期货交易

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。

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。

At the same time, the futures exchange transactions together, a very high market liquidity from a unified clearing house for settlement of these transactions on the mechanism of the superiority of the futures market have made the risk greatly reduced.

同时，期货外汇交易一起，从一个为这些交易的结算对期货市场的优势，统一的信息交换机制非常高的市场流动性已大大降低了风险。

Stock, stock transaction, stock dark horse, fund transaction, commercial English, specialized translation, financial investment, stock analysis, investment strategy, overseas fund, fund heavy warehouse, fund tendency, bond, foreign exchange operation, gold dealings, investment managing finances, OBV target, DMI target, gold stock

期货，股票交易，股票黑马，基金交易，商务英语，专业翻译，金融投资，个股分析，投资策略，海外基金，基金重仓，基金动态，债券，外汇操作，黄金交易，投资理财，OBV指标，DMI指标，黄金期货

China Stock Index Futures Research Center through the mainland stock index futures market research found that the lack of individual protection measures, such as from the first phase of the management of the parties and the market launch of stock index futures preparations watch, despite the risk of education, institution building, as well as stock index futures Simulation of a series of transactions, but we have not found one has for small and medium-sized retail, especially with regard to protection of small and medium-sized retail system.

中国股指期货研究中心通过大陆市场调研发现股指期货缺乏散户保护措施，比如从第一阶段管理层与市场各方对股指期货推出的准备工作看，虽然进行了风险教育、制度建设，以及股指期货的仿真交易等一系列的工作，可我们却在其中没有发现有针对中小散户、特别是有关中小散户保护的相关制度。

Article 34 If the trading results are not in accordance with the instructions of the investor, or the forced closing out of positions is not in accordance with the legal or agreed conditions, where the futures brokerage company is at fault, it shall re-execute the instructions of the investor or restore the positions forcibly closed out within the period agreed upon in the contract of futures brokerage, and shall compensate for the direct losses incurred therefrom.

第三十四条交易结果不符合投资者交易指令，或者强行平仓不符合法定或者约定条件，期货经纪公司有过错的，应当在期货经纪合同约定的时间内重新执行投资者交易指令或者恢复被强行平仓的头寸，并赔偿由此产生的直接损失。

According to informed sources, liquor futures will be set up in Luzhou liquor focused on the development of the district.

知情人士透露，白酒期货交易区将设立在泸州酒业集中发展区。

Further information,"the Futures Exchange will be set up in Luzhou liquor focused on the development of the district."

知情人士进一步介绍，&期货交易区将设立在泸州酒业集中发展区。&

That it will need a particular foreign currency to pay a bill in a month's time

那么采用外汇期货交易，公司就能避免某些风险。

Gains of sales of securities and futures are included in the tax base of AMT.

二、 证券及期货交易所得纳入企业最低税负税基。

In the negative and interrogative forms, of course, this is identical to the non-emphatic forms.

。但是，在否定句或疑问句里，这种带有"do"的方法表达的效果却没有什么强调的意思。

Go down on one's knees;kneel down

屈膝跪下。。。下跪祈祷