电力期货的运用

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1、!!!!兰!坚唑!!!竺!坐!!!!!!!!竺!!!!!!!!!受!gCHAP’珏R2FUTURESMARKETSANDTHEUSEoFFUTURESFoRHEDGING2．1丑IsTORYoFFI刀Ⅱ瓜ES剐LARKEl．sAfuturescontractisallagreementtobuyorsellall_assetatacertaintimeinthefutureforacertain谢ce【1·7·1⋯．Therearemanyexchangesthroughouttheworldtradingfuturescontracts．Thetwolargestfutur

2、esexchangesintheUnitedStatesaretheChicagoBoardofTrade(WWW．cbot．corn)andtheChicagoMercantileExchangefwwwcme．tom)．FuturesmarketsCanbetracedbacktotheMiddleAges．ThcYwereoriginallydevelopedtomeet廿1eneedsoffarmersandmerchants．ConsidertheposifionofafarmerinAprilofacertainyearwhowillharvestaknownam

3、ountofgraininJune．ThereiSuncertaintyaboutthepricethefarmerwillreceive．Inyearsofscarcityitmightbepossibletoobtainrelativelyhighprices--particularlyifthefarmeriSnotinahurrytosell．Ontheotherhand，inyearsofoversupplythegrainmighthavetobeexorbkant．Itclearlymakessensefort11efarmerandthecompanytoge

4、ttogetheriIlAprilrorevenearlier)andagreeonapriceforthefarmer’Sproductionofgraini11June．Inotherwords，itmakesforeachsidetoeliminatetheriskitfacesbecauseoftheuncertainfuturepriceofgrain．Wemightaskwhathappenstothecompany’Srequirementsforgrainduringtherestoftheyear．Oneetheharvestseasonisover,the

5、grainmustbestoreduntilthenextseason．Inundertakingthisstorage，thecompanydoesnotbearanypricerisk，butdoesincurthecostsofstorage．Ifthefarmerorsomeotherpersonstoresthegrain．thecompanyandthestorerbothfacerisksassociated耐曲坊efuturegrainprice．anda￡ainthereiSaclearmleforfuturescontracts．TheChicagoBoa

6、rdofTradenleC11jcagoBoardofTradewasestablishedin1848tobringfarmersandmerchantstogether．InitiallyitsmaintaskWastostandardizethequantitiesandqualitiesofthegrainstllatweretraded．WithinafeWyearSthefirstfutures．typecontractWaSdeveloped．ItWaSknownasato—arrivecontract．Speculatorssoonbecameinterest

7、edinthecontractandfoundtradingthecontracttobeanattractivealtemativetotrading廿1egrainitself．TheChicagoBoardofTradenOWoffersfuturescontractsonmanydifferentunderlyingassets，includingtom，oats，soybean，SOybearls，soybearlmeal，soybeanoil，wheat，Treasurybonds．andT