期货

This paper analyzes the price discovery mechanism of A index, H index and H index future using information-share model of Hasbrouck and Permanent Transitory model of Gonzalo and Granger.

本文分别利用Hasbrouck的信息份额模型与Gonzalo-Granger的永久短暂模型分析了上证指数与H股指数、H股指数期货之间的价格友现机制。

Not only does the government tightly control pump prices, but it has, so far, severely restricted companies' ability to hedge market risk by buying oil futures.

此外，中国政府不仅控制成品油价格，而且还严格限制公司通过购买原油期货来对冲市场风险的能力。

I was once so struck by succession of these whipsaws, that I imagined even if I put on the perfect hedge of buying and selling the very same future,"they" could still find a way to smoke me out with a loss on both legs of the position.

我曾经碰到过这种上下洗盘，让我深受打击，心有余悸之余，还胡思乱想，认为自己即使同时买入和卖出同一个期货，"他们"也能找到办法修理我，让我两个仓位都发生亏损。

Last year, prices of many non-ferrous metals such as aluminum, copper, zinc and nickel hit record highs at home and abroad as a result of strong demand and hedge funds buying up metals futures.

由于需求强劲，对冲基金都用来买了金属期货，去年铝、铜、锌、镍等许多有色金属的国内和国外价格都创下了历史的新高。

The spot market supply and demand between the two sides in a future time on the commodities sell/buy the request because they were afraid that the arrival of the time when the price is not conducive to their own requirements, so willing to now the futures market price to sell/buy an equal number of futures contracts to lock in the cost of this behavior is hedging. Hedging hedge buying and selling at two kinds of hedging, to engage in hedging can be sold to the Exchange application for registration with a pledge of warehouse receipts for the deposit no longer prepared to use all of the required margin.

由于期货行情在一天内的波动幅度经常会很大，如果以"瞬间"的盈亏结果来作为对某方实施比如"强行平仓"的行为的话，极有可能一方面引发大量的交易纠纷，另一方面甚至导致整个交易根本就无法正常进行下去；所以交易所一般采取或在收市前的某个时间、或在次一个交易日开市前的某个时间作"资金结算"（此处用词可能不当，应该怎么定义记不太清楚了）；在规定的时间内，保证金不足的一方若不能及时将保证金予以补足、交易所才对其行使强行平仓的权力。

Currently in China's rural areas, price risk through the futures market to hedge the operation, and control of natural risks is only through agricultural insurance to resolve or reduce.

目前在中国的农村地区，价格风险，通过期货市场套期保值的运作，和控制自然风险，只有通过农业保险来解决或减少。

The research of the hedge model is essential for the hedger and is a key issue of futures markets.

套期保值模型的研究不仅是众多套期保值厂商关注的重要问题，也是期货价格理论的核心问题之一。

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.

特别是期货合同可以有不同的价值观方面的套期保值效果，这取决于措施的使用和避险工具的功能。

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 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。

The basic concept of FOP can be summarized as to further optimize effective prescription according to the standard of curative effects and with the aid of modern science and technology and theories of traditional Chinese medicine.

其基本内涵可概括为：以确有疗效的中药复方为研究对象，以现代科学技术和传统中医药理论为技术支持，以该复方所治病证的药效响应为评价标准，以优化重组疗效更优的新复方为研究目的。

Ever since our world has been a world, native forests have been indiscriminately exploited by man.

自从我们的世界一直是世界原生森林被任意剥削人。