合约

It was a hard and fast contract.

那是一份丝毫不得变更的合约。

That means more creative deal-making, more complete understanding of the economics of the industry, more hard-edged business decisions.

这意味签下更具创意的合约、对这个产业的经济学有更通盘的了解、更犀利的商业决定。

In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路，本论文论述由以下几个部分构成：第一部分，简要概述股指期货产生的背景和基本情况，对国内股指期货进程和沪深300股指期货合约进行简单介绍；第二部分，回顾海内外股指期货避险研究的主要文献，讨论相关避险策略及避险模型，为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据；第三部分，对套期保值的原理、关键因素及实际流程进行概述，并采用香港恒生指数对常用的几种避险模型进行实证分析，最后一揽子以建信优选成长股票型基金为现货标的，实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果；第四部分，探讨国内确定避险比率的过程，包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等，通过数据分析，本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试，并得到了有助于现实操作的结果。

A particular futures contract can have different values with respect to hedging effectiveness, depending on which measure is used and on the hedger utility function.

某一 期货合约可以有不同的价值观与尊重，以套期保值效果，这取决于哪措施，是使用和对hedger公用事业功能。

The hedger would either buy or sell futures as the first position.

可通过买进或卖出期货合约来建立第一个期货市场头寸。

The investors or exchange can assess risk exposure of hedger according to the change of basis risk, liquidity risk and trading manipulation risk after introducing Stock Index Futures Contract by using this model,and it also intends to provide a reference of decision-making for risk management.

运用这一方法使投资者或交易所可以根据期货合约推出后基差风险、流动性风险和交易操纵风险的变化，对套期保值者的风险暴露状况作出评价与比较，并为下一步的投资和风险管理提供决策依据。

That daily turnover in the currency futures is higher relative to open interest (the number of futures contracts that are open at the end of a session) than in the currency options suggests currency futures are more a speculator's market, whereas the option market may be more a hedger's market.

每天貨幣期货的流通量相对于未平仓合约(在季底依然開放的未來合約數量)，比货币期权要高。。。這表明货币期货，相較之下，是一個投机者的市場，而货币期权則是避險的市場。（短线交易者比较多，所以投机成分大）责任编辑：admin

The negotiations, as outlined by Cashman and Hendricks, took on a dizzying pace.

其间，凯许曼和亨德瑞正以令人头晕眼花的速度草拟著这份合约。

Notwithstanding the Uniform Electronic Transactions Act or the applicability of any other law of similar substance and effect, absent an express statement to the contrary hereinabove, this e-mail message its contents, and any attachments hereto are not intended to represent an offer or acceptance to enter into a contract and are not otherwise intended to bind the sender, Sanmina-SCI Corporation, or any other person or entity.

尽管统一电子交易法或适用的任何其他法律另有规定的同类物质及作用，没有明确的声明相反在上述，这个电子邮件讯息的内容，以及任何附于本文不打算代表要约或验收订立合约，并没有其他的用意，以约束寄件人， Sanmina - SCI公司公司，或任何其他人或实体。

The Seller agrees that without prejudice to the generality of his obligations hereunder, the time of Shipment of...

卖方同意在不侵害其合约的一般性规定的情况下，货物运输时间应该在12个月内。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。