方所給的履約通知的收據(jù),，它使得他必須履行特定的定約價格出售 ( 在看漲期權 ) 或買進 ( 看跌期權 ) ，原生期貨的義務,。買主通知期權的賣主這個交易已經(jīng)執(zhí)行,。
Associated person (AP) 期貨業(yè)務員
A person, commonly called a commodity broker, associated with and soliciting customers and orders for a futures commission merchant or introducing broker. The AP must pass a Series 3 examination, be licensed by the CFTC and be a member of the NFA.
一般稱為商品經(jīng)紀人 , 他是聯(lián)系和提供咨詢給客戶以及在期貨商品市場委任商人或介紹經(jīng)紀人。這個委托人必須通過三種考試 , 被 CFTC 許可并且是 NFA 的一個成員,。
At the market 市場價
See "Market Order"
見 " 市場次序 "
At-the-money 平價
An option with a strike price equal to the underlying futures price.
一個期權的執(zhí)行價等于其原生期貨的價格,。
Average Daily Volume 平均每日交易量
Equals volume for a specified time period divided by the number of business days within that same time period.
它等于在特定的時期交易量除以同樣的特定時期內的工作天數(shù)。
Average Down 平均值下移
To buy more of a security at a lower price, thereby reducing the holder's average cost. (average Up: to buy more at a higher price).
用低價買進更多的證券,，以降低持有者的平均成本,。 ( 平均值上移 : 以比較高的價格買更多證券。 )
Average Price Call 平均價買入期權
A type of option where the payoff is either zero or the amount by which the average price of the asset exceeds the strike.
是一種零盈利的期權或者是資產(chǎn)的平均價格超過執(zhí)行價的期權,。
Average Price Put 平均價賣出期權
A type of option where the payoff is either zero or the amount by which the strike price exceeds the average price of the asset.
是一種零盈利的期權或者是執(zhí)行價超過資產(chǎn)平均價格的期權,。
B
Back months 遠期月
The futures or options on futures months being traded that are furthest from expiration. Also called deferred or distant months.
期貨或期權的交易月離有效期最遠的月份。
Bar chart 條形圖
A graph of prices, volume and open interest for a specified time period used by the chartist to forecast market trends. A daily bar chart plots each trading session's high, low and settlement prices.
由制表人用特定時期的價格,、交易量,、未平倉權益組成的圖表來預測市場趨勢,。日條形圖描繪了交易日的最高價、最低價和交易價,。
Basis 基差
The difference between the spot or cash price of a commodity and the futures price of the same or a related commodity. Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations.
現(xiàn)貨或商品的現(xiàn)金價格和相同的期貨價格或相關價格的差額,。它通常被計算到近期的期貨 , 和可能表現(xiàn)不同的時間期數(shù)、產(chǎn)品規(guī)格,、質量和場所,。
Basis contract 基差合約
A forward contract in which the cash price is based on the basis relating to a specified futures contract.
現(xiàn)價建立在與特定的期貨合約的基差基礎上的遠期合同。
Bear 熊市 ( 跌市 )
One who believes prices will move lower.
一個人相信價格趨勢將會不斷下跌,。
Bear call spread 熊市購進認購期權跨價組合
The purchase of a call with a high strike price against the sale of a call with a lower strike price. The maximum profit receivable is the net premium received (premium received - premium paid), while the maximum loss is calculated by subtracting the net.
在高執(zhí)行價買進一個認購期權同時在低執(zhí)行價賣出一個認購期權,，能夠得到的最大獲利是凈期權價，而最大的損失是要減去凈期權價,。
Bear market (bear/bearish) 熊市 ( 熊市 / 看空 )
A market in which prices are declining.
一個價格趨勢正在下滑的市場,。
Bearish key reversal 熊市重要反轉
A bar chart formation that occurs in an uptrending market when the day's high is higher, low is lower and close is below the previous day's. Can signal an upcoming downtrend.
一種圖表形勢，出現(xiàn)在上漲的市場中,，這一天的高價比以前高,，低價比以前低，收市價也比以前低,。 能夠預示下跌趨勢,。
Beta 貝塔系數(shù)
A measure correlating stock price movement to the movement of an index. Beta is used to determine the number of contracts required to hedge with stock index futures or futures options.
把股票價格的運動聯(lián)系到指數(shù)運動的一種衡量方法。貝塔用來決定用股指期貨或期貨期權套利保值所需的合約量,。
Bid 買價
The price that the market participants are willing to pay.
市場參與者是愿意支付的價格,。
Bid (or buy) 買 ( 或買 )
An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.
以指定了的價格購買特定數(shù)量的商品。市場參與者愿意支付的價格,。
Black Scholes Model 布萊克斯格爾模式
A model used to calculate the value of a European call option. Developed in 1973 by Fisher Black and Myron Scholes, it utilizes the stock.
用來計算歐式買入期權的模式,。在 1973 由 Fisher Black 和 Myron Scholes 發(fā)展的，它運用股票計算,。
Blowoff volume 傾銷量
An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the end of the trend.
一個反常的高成交量交易部分突然在上升趨勢中發(fā)生,，預示著趨勢的結束,。
Board of Trade 交易委員會
An exchange where commodity futures and/or futures options are traded.
一個商品期貨和 / 或者是期貨期權買賣的交易場所,。
Bond 債券
Instrument traded on the cash market-representing a debt of the government or of a company.
在現(xiàn)金市場中交易的工具它代表著一種政府或公司的債務。
Box Spread 盒式套利
A dual option position involving a bull and bear spread with identical expiry dates. This investment strategy provides for minimal risk. Additionally, it can lead to an arbitrage position as an investor attempts to lock in a small return at expiry.
一種期權策略,，這種策略可以借具有相同有效期的看跌期權或者看漲期權得以貫徹,。可以將風險最小化,。同時,，當投資者打算鎖定到期時的最小收益時，可以產(chǎn)生套利機會,。
Break 突破
A sudden price move; prices may beak up or down.
一次突然的價格變動 ; 價格可能上升或下降,。
Breakaway gap 突破缺口
A gap in prices that signals the end of a price pattern and the beginning of an important market move.
價格的一個缺口，表示一個價格趨勢的結束和一個重要的市場運動的開始。
Breakeven 平衡點（收支相抵）
The point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium. Put breakeven equals the strike price minus the premium.
一個策略的既不贏錢也不輸錢的股票價格,。買入期權收支平衡點等于執(zhí)行價加上期權金,。賣出期權的收支平衡等于執(zhí)行價減去期權金。
Brokerage 傭金
The fee charged by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.
是經(jīng)紀商對交易收取的費用,?？赡苁且还P固定的金額或是百分比，通常指的是中介費,。
Brokerage house 經(jīng)紀行
A firm that handles orders to buy and sell futures and options contracts for customers.
一個為客戶處理期貨和期權買賣合約訂單的公司,。
Bulge 暴漲
A slang term used to describe a rapid advance in prices within the commodities market.
是用來描繪一個在商品市場內快速升高的價格。
Bull 牛市 ( 買空 )
One who expects prices to rise.
預期價格會上升
Bull market 牛市,、多頭市場
A market in which prices are rising.
一個價格正在上漲的市場,。
Bull spread 牛市套利
A vertical spread involving the purchase of the lower strike call and the sale of the higher strike call, called a bull call spread. Also, a vertical spread involving the purchase of the lower strike put and the sale of the higher strike put.
它是買一手較低定約價的期權，同時賣一手較高定約價的期權,，兩手期權一般有相同的合約到期日,。看跌期權或者看漲期權都可以用于這一策略,。
Bullish key reversal 牛市重要反轉
A bar chart formation that occurs in a downtrending market when the day's high is higher, low is lower and close is above the previous day's. Can signal an upcoming uptrend.
出現(xiàn)在下降趨勢的市場中,，最高價比前一天更高，最低價更低,，收盤價高與前一天的徒刑,。表明一個上漲趨勢的來臨。
Bundle 一攬子交易
The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
同時買賣一系列相連的期貨合同,，他是提供一個易于獲得并且被廣泛接受的在一個交易中執(zhí)行多個期貨合同的方法,。
Buoyant 市場活躍
The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength.
用來描述有顯著力量時價格可以輕易上升的商品市場的術語。
Butterfly Spread 蝶式套利
An option strategy combining a bull and bear spread. It uses three strike prices. The lower two strike prices are used in the bull spread, and the higher strike price in the bear spread. Both puts and calls can be used.
一種期權策略,，由一手牛市套利和一手熊市套利組合而成的,。它牽涉到三個定約價，兩個最低的用于牛市套利,，兩個最高的用于熊市套利,。買入和賣出期權都可以使用。
Buy To Close 買進沖銷,、買進平倉
A term used by many brokerages to represent the closing of a short position in option transactions.
在期權交易中有許多經(jīng)紀人使用的買進來平倉,。
Buy To Open 買入建倉
A term used by many brokerages to represent the opening of a long position in option transactions.
在期權交易中有許多經(jīng)紀人使用的用買進來建倉。
C
Call 買入期權
An option to buy a commodity, security or futures contract at a specified price any time between now and the expiration date of the option contract.
一種期權合約,，它給持有者以權利,，在一固定的時間內，按一特定的價格買進其原生證券,。 又見 看漲期權 .
Call breakeven 買入 期權平衡點
See "breakeven."
見“平衡點”
Call option 買進期權
An option contract which gives the buyer the right, but not the obligation, to purchase a specific futures contract at a fixed price (strike price) within a specified period of time as designated by the Exchange in its contract specifications.
一種期權,，給買主一種權力但不是義務,，去購買執(zhí)行價的特定期貨合約。由交易所指定根據(jù)此合約的要求規(guī)定的在指定的時間內
Call profit/loss 認購期權盈虧
For a long call, equal to the call value minus the premium. For a short call, equal to the premium minus the call value.
對于買進看漲的期權,，等同于期權價值減去期權金,，對于一個賣出的認購期權，等同于期權的保險金減去期權價值,。
Call value 認購價值
At expiration, equal to the futures price minus the strike price of the call.
在有效期內,，等同于期貨價格減去期權執(zhí)行價。
Canceling Order 取消訂單
An order that removes a customer's previous order from the market.
從交易市場清除客戶近期的訂單,。
Carrying Charge (Cost of Carry) 持倉費
For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differential between the yield on a cash instrument.
對于現(xiàn)貨商品像谷類和金屬類,，為了儲存這些現(xiàn)貨商品對于儲存費用和保險費用以及其它的費用的支出。在利率期貨市場中是現(xiàn)金工具的收益差價,。
Carryover 接轉
Last year's ending stocks of a storable commodity.
去年底的商品儲存量,。
Cash commodity 現(xiàn)貨
The actual physical commodity as distinguished from a futures contract.
不同于期貨合約的實際商品。
Cash price 現(xiàn)貨價
Current market price of the actual physical commodity. Also called "spot price."
實際的現(xiàn)貨商品的目前市場價格,，也叫“現(xiàn)貨價”,。
Cash settlement 現(xiàn)金交割
Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual delivery.
在合約月的一個最后交易日最終的斬倉，在沒有實際貨物交割的市場中發(fā)生,。
Certificate of Deposit (CD) 存款證
A time deposit with a specific maturity evidenced by a certificate.
一個定期存款的證書,。
Charting 繪圖
The use of graphs and charts in the technical analysis of futures markets to plot trends of price movements, average movements of price, and volume and open interest.
在期貨市場的技術分析中運用圖形和圖表去劃分價格活動和平均價格的趨勢以及交易量和未平倉狀況。
Chartist 繪圖分析員
One who engages in technical analysis.
運用技術分析的人員,。
Cheapest to deliver 廉價交割方式
A method to determine which particular cash debt instrument is most profitable to deliver against a futures contract.
在期貨市場中一種決定哪種特殊的現(xiàn)金貸款工具是最能獲利的交割的方法,。
Class B clearing member B 等級清算成員
A non-bank member firm whose privileges and rights are limited to conducting proprietary arbitrage in foreign currencies with a single Exchange-approved bank.
非銀行成員企業(yè)的特權被限制于私有的套利在外幣與唯一一家批準的銀行。 ( 看 " 清算成員 " ) ,。
Class code or transition class 分類符號或轉折組
Equivalent to 'group/instruments' which groups an instrument's futures and options separately (calls and puts are not separate). (e.g., Eurodollar futures (GE) and Eurodollar options (ZE); or British Pound Futures (BP) and British Pound Options (OP).
等于小組 / 商品的編組,，將期貨與期權分組 ( 認購與認估期權并不分組 ) 。 ( 舉例 , 歐元期貨 (GE) 和歐元期權 (ZE); 或英磅期貨 (BP) 和英磅期權 (OP) ,。
Clearing 清算
The procedure through which the Clearing House becomes buyer to each seller of a futures contract, and seller to each buyer, and assumes responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract.
是清算行買賣期貨合約的過程,，通過確保每個合同來承擔保護買賣者不受經(jīng)濟損失的責任。
Clearing fee 結算費
A fee charged by the exchange for each futures or options contract cleared or delivered on the Exchange. Fees may be waived or reduced for some commodities as specified by the Board of Directors from time to time.
交易所對每一個期貨或者期權合約交割所收取的費用,。這個費用是根據(jù)委員會成員所指定的商品扣除的費用,。
Clearing margin 結算押金
Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.
是一種對他們的客戶所開的期貨和期權合約收取的保證金，確保結算會員 ( 通常是公司或企業(yè) ) 的一種經(jīng)濟擔保,。
Clearing trade transaction 結算交易
Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.
買賣雙方每一筆交易產(chǎn)生兩個清算交易,，一個是買主的另一個是賣主的,。
Close 收盤、收市
The period at the end of the trading session. Sometimes used to refer to the closing range.
交易過程結束的時間,。通常指的是那段時間價格的波動幅度,。
Closing price 收盤價
The last price of a contract at the end of a trading session.
在收市時最后一筆成交合約的成交價格,。
Closing range 結算幅度
The high and low prices or bids and offers recorded during the period designated by the Exchange as the official close (the final 60 seconds of trading in currencies and 30 seconds in all other contracts).
由交易所規(guī)定的收市時的高價和低價或者是開價和還價,。 ( 最后外匯交易的最后 60 秒買賣和其它合約的交易 30 秒 ) 。
Commission Fee 傭金
A fee charged by a broker for executing a transaction. Also referred to as brokerage fee.
是經(jīng)紀商對買賣交易收取的費用,。 也叫作經(jīng)紀費,。
Commitment of Open Interest 未平倉權益承諾
When a trader or institution assumes the obligation to accept or make delivery on a futures contract.
當一個交易者或是一個機構接受或者交割期貨合約買賣時所承擔的義務。
Contract close-out 清算合約
Completion and settlement of the contract, including resolution of all outstanding items.
合約的完成和交割包括解決一切未解決的項目,。
Contract Grades 合約級別
The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery.
商品或者工具標準的規(guī)格必需符合交易所對現(xiàn)貨和期貨合約交割的所列出規(guī)定,。這個級別通常是伴隨著折扣或是額外費用。
Contract month 到期交割月
The month in which futures contracts may be satisfied by making or accepting delivery. Also called the delivery month.
一個被制定或接受的期貨合約交割月份,。也叫交割月,。
Convergence 整合
A term referring to cash and futures prices tending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.
指的是期貨合約接近到期日時，現(xiàn)貨和期貨價趨于一致 ( 例如,，基差接近零 ) ,。
Coupon 票面利率
The interest rate on a debt instrument expressed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity.
一種利率，是出票人在票據(jù)到期時,，向持有者支付的債務工具的年金的百分比,。
Credit spread 融資套利
An option spread in which there is a net collection of premium.
凈保證金積累的一種期權套利。
Crush Spread 變形套利
The purchase of soybean futures and the simultaneous sale of soybean oil and meal futures. See Reverse Crush.
購買大豆期貨和同時賣出豆油和豆粕期貨,。
Cultural 文化風險
Cultural risk is risk arising from longstanding embedded process and procedures, or from experienced based bias.
文化風險的形成是由于持久深入的過程與流程,，或因為經(jīng)驗上的偏見。
Current delivery month 當前交割月
The futures contract which matures and becomes deliverable during the present month.
期貨合約到期和可以交割的月份,。
Customer Margin 客戶保證金
Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations.
在期貨行業(yè)中,，期貨和期權合約的買賣雙方都要求經(jīng)濟擔保去保證合約義務的實行。
D
Daily trading limits 日交易限制
The maximum price fluctuations permitted a contract during one trading session as set by the Exchange. These exist on certain contracts.
由交易所制定的在一天交易部分允許上下浮動的最大價格,。 只存在于特定合約中,。
Day trader 當日交易者
A trader who establishes and liquidates positions within one day's trading, ending the day with no established position in the market.
在買賣當日即找合意價位平倉之短線交易者。
Day trading 即日交易
Refers to establishing and liquidating the same position or positions within one day's trading, thus ending the day with no established position in the market.
指的是一天內建倉和平倉,，就是在收市時沒有倉位,。
Differentials 差價
Price differences between classes, grades, and delivery locations of various stocks of the same commodity.
同一種商品的各種股票種類、等級和交割地點的價格差異,。
Deferred 延期
See "back months."
見 “遠期月"
Delivery 交割
The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
履行期貨合約中,，交付和接收金融商品或實際商品。
Delivery month 交割月
See "contract month."
見 "到期交割月 "
Delivery Points 交割點
The locations and facilities designated by a futures exchange where stocks of a commodity may be delivered in fulfillment of a futures contract, under procedures established by the exchange.
庫存商品的期貨合同被交割時由期貨交易所指定的地點和設施,，并在交易所規(guī)定的程序中履行期貨合約,。
Delta 代爾塔
The measure of the price-change relationship between an option and the underlying futures price. Equal to the change in premium divided by the change in futures price .
底層實體價格的每一點數(shù)的變化所引起的期權價格的變化?？礉q期權的代爾塔是正值的,；看跌期權的代爾塔是負值的。從技術上來說,，代爾塔是衡量期權價格即刻變化的參數(shù),，因此,，即使是底層實體價格中不足一個點數(shù)的變化，也會導致代爾塔的變化,。
Demand 需求
The quantity of a commodity that buyers are willing to purchase from the market at a given price.
買者愿意從市場指定價購買商品的數(shù)量,。
E
Elliot wave theory 艾略特波浪理論
A type of technical analysis that studies price wave sequences.
是研究價格波動的一種技術分析類型。
Equilibrium Price 均衡價格
The market price at which the quantity supplied of a commodity equals the quantity demanded.
商品的數(shù)量供應等于需求數(shù)量的市場價,。
European-style options 歐式期權
Options that may be exercised only on the option's expiration date.
只能在到期日執(zhí)行的期權,。
Excess reserves 超額儲備
Any excess of actual reserves above required reserves.
實際儲備量超過了要求的儲備。
Exercise 執(zhí)行
The process of an option holder exchanging it for the underlying futures contract.
期權合同的持有人購進或出售一筆原生期貨合同的過程,。
Exercise or strike price 執(zhí)行或交易價格
The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.
在期權時限內,，買方的叫價能夠買進商品，和買方沽出商品的價格,。
Exercise price 執(zhí)行價格
The price at which the holder (buyer) may purchase or sell the underlying futures contract. Also called strike price.
指股票能在承購合同中被購入或在承銷合同中被賣出的那個固定價格,。 也叫做執(zhí)行價。
Exhaustion gap 竭盡缺口
A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market.
接近價格的高峰或低谷時出現(xiàn)價格缺口,，預示著行情將要逆轉,。
Expanded Trading Hours 延遲交易時間
Additional trading hours of specific futures and options contracts at the Chicago Board of Trade that overlap with business hours in other time zones.
在（ CBOT ）期貨交易所對特定的期貨和期權所增加的交易時間與其他時區(qū)工作時間重疊。
Expiration 期滿,、截止期限
Corresponds to the expiration date of a contract. The last day on which an option may be exercised into the underlying futures contract.
合約的有效期限,。期權在原生期貨合約執(zhí)行的最后交易日。
F
Fast market 快市
Term used to define unusually hectic market conditions.
通常用來定義市場活躍的情況
Federal Funds Rate 聯(lián)邦基金利率
The rate of interest charged for the use of federal funds.
指使用聯(lián)邦基金付出的利息率
Feed Ratio 飼養(yǎng)收益率
A ratio used to express the relationship of feeding costs to the dollar value of livestock. See Hog/Corn Ratio and Steer/Corn Ratio.
指飼養(yǎng)成本與家畜以美元表示的價值之間的比率,。例如豬 / 玉米飼養(yǎng)率和牛 / 玉米飼養(yǎng)率
Fill-or-kill order (FOK) 成交或取消委托
A limit order that must be filled immediately or canceled.
立刻成交否則即取消的限價委托單
Financial Instrument 金融商品
There are two basic types: (1) a debt instrument, which is a loan with an agreement to pay back funds with interest; (2) an equity security, which is a share or stock in a company.
有兩種類型：（ 1 ）債務工具,，協(xié)議在還款時支付利息的貸款（ 2 ）資產(chǎn)證券，公司的股份或股權
First Day Notice 第一通知日
The first day that a notice of intent to deliver a commodity can be made by a clearinghouse to a buyer in fulfillment of a given month's futures contract.
清算所通知買方指定月份的期貨合同可以交貨的第一天
Floor trader 場內交易員
An exchange member who generally trades only his or her own account or for an account controlled by him or her. Also referred to as a local.
交易所內為自己的賬戶或他人的賬戶從事交易的股票交易所成員,。
Full Carrying Charge Market 總持倉價市場
A futures market where the price difference between delivery months reflects the total costs of interest, insurance, and storage.
交割月份之間的差異反映了利息,，保險，倉儲的總成本的一個期貨市場
Futures 期貨
A term used to designate all contracts covering the purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
指的是在商品期貨交易所中為了將來交割出售和購買金融 商品和商品而訂立的合同
Futures contract 期貨合同
A standardized agreement traded on a futures exchange, to buy or sell a commodity at a specified price at a date in the future. Specifies the commodity, quality, quantity, delivery date and delivery point or cash settlement.
就一期貨交易簽訂的標準化的協(xié)議 , 以在將來的一定日期以特定價格購買或出售某商品,，詳細說明商品 , 品質 , 數(shù)量 , 交割日期,，交割地以及現(xiàn)金種類 .
Futures Exchange 期貨交易所
A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts.
建立了規(guī)則和制度的買家和賣家交易期貨和期貨期權的中心場所
G
Gamma 伽瑪
The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
衡量期權中隨期貨價格變化的 delta 值的變化，相當于 delta 值的變化除以期貨價格的變化,。
Gap 缺口
A price area at which the market didn't trade from one day to the next.
市場交易價格由一天到另一天不是連續(xù)變化的的價格區(qū)域
Gap theory 缺口理論
A type of technical analysis that studies gaps in prices.
一種研究價格差距的技術分析類型
Give up 過戶
An order to be given to another member firm in clearing system, an allocation. An order executed by clearing firm A and given to clearing firm B where it will be cleared and processed.
給清算系統(tǒng)中另一成員的指令,，由清算公司 A 執(zhí)行，然后交給清算公司 B 清算和處理
Gross Domestic Product (GDP) 國內生產(chǎn)總值
The value of all final goods and services produced by an economy over a particular time period, normally a year.
一國在一段特點時間范圍內 ( 通常為一年 ) 生產(chǎn)的最終產(chǎn)品和服務的價值
Gross National Product (GNP) 國民生產(chǎn)總值
Gross Domestic Product plus the income accruing to domestic residents as a result of investments abroad less income earned in domestic markets accruing to foreigners abroad.
國內生產(chǎn)總值加上國內居民由于國外投資而產(chǎn)生的收入 , 再加上境外人員在國內市場產(chǎn)生的少量收入
Gross Processing Margin (GPM) 加工毛利
The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.
大豆的成本與豆油和豆粕售出產(chǎn)生的總收入間的差價
H
Head and shoulders 頭肩形
A sideways price formation at the top or bottom of the market that indicates a major market reversal.
在市場價格的頂端和底部一個價格橫擺走勢形成,，來表示一個主要的市場逆轉,。
Hedge 保值
The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.
購買或者出售一個期貨合同作為一種臨時性的替代品 , 以替代將來的現(xiàn)貨交易 . 通常情況下同時在現(xiàn)貨市場和期貨市場做出相反方向的交易 .
Hedger 保值避險者
A person or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity.
那些打算銷售或購買實際商品并利用期貨市場來抵消價格風險的人或公司
Hidden quantity 隱藏交易額
Order qualifier: indicates that the total quantity will not be displayed to the market, but only per increments as indicated. Difference between order quantity and displayed quantity is hidden.
訂單種類：表明總數(shù)量將不會顯示在市場中 , 只有每個增加的數(shù)量才會被顯示?？倲?shù)量與顯示量之間的區(qū)別數(shù)量將被隱藏,。
High 高價
The highest price for a particular futures contract over a specified time period.
一特定期貨合同在一特定時間范圍內的最高價格
High Limit 漲停價
Absolute top price for a valid order per a given instrument. Any order with a higher price is rejected.
每一指定商品的有效訂單的絕對高價。高于這個價格的訂單將被拒絕
Historical volatility 歷史波幅
See "volatility."
見 "波幅 "
Holder 持有者
One who purchases an option.
購買期權的人
Hog/Corn Ratio 豬 / 玉米比率
When corn prices are high relative to pork prices, fewer units of corn equal the dollar value of 100 pounds of pork. Conversely, when corn prices are low in relation to pork prices, more units of corn are required to equal the value of 100 pounds of pork.
當玉米對豬肉價格相對較高時 , 較少單位的玉米與 100 磅豬肉的美元價格等同 , 相反的 , 當玉米對豬肉的價格相對較低時 , 較多單位的玉米與 100 磅豬肉的美元價格相等
House 清算所
Clearing member or a firm.
清算成員或公司
Hundredweight 英擔
100 pounds. Abbreviated cwt.
100 磅 , 簡寫 cwt
I
In-the-money 實值
A call option with a strike price less than the underlying futures price. A put option with a strike price greater than the underlying futures price.
買入期權的執(zhí)行價格低于原生期貨價格 , 賣出期權執(zhí)行價格高于原生期貨價格
Index 指數(shù)
A number that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to these instruments.
對于整個市場或某部分市場有代表性的數(shù)字 , 通常依靠一組交易物的現(xiàn)價和這組交易物的重要程度來估算
Initial margin 原始保證金
The minimum performance bond deposit required from customers for each contract in accordance with the rules of the Exchange.
根據(jù)交易所規(guī)定客戶為每筆合同交納的最小的執(zhí)行債券押金
Instrument 金融商品
Contract to be traded; e.g., GEZ9.
被交易的合同，例如 GEZ9.
In-the-Money Option 實值期權
An option with intrinsic value. A call option is in-the-money if its strike price is below the current price of the underlying futures contract. A put option is in-the-money if its strike price is above the current price of the underlying futures contract.
有內在價值的期權,。當買入期權的執(zhí)行價格低于原生期貨合同的價格 , 賣出期權的執(zhí)行價格高于原生期貨合同的價格是價內期權
Intrinsic value 內在價值
The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price - futures price. For a call: futures price - strike price.
實值期權執(zhí)行價格與期貨現(xiàn)價的關系,。對于一個賣出期權 : 內在價值 = 執(zhí)行價格 - 期貨現(xiàn)價 , 對于一個買入期權 : 內在價值 = 期貨現(xiàn)價 - 執(zhí)行價格
Introducing broker (IB) 中介經(jīng)紀商
A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts, subject to the rules of a futures exchange, but not in accepting any money or securities to margin any resulting trades or contracts.
從事于以購買或出售期貨合同為目的,，協(xié)助或接受和處理委托單的公司或人 , 服從期貨交易所的規(guī)定 , 但不接受任何金錢或有價證券為抵押金以完成交易或合同
Inverted Market 逆轉市場
A futures market in which the relationship between two delivery months of the same commodity is abnormal.
期貨市場中,，同一商品的兩個交割月份的關系出現(xiàn)反常
Invisible Supply 私人倉儲
Uncounted stocks of a commodity in the hands of wholesalers, manufacturers, and producers that cannot be identified accurately; stocks outside commercial channels but theoretically available to the market.
批發(fā)商、制造商和生產(chǎn)商手頭持有,，但無法準確估算而未計算的存貨,，這些存貨不在商業(yè)流通范圍之內，但理論上可供應市場,。
L
Lagging Indicators 滯后指標
Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as concurrent indicators.
市場指標顯示總體經(jīng)濟發(fā)展方向和確認或否認主導指標在市場發(fā)展趨勢的應用,，也叫做協(xié)作指標
Last trading day 最后交易日
Day on which trading ceases for the maturing (current) delivery month.
在當前的交易月份交易終止的日期
Lead month 最近合約月
The most current contract month in which delivery may take place. The contract month closest to the current point in time.
交割可能發(fā)生的最近的月份，合約月份最接近現(xiàn)在的時間點
Leading Indicators 領先指標
Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies.
為未來幾個月的經(jīng)濟狀況做指示的市場指標,。一些領先指標包括：制造業(yè)的平均工作日,，失業(yè)保險的初期索賠，消費者貨物和原材料的委托單,，公司百分率,。
Leverage 杠桿作用
The use of a small amount of assets to control a greater amount of assets.
利用少量資產(chǎn)來控制大量資產(chǎn)
Limit 限價
The maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the Exchange.
按照交易所規(guī)定的，在一個交易中比前一天的成交價格上升或下跌的最大值
Limit move 漲跌停
See "maximum price fluctuation."
見"最大價格波幅 "
Limit order 限價委托單
Usually equivalent to "price." An order in which the customer sets a limit on price or other condition, as contrasted with the trading floor definition of a market order, which implies that the order should be filled as soon as possible.
通常與價格相等 . 在這種委托單中 , 有客戶設定價格或者其他情況的限制 , 與之相對的市價委托單則是委托單應盡快成交 .
Liquid 流動性
A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price.
證券市場或商品市場有足夠成員允許大量交易發(fā)生并且不會引起價格實質性變化的特性
Liquidate 平倉,，斬倉
Selling (or purchasing) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or making (or taking) delivery of the cash commodity represented by the futures contract. See Offset.
賣出 ( 或購買 ) 相同交割月份的期貨合同 , 以抵消早先的買入 ( 或賣出 ) 交易 , 或者實際交割期貨合同中提到的現(xiàn)貨商品 .
Locals 自由經(jīng)紀人
Exchange members who trade for their own account and/or fill orders for customers and whose activities provide market liquidity.
為自己和 ( 或 ) 為其他客戶完成委托單的交易所成員 , 他們的行為為市場提供了流動性
Long 買入
One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure.
已經(jīng)購買了一個期貨或期權合同的人建立一個交易盤口,，并且沒有通過沖銷拋售盤口
Long hedge 多頭避險
The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an advance in the cash price. See "hedge."
打算未來購買現(xiàn)貨，而先買進期貨,，以防現(xiàn)貨價格上漲買到高價
Long position 多頭頭寸
A position in which the trader has bought a futures contract that does not offset a previously established short position.
交易者購買的一個期貨合同不沖銷先前建立的空頭部位
Lot 口,、手
The term used to describe a designated number of contracts, e.g., a five-lot purchase. Also called "cars."
用來描述指定數(shù)額的合同
Low 最低價
The lowest price of a specified time period for a particular futures contract.
在一段特定時間一特定期貨合同的最低價
M
Managed Futures 管理期貨
Represents an industry comprised of professional money managers known as commodity trading advisors who manage client assets on a discretionary basis, using global futures markets as an investment medium.
是指由專業(yè)的資金管理者即商品交易顧問管理客戶資金組成的，運用國際期貨市場作為投資媒介的行業(yè)
Margin 保證金
The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts.
客戶付給經(jīng)濟商或清算所的一定數(shù)額的現(xiàn)金或間接形式的抵押金,，為了避免經(jīng)濟商或清算所在未平倉的期貨或期權合同中遭受損失
Margin Call 追繳保證金,，補倉
A call from a clearinghouse to a clearing member, or from a brokerage firm to a customer, to bring margin deposits up to a required minimum level.
清算公司發(fā)給清算成員或是經(jīng)紀公司發(fā)給客戶的要求 , 要求將剩余的保證金加至要求的最低標準
Mark-to-market 逐日結算
The daily adjustment of portfolio to reflect profits and losses.
每日的統(tǒng)計以反映收益和損失
Market order 市價委托單
An order filled immediately at the best price available.
以當前能達到的最好價格立即成交
Market segment 市場劃分
A part of a market, that relates to a place, an exchange authority, a type of security (equity / bond / option / future), and a list of securities with a given set of trading methods.
市場的一部分，它關系到一個場所,，一種交易權利,，一個類型的證券（資產(chǎn)，債券,，期貨,，期權）和一系列的交易手段。
Market value 市場價值
The current value of all commodities held in a margin account.
保證金帳戶中所有商品的現(xiàn)有價值
Market-if-touched (MIT) 觸價單
Order type: An MIT order to buy becomes a limit order if and when the instrument trades at a specific or lower trigger price; an MIT order to sell becomes a limit order if and when the instrument trades at a specified or higher trigger price.
委托單種類,，是指 市場價格觸及委託單上之價位,，該訂單立即變成限價單。通常買進時所設之價位在當時市價之下,，賣出時所設之價位在當時市價之上,。
Market-on-close (MOC) 收盤價委托單
Order type: can be submitted at any time within a trading session, but only executable at closing, at the closing price.
委托單種類，可以在任何時刻提交但在收市時以收市價執(zhí)行的委托單
Marketplace 市場
A given location where trading takes place.
交易進行的特定地點
Matched trade 對應交易
The execution of the buy and sell orders that together consummate a trade. A matched trade consists of one or more contracts and occurs when the same price is specified by buy and sell orders, for a specified number of contracts.
買賣訂單的執(zhí)行同時完成的交易,。對應交易包含一個或多個合同,，針對特定數(shù)量的合同,，當同樣的價格被列入買賣訂單時，對應交易就產(chǎn)生了
Maturity 到期期間
Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.
一個期貨合同可以實際商品交割的時期,，這段是時期從第一通知日到一商品期貨合同的最后交易日之間
Maximum price fluctuation 最大價格波幅
The maximum amount the contract price can change up or down during one trading session, as stipulated by Exchange rules.
按照交易所的規(guī)定,，在一場交易中合約價格可以上下波動的最大值
Minimum price fluctuation 最小價格波幅
The smallest increment of price movement possible in trading a given contract, often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.
在一特定合同交易中可能最小的價格波動增量，通常被稱為 tick ,，商品價格最小的波動是由交易所規(guī)定的
ML 限價累積表現(xiàn)市場
Designates the "Limit Cumulated" display, which depicts the entire depth of the market, expressed in terms of cumulated totals at average prices.
表示所有限價的累積,。描述的是市場的全部深度，并將平均價用累積總數(shù)表達出來,。
Mnemonic 記符
A short name uniquely representing an instrument (i.e., GEZ0, SPU0P7400).
一種能獨特地代表一種交易物的短小的名字,。
MO 委托單表現(xiàn)市場
Designates the "Market by Order" display, which illustrates the entire depth of the market, displaying each bid and offer at every price level.
市場上所有掛單的顯示。描述的是市場的全部深度,，并將所有的買賣價表達出來,。
MOC (market order at closing) 收盤價委托單
See "market order at closing."
見‘收盤價委托單’。
MOO 開盤市價單
Market order at opening –a market order entered before an opening, to be executed at the instrument's opening price only.
在開盤前進入市場,，以交易物開盤價執(zhí)行的委托單
MOS 跨國對沖系統(tǒng)
Stands for "Mutual Offset System." Designated order to be given to another Exchange (e.g. SGX).
跨國對沖系統(tǒng),。制定的委托單將被過戶到其他的交易所。 ( 例如 : 新加坡交易所 )
Moving average chart 移動平均圖表
A chart recording moving averages (three-day, ten-day, etc.) of market prices.
一種記錄市場價格平均移動（ 3 天,， 10 天等）的圖表
Moving averages 移動平均線
A type of technical analysis using the averages of settlement prices.
運用平均成交價格的一種技術分析類型
N
Nearby 最近合約月
The nearest active trading month of a futures or options on futures contract. Also referred to as the lead month.
期貨或期權交易執(zhí)行的最近的月份,，也寫做 lead month
Nearby (Delivery) Month 交割月份
The futures contract month closest to expiration. Also referred to as spot month.
期貨合同到期的最近的月份，也寫為 spot month.
Net Liquidation Value 凈清盤價值
It is your Total Trade Equity plus your Net Option Value. It is the value of your account if you were to liquidate all positions in your account. It is marked-to-market. This information appears on your account statement.
等于總交易資產(chǎn)加上凈期權價值,。如果平倉帳戶中的所有盤口就是帳戶價值,，是逐日清算。這個信息會反映到帳戶明細中
Net Options Value 凈期權價值
The credit or debit value of all option positions combined. It is marked-to-market. Market movement may cause bids and offers to be away from the last reported price.
期權借貸價值頭寸的結合,。是按照逐日結算的,。市場的變動可能引起出價或供價遠離最后的報價
Non-serial options 不分期期權
Options for months for which there are existing futures contracts of the same months.
期權的月份同時存在于相同月份的期貨合約中
Notice Day 通知日
According to Chicago Board of Trade rules, the second day of the three-day delivery process when the clearing corporation matches the buyer with the oldest reported long position to the delivering seller and notifies both parties. See First Notice Day.
根據(jù)芝加哥交易所的規(guī)定，清算所對照最原始買方交割給賣方進倉的報告,，在三日交割過程中的第二天,，通知買賣雙方
Notional value 名目金額
The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract.
原生價值（面值），通常是期貨或期權合同中特定的以美元表示的金融產(chǎn)品或商品的價值
O
OCO (order cancels order) 選擇性委托單
Order type: An order that includes two orders, one of which cancels the other when filled. Also referred to as one-cancels-other.
一種委托單類型是指一個委托單當中包含兩種指令 , 當其中一個成交時 , 另外一個被自動取消,，也可寫做 one-cancels-other.
Offer (or ASK, or sell) 報價
A willingness to sell at a given price; the opposite of bid.
以一特定價格出售的意愿,，反之為出價
Offset 平倉
Selling if one has bought, or buying if one has sold, a futures or options on futures contract.
若先前購買則賣出期貨或期貨合同的期權 , 若先前售出則買入期貨或期貨合同的期權
Open interest 未平倉合約
Total number of futures or options on futures contracts that have not yet been offset or fulfilled for delivery.
期貨合同中未沖銷的期貨或期權的總數(shù)
Open order 未成交單
An order that remains good until filled, cancelled or eliminated. See good-til-canceled.
一直有效直到成交或被取消的委托單。
Open outcry 公開喊價
The method of trading publicly so that each trader has a fair chance to buy or sell.
公開交易的方式保證每個交易者有平等買賣的機會
Opening 開市
The beginning of the trading session.
交易市場開始交易
Opening price 開市價
The first price of an instrument at the beginning of the trade session.
開市后第一筆成交交易的價格
Opening range 開盤時段
The range of prices at which the first bids and offers were made or first transactions were completed. Must be initiated by at least one trade.
做出第一個報盤和遞盤以及第一個交易完成時的買賣價波動范圍,。至少需要一個交易來啟動,。
Option 期權
The right, but not the obligation, to sell or buy the underlying (in this case, a futures contract) at a specified price within a specified time.
在一特定時間內以特定價格買入或賣出標的物的權利而非義務（目前情況標的物指期貨合同）
Option assignment 期權轉讓
The random selection of an option writer to take a futures position when an option is exercised.
當期權被執(zhí)行時，對期權賣方的隨意選擇,，使其接受期貨頭寸
Option buyer 期權購買者
One who purchases an option and pays a premium.
購買期權并付出權利金的人
Option Premium 期權金
The price of an option. The sum of money that the option buyer pays and the option seller receives for the rights granted by the option.
期權的價格,。買者必須支付給賣方作為將來買進或賣出期貨合約的權利價金
Option seller 期權出售者
One who sells an option and receives a premium.
賣出期權并獲得權利金的人
Order 委托單
A request –usually passed by a trader to the host –for buying or selling a given instrument at certain conditions more or less defined (conditions being price, quantity, type of order, etc.).
一個要求 --- 通常由交易者開給交易所 - 在特定情況下購買或者銷售特定的交易品種，這些情況或多或少是確定的（如價格，數(shù)量,，委托單的種類,，等）
Order type 委托單類型
A property of an order, containing the conditions to which this order must comply for execution (e.g. limit, market, stop).
委托單的 特性， 委托單必須遵守 情況（ 如 ： 限價單,，市場價單,，止損單）
Out-of-the-money 虛值
An option with no intrinsic value. A call option with a strike price greater than the underlying futures price. A put option with a strike price less than the underlying futures price.
沒有內在價值的期權。對于買入期權而言 , 執(zhí)行價格大于原生期貨價 , 對于賣出期權而言 , 執(zhí)行價格少于原生期貨價
Out-trades 錯誤交易
A situation that results when there is some confusion or error on a trade –for example, when both traders think they were buying.
交易當中出現(xiàn)的一種錯誤或者誤解的情況,。例如,，有兩個交易者認為他們都在購買,。
Overbought/oversold 超買 / 超賣
A technical opinion of a market which has risen/fallen too much in relation to underlying fundamental factors.
對于市場的一種技術性看法,，認為市場相對于基本因素來說上漲或者下跌得太多了。
P
P&S(Purchase and Sale) Statement 買賣表
A statement sent by a commission house to a customer, showing the number of contracts bought or sold, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges, and the net profit or loss on the transactions.
由經(jīng)紀公司發(fā)給客戶的一種統(tǒng)計表,，顯示買賣的合同數(shù)量,，合同買賣價格，總利潤或者損失,，傭金以及交易的凈利潤或損失,。
Phase (market) 階段（市場）
Sub-unit of a session, where consistent actions take place (e.g. pre-opening, no-cancel, opening, continuous trading, etc.)
盤的一個組成成分，在這此階段進行統(tǒng)一的行為（例如,、預開盤,、抵消、開盤,、連續(xù)交易等）
Point and Figure Chart 點形圖
A graph of prices charted with x's for price increases and o's for price decreases, used by the chartist for buy and sell signals.
一個用 x’s 表示價格上漲用 o’s 表示價格下降的圖表,，分析師用作分析買和賣。
Position 持倉
A market commitment. A buyer of a futures contract is said to have a long position and, conversely, a seller of futures contracts is said to have a short position. See "Open Interest"
一種市場承諾,。一個期貨合同的買家就擁有一個多頭盤口,，而相反的，一個期貨合同的賣家就擁有空頭盤口,。
Position Day 持倉日
The first day in the process of making or taking delivery of the actual commodity on a futures contract. The clearing firm representing the seller notifies the clearinghouse that its short customers want to deliver on a futures contract.
期貨合同中現(xiàn)貨開始交貨過程的第一天,。代表賣家的經(jīng)紀公司通知清算所期貨合同中的賣家希望交貨了。
Position Limit 持倉限額
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limit.
CFTC （貨物期貨交易委員會）和（或者）進行交易的交易所規(guī)定的一個交易者可以持有的投機期貨合同的最大數(shù)目,。 也被稱作交易限額,。
Position Trader 頭寸交易者
A trader who takes a position in the market and might hold that position over a long period of time.
在市場里擁有交易盤口的交易者并且可能會長期持有。
Premium 期權金
The amount agreed upon between the buyer and seller for the purchase or sale of a futures option –the buyer pays the premium and the seller receives the premium. The excess of one futures contract price over that of another or over the cash market price.
買家和賣家之間統(tǒng)一的買賣期權期貨合同的價格 – 買家支付給賣家,。相對于期貨合同價值或其他市價,，額外付出的價格。
Price 價格
Price to which the given instrument should be traded –in an order or a trade. Also called "limit."
特定的商品進行交易的價格 - 在委托單或交易中,，也被稱作‘ limit ’,。
Price Discovery 市場定價
The generation of information about "future'' cash market prices through the futures markets.
通過期貨市場，將來的現(xiàn)貨市場價格信息的產(chǎn)生。
Price Limit 價格限額
The maximum advance or decline from the previous day's settlement price permitted for a contract in one trading session by the rules of the exchange. See also Variable Limit, Maximum Price Fluctuation.
相對于上一交易日的結算價,，交易中最大的升幅或降低,。察看變數(shù)限價，最大價格波幅,。
Price order 定價定單
An order to sell or buy at a certain price or better.
在一定或更好的價格下,，買入或者賣出的定單。
Producer Price Index (PPI) 產(chǎn)品價格指數(shù)
An index that shows the cost of resources needed to produce manufactured goods during the previous month.
一個表示在前一月中生產(chǎn)制成品所需要的原料的成本的指數(shù),。
Purchasing Hedge (or Long Hedge) 買入避險
Buying futures contracts to protect against a possible price increase of cash commodities that will be purchased in the future.
通過買入期貨合同來防止未來將要購買的現(xiàn)貨的價格上漲的風險,。
Purchasing Power 購買力
Total Trade Equity minus Initial Margin. Your purchasing power represents funds available to you to establish new positions. Your purchasing power changes throughout the day as your total trade equity and margins change.
總的交易資本減去最初的按金。你的購買力就表明你擁有的資金去建立一個新的盤口,。你的購買力在一天中會隨著總的交易量和按金的變化而變化,。
Pure hedger 單純避險者
A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.
一個人為了鎖定某種貨物的價格而進行的風險規(guī)避。他會在現(xiàn)貨市場中同時進行交易來抵消這個風險,。
Put 看跌期權
An option to sell a commodity, security, or futures contract at a specified price at any time between now and the expiration of the option contract.
一種期權,，可以在從現(xiàn)在到最后期限中的任何時間以一個特定的價格賣出貨物，股票或者期貨合同,。
Put breakeven 看跌期權平衡點
See "breakeven."
見"平衡點 "
Put option 看跌期權
An option granting the right, but not the obligation, to sell a futures contract at the stated price prior to the expiration of the option.
一種期權,，準予買家在最后期限之前以規(guī)定的價格賣出期貨合同的權利而非義務。
Put profit / loss 看跌期權獲利 / 損失
For a long put, equal to the put value minus the premium. For a short put, equal to the premium minus the put value.
對于買入看跌期權的人,，等于期權價值減去期權金,。對于賣出看跌期權的人，等于期權金減去價值,。
Put value 看跌期權價值
At expiration, equal to the strike price minus the futures price.
在期權合同到期時,，等于執(zhí)行價格減去期貨價格。
Q
Qualifier 定單有效時間
The time for which the order is valid –FAK, Session, FOK, Day, GTC, GTD. Validity field options.
訂單有效的時間,。
Quantity 數(shù)量
Number of instrument units (e.g. lots) to be traded, in order or a trade. Sometimes also called "size."
在交易或定單中,，交易的物品單元的數(shù)量。有時也叫做‘ size ’,。
Quote 報價
An indication of current bids and offers in the market on a particular instrument or spread.
利用特定工具或傳播方式來表示在市場中最近的出價和要價,。
R
Rally 反彈
An upward movement of prices following a decline. The opposite of a reaction.
在一輪價格下跌之后的一個價格的向上運動。是‘ reaction’ 的反面,。
Range 波幅
The high and low prices or high and low bids and offers recorded during a specified time.
在一定時期內紀錄的高價與低價和高與低的出價和要價,。
Reaction 下跌
A decline in prices following an advance. The opposite of rally.
在一輪價格上漲之后的下跌。 ’Rally’ 的反面,。
Reference price 參考價格
The price of an instrument used as "reference" –e.g., for determining an opening price, starting an algorithm, or figuring into an index –and is usually the settlement price or last closing price.
用作參考的工具的價格,，如決定開盤價，開始一種運算,，或化成一種指數(shù),，并且通常是交割價或前一日的收盤價,。
Registered representative 注冊代理人
A person employed by, and soliciting business for, a commission house or futures commission merchant.
證券經(jīng)紀公司或期貨經(jīng)紀商雇用或咨詢的人。
Repurchase Agreements (or Repo) 回購協(xié)議
An agreement between a seller and a buyer, usually in U.S. government securities, in which the seller agrees to buy back the security at a later date.
賣家和買家的一個協(xié)議,，通常用于美國政府的有價證券,，其中賣家同意在遲些時候買回證券。
Resistance line 阻力線
A price level above which prices tend not to rise due to selling pressure.
在賣出的壓力下價格會達到的一個水平而停止上升,。
Reserve Requirements 儲備需求
The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain. ve Requirements.
Federal Reserve( 聯(lián)邦儲備 ) 需要他的成員銀行保留的現(xiàn)金和流動資產(chǎn)的最小量,，作為需求保證金和時間保證金的一個百分比。
Resistance 價格阻力
A level above which prices have had difficulty penetrating.
價格很難向上沖破的一個水平,。
Retracement 背馳
A price move in the opposite direction of a recent trend.
于近期的價格變化趨勢相反的運動方向,。
Reverse Crush Spread 反變形套利
The sale of soybean futures and the simultaneous purchase of soybean oil and meal futures. See Crush Spread.
賣出大豆期貨合同同時買入豆油和豆粕期貨合同。
Risk 風險
Possibility of suffering loss.
遭受損失的可能性,。
Round-turn 中介費
See "commission."
見“傭金”
Runaway gap 逃逸缺口
A gap in prices after a trend has begun that signals the halfway point of a market move.
一個價格趨勢開始后價格的一個缺口,，標志著價格運動的中途階段。
S
Scalp 轉手買賣所賺薄利
To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within the same day, hour or even just a few minutes.
為很小的利益交易,。交易通常是快速地建倉和平倉,，通常是在同一天進行，甚至是在幾小時或幾分鐘之內,。
Selective hedger 選擇性避險者
A person who hedges only when he or she believes that prices are likely to move against him or her.
只有在確信價格對其不利的時候才進行避險的人。
Sell (Sell Order) 賣出 ( 賣出定單 )
An offer. This transaction type indicates to sell or to go short. Opposite of buy or go long.
一個開價,。 這種交易類型指的是賣出或看空,。 買的相對概念。
Selling climax 恐慌性拋售
An extraordinarily high volume occurring suddenly in a downtrend signaling the end of the trend.
一個非常高的交易量在下降趨勢中突然出現(xiàn),，是這一趨勢結束的信號,。
Selling Hedge (or Short Hedge) 賣出對沖
Selling futures contracts to protect against possible declining prices of commodities that will be sold in the future.
商品價格未來可能走低，為了減小損失而賣出期貨合同,。
Serial options 分期 期權
Options for months for which there are no futures contracts. The underlying futures contract for a serial option month would be the next nearby futures contract.
為沒有期貨合同的月份而準備的期權,。這種分期期權的原生期貨合同是接下來的近期期貨合同。
Session (market) 交易盤（市場）
For a given class, period of time within which a consistent set of trading actions takes place –usually composed of the following phases: initialization, pre-opening/opening, trading, closing, post-session processing.
一個給定標準,，在一段時間內進行一致的貿(mào)易活動,。通常包括以下幾個步驟：初始，預開 / 開盤,，交易,，收盤，盤后處理,。
Settlement price 結算價
A figure determined by the closing range that is used to calculate gains and losses in futures market accounts, performance bond calls and invoice prices for deliveries. See "closing range."
一個由收市價格范圍所決定的價格,，用來計算在期貨市場的賬目獲利和損失，為了交割而進行催繳欠款和單據(jù)價格,。 見“收市價格范圍”,。
Short 賣出
One who has sold a futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure. The opposite of long.
一個人賣出期貨合同而建倉,，并且還沒有進行清倉。買的反義詞,。
Short cash 賣出現(xiàn)金
Describes a trader who needs and plans to buy a commodity.
指一個交易者需要并打算購買一種商品,。
Short hedge 賣出對沖
The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or lessen the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See "hedge."
為了將來的現(xiàn)貨市場出售而賣出的期貨合同。用來避免或降低自己擁有的等價的金融 商品或現(xiàn)貨會貶值的可能性,。
Short Options Value 賣出期權價值
The total cost of purchasing back all short options on a marked-to-market basis.
買回所有賣出期權的逐日計算的成本的總和,。
Side 方
A side counts the buy and the sell as separate events. Each matched trades, and each contract, has two sides —the buyer side and the seller side. Taken together, these two sides equal one round turn per unit of volume.
買進和賣出是獨立的雙方。每對成功的交易,，每個合同,，都包括兩方—買的一方和賣的一方。它們結合在一起,，雙方就等于一個交易的成交量,。
Sideways trend 橫擺趨勢
Seen in a bar chart when prices tend not to go above or below a certain range of levels.
在一個條形圖表中，價格運動不能高過或低于一個確定的范圍,。
Simulated Trading 模擬交易
The process of buying and selling without actually entering the market or risk any real funds.
不在市場中進行,，沒有任何實際資金風險的買賣過程。
Single-stock futures (SSF) 單一股票期貨（ SSF ）
Futures contracts on individual stocks.
只對一種股票進行交易的期貨合同,。
Spread 價差組合
An options position established by purchasing one option and selling another option of the same class, but of a different series.
通過買入和賣出同級的期權而建立的期權盤口,，但兩個期權是不同的系列。
Speculator 投機者
One who attempts to anticipate price changes and, through buying and selling futures contracts, aims to make profits. Does not use the futures market in connection with the production, processing, marketing or handling of a product.
預期價格波動,，進行買賣期貨合同從而獲利的人,。不是用期貨市場進行生產(chǎn)、交易和處理產(chǎn)品的人,。
Spot 現(xiàn)價
Usually refers to a cash market price for a physical commodity that is available for immediate delivery.
通常指一個可以立即進行交易的貨物的市場價格,。
Spot month 現(xiàn)貨月
The nearest trading month which may or may not be the current calendar month. Usually used as the current delivery month for a commodity.
最近的交易月份，可以是也可以不是當月,。通常指現(xiàn)貨可以進行交易的月份,。
Spot price 當前價格
See "cash price."
見“現(xiàn)價”
Stop close only order 收盤時拋售訂單
A stop order that is executed only during the closing range of the trading session.
只有在交易盤要結束的范圍內才執(zhí)行的防損訂單。
Stop loss 止 損
Order type: Same as stop limit, but with no limit indication: when triggered, will execute like an MBF.
訂單類型：與停止限價相同,，但是沒有限定指數(shù)：當達到指定價格,，就會被執(zhí)行，像 MBF 一樣,。
Strike (price) 期貨執(zhí)行價格
The price at which the option buyer may purchase or sell the underlying futures contract upon exercise. See "exercise price."
期權買家在交割時買賣指定期貨合同的價格,。
Supply 供應
The quantity of a commodity that producers are willing to provide to the market at a given price.
生產(chǎn)者愿意以一定價格提供給市場的商品的數(shù)量。
Support 支撐線
The place on a chart where the buying of futures contracts is sufficient to halt a price decline.
在圖表中當有足夠的期貨合同的購買量足以阻止價格下跌的一個量,。
Symbol 符號
Equivalent to "instrument."
同于“商品” .
Symmetrical triangles 對稱三角
A price formation that can either signal a reversal or a continuation of price movement.
一個價格構成,，可以是反轉的信號，也可以是價格波動的延續(xù),。
Synthetic call option 組合看漲期權
A combination of a long futures contract and a long put, called a synthetic long call. Also, a combination of a short futures contract and a short put, called a synthetic short call.
由買入一個期貨合同和買入一個看跌期權的組合,，就叫做組合買入看漲,。同時，由賣出一個期貨合同和賣出一個看跌期權的組合,，叫做組合賣出看漲,。
Synthetic futures 組合期貨
A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures. Also, a combination of a put and a call with the same strike price, in which both are bearish, called synthetic short futures.
由兩個有相同的行使價的看跌和看漲期權形成的組合，同時二者都看漲,，叫做組合買入期貨,。由兩個有相同行使價的看跌和看漲期權形成的組合，同時二者都看跌,，叫做組合賣出期貨,。
Synthetic option 組合期權
A combination of a futures contract and an option, in which one is bullish and one is bearish.
一種一個期貨合同和一個期權的組合，其中一個看漲一個看跌,。
Synthetic put option 組合看跌期權
A combination of a short futures contract and a long call, called a synthetic long put. Also, a combination of a long futures contract and a short call, called a synthetic short put.
賣出期貨合同和買進看漲期權的組合,，叫做組合買入看跌期權。同時,，買進期貨合同和賣出一個看漲期權的組合,，叫做組合賣出看跌期權。
T
Target price 目標價格
An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis.
一個期望的賣出或買入的價格,。對于使用買賣期貨來避險的是指期貨價格加上預期基點,。對于賣出期權是指期貨價格減去期權金再加上預期的基點。對于買入期權是指期貨價格加上期權金再加上預期基點,。
Theta 對沖時間轉變風險
The measure of the change in an option's premium given a change in the option's time until expiration. Equal to the change in the option's premium divided by the change in time to expiration.
計算期權在到期之前,，時間的變化引起的期權金的變化。等于期權金的變化除以到期前時間的變化,。
Tick 最低價格變動
Refers to a change in price, either up or down. See "minimum price fluctuation."
表明價格向上向下的變化。
Time and Sales 時間和出售
The registered times of prices traded and bid and offers on a given market.
在特定市場中注冊的交易的價格,，出價,，要價的時間。
Time Limit Order 限時定單
A customer order that designates the time during which it can be executed.
客戶的定單中指定時間,，在這段時間中定單可以被執(zhí)行,。
Time Value 時間價值
The amount by which an option's premium exceeds the intrinsic value of the option. Usually relative to the time left to expiration.
期權的期權金高于其內在價值的部分。通常與距離到期日的時間有關,。
Tighten 緊縮
Time Stamped 時間戳記
Part of the order-routing process in which the time of day is stamped on an order.
定單例行程序的一部分,，需要在定單上蓋上當日時間的印記。
Total Trade Equity 交易總資產(chǎn)
Cash Balance combined with Open Trade Equity on a marked-to-market basis.
在逐日結算的基礎上,，現(xiàn)金平衡與未平倉交易資產(chǎn)的總和,。
Trade Balance 貿(mào)易收支
The difference between the value of a nation's imports and exports of merchandise.
一個國家進口商品和出口商品價值的差別。
Trader 交易員
A member of the exchange who buys and sells futures and options on the floor of the exchange. See "day trader, floor broker and position trader".
交易所的會員,，可以在交易所場內買賣期貨和期權,?？串斎战灰渍撸瑘鰞冉灰讍T,，持倉交易者
Trading day 交易日
(Should actually be called 'Clearing Day') –Period within which all executed trades for a given class are cleared on the same day. This period may very well exceed 24 hours. One or more sessions could take place.
在一段時間內所有同一級別的執(zhí)行的交易在同一天結算,。這一段時間可能超過 24 小時，可能是一個或更多交易盤,。
Trend 趨勢
The general direction of the market.
市場的大致走向,。
U
Underlying Futures Contract 原生期貨合同
The specific futures contract that is bought or sold by exercising an option.
履行期權要買賣的特定的期貨合同。
Uptrend 上漲趨勢
A price trend characterized by a series of higher highs and higher lows.
通過一系列的較高的最高價和最低價表現(xiàn)的價格趨勢,。
U.S. Treasury Bill 美國短期國債
A short-term U.S. government debt instrument with an original maturity of one year or less. Bills are sold at a discount from par with the interest earned being the difference between the face value received at maturity and the price paid.
原始有效期在一年以下的短期美國政府債券,。這債倦是以折扣價出售，折扣是到期時獲得的面值與支付的價格的差價,。
U.S. Treasury Bond 美國長期國債
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
原始有效期高于十年并帶有息票的政府債券,，利息每半年支付。
U.S. Treasury Note 美國中期國債
Government-debt security with a coupon and original maturity of one to 10 years.
原始有效期從一年到十年并帶有息票的政府債券,。
V
Variable Limit 可變限度
An expanded allowable price range set during volatile markets.
在不穩(wěn)定行情中規(guī)定的允許的擴展后的價格活動范圍,。
Vega 對沖波幅的轉變風險
The measure of the change in an option's premium for a 1% change in the volatility of the underlying futures contract. Equal to the change in premium divided by 1% change in volatility.
期權金變化的衡量方法，指原生期貨合同波幅的 1% 的變化,。等于期權金的變化值除以波幅變化的 1% ,。
Volatility 波幅
An annualized measure of the fluctuation in the price of a futures contract. Historical volatility is the actual measure of futures price movement from the past. Implied volatility is a measure of what the market implies it is, as reflected in the option.
期貨合同價格波動的年度測量。歷史波幅是對過去的期貨價格運動的實際測量,。引申波幅是在市場上衡量而取得的,，也被使用在期權。
Volume 交易量
The number of contracts in futures or options on futures made during a specified period of time.
在一定時間內交易的期貨合同和期權期貨合同的數(shù)量,。 CME: 表示‘總量’（如一天的總交易量）,。
W
With discretion (DISC) 全權委托定單
A note on an order telling the floor broker to use his or her own good judgment in filling the order.
在定單上有一個說明，讓場內經(jīng)紀人用自己的判斷來執(zhí)行定單,。
Writer 賣家
An individual who sells an option.
賣出期權的個人,。
Y
Yield 收益率
A measure of the annual return on an investment.
一種對投資的年收益的計算方法。
Yield Curve 收益率曲線
A chart in which the yield level is plotted on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates.
一個圖表,，以收益水平為豎軸,，以到期的債務證券為橫軸。當長期利率高于短期利率收益率曲線為正數(shù),。
Yield to Maturity 到期收益率
The rate of return an investor receives if a fixed-income security is held to maturity.
投資者如果持有固定收入的證券到最后期限所能得到的回報率,。
Z
Zero Cost Collar 零成本區(qū)間
A type of positive-carry collar that secures a return through the purchase of a cap and sale of a floor. Also called "zero cost options" or "equity risk reversals."
一種通過運用在上限買入，在下限售出來確保取得收益的交易,。也叫做 " 零成本期權 " 或 " 資產(chǎn)風險逆轉 " ,。
