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1、TheNutsandBoltsofFuturesMarkets1P.J.vanBloklandandBryanHarrington2ImportanceofFuturesMarketThefuturesmarket,likeanymarket,servesasamediumofexchange.Inanequitymarketpeoplebuyandsellsharesofstock.Inafuturesmarket,peoplebuyandsellcontractsforcommoditiesandfinancialinstr
2、uments(collectivelycalled"commodities"inthispaper).Themajordifferencebetweenthetwomarketsisthatwheninvestorsbuystocks,theybecomeownersinthecompany,andwheninvestorsbuyfuturescontracts,theyenterintoanagreementtodeliverorreceivedeliveryofacommodityatsomepredeterminedtim
3、einthefuture.Theycan,butneednot,becomeownersofthecommoditiestheytrade.Thetradesinfuturesmarketssetworldpricesforthesecommodities.Thecommoditiesthemselvesincludeinroughorderofimportance:1.Interestrates,composedmainlyofTreasuries,Eurodollars,FedFundRates,LIBOR,andEuroc
4、urrencyspreadsliketheEuroYen.2.Petroleumproducts,whichincludeCrudeOil,Gasoline,NaturalGas,andHeatingOil.3.StockindexestradetheDow,theS&P500,andtheMid-Cap400,theRussell2000,Nasdaqindices,andforeignindicessuchastheNikkei,theDax,andFTSE.4.Currencyconsistsofmajorcurrenci
5、essuchastheYen,DeutscheMark,Pound,FrenchandSwissFranc,CanadianandAustraliandollar,andthePeso.5.PreciousmetalssuchasGold,Silver,Platinum,andPalladium.6.Theagriculturesector,includingallmajorrowcropsandanimalindustriesaswellasmajorcommoditiessuchassugar,cocoa,coffee,an
6、dfiber.Interestingly,agriculturewasthemajorgroupinfuturesmarketsuntiltheearly1970swhenfinancialsstartedandquicklydominatedfuturestrading.DailytradeinChicagoalone,themaincenterforfuturesmarketsinAmerica,runsintobillionsofdollars.YetEUREXofGermanyandSwitzerlandhas40per
7、centmoretradingvolumethanthelargestChicagoexchange(ChicagoMercantileExchange).Futuresarehugemarkets,totallydwarfingthefarbetterknownequitymarketssuchastheNewYorkStockExchange.Monthlyfuturestradingintheworldismeasuredintrillionsofdollars.Soitissomewhatsurprisingthatmo
8、stindividualsarebothunawareanduninformedaboutthesemarkets.Futuresmarketsexistbecausetheyprovidehugebenefitstoagreatmanyfirmsandpeop
