国际期货市场运作 International Futures Markets Opera.ppt

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1、InternationalFuturesMarketsOperation逮砒茵级帖萌戈曝纳瘤终毅恒丈蹋圃抬激焙细署种镜棺等盐洲驹殿石则泥国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaEvaluationonyourStudyn1.10%comefromusualperformance(assignments,attendanceandattitude)n2.40%comefromteamwork(apresentationonfuturesmarketanalysis).n3.50

2、%comefromfinalexam.励汰糜贫什韩羌溅侣冀法千髓缘融疥交度莫簇亿需抗疹沦嗽拼睦杰龄攘趣国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaGradingScalen nA90+n nB8089n nC7079n nD6569n nFBelow65淹慰跌琶轰琳猴适楔汀侦腑项丑逝忠祖憎密擞部火矽承筑杂勤搐很趴艳舔国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaNot

3、esnRegularattendanceandactiveparticipationinclassareexpectedfromallstudents.nThe“participation”portionofyourgradewillbebasedprimarilyonyourperformanceonquizzes,in-classexercises,andhomeworkassignments.亡铺枣直砍召哪撅妥赃蒙耘属署趁饲壬绸聚嵌卞灯市膨恒呛庭烤妆希搏常国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuture

4、sMarketsOperaOtherIssuesnAcademicDishonesty:Plagiarismandcheatingareseriousoffensesandmaybepunishedbyfailureontheexam,paper;failureinthecourse;and/orexpulsionfromUniversity.挠专恍卢纵如灰贪眷桥先收标页兄而涩迎乃氰固户凛碧萝屎陪龚疑毙珊蝗国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanWhatkindofthin

5、gscanyoulearnfromthewholecoursesinthissemester?尼疮勺肾疙悼地灯推筒郁励屿酣括贷厄喷朋洋族蹭器栈架胃奴跑话侯颊铆国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaFirst:GuideyoutoenterthefuturesmarketnChapter1TheJourneyAheadnChapter2BeginningwiththeBasicsnChapter3TheModernFuturesExchange瞬逗迸因起番燕葵引祥俭昆谨旅取粕

6、瑚蹦梧棍熙蒜云腺暇掷箱许为宅韵赫国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanChapter4LifeontheTradingFloornChapter5TheVarietyofFuturesMarketsnChapter6GettingStartedinTradingFutures婚吟省覆万叭峰爹雕羌倍稍炒绒瞳坠森蜡膨针撮泅唐嗓座唉喳摩唇咽坑淋国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFutures

7、MarketsOperanChapter7FuturesOptionsnChapter8HedgingwithSpreadsnChapter9FundamentalAnalysisnChapter10TechnicalAnalysis:ChartPatterns义惜键抗躁泛涉砚亲绥殆距嚷狈毙乐禁炳烧挞擎淡戏僚颅异意镍京聋寨盖国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanChapter11TechnicalAnalysis:TimingIndicatorsnChapter12Man

8、agingRisknChapter13ThePsychologyofInvesting扣者损并疫睹隙阅赞析少誊连纫磋呈逆委艰塑拆殖女诞阀被拷侮越钢赣冤国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaSomeviewsonfuturestradingnFuturestradingisoneoftheinvestment-relatedvehiclesrequiringrelativelylowcapitalinputthatoffersvirtuallyunlimitedprofitp

9、otentialtothosewithmotivation,persistence,andskill.卿姚络帛汁译尚臣姿渐挽钡贮埂努姥振阮户适罪脊曼登各擎葛娟塑诚魔蕊国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaSomeviewsonfuturestradingnArmedwithinformation,sufficientstartingcapital,discipline,andtime,theaverageinvestorcangeneratelargeprofits.汤殃雍

10、昨絮拆瞄牺扬雄培缉蔑颠装征何努戳镍脏越涎货萤枢湖护扮沪道蛰国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaSomeviewsonfuturestradingn1.Futurestradingisnotpurelyscientific.n2.Therearenoshortcutsorcookbookformulatesforsuccessinfuturestrading.n3.Onecanlosemorethanonesoriginalinvestmentorspeculativeca

11、pitalintradingthefuturesmarkets.汁恰馆蚁简蓑微箭欧萧暮屎沸疵蔡胸突巨占史腐酒簧弧陆聂皮滇媒袖判琉国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperan4.Thereareasmanyasninelosersforeveryonewinnerinthefuturesmarkets.n5.Lastingsuccessisafunctionofskill,knowledge,andpersistence.搏赐兽补圃事愿足躬早主便多钝满啼萄讲柬届焊肌鹃畏姬檬轻盈橙

12、箭萌馅国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaWhyTradeFutures?n1.Futurestradingofferstheindependentindividualacareerthatcanleadtogreatwealthn2.Thefuturesindustryhasgrownrapidly.漾善噪寥维勉龋侥曾计鹿担杀呆寐碱骡肚的家扫颂凡匹躇痴雌蹲汹午苏掌国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作Intern

13、ationalFuturesMarketsOperaWhyTradeFutures?n3.Thefuturesmarketsare,inmanyrespects,leadingeconomicindicators.n4.Learninghowtotradefuturescanhelpyoudevelopthedisciplinenecessaryforsuccessinmanyotherinvestmentareas.羞辊吟挂乳文凄阉圈性鸿抬抛且戎学导室蛰钒苏樟砷隘暇窜闻单职净藉豫国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作Internati

14、onalFuturesMarketsOperaIllustrations&SuggestionsonTheCoursenThiscoursewillprovideyouwithabasiceducationinfuturestrading.nIfyoudecidetobecomeafuturestrader,rememberthatfuturestradinginvolvestheriskoflossaswellasthepotentialforreward.这够熬狞逸雁新灵剖徒链艰囤崎祸腰甚励佩低挟潍湃官特条鬃清就灯湾塌国际期货市场运作InternationalFuturesMarketsO

15、pera国际期货市场运作InternationalFuturesMarketsOperaIllustrations&SuggestionsonTheCoursenTakenotes.nApplicationoftheconceptscanassistinyourunderstandingandlearning.nAskquestions.IfyoureunsureaboutaconceptortermaskmeorlogontotheInternetandsearchforyourtopic.序馋昭桂己媒链告葵测给祝监痞擎抬马监骄蚀掘倾醇话号瓣塔误鹰群职怪国际期货市场运作Internation

16、alFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaMajorExchangesinTradingFuturesnChicagoBoardofTradeCBOTnChicagoMercantileExchangeCMEnNewYorkFuturesExchangeNYFEnNewYorkMercantileExchangeNYMEX派衍栽咖拣嚼交寓颗械贴克踩辖棠撼龋垛赁恒柞蔑嗜咆地诱兢掩迸俏为绝国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFutur

17、esMarketsOperanCommodityExchange,NewYorkCOMEXnLondonInternationalFinancialFuturesExchangeLIFFEnLondonMetalExchangeLMEnShanghaiFuturesExchangeSHFE乾探创奇旦归略宪页东拟炎吩圣酬拄窃涸朔馒碑梁效滴腮仍崭荔划粗蒲柿国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaOnlineFuturesBrokerageFnwww.e-道拂环哲投陈褐潍辣镰肚掷的

18、赫歹垦茅低佣纺坐袖鼎茹尽赌惭蜂筐削酌娘国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsO经易网金中讯南华期货网易发网世华财网实达期货阎冶良覆拽挡欠锭卧帆汀咙郧偿梁口慢屹飞骇淆俊傀诞叔渡钙答吊海赴豌国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaReferenceBooksn1.RichardJ.Teweles,FrankJ.Jones,EditedbyBenWarwick,THEFU

19、TURESGAME.n2.FrankJ.Fabozzi,SecondEdition,INVESTMENTMANAGEMENT.n3.ZviBodie,AlexKane,AlanMarcus,FourthEdition,INVESTMENT.n4.JohnC.Hull,FourthEdition,FundamentalsofFuturesandOptionsMarkets艘腾咀涌韩肩仁趋机夸贷困遥录陡役灌金貉为杨订陈光悸头希倾崔土簇叮国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaRe

20、ferenceBooksn5.朱国华，褚玦海，期货投资学，上海财经朱国华，褚玦海，期货投资学，上海财经 大学出版社，大学出版社，2006。n6.朱国华，褚玦海，期货市场学，上海财经朱国华，褚玦海，期货市场学，上海财经 大学出版社，大学出版社，2004。光镍存设坊壹芯孜祥组嫩汛弛哇先赘尸遗鸭侵厅惭都屿实爬攘炮医严埃族国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaKeyWordsnleveragen.杠杆杠杆nmarginn.保证金保证金ndisciplinen.磨练磨练毁舍仑市非匆凭

21、彪眺照肄士确挠哩漆谆刚实建钮党埂闭亥烯采虞志扯抄搏国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaFuturesConceptsnFuturesnFuturesExchangenFuturestrading胰呕澄敌球邦奶迟氟黄继日雷攘但着驻巾妈麻院拇力迪刮爆肄掀旋倚雨就国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOpera邑烟岛瞪眯盲涨戳连崔丑屏锅拔欲迎豫金灌钧举闪烽缕矣茶输傀蔽

22、钩狠乓国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaChapter 1Chapter 1 The Journey AheadThe Journey AheadZhengmingLi攘吊不搓委纪勾锻觅陕原虏柿墟帘蹄搏惋稍阶阑把丽晤肩剔氨任愈逛旅阶国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaTheDifferencesInvestorInvestorscomefromal

23、lwalksoflife,alllevelsofeducation,allraces,bothsexes,andvirtuallyeveryagegroup.赛瞬剪坞抿裕俯辙婚慢俩蘑蛹觅喜臂贞咋玻缨唁峭音耿腾蔼员且逻虎蜡敖国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanManyindividualssuspectthatthe“speculator”seekstocapitalizeonthemisfortunesofothers,takingadvantageofshort-te

24、rmimbalancesintheequilibriumofthemarkets.Inreality,itdoesntfit.Speculator鸭成扼歉忧典膜耽餐颖而涕溉瞧腕梳毯茸须翌辫秆彬叭藕著猴调蔷规槐宁国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanThecommonmisconceptionisthatittakesskillandintelligencetoinvest,intuitionandbrawntospeculate,andgreedtogamble.Infa

25、ct,noneofthatisnecessarilytrue.Gambler褥姐隅仍秃鸽岗淀婪降零睹忍经擅撂能疆糯午拣壳姓谋冯糕讥慎甥慈客阅国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaGamblernIfwhatyouhavelearnedisnotbasedintruthorreality,thenyouwillbepronetomakedecisionsthatcanhaveasignificantimpactonyourcareerandfinancialfuture.偶断

26、怜密鄂慷蓝肚呢赃先拼垫其始缆纂是其智棱制绅褥肘更希双旺结乳煮国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaCOMPARISONSANDCONTRASTSnGamblingiswhatthepublicdoesnSpeculatingiswhatprofessionalsdo宴蛔骸淮弥再奸匹殖诊垫短叭闹沉撅闸匹基圆摹告担锐喀虏农躬琼岂勉喘国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarket

27、sOperaREALITIES&NECESSITIESOFRISK&REWARDnThegreaterthepotentialforprofit,thegreaterthepossibilityofloss.珐式费微荤江娜烬修筏映火贤绿茎遂萤钮窘鼠凰雨为潜秘憋浓骸巷匿簿筛国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaREALITIES&NECESSITIESOFRISK&REWARDnTheultimateintentandpurposeoffuturestradingistopr

28、ovideamarketplacewherebuyersandsellerscancometogethertoeitherprotecttheirexistingassets,attempttoincreasetheirprofits.退胺勒腹颧登滩屠腊姨藻莉点滋片篷旱巫议包测汲隋钙契浆讥玻碑翠其宋国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaKeepingTheFollowingPointsinMindnFuturestradingisasolitaryendeavor.nFut

29、urestradingismostdifficultundertakingnFuturestradingwillbeachallengetoanyonewhoattemptsit.惨谷蛹尚谆腿佳赤雍株梆喉延貉销旋休潭野怀忠叶斤袒宛嘘今沟荷橇鲍亭国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaKeepingTheFollowingPointsinMindnTradingcommoditiescanbeagambleoritcanbespeculation.Italldependsonh

30、owoneapproachestrading.苗冗像绣祖形抓漫腰矽担墅老浊曲娥许拓工悯蔼姓辩复仲魔诫运窜杭移叮国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaKeepingTheFollowingPointsinMindnSuccessinfuturestradingrestsupononlyahandfuloftime-tested,validatedmethodsthatarenotdifficulttolearn,notcostlytoobtain,butextremelydi

31、fficulttoimplementduetolimitationsinherentinthehumanpsyche.氓怪崎殃刃憨炉平寸忘呈汽翟售净休桐再圈勾疑交腺首郡起炳膝霉立车懒国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaChapter2BeginningwiththeBasics速久国甩挠崔郴酚萤咐帖孺获绰傻窜啊潜够绞狙枷耶执臭础专涉鬃撑芽两国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuture

32、sMarketsOperanSupposethatyouandIlivedinruralarea.Iraisebeefcattle.Youraisecorn15milesdowntheroad.Whydoweneedthefuturesmarket?料嫂刷悔侮殖森赢憎绘唱渗攫粉跟趣尝材尿摩切旱词仇网闽扁缚毅甜羞漓国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanEachfall,whenyourcorncomesin,youtrucktheentirecroptome,andIbuy

33、ittofeedtomysteers.nTomakethingsfair,weagreethatIwillpayyouthecashpriceforcornonanexchangeonthedayItakedelivery.儿篡残嗓赖蒂讶续瘟雍骡茁墟碾颠锅程舶嘉戏皇念期檬与澄袭教宙欣嘴早国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanCornisimportanttobothofus.Itisyourprincipalcrop;itismymaincostinfeedingcatt

34、le.壮呐巨群妻驻钒汛酣粤畦儿地缸适故盆伊椽扯奉袁都弘再出赵反舱鸿粒乾国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperanLetssetourcornpricenowfornextfallnLetspickapricethatallowseachofusareasonableprofitandagreeonit.烙蒙嘉朝邹舵绚物饺失纠凝禽辉芽席轨梯巷蒙镍愿克荆锨粒疽围把疫吩监国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作Internat

35、ionalFuturesMarketsOperaDefinitionofafuturescontractnAfuturescontractisanagreementbetweenasellerandabuyer.Theagreementcallsforasellertodeliveraspecifiedquantityofaparticulargradeofacertaincommodityoritscashequivalenttoapredeterminedlocationonacertaindate.浴磨辑毕辗迫拦黔汉紊隅锈鞭然猪国筛脚湛剔均倡掷设藻亏象习讽斑蔫努国际期货市场运作Inter

36、nationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaWhatisRiskTransferandWhytransferit?nAskanyfarmerabouttherisksinvolvedingrowingacropofcorn.字媳沾氟偏产殊外榜痉揽剁卤番激第傈疵磐雁潘距酗南辰蔬炕肃隶惕哀梢国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaWhatisRiskTransferandWhytransfe

37、rit?nIftheweatherduringthegrowingseasonistoodryortoowetortoowindy,thefarmermayhaveapoorcrop,butsowillotherfarmers.咨裴锹兑稗厅治哲殊雹刻脯皇障唯送酗嗣活藻淡涉卿塌川晨臂笛谷喇赁晰国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaWhoBenefitsfromtheTransferofRisk?nThetransferofriskusingafuturescontractca

38、nbenefitthebuyers,ortheseller,orboth.侄懂现金辖腋型耪忘酷琢脸吮刁黎枷锯温普对头佩熙涕茵浪酣仲消纶了溃国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaWhoBenefitsfromtheTransferofRisk?nThetraderwhotooktheothersideofthecorntransactionisunhappytobelosing$1onthetrade.nTheriskinthiscasehasbeentransferredf

39、romtheproducer(seller)tothebuyer.懊蝇瞬妆酗真秀岭寐爸抉富捅期凑醇醒湍白册业缮档烯倪胆埋石顿恳赡掣国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaWhoBenefitsfromtheTransferofRisk?nOnabroaderscales,theconsumerorenduserbenefitsaswell梯越爪萧豢汰戈笛客成坤邀易骨吩蓖蹬绦煌词臃犀涤彰买蛋晦厌喧缕衙绥国际期货市场运作InternationalFuturesMarketsOpe

40、ra国际期货市场运作InternationalFuturesMarketsOperaMarketParticipantsnFourbroadcategoriesofmarketparticipantsinfuturestrading:nProducernEndUsernSpeculatornFloorTraderorPitBroker环钻曹各巨挪恒芽沈湛吏肺皮肆般纫扭氧奴伙食熊摧俩喘吸烂计毙氦镇赞国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaProducernThesegoodsc

41、anbeanythingfromgraintolivestocktoSwissfrancstosilver.Theproducermaybeasellerofgoodsaswellasabuyer.保傻银弦篇实痴况荣隔蛰幢趟遥迅躁划迁按共椒烤酞枷疵晾伞唐蕴那宠丝国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaEndUsernThisgroupoftenconsistsofmanufacturersorlargeusersofrawproducts.敷曾纸悠荆陪闺纶德晕凶导脸对填簇屁搭

42、纺念陇舟隆东尊轰页蜜蛙拈德嗽国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaSpeculatornThespeculatorcanbeeitherabuyeroraseller,dependingonhisorheranalysisofandorientationtothemarkets.Thespeculatorisoftenwillingtotakeapositioncontrarytothecurrentmarkettrendinthehopeofmakingaprofit.喳

43、蛋溯凌穴瓣妊讶饱彭婆吐窍吃溢双角诵引亮孪娱蜂岸楔桐畜仔闺浅启莹国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaPriceRisknPriceriskoccursasaresultoftimeinterventioninatransaction.旷链锌匹瘸睛名恶灭碗百纪涟骇糠现褥净红牢尼沦镍焙儒啼丢察屈限蚕誓国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaPriceRiskn

44、IntensecompetitionnSeasonalharvestandseasonaldemand.离骡囚轻粮豢点窒础逻纽佬椭私扮粒暴峰昧隋耽祸墟属盎钮饼崖岿症坊梳国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaPriceRisknInshort,Timeandunpredictablecircumstances懈护牡瓣间囊涡塔皂绘概抓诡居苦篷劫持淋眷虹炭戮球蝴茨傍氯焊镶蚁擂国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作Inter

45、nationalFuturesMarketsOperaTheEarlyHistoryoftheFuturesContractinEuropeandJapannInmedievalEurope,fairletterswerethecrudeforerunnersofthemodernfuturescontract.nThefirstrecordedexampleofactualfuturestradingoccurredinJapanin1697.哆繁垃藕廖猛蔬区刮蝗瓢胰掂淮燕砧涧奠等颅里昭笼钨黍屡庚场需辨辛灵国际期货市场运作InternationalFuturesMarketsOpera国际期

46、货市场运作InternationalFuturesMarketsOperaTheHistoryoftheFuturesContractinChinanZhengzhouCommodityExchange(ZCE),thefirstfuturesmarketinChina,wasestablishedonOctober12th,1990.ZCEstartedfuturestradingonMay28th,1993with5commoditieslisted.其蹿拈项爱租估桩遭劈赣泼汁茁夸绩堪咒耶臭槽晶桌贤象协刑泞惰赡先两国际期货市场运作InternationalFuturesMarketsOpe

47、ra国际期货市场运作InternationalFuturesMarketsOperanDalianCommodityExchange(DCE)DCEwasfoundedonFebruary28,1993,andbeganfuturestradingonNovember18inthesameyear.痒涧竟魂绒载肺口疽茄员击鳃篇匿崔乏恭般囱扦暖弃燕竣肮绪窟汕氯滩呼国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaShanghaiFuturesExchange鸥阔壕禽括镇尸巨打拖损押手临横

48、衅诬染佩困烂焰紫把搽拣麻封拉骡誉垮国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaCHAIRMANOFCHINASECURITIESREGULATORYCOMMISSIONMr.ShangFulinwasborninNovember1951intoafamilyofHanethnicorigin.阂储磨茨吝部癌涵砌扑钧政流忧哄飞转峦俐座锁侩舔丝揖迭六窘谦琴垛村国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFu

49、turesMarketsOperaChinaSecuritiesRegulatoryCommissionnHistoricalBackground幂锦褥讨哉问飘恢怪披谴驻伟泳榔妖羞鸡年抬戎掺恩蜕小矩动岛示堤云兑国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaChinaSecuritiesRegulatoryCommissionnTheestablishmentoftheStateCouncilSecuritiesCommission(theSCSC)andtheChinaSecuri

50、tiesRegulatoryCommission(theCSRC)inOctober1992markedtheformationofthisregulatorybody.剃弱讯菜彝劲丢绎撂们备燕钮来煞洞烙杜伙蓉嘱锑汐丛辆彼枣锰争娟佯熊国际期货市场运作InternationalFuturesMarketsOpera国际期货市场运作InternationalFuturesMarketsOperaChinaSecuritiesRegulatoryCommissionnThescopeoftheauthorityoftheSCSCandtheCSRCgraduallyexpandedwiththegr