期货专业英语.pdf

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1、中英文对照【期货词汇】AAcross the board 全盘All the months of a particular futures contract or futures option contract.某一期货或期权合约的所有月份。Adjusted Futures Price调整后的期货价格The cash-price equivalent reflected in the current futures price.This is calculatedby taking the futures price times the conversion factor for the pa

2、rticular financialinstrument(e.g.,bond or note)being delivered.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)American-style options 美式期权Options that permit exercise at any time on or before the expiration date.在任何时间或者是在有效日期前被允许执行的期权。AON(all or none)AON(全部的或决不)Order type:At order entr

3、y,if it can execute in total,then it executes.Otherwiseit stays in the order book until it can execute in total.下 单 类 型：在已经下单时，如果它能完全执行，那么就被执行。否则它会寄存在买卖盘记录一直到它能够完全执行。Arbitrage 套利The simultaneous purchase and sale of identical or equivalent financialinstruments or commodity futures in order to benefi

4、t from a discrepancy in theirprice relationship.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。Arbitration 仲裁The procedure of settling disputes between members,or between members andcustomers.解决在成员之间或成员和客户之间争论的程序。As-of trade原有贸易An unmatched trade from a previous day that is resubmitted to the clearingsystem;trade

5、 is submitted as of the original trade date.前日未成交的单再被传送到结算系统并保留在原有的交易日。Ask沽出价Also called offer.A motion to sell.Indicates a willingness to sell a futurescontract at a given price.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。Assignment 转让The designation of an option writer for fulfillment of his obligation

6、to sell theunderlying futures contract(call options writer)or buy the underlying futurescontract(put option writer)upon notice from the Clearing House.Notice to theseller of an option that has been exercised by the buyer.期权卖方所给的履约通知的收据，它使得他必须履行特定的定约价格出售(在看涨期权)或买进(看跌期权)，原生期货的义务。买主通知期权的卖主这个交易已经执行。Asso

7、ciated person(AP)期货业务员A person,commonly called a commodity broker,associated with and solicitingcustomers 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 amember of the NFA.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

8、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。At the market 市场价See Market Order见“市场次序”At-the-money 平价An option with a strike price equal to the underlying futures price.一个期权的执行价等于其原生期货的价格。Average Daily Volume平均每日交易量Equals volume for a specified time period divided by the number of business dayswithin that s

9、ame time period.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 Down平均值下移To buy more of a security at a lower price,thereby reducing the holders averagecost,(average Up:to buy more at a higher price).用低价买进更多的证券，以降低持有者的平均成本。(平均值上移：以比较高的价格买更多证券。)Average Price Call平均价买入期权A type of option where the payoff is either

10、 zero or the amount by which theaverage price of the asset exceeds the strike.是一种零盈利的期权或者是资产的平均价格超过执行价的期权。Average Price Put平均价卖出期权A type of option where the payoff is either zero or the amount by which the strikeprice exceeds the average price of the asset.是一种零盈利的期权或者是执行价超过资产平均价格的期权。BBack months 远期月

11、The futures or options on futures months being traded that are furthest fromexpiration.Also called deferred or distant months.期货或期权的交易月离有效期最远的月份。Bar chart条形图A graph of prices,volume and open interest for a specified time period used bythe chartist to forecast market trends.A daily bar chart plots ea

12、ch tradingsessions high,low and settlement prices.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。Basis基差The difference between the spot or cash price of a commodity and the futuresprice of the same or a related commodity.Basis is usually computed to the nearfuture,and may represent differ

13、ent time periods,product forms,qualities andlocations.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 contract 基差合约A forward contract in which the cash price is based on the basis relating to aspecified futures contract.现价建立在与特定的期货合约的基差基础上的远期合同。Bear熊 市（跌 市）One who believes pric

14、es will move lower.一个人相信价格趋势将会不断下跌。Bear call spread熊市购进认购期权跨价组合The purchase of a call with a high strike price against the sale of a call with alower strike price.The maximum profit receivable is the net premium received(premium received-premium paid),while the maximum loss is calculated bysubtracti

15、ng the net.在高执行价买进一个认购期权同时在低执行价卖出一个认购期权，能够得到的最大获利是净期权价，而最大的损失是要减去净期权价。Bear market(bear/bearish)熊 市(熊市/看 空)A market in which prices are declining.一个价格趋势正在下滑的市场。Bearish key reversal熊市重要反转A bar chart formation that occurs in an uptrending market when the days high ishigher,low is lower and close is bel

16、ow the previous days.Can signal anupcoming downtrend.种图表形势，出现在上涨的市场中，这一天的高价比以前高，低价比以前低，收市价也比以前低。能够预示下跌趋势。Beta贝塔系数A measure correlating stock price movement to the movement of an index.Betais used to determine the number of contracts required to hedge with stock indexfutures or futures options.把股票价格的

17、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。B id买价The price that the market participants are willing to pay.市场参与者是愿意支付的价格。Bid(or buy)买(或 买)An offer to buy a specific quantity of a commodity at a stated price.The price thatthe market participants are willing to pay.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。Black

18、 Scholes Model布莱克斯格尔模式A model used to calculate the value of a European call option.Developed in 1973by Fisher Black and Myron Scholes,it utilizes the stock.用来计算欧式买入期权的模式。在1973由Fisher Black和Myron Scholes发展的，它运用股票计算。Blowoff volume 倾销量An extraordinarily high volume trading session occurring suddenly i

19、n an uptrendsignaling the end of the trend.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。Board of Trade交易委员会An exchange where commodity futures and/or futures options are traded.一个商品期货和/或者是期货期权买卖的交易场所。Bond债券Instrument traded on the cash market-representing a debt of the government orof a company.在现金市场中交易的工具它代表着一

20、种政府或公司的债务。Box Spread盒式套利A dual option position involving a bull and bear spread with identical expiry dates.This investment strategy provides for minimal risk.Additionally,it can lead to anarbitrage position as an investor attempts to lock in a small return at expiry.一种期权策略，这种策略可以借具有相同有效期的看跌期权或者看涨期权

21、得以贯彻。可以将风险最小化。同时，当投资者打算锁定到期时的最小收益时，可以产生套利机会。Break突破A sudden price move;prices may beak up or down.一次突然的价格变动；价格可能上升或下降。Breakaway gap 突破缺口A gap in prices that signals the end of a price pattern and the beginning of animportant market move.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。Breakeven平衡点（收支相抵）The point at

22、 which an option buyer or seller experiences no loss and no profit onan option.Call breakeven equals the strike price plus the premium.Putbreakeven equals the strike price minus the premium.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。Brokerage 佣金The fee charged by a broker for executi

23、on of a transaction.May be a flat amountor a percentage;usually referred to as a commission.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 house 经纪行A firm that handles orders to buy and sell futures and options contracts forcustomers.一个为客户处理期货和期权买卖合约订单的公司。Bulge暴涨A slang term used to describe a rapi

24、d advance in prices within the commoditiesmarket.是用来描绘一个在商品市场内快速升高的价格。B ull牛 市（买 空）One who expects prices to rise.预期价格会上升Bull market牛市、多头市场A market in which prices are rising.一个价格正在上涨的市场。Bull spread牛市套利A vertical spread involving the purchase of the lower strike call and the sale of thehigher strike

25、 call,called a bull call spread.Also,a vertical spread involving thepurchase of the lower strike put and the sale of the higher strike put.它是买一手较低定约价的期权，同时卖一手较高定约价的期权，两手期权一般有相同的合约到期日。看跌期权或者看涨期权都可以用于这一策略。Bullish key reversal牛市重要反转A bar chart formation that occurs in a downtrending market when the day

26、s highis higher,low is lower and close is above the previous days.Can signal anupcoming uptrend.出现在下降趋势的市场中，最高价比前一天更高，最低价更低，收盘价高与前一天的徒刑。表明一个上涨趋势的来临。Bundle 一揽子交易The simultaneous sale or purchase of one each of a series of consecutive futurescontracts.Bundles provide a readily available,widely accepte

27、d method forexecuting multiple futures contracts with a single transaction.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。Buoyant市场活跃The term used to describe a commodities market where the prices generally risewith ease when there are considerable signals of strength.用来描述有显著力量时价格可以轻易上升的商品市场的术语。

28、Butterfly Spread 蝶式套利An option strategy combining a bull and bear spread.It uses three strike prices.The lower two strike prices are used in the bull spread,and the higher strike pricein the bear spread.Both puts and calls can be used.一种期权策略，由一手牛市套利和一手熊市套利组合而成的。它牵涉到三个定约价，两个最低的用于牛市套利，两个最高的用于熊市套利。买入和卖

29、出期权都可以使用。Buy To Close买进冲销、买进平仓A term used by many brokerages to represent the closing of a short position inoption transactions.在期权交易中有许多经纪人使用的买进来平仓。Buy To Open买入建仓A term used by many brokerages to represent the opening of a long position inoption transactions.在期权交易中有许多经纪人使用的用买进来建仓。CCall买入期权An optio

30、n to buy a commodity,security or futures contract at a specified priceany time between now and the expiration date of the option contract.一种期权合约，它给持有者以权利，在一固定的时间内，按一特定的价格买进其原生证券。又见 看 涨 期 权.Call breakeven买入期权平衡点See breakeven.见“平衡点”Call option买进期权An option contract which gives the buyer the right,but

31、not the obligation,topurchase a specific futures contract at a fixed price(strike price)within aspecified period of time as designated by the Exchange in its contractspecifications.一种期权，给买主一种权力但不是义务，去购买执行价的特定期货合约。由交易所指定根据此合约的要求规定的在指定的时间内Call profit/loss认购期权盈亏For a long call,equal to the call value m

32、inus the premium.For a short call,equalto the premium minus the call value.对于买进看涨的期权，等同于期权价值减去期权金，对于一个卖出的认购期权，等同于期权的保险金减去期权价值。Call value认购价值At expiration,equal to the futures price minus the strike price of the call.在有效期内，等同于期货价格减去期权执行价。Canceling Order 取消订单An order that removes a customers previous

33、order from the market.从交易市场清除客户近期的订单。Carrying Charge(Cost of Carry)持仓费For physical commodities such as grains and metals,the cost of storage space,insurance,and finance charges incurred by holding a physical commodity.Ininterest rate futures markets,it refers to the differential between the yield on

34、 acash instrument.对于现货商品像谷类和金属类，为了储存这些现货商品对于储存费用和保险费用以及其它的费用的支出。在利率期货市场中是现金工具的收益差价。Carryover 接转Last years ending stocks of a storable commodity.去年底的商品储存量。Cash commodity 现货The actual physical commodity as distinguished from a futures contract.不同于期货合约的实际商品。Cash price现货价Current market price of the actu

35、al physical commodity.Also called spot price.实际的现货商品的目前市场价格，也叫“现货价”。Cash settlement 现金交割Final disposition of open positions on the last trading day of a contract month.Occurs in markets where there is no actual delivery.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。Certificate of Deposit(CD)存款证A time deposit wi

36、th a specific maturity evidenced by a certificate.一个定期存款的证书。Charting 绘图The use of graphs and charts in the technical analysis of futures markets to plottrends of price movements,average movements of price,and volume and openinterest.在期货市场的技术分析中运用图形和图表去划分价格活动和平均价格的趋势以及交易量和未平仓状况。Chartist绘图分析员One who e

37、ngages in technical analysis.运用技术分析的人员。Cheapest to deliver廉价交割方式A method to determine which particular cash debt instrument is most profitableto deliver against a futures contract.在期货市场中一种决定哪种特殊的现金贷款工具是最能获利的交割的方法。Class B clearing member B 等级清算成员A non-bank member firm whose privileges and rights are

38、limited to conductingproprietary arbitrage in foreign currencies with a single Exchange-approved bank.非银行成员企业的特权被限制于私有的套利在外币与唯一一家批准的银行。(看 清算成员)。Class code or transition class 分类符号或转折组Equivalent to group/instruments which groups an instruments futures andoptions separately(calls and puts are not sepa

39、rate).(e.g.,Eurodollar futures(GE)and Eurodollar options(ZE);or British Pound Futures(BP)and British PoundOptions(OP).等于小组/商品的编组，将期货与期权分组(认购与认估期权并不分组)。(举 例，欧元期货(GE)和欧元期权(ZE);或英磅期货(BP)和英磅期权(0 P)。Clearing 清算The procedure through which the Clearing House becomes buyer to each seller ofa futures contrac

40、t,and seller to each buyer,and assumes responsibility forprotecting buyers and sellers from financial loss by assuring performance on eachcontract.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 fee 结算费A fee charged by the exchange for each futures or options contract cleared ordelivered on the Exc

41、hange.Fees may be waived or reduced for somecommodities as specified by the Board of Directors from time to time.交易所对每一个期货或者期权合约交割所收取的费用。这个费用是根据委员会成员所指定的商品扣除的费用。Clearing margin 结算押金Financial safeguards to ensure that clearing members(usually companies orcorporations)perform on their customers open f

42、utures and options contracts.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 trade transaction 结算交易Each matched trade between a buyer and a seller generates two clearing tradetransactions:one for the buyer and one for the seller.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。Close收盘、收市The period at the

43、end of the trading session.Sometimes used to refer to theclosing range.交易过程结束的时间。通常指的是那段时间价格的波动幅度。Closing price 收盘价The last price of a contract at the end of a trading session.在收市时最后一笔成交合约的成交价格。Closing range结算幅度The high and low prices or bids and offers recorded during the period designatedby the Ex

44、change as the official close(the final 60 seconds of trading in currenciesand 30 seconds in all other contracts).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6 0秒买卖和其它合约的交易3 0秒)。Commission Fee 佣金A fee charged by a broker for executing a transaction.Also referred to asbrokerage fee.是经纪商对买卖交易收取的费用。也叫作经纪费。Commit

45、ment of Open Interest 未平仓权益承诺When a trader or institution assumes the obligation to accept or make delivery ona futures contract.当一个交易者或是一个机构接受或者交割期货合约买卖时所承担的义务。Contract close-out 清算合约Completion and settlement of the contract,including resolution of all outstandingitems.合约的完成和交割包括解决一切未解决的项目。Contract

46、 Grades 合约级别The standard grades of commodities or instruments listed in the rules of theexchanges that must be met when delivering cash commodities against futurescontracts.Grades are often accompanied by a schedule of discounts andpremiums allowable for delivery.商品或者工具标准的规格必需符合交易所对现货和期货合约交割的所列出规定。这

47、个级别通常是伴随着折扣或是额外费用。Contract m onth到期交割月The month in which futures contracts may be satisfied by making or acceptingdelivery.Also called the delivery month.一个被制定或接受的期货合约交割月份。也叫交割月。Convergence 整合A term referring to cash and futures prices tending to come together(i.e.,thebasis approaches zero)as the fu

48、tures contract nears expiration.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)。Coupon票面利率The interest rate on a debt instrument expressed in terms of a percent on anannualized basis that the issuer guarantees to pay the holder until maturity.一种利率，是出票人在票据到期时，向持有者支付的债务工具的年金的百分比。Credit spread融资套利An option spread i

49、n which there is a net collection of premium.净保证金积累的一种期权套利。Crush Spread变形套利The purchase of soybean futures and the simultaneous sale of soybean oil andmeal futures.See Reverse Crush.购买大豆期货和同时卖出豆油和豆粕期货。Cultural文化风险Cultural risk is risk arising from longstanding embedded process and procedures,or from

50、 experienced based bias.文化风险的形成是由于持久深入的过程与流程，或因为经验上的偏见。Current delivery month 当前交割月The futures contract which matures and becomes deliverable during the presentmonth.期货合约到期和可以交割的月份。Customer Margin客户保证金Within the futures industry,financial guarantees required of both buyers andsellers of futures cont