精选国际期货市场运作3TheModernFuturesExchange课件.ppt

1、Chapter 3The Modern Futures Exchangen1.The International Securities Exchange 2.The Coffee,Sugar and Cocoa Exchange 3.The Commodity Exchange,Inc.(COMEX)4.The New York Cotton Exchange(NYCE)5.The New York Mercantile Exchange (NYMEX)Five are in New York:n1.The Chicago Board of Trade(CBOT)is the worlds o

2、ldest futures exchange.2.Chicago Board Options Exchange(CBOE)3.The Chicago Mercantile Exchange(CME)4.The Mid-America Commodity Exchange (MidAm)Four exchanges are in Chicago:CBOT Building FeaturesThis fine example of architecture of the late 1920s rises forty-five stories above Lasalle Street at Jack

3、son Boulevard.Crowning the Board of Trade Building is a statue of“Ceres”,the goddess of grain and harvest.The sculptor was John H.Stoors.n1.Kansas City (the Kansas City Board of Trade-KCBT)2.Minneapolis (the Minneapolis Grain Exchange-MGE)3.Philadelphia (the Philadelphia Board of Trade-PBOT)The othe

4、r three exchanges are located inLONGDON METAL EXCHANGEnThe London Metal Exchange(LME)is the worlds premier non-ferrous metals market,with highly liquid contracts.LONGDON METAL EXCHANGEThree Ways to Trade on the LMEnThe LME system of fixed points clearly helps with the identification of the firmstrad

5、ing,it is only feasible because the Exchange has a small number of members permitted to take part in ring trading.The Original Futures Market of LMEnA significant proportion of all LME contractsare traded in the ring sessions,including the kerb(场外交易).The balance goes through the inter-office telepho

6、ne market and LME Select.Three Ways to Trade on the LMEnThe ring sessions,and especially the second morning rings from which official prices emerge,concentrate liquidity because the physical trade requires prices as close as possible to the daily settlement prices.Three Ways to Trade on the LMEBetwe

7、en the hours of 11.45 and 17.00 London time,the LME publishes bid,ask and traded prices as category one ring dealing members trade metal futures open outcry in the rings and kerbs.THE RINGINTER-OFFICECategory one and two member firms provide the LME with pre-trade indicative bid and ask prices for m

8、etal and index futures and traded options contracts 24 hours a day.上海期货交易所期货铜合约行情上海期货交易所期货铜合约行情2005年年10月月12日日 交割月交割月 前结算前结算今开盘今开盘最高价最高价最低价最低价收盘价收盘价结算价结算价涨跌涨跌1成交手成交手0510379803817038250380603807038130902640051137550377303791037730377803782023038260512369803740037470372603730037330320269900601363803671

9、03685036680367403675036086120602358903610036300361003629036260400101406033527035860358603561035710357004401780604347303490035490349003520035130470620605343003450034700345003470034590400100060633990342003435034150342603423027066K线分析线分析图图分时走势分时走势图图期货价差期货价差图图套利图表套利图表库存走势库存走势历史数据历史数据查询查询实时行情实时行情LME 金金属报

10、价属报价代码代码cu0510 cu0511 cu0512 cu0601 cu0602 cu0603 cu0604 cu0605 最新价最新价3807037780373003674036290357103520034700叫买价叫买价3807037780372903674036200357103510034650叫卖价叫卖价3809037800373003675036300357703525034810成交量成交量26403826269908612101417862100今开盘今开盘3817037730374003671036100358603490034500昨结算昨结算37980375503

11、69803638035890352703473034300最高价最高价3825037910374703685036300358603549034700最低价最低价3806037730372603668036100356103490034500升跌升跌90230320360400440470400K线图线图K线图线图K线图线图K线图线图K线图线图K线图线图K线图线图K线图线图K线图线图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图分时图Three Ways to Trade on the LMEnThisis instantly sent

12、to the various news vendor services,who display LME prices.Behind each firms ring seat is a place for assistants to stand in order to pass orders(定单定单)into the ring and to give commentaries to customers aboutcurrent market conditions.nThe ring offers the traditional benefits of transparency which at

13、tach to a physical,open outcry marketplace,but it is only available for a part of the 24 hour working day.Trading on the inter-office telephone marketnThis is a system that deals like the foreign exchange,bond or stock markets,but then clears like a ring-traded contract.nIn other words,people can se

14、e an indicative price on a screen as they contact a broker,and then complete a deal there and then(当时当地).Trading on the inter-office telephone marketnBrokers continually to provide indicative prices which are available through vendor screens.Trading on the inter-office telephone marketTrading on the

15、 inter-office telephone marketnThe actual prices quoted to a prospective client by a broker will not necessarily be identical to the indicative prices,but will depend on the size of the deal.LME Select operatesbetween 07:00 and 19:00(London Time).LME CONTRACT SPECIFICATION its primary properties in

16、modern-times are its electrical conductivity and heat-transfer abilities making it invaluable for use in the building construction and electrical industries.LME CONTRACT SPECIFICATIONLME Copper Grade A Futures Contract SpecificationnContract Grade A CoppernLot size Lot size 25 tonnes(with a toleranc

17、e of+/-2%)nGrade A cathodes conforming to BS 6017-1981(1989)China ExchangesnFour futures commodities(wheat,mung bean,peanut kernel and small red bean)have been approved by the State Council to be listed by ZCE,but only wheat,cotton and mung bean are being traded.China ExchangesWheatContractSpecifica

18、tionsnUnderlined Product:Wheat nTrading Unit:10 tons/lot nQuotation Unit:Yuan(RMB)/ton nTick Size:1 yuan/ton nDelivery Method:Physical Delivery nSymbol:WT nListing Exchange Zhengzhou Commodity ExchangeWheat Contract SpecificationsCotton No.1 Futures Contract SpecsnContract Size:5 TS nPrice Quote:Yua

19、n(RMB)/TnTick Size:5 Yuan(RMB)/MTnDaily Price Limit:4%above or below the previous trading days settlement price.Settlement pricenSettlement price is the average price of a futures contract weighted by trading volumes on any trading day;if there is no a trading price on any trading day,settlement pri

20、ce shall be that of the previous trading day.Cotton No.1 Futures Contract SpecsnContract Months:Jan,Mar,Apr,May,Jun,Jul,Aug,Sep,Oct,Nov and DecnTrading Hours:9:00-11:30 a.m.1:30-3:00 p.m.Beijing time,Mon-FriLast nTrading Day:The tenth business day of the delivery month.Yuchen Zhu,President and CEODa

21、lian Commodity Exchange.DalianCommodityExchangeDalianCommodityExchange 大连商品交易所坐落于美丽的大连星海湾畔 大商所开市铜锣 Dalian Commodity Exchange世界非转基因大豆期货交易中心，每天成交期货合约数十万手。世界非转基因大豆期货交易中心，每天成交期货合约数十万手。Listed Commodities Yellow Soybean豆粕 CornYellow Soybean No.1 Futures Contract SpecificationsnDaily Price Limit 3%above or

22、 below the previous days settlement pricenContract Months Jan.,Mar.,May.,July,Sep.,Nov.Delivery warehouse designated by DCEDelivery warehouse designated by DCEDalian Commodity ExchangeCorn Futures ContractnTrading Unit:10MT/ContractnPrice Quote:RMBnTick Size:1 Yuan/MTnDaily Price Limit:4%of Last Set

23、tlement PriceCorn Futures ContractnLast Delivery Day:2nd Day after the Last Trading Day of the Delivery MonthnDeliverable Grades:Corn at Par is Subject to DCE Corn Delivery Quality Standard(F/DCE D001-2004)Shanghai Futures Exchange(SHFE)nShanghai Futures Exchange(SHFE)is sitting on the Shanghai Futu

24、res Tower in Pudong New Area.SHFE is established after reorganizing and merging of Shanghai Metal Exchange,Shanghai Commodity Exchange and Shanghai Cereals&Oils Exchange.Shanghai Futures ExchangeCopper Cathode Contract SpecificationsnUnderlined Product Copper Cathode nTrading Unit 5 tons/lot nQuotat

25、ion Unit Yuan(RMB)/ton nTick Size 10 yuan/ton Copper Cathode Contract SpecificationsnDaily Price Limit 3%above or below the previous days settlement price nContract Months Jan.,Feb.,Mar.,Apr.,May,Jun.,Jul.,Aug.,Sep.,Oct.,Nov.,Dec.nTrading Hours 9:00-11:30AM 1:30-3:00PM Managementandorganizationofthe

26、exchangenIn order to facilitate the orderly and honest transaction of business,the modern futures exchange is highly organized and operates under a strict set of rules and regulations.Board of Governors(Members and Nonmembers)Clearing Members President(Salaried)Committees Members Staff(paid)Staff(pa

27、id)Research Clearinghouse Education Floor Practices Audits and Business Conduct Investigations Contract Specifications Quotations Rules Statistical Pit Public Relations Floor Brokers Membership Public Relations Arbitration Defining A“Cleared”TradenThe most important function of the clearinghouse is

28、to“clear”all trades.The Role of the Exchange in Futures TradingnThe role of the exchange is to bring together the buyers and the sellers,the hedgers and the speculators,in an orderly,efficient manner.nThe exchange performs four vital roles:price discovery,risk transfer,liquidity,and standardization

29、of contracts.Risk TransferLiquidityStandardization of Contracts The Role of the Exchange in Futures TradingThe Elements of Futures Trading1.All trading is done in a specified area according to an established set of rules.2.All trading is done within specified hours.3.Most trading is done by open out

30、cry.Electronic trading is growing rapidly and may eventually replace the open outcry system.4.All trading is done in contracts that are standardized.5.Negotiation in the pit is limited to price and quantity6.If a contract is to be fulfilled by arranging delivery,a premium or discount will be attached to the price.The Elements of Futures TradingnClearinghouse清算所 nPrice Discovery 价格发现 nRisk Transfer 风险转移 nLiquidity 流动性nSettlement Price 结算价 nConcepts