1、中英文對照【期貨詞匯】Across the board 全盤 All the months of a particular futures contract or futures option contract.某一期貨或期權合約的所有月份。  Adjusted Futures Price 調整后的期貨價格 The cash-price equivalent reflected in the current futures price. This is calculated by taking the futures price times the conversion f

2、actor for the particular financial instrument (e.g., bond or note) being delivered.等同的現金價格反映在現在的期貨價格上。計算是通過用期貨的價格乘以被交割的特定金融商品的轉換系數。 ( 例如 , 債券或票據 )  American-style options 美式期權 Options that permit exercise at any time on or before the expiration date.在任何時間或者是在有效日期前被允許執(zhí)行的期權。  AON (

3、all or none) AON( 全部的或決不 ) Order type: At order entry, if it can execute in total, then it executes. Otherwise it stays in the order book until it can execute in total.下單類型 : 在已經下單時，如果它能完全執(zhí)行 , 那么就被執(zhí)行。否則它會寄存在買賣盤記錄一直到它能夠完全執(zhí)行。 Arbitrage 套利 The simultaneous purchase and sale of identical or equivalent f

4、inancial instruments or commodity futures in order to benefit from a discrepancy in their price relationship.同時的買賣相同或相等的金融商品或商品期貨以從他們的價格差異中獲利。  Arbitration 仲裁 The procedure of settling disputes between members, or between members and customers.解決在成員之間或成員和客戶之間爭論的程序。  As-of trade 原

5、有貿易 An unmatched trade from a previous day that is resubmitted to the clearing system; trade is submitted 'as of' the original trade date.前日未成交的單再被傳送到結算系統(tǒng)并保留在原有的交易日。  Ask 沽出價 Also called "offer." A motion to sell. Indicates a willingness to sell a futures contract at a gi

6、ven price.經常被稱為“出價”它是一個出售的意思。指的是在指定的價格下愿意出售期貨合約。  Assignment 轉讓 The designation of an option writer for fulfillment of his obligation to sell the underlying futures contract (call options writer) or buy the underlying futures contract (put option writer) upon notice from the Clearing House

7、. Notice to the seller of an option that has been exercised by the buyer.期權賣方所給的履約通知的收據，它使得他必須履行特定的定約價格出售 ( 在看漲期權 ) 或買進 ( 看跌期權 ) ，原生期貨的義務。買主通知期權的賣主這個交易已經執(zhí)行。  Associated person (AP) 期貨業(yè)務員 A person, commonly called a commodity broker, associated with and soliciting customers and orders for a

8、 futures commission merchant or introducing broker. The AP must pass a Series 3 examination, be licensed by the CFTC and be a member of the NFA.一般稱為商品經紀人 , 他是聯系和提供咨詢給客戶以及在期貨商品市場委任商人或介紹經紀人。這個委托人必須通過三種考試 , 被 CFTC 許可并且是 NFA 的一個成員。  At the market 市場價 See "Market Order"見 " 市場次序 &

9、quot;  At-the-money 平價 An option with a strike price equal to the underlying futures price.一個期權的執(zhí)行價等于其原生期貨的價格。  Average Daily Volume 平均每日交易量 Equals volume for a specified time period divided by the number of business days within that same time period.它等于在特定的時期交易量除以同樣的特定時期內的工作天數。&

10、#160; Average Down 平均值下移 To buy more of a security at a lower price, thereby reducing the holder's average cost. (average Up: to buy more at a higher price).用低價買進更多的證券，以降低持有者的平均成本。 ( 平均值上移 : 以比較高的價格買更多證券。 )  Average Price Call 平均價買入期權 A type of option where the payoff is either ze

11、ro or the amount by which the average price of the asset exceeds the strike.是一種零盈利的期權或者是資產的平均價格超過執(zhí)行價的期權。  Average Price Put 平均價賣出期權 A type of option where the payoff is either zero or the amount by which the strike price exceeds the average price of the asset.是一種零盈利的期權或者是執(zhí)行價超過資產平均價格的期權。

12、60;BBack months 遠期月 The futures or options on futures months being traded that are furthest from expiration. Also called deferred or distant months.期貨或期權的交易月離有效期最遠的月份。  Bar chart 條形圖 A graph of prices, volume and open interest for a specified time period used by the chartist to forecast ma

13、rket trends. A daily bar chart plots each trading session's high, low and settlement prices.由制表人用特定時期的價格、交易量、未平倉權益組成的圖表來預測市場趨勢。日條形圖描繪了交易日的最高價、最低價和交易價。 Basis 基差 The difference between the spot or cash price of a commodity and the futures price of the same or a related commodity. Basis is usually

14、computed to the near future, and may represent different time periods, product forms, qualities and locations. 現貨或商品的現金價格和相同的期貨價格或相關價格的差額。它通常被計算到近期的期貨 , 和可能表現不同的時間期數、產品規(guī)格、質量和場所。  Basis contract 基差合約 A forward contract in which the cash price is based on the basis relating to a specified fu

15、tures contract.現價建立在與特定的期貨合約的基差基礎上的遠期合同。  Bear 熊市 ( 跌市 ) One who believes prices will move lower.一個人相信價格趨勢將會不斷下跌。  Bear call spread 熊市購進認購期權跨價組合 The purchase of a call with a high strike price against the sale of a call with a lower strike price. The maximum profit receivable is

16、the net premium received (premium received - premium paid), while the maximum loss is calculated by subtracting the net. 在高執(zhí)行價買進一個認購期權同時在低執(zhí)行價賣出一個認購期權，能夠得到的最大獲利是凈期權價，而最大的損失是要減去凈期權價。  Bear market (bear/bearish) 熊市 ( 熊市 / 看空 ) A market in which prices are declining.一個價格趨勢正在下滑的市場。  B

17、earish key reversal 熊市重要反轉 A bar chart formation that occurs in an uptrending market when the day's high is higher, low is lower and close is below the previous day's. Can signal an upcoming downtrend.一種圖表形勢，出現在上漲的市場中，這一天的高價比以前高，低價比以前低，收市價也比以前低。 能夠預示下跌趨勢。 Beta 貝塔系數 A measure correlating stoc

18、k price movement to the movement of an index. Beta is used to determine the number of contracts required to hedge with stock index futures or futures options. 把股票價格的運動聯系到指數運動的一種衡量方法。貝塔用來決定用股指期貨或期貨期權套利保值所需的合約量。  Bid 買價 The price that the market participants are willing to pay.市場參與者是愿意支付的價格。

19、  Bid (or buy) 買 ( 或買 ) An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.以指定了的價格購買特定數量的商品。市場參與者愿意支付的價格。  Black Scholes Model 布萊克斯格爾模式 A model used to calculate the value of a European call option. Deve

20、loped in 1973 by Fisher Black and Myron Scholes, it utilizes the stock. 用來計算歐式買入期權的模式。在 1973 由 Fisher Black 和 Myron Scholes 發(fā)展的，它運用股票計算。  Blowoff volume 傾銷量 An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the end of the trend.一個反常的高成交量交易部分突然在上升趨勢中發(fā)

21、生，預示著趨勢的結束。  Board of Trade 交易委員會 An exchange where commodity futures and/or futures options are traded. 一個商品期貨和 / 或者是期貨期權買賣的交易場所。 Bond 債券 Instrument traded on the cash market-representing a debt of the government or of a company.在現金市場中交易的工具它代表著一種政府或公司的債務。 Box Spread 盒式套利 A dual option pos

22、ition involving a bull and bear spread with identical expiry dates. This investment strategy provides for minimal risk. Additionally, it can lead to an arbitrage position as an investor attempts to lock in a small return at expiry.一種期權策略，這種策略可以借具有相同有效期的看跌期權或者看漲期權得以貫徹。可以將風險最小化。同時，當投資者打算鎖定到期時的最小收益時，可以

23、產生套利機會。  Break 突破 A sudden price move; prices may beak up or down.一次突然的價格變動 ; 價格可能上升或下降。  Breakaway gap 突破缺口 A gap in prices that signals the end of a price pattern and the beginning of an important market move.價格的一個缺口，表示一個價格趨勢的結束和一個重要的市場運動的開始。  Breakeven 平衡點（收支相抵） The

24、point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium. Put breakeven equals the strike price minus the premium.一個策略的既不贏錢也不輸錢的股票價格。買入期權收支平衡點等于執(zhí)行價加上期權金。賣出期權的收支平衡等于執(zhí)行價減去期權金。  Brokerage 傭金 The fee charge

25、d by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.是經紀商對交易收取的費用。可能是一筆固定的金額或是百分比，通常指的是中介費。  Brokerage house 經紀行 A firm that handles orders to buy and sell futures and options contracts for customers.一個為客戶處理期貨和期權買賣合約訂單的公司。&

26、#160; Bulge 暴漲 A slang term used to describe a rapid advance in prices within the commodities market.是用來描繪一個在商品市場內快速升高的價格。  Bull 牛市 ( 買空 ) One who expects prices to rise.預期價格會上升  Bull market 牛市、多頭市場 A market in which prices are rising.一個價格正在上漲的市場。  Bull spread 牛市套利

27、 A vertical spread involving the purchase of the lower strike call and the sale of the higher strike call, called a bull call spread. Also, a vertical spread involving the purchase of the lower strike put and the sale of the higher strike put.它是買一手較低定約價的期權，同時賣一手較高定約價的期權，兩手期權一般有相同的合約到期日?？吹跈嗷蛘呖礉q期權都可以

28、用于這一策略。  Bullish key reversal 牛市重要反轉 A bar chart formation that occurs in a downtrending market when the day's high is higher, low is lower and close is above the previous day's. Can signal an upcoming uptrend.出現在下降趨勢的市場中，最高價比前一天更高，最低價更低，收盤價高與前一天的徒刑。表明一個上漲趨勢的來臨。  Bundle 一

29、攬子交易 The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.同時買賣一系列相連的期貨合同，他是提供一個易于獲得并且被廣泛接受的在一個交易中執(zhí)行多個期貨合同的方法。  Buoyant 市場活躍

30、The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength.用來描述有顯著力量時價格可以輕易上升的商品市場的術語。  Butterfly Spread 蝶式套利 An option strategy combining a bull and bear spread. It uses three strike prices. The lower two strike

31、 prices are used in the bull spread, and the higher strike price in the bear spread. Both puts and calls can be used.一種期權策略，由一手牛市套利和一手熊市套利組合而成的。它牽涉到三個定約價，兩個最低的用于牛市套利，兩個最高的用于熊市套利。買入和賣出期權都可以使用。  Buy To Close 買進沖銷、買進平倉 A term used by many brokerages to represent the closing of a short positio

32、n in option transactions.在期權交易中有許多經紀人使用的買進來平倉。  Buy To Open 買入建倉 A term used by many brokerages to represent the opening of a long position in option transactions.在期權交易中有許多經紀人使用的用買進來建倉。 CCall 買入期權 An option to buy a commodity, security or futures contract at a specified price any time betw

33、een now and the expiration date of the option contract.一種期權合約，它給持有者以權利，在一固定的時間內，按一特定的價格買進其原生證券。 又見 看漲期權 .  Call breakeven 買入 期權平衡點 See "breakeven." 見“平衡點” Call option 買進期權 An option contract which gives the buyer the right, but not the obligation, to purchase a specific futures c

34、ontract at a fixed price (strike price) within a specified period of time as designated by the Exchange in its contract specifications. 一種期權，給買主一種權力但不是義務，去購買執(zhí)行價的特定期貨合約。由交易所指定根據此合約的要求規(guī)定的在指定的時間內  Call profit/loss 認購期權盈虧 For a long call, equal to the call value minus the premium. For a short

35、call, equal to the premium minus the call value.對于買進看漲的期權，等同于期權價值減去期權金，對于一個賣出的認購期權，等同于期權的保險金減去期權價值。  Call value 認購價值 At expiration, equal to the futures price minus the strike price of the call.在有效期內，等同于期貨價格減去期權執(zhí)行價。  Canceling Order 取消訂單 An order that removes a customer's pre

36、vious order from the market.從交易市場清除客戶近期的訂單。  Carrying Charge (Cost of Carry) 持倉費 For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differ

37、ential between the yield on a cash instrument.對于現貨商品像谷類和金屬類，為了儲存這些現貨商品對于儲存費用和保險費用以及其它的費用的支出。在利率期貨市場中是現金工具的收益差價。 Carryover 接轉 Last year's ending stocks of a storable commodity.去年底的商品儲存量。  Cash commodity 現貨 The actual physical commodity as distinguished from a futures contract.不同于期貨合約的實際

38、商品。  Cash price 現貨價 Current market price of the actual physical commodity. Also called "spot price."實際的現貨商品的目前市場價格，也叫“現貨價”。  Cash settlement 現金交割 Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual

39、delivery.在合約月的一個最后交易日最終的斬倉，在沒有實際貨物交割的市場中發(fā)生。  Certificate of Deposit (CD) 存款證 A time deposit with a specific maturity evidenced by a certificate.一個定期存款的證書。  Charting 繪圖 The use of graphs and charts in the technical analysis of futures markets to plot trends of price movements, ave

40、rage movements of price, and volume and open interest.在期貨市場的技術分析中運用圖形和圖表去劃分價格活動和平均價格的趨勢以及交易量和未平倉狀況。  Chartist 繪圖分析員 One who engages in technical analysis.運用技術分析的人員。  Cheapest to deliver 廉價交割方式 A method to determine which particular cash debt instrument is most profitable to deliv

41、er against a futures contract. 在期貨市場中一種決定哪種特殊的現金貸款工具是最能獲利的交割的方法。 Class B clearing member B 等級清算成員 A non-bank member firm whose privileges and rights are limited to conducting proprietary arbitrage in foreign currencies with a single Exchange-approved bank.非銀行成員企業(yè)的特權被限制于私有的套利在外幣與唯一一家批準的銀行。 ( 看 "

42、 清算成員 "  ) 。  Class code or transition class 分類符號或轉折組 Equivalent to 'group/instruments' which groups an instrument's futures and options separately (calls and puts are not separate). (e.g., Eurodollar futures (GE) and Eurodollar options (ZE); or British Pound Fut

43、ures (BP) and British Pound Options (OP).等于小組 / 商品的編組，將期貨與期權分組 ( 認購與認估期權并不分組 ) 。 ( 舉例 , 歐元期貨 (GE) 和歐元期權 (ZE); 或英磅期貨 (BP) 和英磅期權 (OP) 。  Clearing 清算 The procedure through which the Clearing House becomes buyer to each seller of a futures contract, and seller to each buyer, and assumes respon

44、sibility for protecting buyers and sellers from financial loss by assuring performance on each contract.是清算行買賣期貨合約的過程，通過確保每個合同來承擔保護買賣者不受經濟損失的責任。  Clearing fee 結算費 A fee charged by the exchange for each futures or options contract cleared or delivered on the Exchange. Fees may be waived or

45、reduced for some commodities as specified by the Board of Directors from time to time. 交易所對每一個期貨或者期權合約交割所收取的費用。這個費用是根據委員會成員所指定的商品扣除的費用。  Clearing margin 結算押金 Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open future

46、s and options contracts.是一種對他們的客戶所開的期貨和期權合約收取的保證金，確保結算會員 ( 通常是公司或企業(yè) ) 的一種經濟擔保。  Clearing trade transaction 結算交易 Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.買賣雙方每一筆交易產生兩個清算交易，一個是買主的另一個是賣主的。  Cl

47、ose 收盤、收市 The period at the end of the trading session. Sometimes used to refer to the closing range.交易過程結束的時間。通常指的是那段時間價格的波動幅度。  Closing price 收盤價 The last price of a contract at the end of a trading session.在收市時最后一筆成交合約的成交價格。  Closing range 結算幅度 The high and low prices or bids

48、and offers recorded during the period designated by the Exchange as the official close (the final 60 seconds of trading in currencies and 30 seconds in all other contracts).由交易所規(guī)定的收市時的高價和低價或者是開價和還價。 ( 最后外匯交易的最后 60 秒買賣和其它合約的交易 30 秒 ) 。  Commission Fee 傭金 A fee charged by a broker for execut

49、ing a transaction. Also referred to as brokerage fee.是經紀商對買賣交易收取的費用。 也叫作經紀費。  Commitment of Open Interest 未平倉權益承諾 When a trader or institution assumes the obligation to accept or make delivery on a futures contract.當一個交易者或是一個機構接受或者交割期貨合約買賣時所承擔的義務。  Contract close-out 清算合約 Complet

50、ion and settlement of the contract, including resolution of all outstanding items.合約的完成和交割包括解決一切未解決的項目。  Contract Grades 合約級別 The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts.

51、Grades are often accompanied by a schedule of discounts and premiums allowable for delivery.商品或者工具標準的規(guī)格必需符合交易所對現貨和期貨合約交割的所列出規(guī)定。這個級別通常是伴隨著折扣或是額外費用。  Contract month 到期交割月 The month in which futures contracts may be satisfied by making or accepting delivery. Also called the delivery month.一個被

52、制定或接受的期貨合約交割月份。也叫交割月。  Convergence 整合 A term referring to cash and futures prices tending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.指的是期貨合約接近到期日時，現貨和期貨價趨于一致 ( 例如，基差接近零 ) 。  Coupon 票面利率 The interest rate on a debt instrument expres

53、sed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity.一種利率，是出票人在票據到期時，向持有者支付的債務工具的年金的百分比。  Credit spread 融資套利 An option spread in which there is a net collection of premium.凈保證金積累的一種期權套利。  Crush Spread 變形套利 The purchase of so

54、ybean futures and the simultaneous sale of soybean oil and meal futures. See Reverse Crush.購買大豆期貨和同時賣出豆油和豆粕期貨。  Cultural 文化風險 Cultural risk is risk arising from longstanding embedded process and procedures, or from experienced based bias.文化風險的形成是由于持久深入的過程與流程，或因為經驗上的偏見。  Current d

55、elivery month 當前交割月 The futures contract which matures and becomes deliverable during the present month.期貨合約到期和可以交割的月份。  Customer Margin 客戶保證金 Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensu

56、re fulfillment of contract obligations.在期貨行業(yè)中，期貨和期權合約的買賣雙方都要求經濟擔保去保證合約義務的實行。  DDaily trading limits 日交易限制 The maximum price fluctuations permitted a contract during one trading session as set by the Exchange. These exist on certain contracts. 由交易所制定的在一天交易部分允許上下浮動的最大價格。 只存在于特定合約中。  Day

57、 trader 當日交易者 A trader who establishes and liquidates positions within one day's trading, ending the day with no established position in the market.在買賣當日即找合意價位平倉之短線交易者。  Day trading 即日交易 Refers to establishing and liquidating the same position or positions within one day's trading,

58、 thus ending the day with no established position in the market. 指的是一天內建倉和平倉，就是在收市時沒有倉位。  Differentials 差價 Price differences between classes, grades, and delivery locations of various stocks of the same commodity. 同一種商品的各種股票種類、等級和交割地點的價格差異。  Deferred 延期 See "back months.&quo

59、t; 見 “遠期月" Delivery 交割 The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract. 履行期貨合約中，交付和接收金融商品或實際商品。  Delivery month 交割月 See "contract month." 見 "到期交割月 "  Delivery Points 交割點 The locations and facilitie

60、s designated by a futures exchange where stocks of a commodity may be delivered in fulfillment of a futures contract, under procedures established by the exchange. 庫存商品的期貨合同被交割時由期貨交易所指定的地點和設施，并在交易所規(guī)定的程序中履行期貨合約。  Delta 代爾塔 The measure of the price-change relationship between an option and the underlying futures price. Equal to the change in premium divided by the change in