期货期权词汇-芝商所

中文	英文
保值购买或者出售一个期货合同作为一种临时性的替代品 , 以替代将来的现货交易 . 通常情况下同时在现货市场和期货市场做出相反方向的交易.	Hedge The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.
保值避险者那些打算销售或购买实际商品并利用期货市场来抵消价格风险的人或公司	Hedger A person or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity.
保证金客户付给经济商或清算所的一定数额的现金或间接形式的抵押金，为了避免经济商或清算所在未平仓的期货或期权合同中遭受损失	Margin The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts.
报价每个合约单位的价格。请注意小数点的位置。谷物中‘后面的数字为四分之一美分位，例如2 = 0.25，4 = 0.50；在利率中，为1/32的1.5个百分点。	Price Quotation Price per contract unit. Note placement of decimal. Numeral after ‘ in grains is in quarter-cents, e.g. 2 = 0.25; 4 = 0.50; in interest rates = points & half-points of 1/32.
贝塔系数把股票价格的运动联系到指数运动的一种衡量方法。贝塔用来决定用股指期货或期货期权套利保值所需的合约量。	Beta A measure correlating stock price movement to the movement of an index. Beta is used to determine the number of contracts required to hedge with stock index futures or futures options.
背驰于近期的价格变化趋势相反的运动方向。	Retracement A price move in the opposite direction of a recent trend.
标的期货合约标的物 (underlying) 为期权行权时买入或卖出的相应期货合约。举例来说，1 份 8 月份 CME 活牛期货合约的期权为买入或卖出1份该等期货合约的权利；而 1 份 9 月份小麦期货合约的期权授予买入或卖出 1 份 9 月小麦期货合约的权利。	Underlying Futures Contract The underlying is the corresponding futures contract that is purchased or sold upon the exercise of the option. For example, an option on an August CME Live Cattle futures contract is the right to buy or sell one such contract. An option on September Wheat futures gives the right to buy or sell one September Wheat futures contract.
波幅在一定时期内纪录的高价与低价和高与低的出价和要价。	Range The high and low prices or high and low bids and offers recorded during a specified time.
波动衡量特定时间内的价格波动。	Volatile A measurement of the change in price over a given time period.
参考价格用作参考的工具的价格，如决定开盘价，开始一种运算，或化成一种指数，并且通常是交割价或前一日的收盘价。	Reference price The price of an instrument used as "reference" –e.g., for determining an opening price, starting an algorithm, or figuring into an index –and is usually the settlement price or last closing price.
冲销头寸期货期权买方并没有义务一定要行权。事实上有许多交易者选择在到期前冲销其头寸。想要在到期前锁定利润或者在下行趋势中限制损失的交易者将会冲销其头寸。买方可以指示经纪商在到期前卖出期权以作冲销。期权卖方可以买回期权或“填补 (covering)”空头头寸来冲销头寸。期货期权就和期货本身一样都是在 CME 交易大厅（在通常情况下一个可以进行冲销期权头寸的交易市场）进行交易，也可以在 Globex 电子交易平台（各式各类的期权可以通过此平台在整个交易周内进行全天候的交易）上进行交易。	Offset The buyer is under no obligation to exercise an option on a futures contract. As a matter of fact, many traders choose to offset their position prior to expiration. Traders will offset their position if they wish to take profits before expiration or limit losses on the downside. Buyers can offset their options by instructing their broker to sell their option before expiration. An option seller can offset a position by buying back or “covering” a short position. Options on futures, like futures themselves, trade both on the CME floor, where a market normally exists to offset options positions, and on the Globex electronic trading platform, where many options can be traded virtually around-the-clock throughout the trading week.
差价同一种商品的各种股票种类、等级和交割地点的价格差异。	Differentials Price differences between classes, grades, and delivery locations of various stocks of the same commodity.
产品价格指数一个表示在前一月中生产制成品所需要的原料的成本的指数。	Producer Price Index (PPI) An index that shows the cost of resources needed to produce manufactured goods during the previous month.
产品代码用于识别市场和交易平台，以便进行交易和清算。经纪商和报价服务机构使用的代码可能与交易所代码不同	Product Symbol Identifies both market and trading venue for trading and clearing purposes. Symbols used by brokers and quote services might differ from exchange symbol.
场外衍生工具不必遵循标准期货合约条款的期货和期权合约。	Over the Counter Derivative Futures and options contracts with terms that do not necessarily adhere to those of a standardized futures contract.
场外交易在正式期货交易所之外进行的交易。	Over the Counter Trading Trades that take place outside of a formal futures exchange.
持有者购买期权的人	Holder One who purchases an option.
持仓一种市场承诺。一个期货合同的买家就拥有一个多头盘口，而相反的，一个期货合同的卖家就拥有空头盘口。	Position A market commitment. A buyer of a futures contract is said to have a long position and, conversely, a seller of futures contracts is said to have a short position. See "Open Interest"
持仓限额 CFTC （货物期货交易委员会）和（或者）进行交易的交易所规定的一个交易者可以持有的投机期货合同的最大数目。也被称作交易限额。	Position Limit The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limit.
储备需求 Federal Reserve( 联邦储备 ) 需要他的成员银行保留的现金和流动资产的最小量，作为需求保证金和时间保证金的一个百分比。	Reserve Requirements The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain. ve Requirements.
初始保证金持有一份合约的头寸需要多少资本。最低保证金由芝商所设立，经纪商可能要求支付更多的保证金。保证金可能因市况随时变化。	Initial Margin How much capital is required to hold a position in one contract. Minimum set by CME Group; brokers may require more. Can change at any time based on market conditions.
单纯避险者一个人为了锁定某种货物的价格而进行的风险规避。他会在现货市场中同时进行交易来抵消这个风险。	Pure hedger A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.
到期日/最后交易日这指的是期权可行权转换为建立标的期货头寸的最后一天。过了该时点后，期权将不再存在；买方不能再行权，而卖方再也没有任何义务。要注意的是有些期权合约在标的期货合约最后结算或到期之前先到期。举例，一份 2012 年 9 月份小麦 900 看涨期权将在 2012 年 8 月 24 日到期。但是标的期货是在 9 月 14 日到期。最后交易日 (last trading day) 为期权仓位可被冲销的最后一天。	Expiration Date/Last Trading Day This is the last day on which an option can be exercised into the underlying futures contract. After this point the option will cease to exist; the buyer cannot exercise and the seller has no obligation. Note that some options expire prior to the final settlement or expiration of the underlying futures contract. For example, a September 2012 Wheat 900 call option will expire August 24, 2012. However, the underlying futures will expire September 14, 2012. The last trading day is the last day on which an option can be offset.
到期交割月一个被制定或接受的期货合约交割月份。也叫交割月。	Contract month The month in which futures contracts may be satisfied by making or accepting delivery. Also called the delivery month.
当前交割月期货合约到期和可以交割的月份。	Current delivery month The futures contract which matures and becomes deliverable during the present month.
到期期间一个期货合同可以实际商品交割的时期，这段是时期从第一通知日到一商品期货合同的最后交易日之间	Maturity Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.
到期收益率投资者如果持有固定收入的证券到最后期限所能得到的回报率。	Yield to Maturity The rate of return an investor receives if a fixed-income security is held to maturity.
Delta 值 Delta 值量度期权费在标的期货合约价格变动一单位时的相对变化率，为在任何给定时刻的价格敏感性量度标准。期权并非都随着其标的期货合约的价格变动同步变化。如果期货合约变动 0.50 点，而期权只变动 0.25 点，其 Delta 值便为 50%，即期权相对于标的期货合约变动的敏感性只有 50%。 Delta 值在期权从价外状态变为平价，再变为价内期权的过程里将随之变化直到接近 100%。 Delta 值范围为0% 至 100%。标的期货合约的 Delta 值为 100% （Delta 值一般使用期权定价软件计算）。	Delta Delta measures the rate of change of an option premium with respect to a price change in the underlying futures contract. Delta is a measure of price sensitivity at any given moment. Not all options move point-for-point with their underlying futures contracts. If a futures contract moves .50 points and the option only moves .25 points, its delta is 50%; i.e., the option is only 50% as sensitive to the movement of underlying futures contract. The delta will change as an option moves from out-of-the-money to at-the-money to in-the-money, approaching 100%. Deltas range from 0% to 100%. The delta of the underlying futures contract is 100% (options pricing software is normally used to calculate delta).
第一通知日清算所通知买方指定月份的期货合同可以交货的第一天	First Notice Day The first day that a notice of intent to deliver a commodity can be made by a clearinghouse to a buyer in fulfillment of a given month's futures contract.
点形图一个用 x’s 表示价格上涨用 o’s 表示价格下降的图表，分析师用作分析买和卖。	Point and Figure Chart A graph of prices charted with x's for price increases and o's for price decreases, used by the chartist for buy and sell signals.
定价定单在一定或更好的价格下，买入或者卖出的定单。	Price order An order to sell or buy at a certain price or better.
电子交易用于执行交易的计算机化流程和平台，包括落盘、买卖盘发布和交易执行。	Electronic Trading The computerized processes and platforms that carry out a trade, including order placement, bid-and-offer posting and trade execution.
多头避险打算未来购买现货，而先买进期貨，以防现货价格上涨买到高价	Long hedge The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an advance in the cash price. See "hedge."
多头头寸交易者购买的一个期货合同不冲销先前建立的空头部位	Long position A position in which the trader has bought a futures contract that does not offset a previously established short position.
对应交易买卖订单的执行同时完成的交易。对应交易包含一个或多个合同，针对特定数量的合同，当同样的价格被列入买卖订单时，对应交易就产生了	Matched trade The execution of the buy and sell orders that together consummate a trade. A matched trade consists of one or more contracts and occurs when the same price is specified by buy and sell orders, for a specified number of contracts.
对手方任何交易中处于相对面的个人或公司（即买方或卖方）。	Counterparty The individual or company (i.e., the buyer or seller) on the opposite side of any trade.
反弹在一轮价格下跌之后的一个价格的向上运动。是‘ reaction’ 的反面。	Rally An upward movement of prices following a decline. The opposite of a reaction.
风险管理在投资或业务规划过程中识察、分析、减轻或吸纳价格风险。	Risk Management Identifying, analyzing and either mitigating or absorbing the price risk in investing or business planning.
伽玛衡量期权中随期货价格变化的 delta 值的变化，相当于 delta 值的变化除以期货价格的变化。	Gamma The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
高价一特定期货合同在一特定时间范围内的最高价格	High The highest price for a particular futures contract over a specified time period.
杠杆作用利用少量资产来控制大量资产	Leverage The use of a small amount of assets to control a greater amount of assets.
公开喊价公开交易的方式保证每个交易者有平等买卖的机会	Open outcry The method of trading publicly so that each trader has a fair chance to buy or sell.
沽出价经常被称为“出价”它是一个出售的意思。指的是在指定的价格下愿意出售期货合约。	Ask Price Also called "offer." A motion to sell. Indicates a willingness to sell a futures contract at a given price.
过户给清算系统中另一成员的指令，由清算公司 A 执行，然后交给清算公司 B 清算和处理	Give up An order to be given to another member firm in clearing system, an allocation. An order executed by clearing firm A and given to clearing firm B where it will be cleared and processed.
管理期货是指由专业的资金管理者即商品交易顾问管理客户资金组成的，运用国际期货市场作为投资媒介的行业	Managed Futures Represents an industry comprised of professional money managers known as commodity trading advisors who manage client assets on a discretionary basis, using global futures markets as an investment medium.
股票指数衡量一组股票（又称股份）的尺度，用于描述市场行情和分析特定股票投资的回报。	Equity Index A measure of a group of stocks, also called equities, used to describe the market and analyze the return on specific stock investment.
合约月份可进行交易的到期月份。通常取决于标的市场的季节性和基本面。	Contract Month Expiration months in which trading is available. Typically driven by underlying market seasonality and fundamentals.
合约规模用于界定某种期货合约所代表的标的市场的单位数量。	Contract Size Defines the number of units of the underlying market represented by one futures contract.
回购协议卖家和买家的一个协议，通常用于美国政府的有价证券，其中卖家同意在迟些时候买回证券。	Repurchase Agreements (or Repo) An agreement between a seller and a buyer, usually in U.S. government securities, in which the seller agrees to buy back the security at a later date.
汇率一国货币换算为外国货币的价格。	Foreign Exchange Rate The price of a country's currency when converted from another country's currency.
机构交易者受雇代表实体进行交易的人士或实体，包括金融机构、投资银行、退休基金、对冲基金和共同基金。	Institutional Trader A person or entity employed to trade on behalf of entities, including institutions, investment banks, pension funds, hedge funds and mutual funds.
基差现货或商品的现金价格和相同的期货价格或相关价格的差额。它通常被计算到近期的期货 , 和可能表现不同的时间期数、产品规格、质量和场所。	Basis The difference between the spot or cash price of a commodity and the futures price of the same or a related commodity. Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations.
即日交易指的是一天内建仓和平仓，就是在收市时没有仓位。	Day trading Refers to establishing and liquidating the same position or positions within one day's trading, thus ending the day with no established position in the market.
加工毛利大豆的成本与豆油和豆粕售出产生的总收入间的差价	Gross Processing Margin (GPM) The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.
价外期权对看涨期权而言当期货价格低于行使价或对看跌期权而言高于行使价的期权就为价外期权。期权合约没有内在价值、只有时间价值的时候便是处于价外状态。如果原油（WTI）期货以 93.95 的价格进行交易，那么 95.00 看涨期权为价外期权。	Out-of-the-money When the futures price is below the strike price (for calls) and above the strike price (for puts) the option is said to be out-of-the-money. An option that has no intrinsic value, but only time value, is out-of-the-money. If Crude Oil (WTI) futures are trading at 93.95, a 95.00 call would be out-of-the-money.
价格变动表明价格向上向下的变化。	Tick Refers to a change in price, either up or down. See "minimum price fluctuation."
价格限额相对于上一交易日的结算价，交易中最大的升幅或降低。察看变数限价，最大价格波幅。	Price Limit The maximum advance or decline from the previous day's settlement price permitted for a contract in one trading session by the rules of the exchange. See also Variable Limit, Maximum Price Fluctuation.
价差组合通过买入和卖出同级的期权而建立的期权盘口，但两个期权是不同的系列。	Spread An options position established by purchasing one option and selling another option of the same class, but of a different series.
交易日在一段时间内所有同一级别的执行的交易在同一天结算。这一段时间可能超过 24 小时，可能是一个或更多交易盘。	Trading day (Should actually be called 'Clearing Day') –Period within which all executed trades for a given class are cleared on the same day. This period may very well exceed 24 hours. One or more sessions could take place.
交易量在一定时间内交易的期货合同和期权期货合同的数量。 CME: 表示‘总量’（如一天的总交易量）。	Volume The number of contracts in futures or options on futures made during a specified period of time.
交易平台 CME Globex几乎每周6天每天24小时可进行电子交易。	Trading Venue CME Globex offers electronic trading almost 24/6.
交易时段合约可在特定交易平台进行交易的时间。对于CME Globex，请注意清算/交割的交易日横跨两个日历日。	Trading Hours When the contracts are available for trading on a certain trading venue. For CME Globex, note that a trading day for clearing/settlement spans two calendar days.
交割履行期货合约中，交付和接收金融商品或实际商品。	Delivery The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
接转去年底的商品储存量。	Carryover Last year's ending stocks of a storable commodity.
结算押金是一种对他们的客户所开的期货和期权合约收取的保证金，确保结算会员 ( 通常是公司或企业 ) 的一种经济担保。	Clearing margin Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.
结算交易买卖双方每一笔交易产生两个清算交易，一个是买主的另一个是卖主的。	Clearing trade transaction Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.
结算幅度由交易所规定的收市时的高价和低价或者是开价和还价。 (最后外汇交易的最后 60 秒买卖和其它合约的交易 30 秒 ) 。	Closing range The high and low prices or bids and offers recorded during the period designated by the Exchange as the official close (the final 60 seconds of trading in currencies and 30 seconds in all other contracts).
竭尽缺口接近价格的高峰或低谷时出现价格缺口，预示着行情将要逆转。	Exhaustion gap A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market.
结算价一个由收市价格范围所决定的价格，用来计算在期货市场的账目获利和损失，为了交割而进行催缴欠款和单据价格。见“收市价格范围”。	Settlement price A figure determined by the closing range that is used to calculate gains and losses in futures market accounts, performance bond calls and invoice prices for deliveries. See "closing range."
金融商品有两种类型：（ 1 ）债务工具，协议在还款时支付利息的贷款（ 2 ）资产证券，公司的股份或股权	Financial Instrument There are two basic types: (1) a debt instrument, which is a loan with an agreement to pay back funds with interest; (2) an equity security, which is a share or stock in a company.
金融期货一种期货合约，其价值根据股指、利率或外币汇率等金融工具确定。	Financial Futures A future contract whose value is based upon financial instruments such as a stock index, interest rates or foreign currency exchange rates.
经纪行一个为客户处理期货和期权买卖合约订单的公司。	Brokerage house A firm that handles orders to buy and sell futures and options contracts for customers.
均衡价格商品的数量供应等于需求数量的市场价。	Equilibrium Price The market price at which the quantity supplied of a commodity equals the quantity demanded.
开市交易市场开始交易	Opening The beginning of the trading session.
开市价开市后第一笔成交交易的价格	Opening price The first price of an instrument at the beginning of the trade session.
开盘时段做出第一个报盘和递盘以及第一个交易完成时的买卖价波动范围。至少需要一个交易来启动。	Opening range The range of prices at which the first bids and offers were made or first transactions were completed. Must be initiated by at least one trade.
看涨期权看涨期权持有人（买方）有权在到期日当日或之前按特定价格买入（做多）期货合约。举例，一份12月份玉米 820 看涨期权的持有人（买方）有权在购买期权至 12 月期权到期这段期间的任何时候以 820（8.20 美元/蒲式耳的速记）的价格买入或做多 12 月玉米期货合约。即使玉米期货价格上涨大幅超过 8.20/蒲式耳，看涨期权持有人仍有权以 8.20/蒲式耳的价格买入玉米期货。	Call Option A call option gives the holder (buyer) the right to buy (go long) a futures contract at a specific price on or before an expiration date. For example, a December Corn 820 call option gives the holder (buyer) the right to buy or go long a December corn futures contract at a price of 820 (shorthand for $8.20/bu) anytime between purchase and the December options expiration. Even if corn futures rise substantially above 8.20/bu, the call holder will still have the right to buy corn futures at 8.20/bu.
看跌期权看跌期权持有人有权在到期日当日或之前按特定价格卖出（做空）期货合约。举例，一份 8 月份 CME 活牛 124 看跌期权的持有人有权以 1.24 美元/磅的价格卖出8 月 CME 活牛期货。即使该期货下跌至 1.14 美元/磅，看跌期权持有人仍有按 1.24 美元/磅的价格做空合约的权利。	Put Option A holder of a put option has the right to sell (go short) a futures contract at a specific price on or before the expiration date. For example, an October 124 CME Live Cattle put gives the put holder the right to sell October CME Live Cattle futures at $1.24/lb. Should the futures decline to $1.14/lb., the put holder still retains the right to go short the contract at $1.24/lb.
看跌期权与看涨期权看跌期权与看涨期权为独立的期权合约，并非同一交易里的交易对方。每一看跌期权买方都有一个对应的看跌期权卖方，而每一看涨期权买方都有一个对应的看涨期权卖方。	Puts and Calls Puts and calls are separate option contracts; they are not the opposite side of the same transaction. For every put buyer there is a put seller, and for every call buyer there is a call seller. The option buyer pays a premium to the seller in every transaction.
客户保证金在期货行业中，期货和期权合约的买卖双方都要求经济担保去保证合约义务的实行。	Customer Margin Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations.
可用期权用于说明特定期货合约是否提供某种期权。	Options Available Signifies whether an options on futures contract is available for this futures contract.
恐慌性抛售一个非常高的交易量在下降趋势中突然出现，是这一趋势结束的信号。	Selling climax An extraordinarily high volume occurring suddenly in a downtrend signaling the end of the trend.
联邦基金利率指使用联邦基金付出的利息率	Federal Funds Rate The rate of interest charged for the use of federal funds.
领先指标为未来几个月的经济状况做指示的市场指标。一些领先指标包括：制造业的平均工作日，失业保险的初期索赔，消费者货物和原材料的委托单，公司百分率。	Leading Indicators Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies.
流动性证券市场或商品市场有足够成员允许大量交易发生并且不会引起价格实质性变化的特性	Liquid A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price.
履约价格同被称作行使价 (strike price)，为期权买方可买入或卖出标的期货合约的价格。期权行权会产生按指定行使价的期货头寸。举例，期权买方通过执行 12 月原油（WTI）9400 看涨期权合约，得以 94.00 美元的价格建立多头 12 月原油（WTI）期货头寸。如果持有一份 8 月份 CME 活牛 120 看跌期权的交易者执行其期权，其将得以价格 120.000 建立空头 8 月份 CME 活牛的期货头寸。行使价格区间及范围由交易所设定，并取决于各标的合约不同的价格区间。行使价设定在高于或低于现行期货价格，而在期货价格大幅上涨或下跌时则另加更多行使价的期权合约。	Exercise Price Also known as the strike price, the exercise price is the price at which the option buyer may buy or sell the underlying futures contracts. Exercising the option results in a futures position at the designated strike price. For example, by exercising a December Crude Oil (WTI) 9400 call, the buyer of the option would then be long a December Crude Oil (WTI) contract at$94.00. If the holder of an August CME Live Cattle 120 put were to exercise his or her option, the result would be a short futures position, at 120.000, in August CME Live Cattle. Strike prices are set by the exchange and have different intervals depending on the underlying contract. Strike prices are set above and below the existing futures price and additional strikes are added if the futures move significantly up or down.
履约保证金期权买方在交易时只须支付期权费全额。但由于卖出期权所涉及到的风险更为大，因此期权卖方必须支出履约保证金 (Performance Bond)。您可以与经纪商商量就卖出期权相关的履约保证金要求（参见有关卖出期权所致风险的部分）。一旦期权头寸行权成为期货头寸，就和任何其他期货头寸一样需要支付履约保证金。	Performance Bond An option buyer must only put up the amount of the premium, in full, at the time of the trade. However, because option selling involves more risk, an option seller or writer will be required to post performance bond. Your broker can discuss the performance bond requirement associated with selling options (see section regarding risks in selling options). Once an options position is exercised into a futures position, performance bond is required, just as for any other futures position.
买以指定了的价格购买特定数量的商品。市场参与者愿意支付的价格。	Bid (or buy) An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.
买空预期价格会上升	Bull One who expects prices to rise.
买入已经购买了一个期货或期权合同的人建立一个交易盘口，并且没有通过冲销抛售盘口	Long One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure.
买卖盘类型买卖盘类型（请注意，并非所有买卖盘类型均可通过Globex和公开喊价市场在交易厅执行。此外，视买卖盘是通过公开喊价市场还是通过Globex在交易厅执行而定，可在这两种平台执行的买卖盘类型可能有不同的涵义。）公开喊价买卖盘类型全部执行或取消(AON)买卖盘这是一种按单一价格通过公开喊价市场在交易厅悉数执行的指定合约买卖盘，其规模必须等于或高于预设的限额。无视市场(DRT)买卖盘或全权买卖盘如无任何限制条件，“无视市场”（全权）买卖盘指允许相关人士全权酌情决定执行买卖盘的价格和时间的买卖盘，包括酌情决定执行全部、部分买卖盘或不执行买卖盘。会员或清算会员不得接受包含“with a tick, you are held”（“以一个跳动点为准，由贵方依市场行情处理”）的字样（或类似字样）的买卖盘。各方理解，场内经纪人可为自己进行交易，同时持有这种买卖盘，而不违反规则530（“客户买卖盘优先权”），前提是客户此前已用书面形式同意这样做，并在买卖盘上注明“WP”（已允许）字样，以证明该一般同意。已向清算公司发出指令，要求在执行上一个买卖盘之后录入止损盘。成交或取消(FOK)买卖盘这是在买卖盘中增加的一个指令，要求经纪人要么立即全数执行买卖盘，要么全数不执行。如果买卖盘未立即全数执行，则被取消。限价盘要求按特定价格（“限价”）或更好的价格执行的买卖盘。市价(MKT)盘要求场内经纪人在收到买卖盘后按可获得的最佳价格执行的买卖盘。触价(MKT)盘按高于（低于）市价下达的买入或卖出买卖盘，在触及指定价格时成为市价盘。收盘市价(MOC)盘只在收盘价范围内作为市价盘执行的买卖盘。二择一(OCO)买卖盘这是两种买卖盘的组合，执行其中一个买卖盘将自动取消另一个买卖盘。开口买卖盘（取消前有效买卖盘）在取消之前始终有效的买卖盘。如果没有此类说明，所有未执行的买卖盘将在正常交易时段结束时取消。开盘买卖盘在交易所指定的正常交易时段开盘期间执行的买卖盘。在指定的开盘时间范围内未被执行的买卖盘将视为取消。止损盘在如下文所述选择买卖盘上的指定价格（“止损价”）时成为市价盘的买卖盘。 “买入止损盘”按高于市价的价格下达，只能在市场交易价格或递盘价格等于或高于止损价时选择。“卖出止损盘”按低于市价的价格下达，只能在市场交易价格或报盘价格等于或低于止损价时选择。收盘止损盘只在收盘期间有效的止损盘。如果市场在收盘期间出现下列情况，该买卖盘将成为市价盘：(1)买入收盘止损盘的交易价格或递盘价格等于或高于止损价；或(2)卖出收盘止损盘的交易价格或报盘价格等于或低于止损价。止损限价盘如果市场出现下列情况，止损限价盘可按限价或更好的价格执行：(1)买入止损限价盘的交易价格或递盘价格等于或高于止损价；或(2)卖出止损限价盘的交易价格或报盘价格等于或低于止损价。 Globex买卖盘类型 Globex特定买卖盘类型的可用性因产品而异，并非所有买卖盘类型均适用于所有产品。各产品支持的买卖盘类型见《Globex参考指南》组合盘按固定差价或根据其它相关定价规则为由相同人士拥有的一个或多个帐户发出的买入和/或卖出组合盘。隐藏数量盘只向市场显示买卖盘一小部分的买卖盘。当所显示数量的买卖盘已执行时，再向市场显示买卖盘的其它部分。限价盘按特定价格（“限价”）或更好的价格执行的买卖盘。有保护市价盘按交易所预定价格范围内目前最好的报盘价格（适用于买入盘）或递盘价格（适用于卖出盘）执行尽可能多的买卖盘的买卖盘。无法在受保护价格范围内执行的买卖盘将按受保护价格范围的限制作为限价盘留在买卖盘记录中。最低数量盘只在买卖盘的若干最低数量可立即匹配时执行的买卖盘。止损限价盘在买入止损限价盘的交易价格等于或高于止损价，或卖出止损限价盘的交易价格等于或低于止损价时可按限价或更好的价格执行的买卖盘。有保护止损盘在Globex上达到指定交易价格时可以执行的买卖盘。此类买卖盘只在交易所预定的价格范围（受保护价格范围）内执行。在触发止损价格时，买卖盘作为限价盘录入买卖盘记录，限价等于触发价格加减预定的受保护价格范围。任何无法在受保护价格范围内执行的买卖盘将按限价作为限价盘留在买卖盘记录中。 Globex买卖盘期限标识如果买卖盘未在收到该买卖盘的交易日执行，或者如果买卖盘在两个交易日之间收到，而该买卖盘未在下个交易日执行，则可以录入Globex，且不包含期限标识的买卖盘将被取消。买卖盘可指定下列期限标识之一：当天如果未在买卖盘录入Globex的交易日结束时执行买卖盘，则该买卖盘将被取消。立即执行，否则取消买卖盘必须按指定价格立即全部或部分执行，任何剩余部分将被取消或废除。取消前有效(GTC) 买卖盘将始终保持有效，直至执行、取消或合约到期为止。指定日期前有效(GTD) 买卖盘将始终保持有效，直至指定日期为止，除非买卖盘被执行、取消或合约到期。	Order Types (Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.) Open Outcry Order Types All-Or-None (AON) Order An order to be executed in designated contracts in a trading pit via open outcry only for its entire quantity at a single price, with a size at or above a predetermined threshold. Disregard Tape (DRT) Or Not-Held Order Absent any restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over price and time in execution of the order, including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation. An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved. Fill Or Kill (FOK) Order A designation, added to an order, instructing the broker to fill the order immediately in its entirety or not all. If the order is not filled immediately in its entirety, it is cancelled. Limit Order An order with instructions to be executed at a specific price ("limit price") or better. Market (MKT) Order An order with instructions to be executed upon receipt by a floor broker at the best available price. Market If Touched (MIT) Order A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched. Market On Close (MOC) Order An order to be executed as a market order only in the closing range. One-Cancels-Other (OCO) Order A combination of two orders, in which the execution of either one automatically cancels the other. Open Order (Good-Till-Cancelled) An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session. Opening Only Order An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled. Stop Order An order which becomes a market order when the price designated on the order (the "Stop Price") is elected as described below. A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price. Stop-Close Only Order A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price. Stop Limit Order A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price. Globex Order Types The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide. Combination Order A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention. Hidden Quantity Order An order which displays only a small portion of the order to the marketplace. When the displayed quantity has been filled, another portion of the order will then be displayed to the marketplace. Limit Order An order to be executed at a specific price ("limit price") or better. Market With Protection Order An order to execute as much of order as possible at the best current offer price (for buy orders) or bid price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit of the protected range. Minimum Quantity Order An order which is executed only if a certain minimum quantity of that order can be immediately matched. Stop Limit Order An order which becomes eligible for execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit order. Stop With Protection Order An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the trigger price plus or minus the predefined protected range. Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit price. Globex Order Duration Qualifiers An order eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which it was received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following duration qualifiers: Day An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered. Fill And Kill An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated. Good ‘Till Canceled (GTC) An order which will remain in force until executed, cancelled or the contract expires. Good ‘Till Date (GTD) An order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.
卖出 ( 卖出定单 ) 一个开价。这种交易类型指的是卖出或看空。买的相对概念。	Sell (Sell Order) An offer. This transaction type indicates to sell or to go short. Opposite of buy or go long.
卖出对冲为了将来的现货市场出售而卖出的期货合同。用来避免或降低自己拥有的等价的金融商品或现货会贬值的可能性。	Short hedge The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or lessen the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See "hedge."
美国短期国债原始有效期在一年以下的短期美国政府债券。这债倦是以折扣价出售，折扣是到期时获得的面值与支付的价格的差价。	U.S. Treasury Bill A short-term U.S. government debt instrument with an original maturity of one year or less. Bills are sold at a discount from par with the interest earned being the difference between the face value received at maturity and the price paid.
美国长期国债原始有效期高于十年并带有息票的政府债券，利息每半年支付。	U.S. Treasury Bond Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
美国中期国债原始有效期从一年到十年并带有息票的政府债券。	U.S. Treasury Note Government-debt security with a coupon and original maturity of one to 10 years.
名目金额原生价值（面值），通常是期货或期权合同中特定的以美元表示的金融产品或商品的价值	Notional value The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract.
名义合约价值一份合约所代表的市场价值是多少。计算方法为合约规模乘以报价。该数字随每次价格跳动而变化。	Notional Contract Value How much market exposure is represented by one contract. Multiply Contract Size x Price Quotation. This number changes with each tick move.
目标价格一个期望的卖出或买入的价格。对于使用买卖期货来避险的是指期货价格加上预期基点。对于卖出期权是指期货价格减去期权金再加上预期的基点。对于买入期权是指期货价格加上期权金再加上预期基点。	Target price An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis.
内在价值实值期权执行价格与期货现价的关系。对于一个卖出期权 : 内在价值 = 执行价格 - 期货现价 , 对于一个买入期权 : 内在价值 = 期货现价 - 执行价格	Intrinsic value The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price - futures price. For a call: futures price - strike price.
逆转市场期货市场中，同一商品的两个交割月份的关系出现反常	Inverted Market A futures market in which the relationship between two delivery months of the same commodity is abnormal.
平价期权当期货价格等于期权行使价时，该期权就为平价期权。如果 12 月份 CME E-迷你标普500指数期货合约以 1300 的价格交易，那么行使价为1300的12月份CME E-迷你标普500指数看涨期权便是处于平价状态。	At-the-money An option is at-the-money when the futures price equals the option’s strike price. A December CME E-mini S&P 500 call option with a strike price of 1300 is at-the-money if the December CME E-mini S&P 500 futures contract is trading at 1300.00.
平均每日交易量它等于在特定的时期交易量除以同样的特定时期内的工作天数。	Average Daily Volume Equals volume for a specified time period divided by the number of business days within that same time period.
平衡点（收支相抵）一个策略的既不赢钱也不输钱的股票价格。买入期权收支平衡点等于执行价加上期权金。卖出期权的收支平衡等于执行价减去期权金。	Breakeven The point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium. Put breakeven equals the strike price minus the premium.
平仓，斩仓卖出 ( 或购买 ) 相同交割月份的期货合同 , 以抵消早先的买入 ( 或卖出 ) 交易 , 或者实际交割期货合同中提到的现货商品 .	Liquidate Selling (or purchasing) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or making (or taking) delivery of the cash commodity represented by the futures contract. See Offset.
期货指的是在商品期货交易所中为了将来交割出售和购买金融商品和商品而订立的合同	Futures A term used to designate all contracts covering the purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
期货合同就一期货交易签订的标准化的协议 , 以在将来的一定日期以特定价格购买或出售某商品，详细说明商品 , 品质 , 数量 , 交割日期，交割地以及现金种类 .	Futures contract A standardized agreement traded on a futures exchange, to buy or sell a commodity at a specified price at a date in the future. Specifies the commodity, quality, quantity, delivery date and delivery point or cash settlement.
期货交易所建立了规则和制度的买家和卖家交易期货和期货期权的中心场所	Futures Exchange A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts.
期权费期权费 (premium) 指期权买方/卖方为期权所带权利支付/收取的价格。因此，最终的期权费用是由市场供需来决定。各种不同因素会影响期权费，包括与期货价格水平相关的行使价水平、距离到期的剩余时间以及市场波动性。所有这些因素将会有进一步的讨论。	Premium The premium is the price that the buyer of an option pays and the seller of an option receives for the rights conveyed by an option. Thus, ultimately the cost of an option is determined by supply and demand. Various factors affect options premiums, including strike price level in relation to the futures price level; time remaining to expiration; and market volatility —all of which will be discussed further.
期权期货合约期权是在特定到期日当日或之前以特定价格买入或卖出特定期货合约的权利，而非义务。期权有两种类型：看涨期权和看跌期权。两种期权实际上在不持有期货头寸的情况下利用期货价格变动而获利的机会。	Option An option on a futures contract is the right, but not the obligation, to buy or sell a particular futures contract at a specific price on or before a certain expiration date. There are two types of options: call options and put options. Each offers an opportunity to take advantage of futures price moves without actually having a futures position.
期权买方期权买方可选择行使其权利来建立标的期货的头寸。看涨期权买方可行使权利来买入标的期货，而看跌期权买方则可行使权利来卖出标的期货合约。不过在多数情况当中，期权买方不会行使期权，而会在到期之前在市场上进行冲销（若期权还有任何价值）。	Option Buyer An option buyer can choose to exercise his or her right and take a position in the underlying futures. A call buyer can exercise the right to buy the underlying futures and a put buyer can exercise the right to sell the underlying futures contract. In most cases though, option buyers do not exercise their options, but instead offset them in the market before expiration, if the options have any value.
期权卖方期权卖方（即卖出本身未持有的期权的交易者），也称作期权发行者(writer)或授予人 (grantor)。当期权买方行使其买入/卖出的期权合约里规定的期货头寸的权利时，期权卖方在合约上有义务接受与期权买方建立相反的期货头寸。期权卖方收取期权费，因此承担持有可能不利于自己的期货头寸的风险。	Option Seller An option seller (i.e., someone who sells an option that he or she did not previously own) is also called an option writer or grantor. An option seller is contractually obligated to take the opposite futures position if the buyer exercises his or her right to the futures position specified in the option the buyer has purchased. In return for the premium, the seller assumes the risk of taking a possibly adverse futures position.
期货业务员一般称为商品经纪人 , 他是联系和提供咨询给客户以及在期货商品市场委任商人或介绍经纪人。这个委托人必须通过三种考试 , 被 CFTC 许可并且是 NFA 的一个成员。	Associated person (AP) A person, commonly called a commodity broker, associated with and soliciting customers and orders for a futures commission merchant or introducing broker. The AP must pass a Series 3 examination, be licensed by the CFTC and be a member of the NFA.
期权金买家和卖家之间统一的买卖期权期货合同的价格 – 买家支付给卖家。相对于期货合同价值或其他市价，额外付出的价格。	Premium The amount agreed upon between the buyer and seller for the purchase or sale of a futures option –the buyer pays the premium and the seller receives the premium. The excess of one futures contract price over that of another or over the cash market price.
倾销量一个反常的高成交量交易部分突然在上升趋势中发生，预示着趋势的结束。	Blowoff volume An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the end of the trend.
清算是清算行买卖期货合约的过程，通过确保每个合同来承担保护买卖者不受经济损失的责任。	Clearing The procedure through which the Clearing House becomes buyer to each seller of a futures contract, and seller to each buyer, and assumes responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract.
清算所清算成员或公司	House Clearing member or a firm.
期货执行价格期权买家在交割时买卖指定期货合同的价格。	Strike (price) The price at which the option buyer may purchase or sell the underlying futures contract upon exercise.
缺口市场交易价格由一天到另一天不是连续变化的的价格区域	Gap A price area at which the market didn't trade from one day to the next.
日交易限制由交易所制定的在一天交易部分允许上下浮动的最大价格。只存在于特定合约中。	Daily trading limits The maximum price fluctuations permitted a contract during one trading session as set by the Exchange. These exist on certain contracts.
商品任何经批准和指定根据交易所规则进行交易或清算的产品。也可指实物商品。	Commodity Any product approved and designated for trading or clearing in accordance with the rules of an exchange. Also may refer to a physical commodity.
商品期货交易委员会又称CFTC，是负责监管美国期货和期权交易的独立政府组织。	Commodity Futures Trading Commission Also known as the CFTC, this is the independent governmental organization that oversees futures and options trading in the United States.
上涨趋势通过一系列的较高的最高价和最低价表现的价格趋势。	Uptrend A price trend characterized by a series of higher highs and higher lows.
时间价值期权的期权金高于其内在价值的部分。通常与距离到期日的时间有关。	Time Value The amount by which an option's premium exceeds the intrinsic value of the option. Usually relative to the time left to expiration.
时间价值衰减正如之前所讨论的，期权超出内在价值以外的价值被称作时间价值。时间价值为期权交易者在期权价值有增长可能性的前提下愿意支付的款额。时间价值随着一天天的过去逐渐丧失，并且在到期日靠近时加快丧失率。期权的这个特性被称作时间衰减，而这也是期权为何有时被任作“递耗资产 (wasting assets)”的原因所在。如果时间流逝，而标的期货合约在到期之前的价格变化不足，期权的时间价值将随之衰减，期权交易者可能会发生损失。	Time Value Decay As discussed in the previous section, the value of an option beyond intrinsic value is called time value. It is the sum of money option traders are willing to pay given the likelihood of the option increasing in value. Time value erodes as each day passes, accelerating as expiration nears. This characteristic of options is referred to as time-decay and is the reason why options are sometimes considered “wasting assets.” If time passes and the underlying futures contract does not move far enough by expiration, the option’s time value will decay and the option trader may incur a loss.
市价委托单以当前能达到的最好价格立即成交	Market order An order filled immediately at the best price available.
市场价值保证金帐户中所有商品的现有价值	Market value The current value of all commodities held in a margin account.
市场定价通过期货市场，将来的现货市场价格信息的产生。	Price Discovery The generation of information about "future'' cash market prices through the futures markets.
收益率一种对投资的年收益的计算方法。	Yield A measure of the annual return on an investment.
收益率曲线一个图表，以收益水平为竖轴，以到期的债务证券为横轴。当长期利率高于短期利率收益率曲线为正数。	Yield Curve A chart in which the yield level is plotted on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates.
数量在交易或定单中，交易的物品单元的数量。有时也叫做‘ size ’。	Quantity Number of instrument units (e.g. lots) to be traded, in order or a trade. Sometimes also called "size."
饲养收益率指饲养成本与家畜以美元表示的价值之间的比率。例如猪 / 玉米饲养率和牛 / 玉米饲养率	Feed Ratio A ratio used to express the relationship of feeding costs to the dollar value of livestock. See Hog/Corn Ratio and Steer/Corn Ratio.
算法一种预先编程的自动规则集，可用于执行电子交易。	Algorithm An automated, pre-programmed set of rules that can be used to execute an electronic trade.
套利同时的买卖相同或相等的金融商品或商品期货以从他们的价格差异中获利。	Arbitrage The simultaneous purchase and sale of identical or equivalent financial instruments or commodity futures in order to benefit from a discrepancy in their price relationship.
逃逸缺口一个价格趋势开始后价格的一个缺口，标志着价格运动的中途阶段。	Runaway gap A gap in prices after a trend has begun that signals the halfway point of a market move.
调整后的期货价格等同的现金价格反映在现在的期货价格上。计算是通过用期货的价格乘以被交割的特定金融商品的转换系数。 ( 例如 , 债券或票据 )	Adjusted Futures Price The cash-price equivalent reflected in the current futures price. This is calculated by taking the futures price times the conversion factor for the particular financial instrument (e.g., bond or note) being delivered.
条形图由制表人用特定时期的价格、交易量、未平仓权益组成的图表来预测市场趋势。日条形图描绘了交易日的最高价、最低价和交易价。	Bar chart A graph of prices, volume and open interest for a specified time period used by the chartist to forecast market trends. A daily bar chart plots each trading session's high, low and settlement prices.
头肩形在市场价格的顶端和底部一个价格横摆走势形成，来表示一个主要的市场逆转。	Head and shoulders A sideways price formation at the top or bottom of the market that indicates a major market reversal.
通知日根据芝加哥交易所的规定，清算所对照最原始买方交割给卖方进仓的报告，在三日交割过程中的第二天，通知买卖双方	Notice Day According to Chicago Board of Trade rules, the second day of the three-day delivery process when the clearing corporation matches the buyer with the oldest reported long position to the delivering seller and notifies both parties.
头寸交易者在市场里拥有交易盘口的交易者并且可能会长期持有。	Position Trader A trader who takes a position in the market and might hold that position over a long period of time.
投机者预期价格波动，进行买卖期货合同从而获利的人。不是用期货市场进行生产、交易和处理产品的人。	Speculator One who attempts to anticipate price changes and, through buying and selling futures contracts, aims to make profits. Does not use the futures market in connection with the production, processing, marketing or handling of a product.
透明度了解公开市场的活跃程度和财务信息的渠道数量。	Transparency The amount of access a market openly offers about its activities and financial information.
突破缺口价格的一个缺口，表示一个价格趋势的结束和一个重要的市场运动的开始。	Breakaway gap A gap in prices that signals the end of a price pattern and the beginning of an important market move.
未平仓合约期货合同中未冲销的期货或期权的总数	Open interest Total number of futures or options on futures contracts that have not yet been offset or fulfilled for delivery.
未成交单一直有效直到成交或被取消的委托单。	Open order An order that remains good until filled, cancelled or eliminated. See good-til-canceled.
委托单一个要求 --- 通常由交易者开给交易所 - 在特定情况下购买或者销售特定的交易品种，这些情况或多或少是确定的（如价格，数量，委托单的种类，等）	Order A request –usually passed by a trader to the host –for buying or selling a given instrument at certain conditions more or less defined (conditions being price, quantity, type of order, etc.).
现货现货（Actuals）亦称实物（physicals）商品，指某人购买或销售，例如，大豆、玉米、黄金、白银、联邦债券等	Actuals An actual physical commodity someone is buying or selling, e.g., soybeans, corn, gold, silver, Treasury bonds, etc.
现货价实际的现货商品的目前市场价格，也叫“现货价”。	Cash price Current market price of the actual physical commodity. Also called "spot price."
现金交割在合约月的一个最后交易日最终的斩仓，在没有实际货物交割的市场中发生。	Cash settlement Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual delivery.
限价按照交易所规定的，在一个交易中比前一天的成交价格上升或下跌的最大值	Limit The maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the Exchange.
限价委托单通常与价格相等 . 在这种委托单中 , 有客户设定价格或者其他情况的限制 , 与之相对的市价委托单则是委托单应尽快成交 .	Limit order Usually equivalent to "price." An order in which the customer sets a limit on price or other condition, as contrasted with the trading floor definition of a market order, which implies that the order should be filled as soon as possible.
现价通常指一个可以立即进行交易的货物的市场价格。	Spot Usually refers to a cash market price for a physical commodity that is available for immediate delivery.
现货月最近的交易月份，可以是也可以不是当月。通常指现货可以进行交易的月份。	Spot month The nearest trading month which may or may not be the current calendar month. Usually used as the current delivery month for a commodity.
熊市一个价格趋势正在下滑的市场。	Bear market (bear/bearish) A market in which prices are declining.
衍生工具一种金融工具，例如期货或期权合约，其价值根据实物商品或其它金融工具确定。	Derivative A financial instrument, such as a futures or options contract, whose value is based upon a physical commodity or other financial instruments.
一揽子交易同时买卖一系列相连的期货合同，他是提供一个易于获得并且被广泛接受的在一个交易中执行多个期货合同的方法。	Bundle The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
一个跳动点的美元价值价格跳动一个点等于多少美元。计算方法为最小跳动点乘以报价。	Dollar Value of One Tick How many U.S. dollars equal a price move of one tick. Multiply Minimum Tick x Price Quotation.
隐藏交易额订单种类：表明总数量将不会显示在市场中 , 只有每个增加的数量才会被显示。总数量与显示量之间的区别数量将被隐藏。	Hidden quantity Order qualifier: indicates that the total quantity will not be displayed to the market, but only per increments as indicated. Difference between order quantity and displayed quantity is hidden.
英担 100 磅 , 简写 cwt	Hundredweight 100 pounds. Abbreviated cwt.
佣金是经纪商对交易收取的费用。可能是一笔固定的金额或是百分比，通常指的是中介费。	Brokerage The fee charged by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.
远期月期货或期权的交易月离有效期最远的月份。	Back months The futures or s on futures months being traded that are furthest from expiration. Also called deferred or distant months.
原始保证金根据交易所规定客户为每笔合同交纳的最小的执行债券押金	Initial margin The minimum performance bond deposit required from customers for each contract in accordance with the rules of the Exchange.
债券在现金市场中交易的工具它代表着一种政府或公司的债务。	Bond Instrument traded on the cash market-representing a debt of the government or of a company.
整合指的是期货合约接近到期日时，现货和期货价趋于一致 ( 例如，基差接近零 ) 。	Convergence A term referring to cash and futures prices tending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.
执行/行权行权 (exercise) 指期权买方执行其权利转换为做多标的期货（若执行看涨期权）或做空标的期货（若执行看跌期权）的过程。	Exercise Exercise refers to the process whereby the option buyer asserts his or hers right and goes long the underlying futures (in the case of exercising a call) or short the underlying futures (in the case of exercising a put).
指派交割人指派交割人 (assignment) 指卖方获得分配时有义务接收反向部位，即与期权买方相反的期货头寸。此头寸可能不利于卖方，而卖方为承担该风险收取期权费。请记住：买方可以行权，卖方则会被指派。	Assignment Assignment refers to the obligation of sellers to take the opposite and possibly adverse futures position to the buyers’ if assigned and for this risk receive the premium. Remember: Buyers exercise and sellers get assigned.
执行或交易价格在期权时限内，买方的叫价能够买进商品，和买方沽出商品的价格。	Exercise or strike price The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.
指数对于整个市场或某部分市场有代表性的数字 , 通常依靠一组交易物的现价和这组交易物的重要程度来估算	Index A number that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to these instruments.
滞后指标市场指标显示总体经济发展方向和确认或否认主导指标在市场发展趋势的应用，也叫做协作指标	Lagging Indicators Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as concurrent indicators.
止损订单类型：与停止限价相同，但是没有限定指数：当达到指定价格，就会被执行，像 MBF 一样。	Stop loss Order type: Same as stop limit, but with no limit indication: when triggered, will execute like an MBF.
支撑线在图表中当有足够的期货合同的购买量足以阻止价格下跌的一个量。	Support The place on a chart where the buying of futures contracts is sufficient to halt a price decline.
执行完成买卖期货合约的买卖盘。	Execution The completion of an order to buy or sell a futures contract.
追缴保证金，补仓清算公司发给清算成员或是经纪公司发给客户的要求 , 要求将剩余的保证金加至要求的最低标准	Margin Call A call from a clearinghouse to a clearing member, or from a brokerage firm to a customer, to bring margin deposits up to a required minimum level.
注册代理人证券经纪公司或期货经纪商雇用或咨询的人。	Registered representative A person employed by, and soliciting business for, a commission house or futures commission merchant.
转手买卖所赚薄利为很小的利益交易。交易通常是快速地建仓和平仓，通常是在同一天进行，甚至是在几小时或几分钟之内。	Scalp To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within the same day, hour or even just a few minutes.
自由经纪人为自己和 ( 或 ) 为其他客户完成委托单的交易所成员 , 他们的行为为市场提供了流动性	Locals Exchange members who trade for their own account and/or fill orders for customers and whose activities provide market liquidity.
总持仓价市场交割月份之间的差异反映了利息，保险，仓储的总成本的一个期货市场	Full Carrying Charge Market A futures market where the price difference between delivery months reflects the total costs of interest, insurance, and storage.
阻力线在卖出的压力下价格会达到的一个水平而停止上升。	Resistance line A price level above which prices tend not to rise due to selling pressure.
组合看涨期权由买入一个期货合同和买入一个看跌期权的组合，就叫做组合买入看涨。同时，由卖出一个期货合同和卖出一个看跌期权的组合，叫做组合卖出看涨。	Synthetic call option A combination of a long futures contract and a long put, called a synthetic long call. Also, a combination of a short futures contract and a short put, called a synthetic short call.
组合期货由两个有相同的行使价的看跌和看涨期权形成的组合，同时二者都看涨，叫做组合买入期货。由两个有相同行使价的看跌和看涨期权形成的组合，同时二者都看跌，叫做组合卖出期货。	Synthetic futures A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures. Also, a combination of a put and a call with the same strike price, in which both are bearish, called synthetic short futures.
组合期权一种一个期货合同和一个期权的组合，其中一个看涨一个看跌。	Synthetic option A combination of a futures contract and an option, in which one is bullish and one is bearish.
组合看跌期权卖出期货合同和买进看涨期权的组合，叫做组合买入看跌期权。同时，买进期货合同和卖出一个看涨期权的组合，叫做组合卖出看跌期权。	Synthetic put option A combination of a short futures contract and a long call, called a synthetic long put. Also, a combination of a long futures contract and a short call, called a synthetic short put.
最小跳动点每个合约单位的最小价格波幅。又称为最小变动价位或点值。	Minimum Tick Minimum price fluctuation per contract unit. Also known as tick size or tick value.
最近合约月交割可能发生的最近的月份，合约月份最接近现在的时间点	Lead month The most current contract month in which delivery may take place. The contract month closest to the current point in time.
最低价在一段特定时间一特定期货合同的最低价	Low The lowest price of a specified time period for a particular futures contract.
最大价格波幅按照交易所的规定，在一场交易中合约价格可以上下波动的最大值	Maximum price fluctuation The maximum amount the contract price can change up or down during one trading session, as stipulated by Exchange rules.
最小价格波幅在一特定合同交易中可能最小的价格波动增量，通常被称为 tick ，商品价格最小的波动是由交易所规定的	Minimum price fluctuation The smallest increment of price movement possible in trading a given contract, often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.
最近合约月期货或期权交易执行的最近的月份，也写做 lead month	Nearby The nearest active trading month of a futures or options on futures contract. Also referred to as the lead month.

中文

英文

保值

购买或者出售一个期货合同作为一种临时性的替代品 , 以替代将来的现货交易 . 通常情况下同时在现货市场和期货市场做出相反方向的交易.

Hedge

The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.

保值避险者

那些打算销售或购买实际商品并利用期货市场来抵消价格风险的人或公司

Hedger

A person or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity.

保证金

客户付给经济商或清算所的一定数额的现金或间接形式的抵押金，为了避免经济商或清算所在未平仓的期货或期权合同中遭受损失

Margin

The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts.

报价

每个合约单位的价格。请注意小数点的位置。谷物中‘后面的数字为四分之一美分位，例如2 = 0.25，4 = 0.50；在利率中，为1/32的1.5个百分点。

Price Quotation

Price per contract unit. Note placement of decimal. Numeral after ‘ in grains is in quarter-cents, e.g. 2 = 0.25; 4 = 0.50; in interest rates = points & half-points of 1/32.

贝塔系数

把股票价格的运动联系到指数运动的一种衡量方法。贝塔用来决定用股指期货或期货期权套利保值所需的合约量。

Beta

A measure correlating stock price movement to the movement of an index. Beta is used to determine the number of contracts required to hedge with stock index futures or futures options.

背驰

于近期的价格变化趋势相反的运动方向。

Retracement

A price move in the opposite direction of a recent trend.

标的期货合约

标的物 (underlying) 为期权行权时买入或卖出的相应期货合约。举例来说，1 份 8 月份 CME 活牛期货合约的期权为买入或卖出1份该等期货合约的权利；而 1 份 9 月份小麦期货合约的期权授予买入或卖出 1 份 9 月小麦期货合约的权利。

Underlying Futures Contract

The underlying is the corresponding futures contract that is purchased or sold upon the exercise of the option. For example, an option on an August CME Live Cattle futures contract is the right to buy or sell one such contract. An option on September Wheat futures gives the right to buy or sell one September Wheat futures contract.

波幅

在一定时期内纪录的高价与低价和高与低的出价和要价。

Range

The high and low prices or high and low bids and offers recorded during a specified time.

波动

衡量特定时间内的价格波动。

Volatile

A measurement of the change in price over a given time period.

参考价格

用作参考的工具的价格，如决定开盘价，开始一种运算，或化成一种指数，并且通常是交割价或前一日的收盘价。

Reference price

The price of an instrument used as "reference" –e.g., for determining an opening price, starting an algorithm, or figuring into an index –and is usually the settlement price or last closing price.

冲销头寸

期货期权买方并没有义务一定要行权。事实上有许多交易者选择在到期前冲销其头寸。想要在到期前锁定利润或者在下行趋势中限制损失的交易者将会冲销其头寸。买方可以指示经纪商在到期前卖出期权以作冲销。期权卖方可以买回期权或“填补 (covering)”空头头寸来冲销头寸。期货期权就和期货本身一样都是在 CME 交易大厅（在通常情况下一个可以进行冲销期权头寸的交易市场）进行交易，也可以在 Globex 电子交易平台（各式各类的期权可以通过此平台在整个交易周内进行全天候的交易）上进行交易。

Offset

The buyer is under no obligation to exercise an option on a futures contract. As a matter of fact, many traders choose to offset their position prior to expiration. Traders will offset their position if they wish to take profits before expiration or limit losses on the downside. Buyers can offset their options by instructing their broker to sell their option before expiration. An option seller can offset a position by buying back or “covering” a short position. Options on futures, like futures themselves, trade both on the CME floor, where a market normally exists to offset options positions, and on the Globex electronic trading platform, where many options can be traded virtually around-the-clock throughout the trading week.

差价

同一种商品的各种股票种类、等级和交割地点的价格差异。

Differentials

Price differences between classes, grades, and delivery locations of various stocks of the same commodity.

产品价格指数

一个表示在前一月中生产制成品所需要的原料的成本的指数。

Producer Price Index (PPI)

An index that shows the cost of resources needed to produce manufactured goods during the previous month.

产品代码

用于识别市场和交易平台，以便进行交易和清算。经纪商和报价服务机构使用的代码可能与交易所代码不同

Product Symbol

Identifies both market and trading venue for trading and clearing purposes. Symbols used by brokers and quote services might differ from exchange symbol.

场外衍生工具

不必遵循标准期货合约条款的期货和期权合约。

Over the Counter Derivative

Futures and options contracts with terms that do not necessarily adhere to those of a standardized futures contract.

场外交易

在正式期货交易所之外进行的交易。

Over the Counter Trading

Trades that take place outside of a formal futures exchange.

持有者

购买期权的人

Holder

One who purchases an option.

持仓

一种市场承诺。一个期货合同的买家就拥有一个多头盘口，而相反的，一个期货合同的卖家就拥有空头盘口。

Position

A market commitment. A buyer of a futures contract is said to have a long position and, conversely, a seller of futures contracts is said to have a short position. See "Open Interest"

持仓限额

CFTC （货物期货交易委员会）和（或者）进行交易的交易所规定的一个交易者可以持有的投机期货合同的最大数目。也被称作交易限额。

Position Limit

The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limit.

储备需求

Federal Reserve( 联邦储备 ) 需要他的成员银行保留的现金和流动资产的最小量，作为需求保证金和时间保证金的一个百分比。

Reserve Requirements

The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain. ve Requirements.

初始保证金

持有一份合约的头寸需要多少资本。最低保证金由芝商所设立，经纪商可能要求支付更多的保证金。保证金可能因市况随时变化。

Initial Margin

How much capital is required to hold a position in one contract. Minimum set by CME Group; brokers may require more. Can change at any time based on market conditions.

单纯避险者

一个人为了锁定某种货物的价格而进行的风险规避。他会在现货市场中同时进行交易来抵消这个风险。

Pure hedger

A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.

到期日/最后交易日

这指的是期权可行权转换为建立标的期货头寸的最后一天。过了该时点后，期权将不再存在；买方不能再行权，而卖方再也没有任何义务。要注意的是有些期权合约在标的期货合约最后结算或到期之前先到期。举例，一份 2012 年 9 月份小麦 900 看涨期权将在 2012 年 8 月 24 日到期。但是标的期货是在 9 月 14 日到期。最后交易日 (last trading day) 为期权仓位可被冲销的最后一天。

Expiration Date/Last Trading Day

This is the last day on which an option can be exercised into the underlying futures contract. After this point the option will cease to exist; the buyer cannot exercise and the seller has no obligation. Note that some options expire prior to the final settlement or expiration of the underlying futures contract. For example, a September 2012 Wheat 900 call option will expire August 24, 2012. However, the underlying futures will expire September 14, 2012. The last trading day is the last day on which an option can be offset.

到期交割月

一个被制定或接受的期货合约交割月份。也叫交割月。

Contract month

The month in which futures contracts may be satisfied by making or accepting delivery. Also called the delivery month.

当前交割月

期货合约到期和可以交割的月份。

Current delivery month

The futures contract which matures and becomes deliverable during the present month.

到期期间

一个期货合同可以实际商品交割的时期，这段是时期从第一通知日到一商品期货合同的最后交易日之间

Maturity

Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.

到期收益率

投资者如果持有固定收入的证券到最后期限所能得到的回报率。

Yield to Maturity

The rate of return an investor receives if a fixed-income security is held to maturity.

Delta 值

Delta 值量度期权费在标的期货合约价格变动一单位时的相对变化率，为在任何给定时刻的价格敏感性量度标准。期权并非都随着其标的期货合约的价格变动同步变化。如果期货合约变动 0.50 点，而期权只变动 0.25 点，其 Delta 值便为 50%，即期权相对于标的期货合约变动的敏感性只有 50%。 Delta 值在期权从价外状态变为平价，再变为价内期权的过程里将随之变化直到接近 100%。 Delta 值范围为0% 至 100%。标的期货合约的 Delta 值为 100% （Delta 值一般使用期权定价软件计算）。

Delta

Delta measures the rate of change of an option premium with respect to a price change in the underlying futures contract. Delta is a measure of price sensitivity at any given moment. Not all options move point-for-point with their underlying futures contracts. If a futures contract moves .50 points and the option only moves .25 points, its delta is 50%; i.e., the option is only 50% as sensitive to the movement of underlying futures contract. The delta will change as an option moves from out-of-the-money to at-the-money to in-the-money, approaching 100%. Deltas range from 0% to 100%. The delta of the underlying futures contract is 100% (options pricing software is normally used to calculate delta).

第一通知日

清算所通知买方指定月份的期货合同可以交货的第一天

First Notice Day

The first day that a notice of intent to deliver a commodity can be made by a clearinghouse to a buyer in fulfillment of a given month's futures contract.

点形图

一个用 x’s 表示价格上涨用 o’s 表示价格下降的图表，分析师用作分析买和卖。

Point and Figure Chart

A graph of prices charted with x's for price increases and o's for price decreases, used by the chartist for buy and sell signals.

定价定单

在一定或更好的价格下，买入或者卖出的定单。

Price order

An order to sell or buy at a certain price or better.

电子交易

用于执行交易的计算机化流程和平台，包括落盘、买卖盘发布和交易执行。

Electronic Trading

The computerized processes and platforms that carry out a trade, including order placement, bid-and-offer posting and trade execution.

多头避险

打算未来购买现货，而先买进期貨，以防现货价格上涨买到高价

Long hedge

The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an advance in the cash price. See "hedge."

多头头寸

交易者购买的一个期货合同不冲销先前建立的空头部位

Long position

A position in which the trader has bought a futures contract that does not offset a previously established short position.

对应交易

买卖订单的执行同时完成的交易。对应交易包含一个或多个合同，针对特定数量的合同，当同样的价格被列入买卖订单时，对应交易就产生了

Matched trade

The execution of the buy and sell orders that together consummate a trade. A matched trade consists of one or more contracts and occurs when the same price is specified by buy and sell orders, for a specified number of contracts.

对手方

任何交易中处于相对面的个人或公司（即买方或卖方）。

Counterparty

The individual or company (i.e., the buyer or seller) on the opposite side of any trade.

反弹

在一轮价格下跌之后的一个价格的向上运动。是‘ reaction’ 的反面。

Rally

An upward movement of prices following a decline. The opposite of a reaction.

风险管理

在投资或业务规划过程中识察、分析、减轻或吸纳价格风险。

Risk Management

Identifying, analyzing and either mitigating or absorbing the price risk in investing or business planning.

伽玛

衡量期权中随期货价格变化的 delta 值的变化，相当于 delta 值的变化除以期货价格的变化。

Gamma

The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.

高价

一特定期货合同在一特定时间范围内的最高价格

High

The highest price for a particular futures contract over a specified time period.

杠杆作用

利用少量资产来控制大量资产

Leverage

The use of a small amount of assets to control a greater amount of assets.

公开喊价

公开交易的方式保证每个交易者有平等买卖的机会

Open outcry

The method of trading publicly so that each trader has a fair chance to buy or sell.

沽出价

经常被称为“出价”它是一个出售的意思。指的是在指定的价格下愿意出售期货合约。

Ask Price

Also called "offer." A motion to sell. Indicates a willingness to sell a futures contract at a given price.

过户

给清算系统中另一成员的指令，由清算公司 A 执行，然后交给清算公司 B 清算和处理

Give up

An order to be given to another member firm in clearing system, an allocation. An order executed by clearing firm A and given to clearing firm B where it will be cleared and processed.

管理期货

是指由专业的资金管理者即商品交易顾问管理客户资金组成的，运用国际期货市场作为投资媒介的行业

Managed Futures

Represents an industry comprised of professional money managers known as commodity trading advisors who manage client assets on a discretionary basis, using global futures markets as an investment medium.

股票指数

衡量一组股票（又称股份）的尺度，用于描述市场行情和分析特定股票投资的回报。

Equity Index

A measure of a group of stocks, also called equities, used to describe the market and analyze the return on specific stock investment.

合约月份

可进行交易的到期月份。通常取决于标的市场的季节性和基本面。

Contract Month

Expiration months in which trading is available. Typically driven by underlying market seasonality and fundamentals.

合约规模

用于界定某种期货合约所代表的标的市场的单位数量。

Contract Size

Defines the number of units of the underlying market represented by one futures contract.

回购协议

卖家和买家的一个协议，通常用于美国政府的有价证券，其中卖家同意在迟些时候买回证券。

Repurchase Agreements (or Repo)

An agreement between a seller and a buyer, usually in U.S. government securities, in which the seller agrees to buy back the security at a later date.

汇率

一国货币换算为外国货币的价格。

Foreign Exchange Rate

The price of a country's currency when converted from another country's currency.

机构交易者

受雇代表实体进行交易的人士或实体，包括金融机构、投资银行、退休基金、对冲基金和共同基金。

Institutional Trader

A person or entity employed to trade on behalf of entities, including institutions, investment banks, pension funds, hedge funds and mutual funds.

基差

现货或商品的现金价格和相同的期货价格或相关价格的差额。它通常被计算到近期的期货 , 和可能表现不同的时间期数、产品规格、质量和场所。

Basis

The difference between the spot or cash price of a commodity and the futures price of the same or a related commodity. Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations.

即日交易

指的是一天内建仓和平仓，就是在收市时没有仓位。

Day trading

Refers to establishing and liquidating the same position or positions within one day's trading, thus ending the day with no established position in the market.

加工毛利

大豆的成本与豆油和豆粕售出产生的总收入间的差价

Gross Processing Margin (GPM)

The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.

价外期权

对看涨期权而言当期货价格低于行使价或对看跌期权而言高于行使价的期权就为价外期权。期权合约没有内在价值、只有时间价值的时候便是处于价外状态。如果原油（WTI）期货以 93.95 的价格进行交易，那么 95.00 看涨期权为价外期权。

Out-of-the-money

When the futures price is below the strike price (for calls) and above the strike price (for puts) the option is said to be out-of-the-money. An option that has no intrinsic value, but only time value, is out-of-the-money. If Crude Oil (WTI) futures are trading at 93.95, a 95.00 call would be out-of-the-money.

价格变动

表明价格向上向下的变化。

Tick

Refers to a change in price, either up or down. See "minimum price fluctuation."

价格限额

相对于上一交易日的结算价，交易中最大的升幅或降低。察看变数限价，最大价格波幅。

Price Limit

The maximum advance or decline from the previous day's settlement price permitted for a contract in one trading session by the rules of the exchange. See also Variable Limit, Maximum Price Fluctuation.

价差组合

通过买入和卖出同级的期权而建立的期权盘口，但两个期权是不同的系列。

Spread

An options position established by purchasing one option and selling another option of the same class, but of a different series.

交易日

在一段时间内所有同一级别的执行的交易在同一天结算。这一段时间可能超过 24 小时，可能是一个或更多交易盘。

Trading day

(Should actually be called 'Clearing Day') –Period within which all executed trades for a given class are cleared on the same day. This period may very well exceed 24 hours. One or more sessions could take place.

交易量

在一定时间内交易的期货合同和期权期货合同的数量。 CME: 表示‘总量’（如一天的总交易量）。

Volume

The number of contracts in futures or options on futures made during a specified period of time.

交易平台

CME Globex几乎每周6天每天24小时可进行电子交易。

Trading Venue

CME Globex offers electronic trading almost 24/6.

交易时段

合约可在特定交易平台进行交易的时间。对于CME Globex，请注意清算/交割的交易日横跨两个日历日。

Trading Hours

When the contracts are available for trading on a certain trading venue. For CME Globex, note that a trading day for clearing/settlement spans two calendar days.

交割

履行期货合约中，交付和接收金融商品或实际商品。

Delivery

The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.

接转

去年底的商品储存量。

Carryover

Last year's ending stocks of a storable commodity.

结算押金

是一种对他们的客户所开的期货和期权合约收取的保证金，确保结算会员 ( 通常是公司或企业 ) 的一种经济担保。

Clearing margin

Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.

结算交易

买卖双方每一笔交易产生两个清算交易，一个是买主的另一个是卖主的。

Clearing trade transaction

Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.

结算幅度

由交易所规定的收市时的高价和低价或者是开价和还价。 (最后外汇交易的最后 60 秒买卖和其它合约的交易 30 秒 ) 。

Closing range

The high and low prices or bids and offers recorded during the period designated by the Exchange as the official close (the final 60 seconds of trading in currencies and 30 seconds in all other contracts).

竭尽缺口

接近价格的高峰或低谷时出现价格缺口，预示着行情将要逆转。

Exhaustion gap

A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market.

结算价

一个由收市价格范围所决定的价格，用来计算在期货市场的账目获利和损失，为了交割而进行催缴欠款和单据价格。见“收市价格范围”。

Settlement price

A figure determined by the closing range that is used to calculate gains and losses in futures market accounts, performance bond calls and invoice prices for deliveries. See "closing range."

金融商品

有两种类型：（ 1 ）债务工具，协议在还款时支付利息的贷款（ 2 ）资产证券，公司的股份或股权

Financial Instrument

There are two basic types: (1) a debt instrument, which is a loan with an agreement to pay back funds with interest; (2) an equity security, which is a share or stock in a company.

金融期货

一种期货合约，其价值根据股指、利率或外币汇率等金融工具确定。

Financial Futures

A future contract whose value is based upon financial instruments such as a stock index, interest rates or foreign currency exchange rates.

经纪行

一个为客户处理期货和期权买卖合约订单的公司。

Brokerage house

A firm that handles orders to buy and sell futures and options contracts for customers.

均衡价格

商品的数量供应等于需求数量的市场价。

Equilibrium Price

The market price at which the quantity supplied of a commodity equals the quantity demanded.

开市

交易市场开始交易

Opening

The beginning of the trading session.

开市价

开市后第一笔成交交易的价格

Opening price

The first price of an instrument at the beginning of the trade session.

开盘时段

做出第一个报盘和递盘以及第一个交易完成时的买卖价波动范围。至少需要一个交易来启动。

Opening range

The range of prices at which the first bids and offers were made or first transactions were completed. Must be initiated by at least one trade.

看涨期权

看涨期权持有人（买方）有权在到期日当日或之前按特定价格买入（做多）期货合约。举例，一份12月份玉米 820 看涨期权的持有人（买方）有权在购买期权至 12 月期权到期这段期间的任何时候以 820（8.20 美元/蒲式耳的速记）的价格买入或做多 12 月玉米期货合约。即使玉米期货价格上涨大幅超过 8.20/蒲式耳，看涨期权持有人仍有权以 8.20/蒲式耳的价格买入玉米期货。

Call Option

A call option gives the holder (buyer) the right to buy (go long) a futures contract at a specific price on or before an expiration date. For example, a December Corn 820 call option gives the holder (buyer) the right to buy or go long a December corn futures contract at a price of 820 (shorthand for $8.20/bu) anytime between purchase and the December options expiration. Even if corn futures rise substantially above 8.20/bu, the call holder will still have the right to buy corn futures at 8.20/bu.

看跌期权

看跌期权持有人有权在到期日当日或之前按特定价格卖出（做空）期货合约。举例，一份 8 月份 CME 活牛 124 看跌期权的持有人有权以 1.24 美元/磅的价格卖出8 月 CME 活牛期货。即使该期货下跌至 1.14 美元/磅，看跌期权持有人仍有按 1.24 美元/磅的价格做空合约的权利。

Put Option

A holder of a put option has the right to sell (go short) a futures contract at a specific price on or before the expiration date. For example, an October 124 CME Live Cattle put gives the put holder the right to sell October CME Live Cattle futures at $1.24/lb. Should the futures decline to $1.14/lb., the put holder still retains the right to go short the contract at $1.24/lb.

看跌期权与看涨期权

看跌期权与看涨期权为独立的期权合约，并非同一交易里的交易对方。每一看跌期权买方都有一个对应的看跌期权卖方，而每一看涨期权买方都有一个对应的看涨期权卖方。

Puts and Calls

Puts and calls are separate option contracts; they are not the opposite side of the same transaction. For every put buyer there is a put seller, and for every call buyer there is a call seller. The option buyer pays a premium to the seller in every transaction.

客户保证金

在期货行业中，期货和期权合约的买卖双方都要求经济担保去保证合约义务的实行。

Customer Margin

Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations.

可用期权

用于说明特定期货合约是否提供某种期权。

Options Available

Signifies whether an options on futures contract is available for this futures contract.

恐慌性抛售

一个非常高的交易量在下降趋势中突然出现，是这一趋势结束的信号。

Selling climax

An extraordinarily high volume occurring suddenly in a downtrend signaling the end of the trend.

联邦基金利率

指使用联邦基金付出的利息率

Federal Funds Rate

The rate of interest charged for the use of federal funds.

领先指标

为未来几个月的经济状况做指示的市场指标。一些领先指标包括：制造业的平均工作日，失业保险的初期索赔，消费者货物和原材料的委托单，公司百分率。

Leading Indicators

Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies.

流动性

证券市场或商品市场有足够成员允许大量交易发生并且不会引起价格实质性变化的特性

Liquid

A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price.

履约价格

同被称作行使价 (strike price)，为期权买方可买入或卖出标的期货合约的价格。期权行权会产生按指定行使价的期货头寸。举例，期权买方通过执行 12 月原油（WTI）9400 看涨期权合约，得以 94.00 美元的价格建立多头 12 月原油（WTI）期货头寸。如果持有一份 8 月份 CME 活牛 120 看跌期权的交易者执行其期权，其将得以价格 120.000 建立空头 8 月份 CME 活牛的期货头寸。行使价格区间及范围由交易所设定，并取决于各标的合约不同的价格区间。行使价设定在高于或低于现行期货价格，而在期货价格大幅上涨或下跌时则另加更多行使价的期权合约。

Exercise Price

Also known as the strike price, the exercise price is the price at which the option buyer may buy or sell the underlying futures contracts. Exercising the option results in a futures position at the designated strike price. For example, by exercising a December Crude Oil (WTI) 9400 call, the buyer of the option would then be long a December Crude Oil (WTI) contract at$94.00. If the holder of an August CME Live Cattle 120 put were to exercise his or her option, the result would be a short futures position, at 120.000, in August CME Live Cattle. Strike prices are set by the exchange and have different intervals depending on the underlying contract. Strike prices are set above and below the existing futures price and additional strikes are added if the futures move significantly up or down.

履约保证金

期权买方在交易时只须支付期权费全额。但由于卖出期权所涉及到的风险更为大，因此期权卖方必须支出履约保证金 (Performance Bond)。您可以与经纪商商量就卖出期权相关的履约保证金要求（参见有关卖出期权所致风险的部分）。一旦期权头寸行权成为期货头寸，就和任何其他期货头寸一样需要支付履约保证金。

Performance Bond

An option buyer must only put up the amount of the premium, in full, at the time of the trade. However, because option selling involves more risk, an option seller or writer will be required to post performance bond. Your broker can discuss the performance bond requirement associated with selling options (see section regarding risks in selling options). Once an options position is exercised into a futures position, performance bond is required, just as for any other futures position.

买

以指定了的价格购买特定数量的商品。市场参与者愿意支付的价格。

Bid (or buy)

An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.

买空

预期价格会上升

Bull

One who expects prices to rise.

买入

已经购买了一个期货或期权合同的人建立一个交易盘口，并且没有通过冲销抛售盘口

Long

One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure.

买卖盘类型

买卖盘类型（请注意，并非所有买卖盘类型均可通过Globex和公开喊价市场在交易厅执行。此外，视买卖盘是通过公开喊价市场还是通过Globex在交易厅执行而定，可在这两种平台执行的买卖盘类型可能有不同的涵义。）
公开喊价买卖盘类型
全部执行或取消(AON)买卖盘
这是一种按单一价格通过公开喊价市场在交易厅悉数执行的指定合约买卖盘，其规模必须等于或高于预设的限额。
无视市场(DRT)买卖盘或全权买卖盘
如无任何限制条件，“无视市场”（全权）买卖盘指允许相关人士全权酌情决定执行买卖盘的价格和时间的买卖盘，包括酌情决定执行全部、部分买卖盘或不执行买卖盘。会员或清算会员不得接受包含“with a tick, you are held”（“以一个跳动点为准，由贵方依市场行情处理”）的字样（或类似字样）的买卖盘。各方理解，场内经纪人可为自己进行交易，同时持有这种买卖盘，而不违反规则530（“客户买卖盘优先权”），前提是客户此前已用书面形式同意这样做，并在买卖盘上注明“WP”（已允许）字样，以证明该一般同意。已向清算公司发出指令，要求在执行上一个买卖盘之后录入止损盘。
成交或取消(FOK)买卖盘
这是在买卖盘中增加的一个指令，要求经纪人要么立即全数执行买卖盘，要么全数不执行。如果买卖盘未立即全数执行，则被取消。
限价盘
要求按特定价格（“限价”）或更好的价格执行的买卖盘。
市价(MKT)盘
要求场内经纪人在收到买卖盘后按可获得的最佳价格执行的买卖盘。
触价(MKT)盘
按高于（低于）市价下达的买入或卖出买卖盘，在触及指定价格时成为市价盘。
收盘市价(MOC)盘
只在收盘价范围内作为市价盘执行的买卖盘。
二择一(OCO)买卖盘
这是两种买卖盘的组合，执行其中一个买卖盘将自动取消另一个买卖盘。
开口买卖盘（取消前有效买卖盘）
在取消之前始终有效的买卖盘。如果没有此类说明，所有未执行的买卖盘将在正常交易时段结束时取消。
开盘买卖盘
在交易所指定的正常交易时段开盘期间执行的买卖盘。在指定的开盘时间范围内未被执行的买卖盘将视为取消。
止损盘
在如下文所述选择买卖盘上的指定价格（“止损价”）时成为市价盘的买卖盘。 “买入止损盘”按高于市价的价格下达，只能在市场交易价格或递盘价格等于或高于止损价时选择。“卖出止损盘”按低于市价的价格下达，只能在市场交易价格或报盘价格等于或低于止损价时选择。
收盘止损盘
只在收盘期间有效的止损盘。如果市场在收盘期间出现下列情况，该买卖盘将成为市价盘：(1)买入收盘止损盘的交易价格或递盘价格等于或高于止损价；或(2)卖出收盘止损盘的交易价格或报盘价格等于或低于止损价。
止损限价盘
如果市场出现下列情况，止损限价盘可按限价或更好的价格执行：(1)买入止损限价盘的交易价格或递盘价格等于或高于止损价；或(2)卖出止损限价盘的交易价格或报盘价格等于或低于止损价。
Globex买卖盘类型
Globex特定买卖盘类型的可用性因产品而异，并非所有买卖盘类型均适用于所有产品。各产品支持的买卖盘类型见《Globex参考指南》
组合盘
按固定差价或根据其它相关定价规则为由相同人士拥有的一个或多个帐户发出的买入和/或卖出组合盘。
隐藏数量盘
只向市场显示买卖盘一小部分的买卖盘。当所显示数量的买卖盘已执行时，再向市场显示买卖盘的其它部分。
限价盘
按特定价格（“限价”）或更好的价格执行的买卖盘。
有保护市价盘
按交易所预定价格范围内目前最好的报盘价格（适用于买入盘）或递盘价格（适用于卖出盘）执行尽可能多的买卖盘的买卖盘。无法在受保护价格范围内执行的买卖盘将按受保护价格范围的限制作为限价盘留在买卖盘记录中。
最低数量盘
只在买卖盘的若干最低数量可立即匹配时执行的买卖盘。
止损限价盘
在买入止损限价盘的交易价格等于或高于止损价，或卖出止损限价盘的交易价格等于或低于止损价时可按限价或更好的价格执行的买卖盘。
有保护止损盘
在Globex上达到指定交易价格时可以执行的买卖盘。此类买卖盘只在交易所预定的价格范围（受保护价格范围）内执行。在触发止损价格时，买卖盘作为限价盘录入买卖盘记录，限价等于触发价格加减预定的受保护价格范围。任何无法在受保护价格范围内执行的买卖盘将按限价作为限价盘留在买卖盘记录中。
Globex买卖盘期限标识
如果买卖盘未在收到该买卖盘的交易日执行，或者如果买卖盘在两个交易日之间收到，而该买卖盘未在下个交易日执行，则可以录入Globex，且不包含期限标识的买卖盘将被取消。买卖盘可指定下列期限标识之一：
当天
如果未在买卖盘录入Globex的交易日结束时执行买卖盘，则该买卖盘将被取消。
立即执行，否则取消
买卖盘必须按指定价格立即全部或部分执行，任何剩余部分将被取消或废除。
取消前有效(GTC)
买卖盘将始终保持有效，直至执行、取消或合约到期为止。
指定日期前有效(GTD)
买卖盘将始终保持有效，直至指定日期为止，除非买卖盘被执行、取消或合约到期。

Order Types

(Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.)
Open Outcry Order Types
All-Or-None (AON) Order
An order to be executed in designated contracts in a trading pit via open outcry only for its entire quantity at a single price, with a size at or above a predetermined threshold.
Disregard Tape (DRT) Or Not-Held Order
Absent any restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over price and time in execution of the order, including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation. An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved.
Fill Or Kill (FOK) Order
A designation, added to an order, instructing the broker to fill the order immediately in its entirety or not all. If the order is not filled immediately in its entirety, it is cancelled.
Limit Order
An order with instructions to be executed at a specific price ("limit price") or better.
Market (MKT) Order
An order with instructions to be executed upon receipt by a floor broker at the best available price.
Market If Touched (MIT) Order
A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched.
Market On Close (MOC) Order
An order to be executed as a market order only in the closing range.
One-Cancels-Other (OCO) Order
A combination of two orders, in which the execution of either one automatically cancels the other.
Open Order (Good-Till-Cancelled)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session.
Opening Only Order
An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled.
Stop Order
An order which becomes a market order when the price designated on the order (the "Stop Price") is elected as described below.
A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price.
Stop-Close Only Order
A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price.
Stop Limit Order
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price.
Globex Order Types
The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide.
Combination Order
A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention.
Hidden Quantity Order
An order which displays only a small portion of the order to the marketplace. When the displayed quantity has been filled, another portion of the order will then be displayed to the marketplace.
Limit Order
An order to be executed at a specific price ("limit price") or better.
Market With Protection Order
An order to execute as much of order as possible at the best current offer price (for buy orders) or bid price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit of the protected range.
Minimum Quantity Order
An order which is executed only if a certain minimum quantity of that order can be immediately matched.
Stop Limit Order
An order which becomes eligible for execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit order.
Stop With Protection Order
An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the trigger price plus or minus the predefined protected range. Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit price.
Globex Order Duration Qualifiers
An order eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which it was received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following duration qualifiers:
Day
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered.
Fill And Kill
An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated.
Good ‘Till Canceled (GTC)
An order which will remain in force until executed, cancelled or the contract expires.
Good ‘Till Date (GTD)
An order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.

卖出 ( 卖出定单 )

一个开价。这种交易类型指的是卖出或看空。买的相对概念。

Sell (Sell Order)

An offer. This transaction type indicates to sell or to go short. Opposite of buy or go long.

卖出对冲

为了将来的现货市场出售而卖出的期货合同。用来避免或降低自己拥有的等价的金融商品或现货会贬值的可能性。

Short hedge

The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or lessen the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See "hedge."

美国短期国债

原始有效期在一年以下的短期美国政府债券。这债倦是以折扣价出售，折扣是到期时获得的面值与支付的价格的差价。

U.S. Treasury Bill

A short-term U.S. government debt instrument with an original maturity of one year or less. Bills are sold at a discount from par with the interest earned being the difference between the face value received at maturity and the price paid.

美国长期国债

原始有效期高于十年并带有息票的政府债券，利息每半年支付。

U.S. Treasury Bond

Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.

美国中期国债

原始有效期从一年到十年并带有息票的政府债券。

U.S. Treasury Note

Government-debt security with a coupon and original maturity of one to 10 years.

名目金额

原生价值（面值），通常是期货或期权合同中特定的以美元表示的金融产品或商品的价值

Notional value

The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract.

名义合约价值

一份合约所代表的市场价值是多少。计算方法为合约规模乘以报价。该数字随每次价格跳动而变化。

Notional Contract Value

How much market exposure is represented by one contract. Multiply Contract Size x Price Quotation. This number changes with each tick move.

目标价格

一个期望的卖出或买入的价格。对于使用买卖期货来避险的是指期货价格加上预期基点。对于卖出期权是指期货价格减去期权金再加上预期的基点。对于买入期权是指期货价格加上期权金再加上预期基点。

Target price

An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis.

内在价值

实值期权执行价格与期货现价的关系。对于一个卖出期权 : 内在价值 = 执行价格 - 期货现价 , 对于一个买入期权 : 内在价值 = 期货现价 - 执行价格

Intrinsic value

The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price - futures price. For a call: futures price - strike price.

逆转市场

期货市场中，同一商品的两个交割月份的关系出现反常

Inverted Market

A futures market in which the relationship between two delivery months of the same commodity is abnormal.

平价期权

当期货价格等于期权行使价时，该期权就为平价期权。如果 12 月份 CME E-迷你标普500指数期货合约以 1300 的价格交易，那么行使价为1300的12月份CME E-迷你标普500指数看涨期权便是处于平价状态。

At-the-money

An option is at-the-money when the futures price equals the option’s strike price. A December CME E-mini S&P 500 call option with a strike price of 1300 is at-the-money if the December CME E-mini S&P 500 futures contract is trading at 1300.00.

平均每日交易量

它等于在特定的时期交易量除以同样的特定时期内的工作天数。

Average Daily Volume

Equals volume for a specified time period divided by the number of business days within that same time period.

平衡点（收支相抵）

一个策略的既不赢钱也不输钱的股票价格。买入期权收支平衡点等于执行价加上期权金。卖出期权的收支平衡等于执行价减去期权金。

Breakeven

The point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium. Put breakeven equals the strike price minus the premium.

平仓，斩仓

卖出 ( 或购买 ) 相同交割月份的期货合同 , 以抵消早先的买入 ( 或卖出 ) 交易 , 或者实际交割期货合同中提到的现货商品 .

Liquidate

Selling (or purchasing) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or making (or taking) delivery of the cash commodity represented by the futures contract. See Offset.

期货

指的是在商品期货交易所中为了将来交割出售和购买金融商品和商品而订立的合同

Futures

A term used to designate all contracts covering the purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.

期货合同

就一期货交易签订的标准化的协议 , 以在将来的一定日期以特定价格购买或出售某商品，详细说明商品 , 品质 , 数量 , 交割日期，交割地以及现金种类 .

Futures contract

A standardized agreement traded on a futures exchange, to buy or sell a commodity at a specified price at a date in the future. Specifies the commodity, quality, quantity, delivery date and delivery point or cash settlement.

期货交易所

建立了规则和制度的买家和卖家交易期货和期货期权的中心场所

Futures Exchange

A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts.

期权费

期权费 (premium) 指期权买方/卖方为期权所带权利支付/收取的价格。因此，最终的期权费用是由市场供需来决定。各种不同因素会影响期权费，包括与期货价格水平相关的行使价水平、距离到期的剩余时间以及市场波动性。所有这些因素将会有进一步的讨论。

Premium

The premium is the price that the buyer of an option pays and the seller of an option receives for the rights conveyed by an option. Thus, ultimately the cost of an option is determined by supply and demand. Various factors affect options premiums, including strike price level in relation to the futures price level; time remaining to expiration; and market volatility —all of which will be discussed further.

期权

期货合约期权是在特定到期日当日或之前以特定价格买入或卖出特定期货合约的权利，而非义务。期权有两种类型：看涨期权和看跌期权。两种期权实际上在不持有期货头寸的情况下利用期货价格变动而获利的机会。

Option

An option on a futures contract is the right, but not the obligation, to buy or sell a particular futures contract at a specific price on or before a certain expiration date. There are two types of options: call options and put options. Each offers an opportunity to take advantage of futures price moves without actually having a futures position.

期权买方

期权买方可选择行使其权利来建立标的期货的头寸。看涨期权买方可行使权利来买入标的期货，而看跌期权买方则可行使权利来卖出标的期货合约。不过在多数情况当中，期权买方不会行使期权，而会在到期之前在市场上进行冲销（若期权还有任何价值）。

Option Buyer

An option buyer can choose to exercise his or her right and take a position in the underlying futures. A call buyer can exercise the right to buy the underlying futures and a put buyer can exercise the right to sell the underlying futures contract. In most cases though, option buyers do not exercise their options, but instead offset them in the market before expiration, if the options have any value.

期权卖方

期权卖方（即卖出本身未持有的期权的交易者），也称作期权发行者(writer)或授予人 (grantor)。当期权买方行使其买入/卖出的期权合约里规定的期货头寸的权利时，期权卖方在合约上有义务接受与期权买方建立相反的期货头寸。期权卖方收取期权费，因此承担持有可能不利于自己的期货头寸的风险。

Option Seller

An option seller (i.e., someone who sells an option that he or she did not previously own) is also called an option writer or grantor. An option seller is contractually obligated to take the opposite futures position if the buyer exercises his or her right to the futures position specified in the option the buyer has purchased. In return for the premium, the seller assumes the risk of taking a possibly adverse futures position.

期货业务员

一般称为商品经纪人 , 他是联系和提供咨询给客户以及在期货商品市场委任商人或介绍经纪人。这个委托人必须通过三种考试 , 被 CFTC 许可并且是 NFA 的一个成员。

Associated person (AP)

A person, commonly called a commodity broker, associated with and soliciting customers and orders for a futures commission merchant or introducing broker. The AP must pass a Series 3 examination, be licensed by the CFTC and be a member of the NFA.

期权金

买家和卖家之间统一的买卖期权期货合同的价格 – 买家支付给卖家。相对于期货合同价值或其他市价，额外付出的价格。

Premium

The amount agreed upon between the buyer and seller for the purchase or sale of a futures option –the buyer pays the premium and the seller receives the premium. The excess of one futures contract price over that of another or over the cash market price.

倾销量

一个反常的高成交量交易部分突然在上升趋势中发生，预示着趋势的结束。

Blowoff volume

An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the end of the trend.

清算

是清算行买卖期货合约的过程，通过确保每个合同来承担保护买卖者不受经济损失的责任。

Clearing

The procedure through which the Clearing House becomes buyer to each seller of a futures contract, and seller to each buyer, and assumes responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract.

清算所

清算成员或公司

House

Clearing member or a firm.

期货执行价格

期权买家在交割时买卖指定期货合同的价格。

Strike (price)

The price at which the option buyer may purchase or sell the underlying futures contract upon exercise.

缺口

市场交易价格由一天到另一天不是连续变化的的价格区域

Gap

A price area at which the market didn't trade from one day to the next.

日交易限制

由交易所制定的在一天交易部分允许上下浮动的最大价格。只存在于特定合约中。

Daily trading limits

The maximum price fluctuations permitted a contract during one trading session as set by the Exchange. These exist on certain contracts.

商品

任何经批准和指定根据交易所规则进行交易或清算的产品。也可指实物商品。

Commodity

Any product approved and designated for trading or clearing in accordance with the rules of an exchange. Also may refer to a physical commodity.

商品期货交易委员会

又称CFTC，是负责监管美国期货和期权交易的独立政府组织。

Commodity Futures Trading Commission

Also known as the CFTC, this is the independent governmental organization that oversees futures and options trading in the United States.

上涨趋势

通过一系列的较高的最高价和最低价表现的价格趋势。

Uptrend

A price trend characterized by a series of higher highs and higher lows.

时间价值

期权的期权金高于其内在价值的部分。通常与距离到期日的时间有关。

Time Value

The amount by which an option's premium exceeds the intrinsic value of the option. Usually relative to the time left to expiration.

时间价值衰减

正如之前所讨论的，期权超出内在价值以外的价值被称作时间价值。时间价值为期权交易者在期权价值有增长可能性的前提下愿意支付的款额。时间价值随着一天天的过去逐渐丧失，并且在到期日靠近时加快丧失率。期权的这个特性被称作时间衰减，而这也是期权为何有时被任作“递耗资产 (wasting assets)”的原因所在。如果时间流逝，而标的期货合约在到期之前的价格变化不足，期权的时间价值将随之衰减，期权交易者可能会发生损失。

Time Value Decay

As discussed in the previous section, the value of an option beyond intrinsic value is called time value. It is the sum of money option traders are willing to pay given the likelihood of the option increasing in value. Time value erodes as each day passes, accelerating as expiration nears. This characteristic of options is referred to as time-decay and is the reason why options are sometimes considered “wasting assets.” If time passes and the underlying futures contract does not move far enough by expiration, the option’s time value will decay and the option trader may incur a loss.

市价委托单

以当前能达到的最好价格立即成交

Market order

An order filled immediately at the best price available.

市场价值

保证金帐户中所有商品的现有价值

Market value

The current value of all commodities held in a margin account.

市场定价

通过期货市场，将来的现货市场价格信息的产生。

Price Discovery

The generation of information about "future'' cash market prices through the futures markets.

收益率

一种对投资的年收益的计算方法。

Yield

A measure of the annual return on an investment.

收益率曲线

一个图表，以收益水平为竖轴，以到期的债务证券为横轴。当长期利率高于短期利率收益率曲线为正数。

Yield Curve

A chart in which the yield level is plotted on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates.

数量

在交易或定单中，交易的物品单元的数量。有时也叫做‘ size ’。

Quantity

Number of instrument units (e.g. lots) to be traded, in order or a trade. Sometimes also called "size."

饲养收益率

指饲养成本与家畜以美元表示的价值之间的比率。例如猪 / 玉米饲养率和牛 / 玉米饲养率

Feed Ratio

A ratio used to express the relationship of feeding costs to the dollar value of livestock. See Hog/Corn Ratio and Steer/Corn Ratio.

算法

一种预先编程的自动规则集，可用于执行电子交易。

Algorithm

An automated, pre-programmed set of rules that can be used to execute an electronic trade.

套利

同时的买卖相同或相等的金融商品或商品期货以从他们的价格差异中获利。

Arbitrage

The simultaneous purchase and sale of identical or equivalent financial instruments or commodity futures in order to benefit from a discrepancy in their price relationship.

逃逸缺口

一个价格趋势开始后价格的一个缺口，标志着价格运动的中途阶段。

Runaway gap

A gap in prices after a trend has begun that signals the halfway point of a market move.

调整后的期货价格

等同的现金价格反映在现在的期货价格上。计算是通过用期货的价格乘以被交割的特定金融商品的转换系数。 ( 例如 , 债券或票据 )

Adjusted Futures Price

The cash-price equivalent reflected in the current futures price. This is calculated by taking the futures price times the conversion factor for the particular financial instrument (e.g., bond or note) being delivered.

条形图

由制表人用特定时期的价格、交易量、未平仓权益组成的图表来预测市场趋势。日条形图描绘了交易日的最高价、最低价和交易价。

Bar chart

A graph of prices, volume and open interest for a specified time period used by the chartist to forecast market trends. A daily bar chart plots each trading session's high, low and settlement prices.

头肩形

在市场价格的顶端和底部一个价格横摆走势形成，来表示一个主要的市场逆转。

Head and shoulders

A sideways price formation at the top or bottom of the market that indicates a major market reversal.

通知日

根据芝加哥交易所的规定，清算所对照最原始买方交割给卖方进仓的报告，在三日交割过程中的第二天，通知买卖双方

Notice Day

According to Chicago Board of Trade rules, the second day of the three-day delivery process when the clearing corporation matches the buyer with the oldest reported long position to the delivering seller and notifies both parties.

头寸交易者

在市场里拥有交易盘口的交易者并且可能会长期持有。

Position Trader

A trader who takes a position in the market and might hold that position over a long period of time.

投机者

预期价格波动，进行买卖期货合同从而获利的人。不是用期货市场进行生产、交易和处理产品的人。

Speculator

One who attempts to anticipate price changes and, through buying and selling futures contracts, aims to make profits. Does not use the futures market in connection with the production, processing, marketing or handling of a product.

透明度

了解公开市场的活跃程度和财务信息的渠道数量。

Transparency

The amount of access a market openly offers about its activities and financial information.

突破缺口

价格的一个缺口，表示一个价格趋势的结束和一个重要的市场运动的开始。

Breakaway gap

A gap in prices that signals the end of a price pattern and the beginning of an important market move.

未平仓合约

期货合同中未冲销的期货或期权的总数

Open interest

Total number of futures or options on futures contracts that have not yet been offset or fulfilled for delivery.

未成交单

一直有效直到成交或被取消的委托单。

Open order

An order that remains good until filled, cancelled or eliminated. See good-til-canceled.

委托单

一个要求 --- 通常由交易者开给交易所 - 在特定情况下购买或者销售特定的交易品种，这些情况或多或少是确定的（如价格，数量，委托单的种类，等）

Order

A request –usually passed by a trader to the host –for buying or selling a given instrument at certain conditions more or less defined (conditions being price, quantity, type of order, etc.).

现货

现货（Actuals）亦称实物（physicals）商品，指某人购买或销售，例如，大豆、玉米、黄金、白银、联邦债券等

Actuals

An actual physical commodity someone is buying or selling, e.g., soybeans, corn, gold, silver, Treasury bonds, etc.

现货价

实际的现货商品的目前市场价格，也叫“现货价”。

Cash price

Current market price of the actual physical commodity. Also called "spot price."

现金交割

在合约月的一个最后交易日最终的斩仓，在没有实际货物交割的市场中发生。

Cash settlement

Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual delivery.

限价

按照交易所规定的，在一个交易中比前一天的成交价格上升或下跌的最大值

Limit

The maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the Exchange.

限价委托单

通常与价格相等 . 在这种委托单中 , 有客户设定价格或者其他情况的限制 , 与之相对的市价委托单则是委托单应尽快成交 .

Limit order

Usually equivalent to "price." An order in which the customer sets a limit on price or other condition, as contrasted with the trading floor definition of a market order, which implies that the order should be filled as soon as possible.

现价

通常指一个可以立即进行交易的货物的市场价格。

Spot

Usually refers to a cash market price for a physical commodity that is available for immediate delivery.

现货月

最近的交易月份，可以是也可以不是当月。通常指现货可以进行交易的月份。

Spot month

The nearest trading month which may or may not be the current calendar month. Usually used as the current delivery month for a commodity.

熊市

一个价格趋势正在下滑的市场。

Bear market (bear/bearish)

A market in which prices are declining.

衍生工具

一种金融工具，例如期货或期权合约，其价值根据实物商品或其它金融工具确定。

Derivative

A financial instrument, such as a futures or options contract, whose value is based upon a physical commodity or other financial instruments.

一揽子交易

同时买卖一系列相连的期货合同，他是提供一个易于获得并且被广泛接受的在一个交易中执行多个期货合同的方法。

Bundle

The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.

一个跳动点的美元价值

价格跳动一个点等于多少美元。计算方法为最小跳动点乘以报价。

Dollar Value of One Tick

How many U.S. dollars equal a price move of one tick. Multiply Minimum Tick x Price Quotation.

隐藏交易额

订单种类：表明总数量将不会显示在市场中 , 只有每个增加的数量才会被显示。总数量与显示量之间的区别数量将被隐藏。

Hidden quantity

Order qualifier: indicates that the total quantity will not be displayed to the market, but only per increments as indicated. Difference between order quantity and displayed quantity is hidden.

英担

100 磅 , 简写 cwt

Hundredweight

100 pounds. Abbreviated cwt.

佣金

是经纪商对交易收取的费用。可能是一笔固定的金额或是百分比，通常指的是中介费。

Brokerage

The fee charged by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.

远期月

期货或期权的交易月离有效期最远的月份。

Back months

The futures or s on futures months being traded that are furthest from expiration. Also called deferred or distant months.

原始保证金

根据交易所规定客户为每笔合同交纳的最小的执行债券押金

Initial margin

The minimum performance bond deposit required from customers for each contract in accordance with the rules of the Exchange.

债券

在现金市场中交易的工具它代表着一种政府或公司的债务。

Bond

Instrument traded on the cash market-representing a debt of the government or of a company.

整合

指的是期货合约接近到期日时，现货和期货价趋于一致 ( 例如，基差接近零 ) 。

Convergence

A term referring to cash and futures prices tending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.

执行/行权

行权 (exercise) 指期权买方执行其权利转换为做多标的期货（若执行看涨期权）或做空标的期货（若执行看跌期权）的过程。

Exercise

Exercise refers to the process whereby the option buyer asserts his or hers right and goes long the underlying futures (in the case of exercising a call) or short the underlying futures (in the case of exercising a put).

指派交割人

指派交割人 (assignment) 指卖方获得分配时有义务接收反向部位，即与期权买方相反的期货头寸。此头寸可能不利于卖方，而卖方为承担该风险收取期权费。请记住：买方可以行权，卖方则会被指派。

Assignment

Assignment refers to the obligation of sellers to take the opposite and possibly adverse futures position to the buyers’ if assigned and for this risk receive the premium. Remember: Buyers exercise and sellers get assigned.

执行或交易价格

在期权时限内，买方的叫价能够买进商品，和买方沽出商品的价格。

Exercise or strike price

The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.

指数

对于整个市场或某部分市场有代表性的数字 , 通常依靠一组交易物的现价和这组交易物的重要程度来估算

Index

A number that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to these instruments.

滞后指标

市场指标显示总体经济发展方向和确认或否认主导指标在市场发展趋势的应用，也叫做协作指标

Lagging Indicators

Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as concurrent indicators.

止损

订单类型：与停止限价相同，但是没有限定指数：当达到指定价格，就会被执行，像 MBF 一样。

Stop loss

Order type: Same as stop limit, but with no limit indication: when triggered, will execute like an MBF.

支撑线

在图表中当有足够的期货合同的购买量足以阻止价格下跌的一个量。

Support

The place on a chart where the buying of futures contracts is sufficient to halt a price decline.

执行

完成买卖期货合约的买卖盘。

Execution

The completion of an order to buy or sell a futures contract.

追缴保证金，补仓

清算公司发给清算成员或是经纪公司发给客户的要求 , 要求将剩余的保证金加至要求的最低标准

Margin Call

A call from a clearinghouse to a clearing member, or from a brokerage firm to a customer, to bring margin deposits up to a required minimum level.

注册代理人

证券经纪公司或期货经纪商雇用或咨询的人。

Registered representative

A person employed by, and soliciting business for, a commission house or futures commission merchant.

转手买卖所赚薄利

为很小的利益交易。交易通常是快速地建仓和平仓，通常是在同一天进行，甚至是在几小时或几分钟之内。

Scalp

To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within the same day, hour or even just a few minutes.

自由经纪人

为自己和 ( 或 ) 为其他客户完成委托单的交易所成员 , 他们的行为为市场提供了流动性

Locals

Exchange members who trade for their own account and/or fill orders for customers and whose activities provide market liquidity.

总持仓价市场

交割月份之间的差异反映了利息，保险，仓储的总成本的一个期货市场

Full Carrying Charge Market

A futures market where the price difference between delivery months reflects the total costs of interest, insurance, and storage.

阻力线

在卖出的压力下价格会达到的一个水平而停止上升。

Resistance line

A price level above which prices tend not to rise due to selling pressure.

组合看涨期权

由买入一个期货合同和买入一个看跌期权的组合，就叫做组合买入看涨。同时，由卖出一个期货合同和卖出一个看跌期权的组合，叫做组合卖出看涨。

Synthetic call option

A combination of a long futures contract and a long put, called a synthetic long call. Also, a combination of a short futures contract and a short put, called a synthetic short call.

组合期货

由两个有相同的行使价的看跌和看涨期权形成的组合，同时二者都看涨，叫做组合买入期货。由两个有相同行使价的看跌和看涨期权形成的组合，同时二者都看跌，叫做组合卖出期货。

Synthetic futures

A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures. Also, a combination of a put and a call with the same strike price, in which both are bearish, called synthetic short futures.

组合期权

一种一个期货合同和一个期权的组合，其中一个看涨一个看跌。

Synthetic option

A combination of a futures contract and an option, in which one is bullish and one is bearish.

组合看跌期权

卖出期货合同和买进看涨期权的组合，叫做组合买入看跌期权。同时，买进期货合同和卖出一个看涨期权的组合，叫做组合卖出看跌期权。

Synthetic put option

A combination of a short futures contract and a long call, called a synthetic long put. Also, a combination of a long futures contract and a short call, called a synthetic short put.

最小跳动点

每个合约单位的最小价格波幅。又称为最小变动价位或点值。

Minimum Tick

Minimum price fluctuation per contract unit. Also known as tick size or tick value.

最近合约月

交割可能发生的最近的月份，合约月份最接近现在的时间点

Lead month

The most current contract month in which delivery may take place. The contract month closest to the current point in time.

最低价

在一段特定时间一特定期货合同的最低价

Low

The lowest price of a specified time period for a particular futures contract.

最大价格波幅

按照交易所的规定，在一场交易中合约价格可以上下波动的最大值

Maximum price fluctuation

The maximum amount the contract price can change up or down during one trading session, as stipulated by Exchange rules.

最小价格波幅

在一特定合同交易中可能最小的价格波动增量，通常被称为 tick ，商品价格最小的波动是由交易所规定的

Minimum price fluctuation

The smallest increment of price movement possible in trading a given contract, often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.

最近合约月

期货或期权交易执行的最近的月份，也写做 lead month

Nearby

The nearest active trading month of a futures or options on futures contract. Also referred to as the lead month.

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芝商所CME Group简介