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ID:454600
大小:57.00 KB
页数:9页
时间:2017-08-04
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1、外文翻译原文STOCKINDEXFUTURESMaterialSource:htty://www.referenceforbusiness.com/encyclopedia/Sel-Str/Stock-Index-Futures.htmlAuthor:EncyclopediaofBusiness,2nded.AcontractforstockindexfuturesisbasedonthelevelofaparticularstockindexsuchastheS&P500ortheDowJonesIndustrialAverage.Theagreementcallsfort
2、hecontracttobeboughtorsoldatadesignatedtimeinthefuture.Justashedgersandspeculatorsbuyandsellfuturescontractsandoptionsbasedonafuturepriceofcorn,foreigncurrency,orlumber,theymay—formostlythesamereasons—buyandsellcontractsbasedonthelevelofanumberofstockindexes.Stockindexfuturesmaybeusedtoeith
3、erspeculateontheequitymarket'sgeneralperformanceortohedgeastockportfolioagainstadeclineinvalue.Itisnotunheardoffortheexpirationdatesofthesecontractstobeasmuchastwoormoreyearsinthefuture,butlikecommodityfuturescontractsmostexpirewithinoneyear.Unlikecommodityfutures,however,stockindexfuturesa
4、renotbasedontangiblegoods,thusallsettlementsareincash.Becausesettlementsareincash,investorsusuallyhavetomeetliquidityorincomerequirementstoshowthattheyhavemoneytocovertheirpotentiallosses.VALUINGSTOCKINDEXFUTURESAllstockindexfuturescontractshaveavalueequaltotheirpricemultipliedbyaspecifiedd
5、ollaramount.Toillustrate,thepriceofastockindexfuturescontractbasedontheNewYorkStockExchange(NYSE)CompositeIndexisderivedbymultiplyingtheindexlevelvalueby$500.Thisvalueresultsbecauseeachfuturescontractisequalto$500timesthequotedfuturesprice.So,iftheindexlevelisdeterminedtobe200,thecorrespond
6、ingstockindexfuturewouldcost$100,000.Theindexlevelismarked-to-market,meaningthatattheendofeachdayitsvalueisadjustedtoreflectchangesintheday'sshareprices.Instockindexfuturescontracts,therearetwopartiesdirectlyinvolved.Oneparty(theshortposition)mustdelivertoasecondparty(thelongposition)anamou
7、ntofcashequalingthecontract'sdollarmultipliermultipliedbythedifferencebetweenthespotpriceofastockmarketindexunderlyingthecontractonthedayofsettlement(IPspot)andthecontractpriceonthedatethatthecontractwasentered(CP0).Ifaninvestorsellsasix-monthNYSEComposi
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