期货

Jiang Yang said that in recent years the face of energy, resources, the bulk of the extreme fluctuation in commodity prices, a growing number of companies and investment banks, hedge funds and other institutions to make use of futures market in the allocation of assets and management of risks, global commodity futures market structure and functions of profound changes in the futures market influence greatly enhanced, in the development of commodity futures market position than ever, the gradual deepening of market functions, and its economic stability in the promotion of healthy operation, to safeguard national energy security, food security , financial and economic security, such as the important role of all aspects of growing concern by the market and look forward to.

姜押嗯说，近年来，面对能源，资源，初级商品价格下滑，公司和投资银行，对冲基金及其他机构越来越多的剧烈波动，大部分要利用期货市场在资产风险管理和分配，全球商品期货市场结构和期货市场的深刻变化功能的影响大大增强，在商品期货市场中的地位比以往任何时候的发展，市场功能逐步深化，其经济稳定在推广的健康运行，维护，如对日益增长的市场关心的所有方面的重要作用，国家的能源安全，粮食安全，金融和经济安全，并期待着。

The breed setting up here , managing equally includes maximal USA forward market- Chicago commodity exchange and Chicago futures exchange: Finance bill futures contract , exchequer debt futures , treasury bill futures , stock exponent futures and call-option business etc.

美国最大的期货市场－芝加哥商品交易所和芝加哥期货交易所均设在此，经营品种包括：金融票据的期货契约，国库债期货、国库券期货、股票指数期货和期权交易等。

Comparing the two strategies, the early unwinding was apparently better than hold-to-expiration strategy. 3. In the TAIFEX has more value diverging from no spread closed interval, mean-ing that TAIFEX had poorer efficiency in setting the prices, and was a newly developed market.

「TAIFEX台指期货」期货市场有较多的观察值偏离无价差区间，表示「TAIFEX台指期货」期货市场的定价效率较低，代表新兴市场，在SIMEX之定价效率与资讯解析能力均较TAIFEX来得有效率。

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。

That is to say, the stress begins from securities supervision commission, futures trade union, futures exchange, futures broker agent and investment organ to discuss risk's kinds, reason, force and supervision, the purpose is to play its promotion role in national economic development.

具体方法是从证监会、期货同业协会、期货交易所、期货经纪公司、投资机构五个不同层次出发，探讨现代期货市场风险的种类、成因、度量及监管，目的在于更好的发挥期货市场对国民经济发展的推动作用。

To eliminate the negative effect on the development of futures market, we should amplify sustainable development theory into futures market in the height of country benefit, to exploit futures resource in reason, to enhance market stable function and to realize futures market's sustainable development and it is a necessitous task.

为了减少和消除上述因素对期货市场发展的负面影响，更好的发挥期货市场在国民经济运行中的作用，站在国家、民族利益的高度去认识期货市场，把可持续发展理论引入到期货市场，探寻其发展的客观规律，合理开发和利用期货资源，促使市场平稳运行及良性循环，从而实现期货市场的可持续发展，是一项十分必要和紧迫的任务。

As the futures' material expression and operating axis, Futures Exchange is very important and foundational to the hole futures sound developing, so establishing and perfecting the legal supervision institution of Futures Exchange is the premise and guarantee to normalize domestic futures.

期货交易所作为期货市场的物质载体和运作枢纽，对期货市场整体的健康发展起到基础性的至关重要的作用，因此建立和完善期货交易所的法律监管制度是我国期货市场规范发展的前提和保障。

In this chapter, the writer explains risk of futures markets comprise mostly market risk and credit risk, and introduces fundamental effectible factors and technical effectible factors.

第五章&期市风险的度量&以上海期货交易所金属铜期货为例，首先介绍了铜期货的概况，接着分析了影响铜期货价格因素，最后通过建立GARCH(1，1)模型来描述铜期货市场的波动性，试图对铜期货的风险进行确认。

As legislative mode is concerned,futures crime should be stipulated in Future Law;For criminal system ,it is necessary to consider two additional crimes:crime of overdraft transaction of futures and crime of offsetting privately futures contracts;crime ofillegally exercising futures trading and crime of misappropriating margin deposit should be established singly;Crime of inveigling investors to buy or sell futures contracts should be divided into two crime of fraudulent representation about futures information and crime of fraud in futures transaction. So for as criminal punishment is concerned,we should narrow the range of punishment of every crime and add new kinds of punishment against qualifications.

就立法模式而言，期货犯罪宜规定于期货交易法中；就犯罪体系而言，除增设期货透支交易罪、私下对冲期货和约罪外，非法从事期货交易罪，挪用期货交易保证金罪应单独设立，诱骗投资者买卖期货和约罪宜分解为期货交易虚假陈述罪和期货交易欺诈罪；就刑罚配置而言，应缩小同一罪刑罚幅度，增加资格刑种类。

Chinas agricultural commodity futures markets have come through thirteen years. More and more enterprises , individuals and institutional invertors join the futures markets now, the aim of the creation of futures markets is to provide a mechanism for hedging risk in spot markets.

中国农产品期货市场从诞生开始发展至今走过了无数风雨历程，现在越来越多的企业、个人和机构投资者都加入到期货市场中来，期货市场建立的初衷就是为了规避现货市场的风险，而期货价格的有效性在很大程度上决定了期货市场自身是否能发挥其应有的功能。

The labia have now been sutured together almost completely.The drains and the Foley catheter come out at the top.

此刻阴唇已经几乎完全的缝在一起了，排除多余淤血体液的管子和Foley导管从顶端冒出来。

To get the business done, I suggest we split the difference in price.

为了做成这笔生意，我建议我们在价格上大家各让一半。