股票指數(shù)期貨【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　STOCK INDEX FUTURES</p><p>　　Material Source: htty://www.referenceforbusiness.com /encyclopedia/Sel-Str/St

2、ock-Index-Futures.html</p><p>　　Author: Encyclopedia of Business, 2nd ed.</p><p>　　A contract for stock index futures is based on the level of a particular stock index such as the S&P 500 or

3、 the Dow Jones Industrial Average. The agreement calls for the contract to be bought or sold at a designated time in the future. Just as hedgers and speculators buy and sell futures contracts and options based on a futur

4、e price of corn, foreign currency, or lumber, they may—for mostly the same reasons—buy and sell contracts based on the level of a number of stock indexes. </p><p>　　Stock index futures may be used to either

5、speculate on the equity market's general performance or to hedge a stock portfolio against a decline in value. It is not unheard of for the expiration dates of these contracts to be as much as two or more years in th

6、e future, but like commodity futures contracts most expire within one year. Unlike commodity futures, however, stock index futures are not based on tangible goods, thus all settlements are in cash. Because settlements ar

7、e in cash, investors u</p><p>　　VALUING STOCK INDEX FUTURES </p><p>　　All stock index futures contracts have a value equal to their price multiplied by a specified dollar amount. To illustrate,

8、the price of a stock index futures contract based on the New York Stock Exchange (NYSE) Composite Index is derived by multiplying the index level value by $500. This value results because each futures contract is equal t

9、o $500 times the quoted futures price. So, if the index level is determined to be 200, the corresponding stock index future would cost $100,000. The index l</p><p>　　In stock index futures contracts, there a

10、re two parties directly involved. One party (the short position) must deliver to a second party (the long position) an amount of cash equaling the contract's dollar multiplier multiplied by the difference between the

11、 spot price of a stock market index underlying the contract on the day of settlement ( IP spot ) and the contract price on the date that the contract was entered ( CP 0 ). </p><p>　　If an investor sells a si

12、x-month NYSE Composite futures contract (with a multiplier of $500 per index point) at 444 and, six, months later, the NYSE Composite Index closes at 445, the short party will receive $500 in cash from the long party. &l

13、t;/p><p>　　Similarly, if an investor shorts a one-year futures contract at 442 and the index is 447 on the settlement day one year later (assuming that the multiplier is at $500), the short seller has to pay th

14、e long holder $2,500. </p><p>　　Thus, positive differences are paid by the seller and received by the buyer. Negative differences are paid by the buyer and received by the seller. </p><p>　　BUYI

15、NG AND SELLING STOCK INDEX FUTURES </p><p>　　When an investor opens a futures position, he or she does not pay the entire amount of the equity underlying the futures contract. The investor is required to put

16、 up only a small percentage of the value of the contract as a margin. A margin is the amount of money required for investors to give to their brokers to maintain their futures contracts. Unlike margins paid for stock pur

17、chases, margins paid for stock index futures are not purchases or sales of actual securities. Instead, they represent </p><p>　　If the index moves against the sellers, they will be required to add to the mar

18、gin amount. Known as a maintenance or variation margin, it is the minimum level to which investors' account equity can fall before they receive a margin call. When investors' equity in a stock index futures accou

19、nt falls below the maintenance level, they receive a margin call for enough money to bring the account up to the initial margin level. This margin requirement mandates that holders of futures positions settle </p>

20、<p>　　USES OF STOCK INDEX FUTURES </p><p>　　Investors can use stock index futures to perform myriad tasks. Some common uses are: to speculate on changes in specific markets (see above examples); to cha

21、nge the weightings of portfolios; to separate market timing from market selection decisions; and to take part in index arbitrage, whereby the investors seek to gain profits whenever a futures contract is trading out of l

22、ine with the fair price of the securities underlying it. </p><p>　　Investors commonly use stock index futures to change the weightings or risk exposures of their investment portfolios. A good example of this

23、 are investors who hold equities from two or more countries. Suppose these investors have portfolios invested in 60 percent U.S. equities and 40 percent Japanese equities and want to increase their systematic risk to the

24、 U.S. market and reduce these risks to the Japanese market. They can do this by buying U.S. stock index futures contracts in the indexes und</p><p>　　Stock index futures also allow investors to separate mark

25、et timing from market selection decisions. For instance, investors may want to take advantage of perceived immediate increases in an equity market but are not certain which securities to buy; they can do this by purchasi

26、ng stock index futures. If the futures contracts are bought and the present value of the money used to buy them is invested in risk-free securities, investors will have a risk exposure equal to that of the market. Simila

27、rly</p><p>　　Investors can also make money from stock index futures through index arbitrage, also referred to as program trading. Basically, arbitrage is the purchase of a security or commodity in one market

28、 and the simultaneous sale of an equal product in another market to profit from pricing differences. Investors taking part in stock index arbitrage seek to gain profits whenever a futures contract is trading out of line

29、with the fair price of the securities underlying it. Thus, if a stock index futures co</p><p>　　USING INDEXES TO HEDGE PORTFOLIO RISK </p><p>　　Aside from the above uses of indexes, investors of

30、ten use stock index futures to hedge the value of their portfolios. To implement a hedge, the instruments in the cash and futures markets should have similar price movements. Also, the amount of money invested in the cas

31、h and futures markets should be the same. Toillustrate, while investors owning well-diversified investment portfolios are generally shielded from unsystematic risk (risk specific to particular firms), they are fully expo

32、sed to sys</p><p>　　To carry out a short hedge, the hedger sells a futures contract; thus, the short hedge is also called a "sell-hedge." For example, consider investors who own portfolios of secur

33、ities valued at $1.2 million with a dividend of 4 percent. The investors have been very successful with their stock picks. Therefore, while their portfolios' returns move up and down with the market, they consistentl

34、y outperform the market by 6 percent. Thus, the portfolio would have a beta of 1.00 and an alpha of 6 perce</p><p>　　At the extreme, stock index futures can theoretically eliminate the effects of the broad m

35、arket on a portfolio. Perfect hedges are very unusual because of the existence of basis risk. The basis is the difference between the existing price in the futures market and the cash price of the underlying securities.

36、Basis risk occurs when changes in the economy and the financial situation have different impacts on the cash and futures markets. </p><p>　　TRANSACTION COSTS </p><p>　　Whenever investors trade s

37、ecurities, they must pay transaction costs. Clearly, there is an explicit commission that investors must give their brokers for executing and clearing their trades. While investors can negotiate the commissions paid for

38、stock index futures transactions with their broker, generally, they will pay their brokers around $25 per contract. (This commission varies somewhat with the investors' trading volume and the type of support they rec

39、eive.) The commission usually covers t</p><p>　　One of the largest attractions that trading stock index futures has is the relatively small transaction costs associated with them, especially when compared wi

40、th other ways of attaining the same investment goals. For instance, the commissions paid to brokers for stock index futures transactions are much cheaper than the commissions paid for trading an equally large dollar amou

41、nt of stocks underlying the index. Often, each futures contracts often represents more than $100,000 in stocks, and the a</p><p>　　LIMITS ON PRICE MOVEMENTS </p><p>　　For every contract, the exc

42、hange on which it is based establishes a limit on the amount the price can change. For each stock index futures contract the minimum price fluctuation, also called the "tick," is .05. So, a one point move in a

43、futures contract means a gain or loss of one dollar times the dollar multiple of the specific contract, say $500. Therefore, the minimum amount that a price can change is .05 multiplied by the contract's dollar multi

44、ple, or .05 times $500, which is $25. </p><p>　　POPULAR STOCK INDEXES </p><p>　　Three of the most popular stock index for futures contracts are: The New York Stock Exchange Composite Index (trad

45、ed on the New York Futures Exchange), the Value Line Composite Index (traded on the Kansas City Board of Trade), and the Standard & Poor's 500 Index (traded on the Chicago Mercantile Exchange). Furthermore, inves

46、tors can also purchase options on stock index futures; for instance, the Standard & Poor's 500 Stock Index futures options are traded on the Chicago Mercantile Exchange.</p><p><b>　　譯文</b>

47、;</p><p><b>　　股票指數(shù)期貨</b></p><p>　　資料來(lái)源:htty://www.referenceforbusiness.com /encyclopedia/ Sel-Str /Stock-Index-Futures.html</p><p>　　作者：商業(yè)百科第二版</p><p>　　股指期

48、貨合同是基于某一股票的指數(shù)水平諸如標(biāo)普500或者道瓊斯工業(yè)平均指數(shù)。協(xié)議要求的合同的買入或賣出在指定的時(shí)間,在未來(lái)的。正如套期保值者和投機(jī)商買賣期貨合約及期權(quán)價(jià)格的基礎(chǔ)上的未來(lái)玉米、外匯、或木材,他們大多數(shù)和基于有一定數(shù)量的股票指數(shù)的銷售合同相同。</p><p>　　股票指數(shù)期貨可以用于做空的總的市場(chǎng)指數(shù)來(lái)規(guī)避股票下跌的風(fēng)險(xiǎn)。它的合約的終止日期并不是兩年或兩年后的未來(lái),它就像大多數(shù)商品期貨合約到期之日一樣在一年

49、內(nèi)。然而,不像商品期貨,股票指數(shù)期貨并不是根據(jù)實(shí)物來(lái)結(jié)算,而是通過(guò)現(xiàn)金來(lái)結(jié)算。通過(guò)現(xiàn)金結(jié)算，投資者通常必須有足夠的保證金來(lái)彌補(bǔ)他們的潛在損失。</p><p><b>　　衡量股指期貨</b></p><p>　　所有股票指數(shù)期貨合約價(jià)值等于其價(jià)格乘以一個(gè)指定的金額。為了說(shuō)明起見(jiàn),股指期貨合約價(jià)值是紐約證券交易所(NYSE)綜合指數(shù)所推導(dǎo)出的指數(shù)水平乘以500美元。這

50、個(gè)值結(jié)果的,因?yàn)槊恳黄谪浐霞s是等于500次被引用的期貨的價(jià)格。所以,假如指數(shù)水平被確定是200,相應(yīng)的股票指數(shù)的未來(lái)將花費(fèi)10萬(wàn)美元。這意味著每一天結(jié)束的時(shí)候滬指期貨它的值是調(diào)整以反映一天的股票價(jià)格。</p><p>　　在股票指數(shù)期貨合約的背后,都有兩個(gè)投資者直接參與。一方(購(gòu)買者)必須交付給第二方(持有者)的一筆現(xiàn)金平了合同與現(xiàn)貨價(jià)格之間的差額。</p><p>　　如果一個(gè)投資者出售

51、一項(xiàng)為期6個(gè)月的紐約證券交易所(用復(fù)合期貨合約乘數(shù)的$ 500元)指數(shù)在444點(diǎn),六個(gè)月后,紐約證券交易所綜合指數(shù)相等于445點(diǎn)，投資者將虧損500元。</p><p>　　同樣，如果一個(gè)投資者做多為期一年的期貨合約指數(shù)在442和交收??日是在447一年后（假設(shè)乘數(shù)為500元），投資者則凈賺2500美元。 </p><p>　　因此,積極的差異是由賣方接收由買方承擔(dān)。消極差異是給買方接收由

52、賣方承擔(dān)。</p><p><b>　　股票指數(shù)期貨買賣</b></p><p>　　當(dāng)一個(gè)投資者開(kāi)立一個(gè)期貨頭寸,他或她不需要支付全部金額就可以簽訂期貨合同。投資者只需要一小部分倉(cāng)位作為保證金。投資者需要給他們經(jīng)紀(jì)人一大筆資金以維持他們的期貨合約。</p><p>　　如果投資者賬面出現(xiàn)虧損超過(guò)保證金,他們將被要求增加保證金金額。眾所周知的期

53、貨保證金,它是投資品種最低的,投資者賬戶資金可以在收到保證金追加通知時(shí)再增加保證金。</p><p><b>　　股指期貨的用途 </b></p><p>　　價(jià)格發(fā)現(xiàn)，在市場(chǎng)經(jīng)濟(jì)中，價(jià)格機(jī)制是調(diào)節(jié)資源配置的重要手段。價(jià)格是在市場(chǎng)中通過(guò)買賣雙方的交易活動(dòng)而形成的，價(jià)格反映了產(chǎn)品的供求關(guān)系。與此同時(shí)，價(jià)格變化又影響供求的變動(dòng)?，F(xiàn)貨市場(chǎng)中的價(jià)格信號(hào)是分散的、短暫的，不利于

54、人們正確決策。而期貨價(jià)格在一個(gè)規(guī)范有組織的市場(chǎng)通過(guò)集合競(jìng)價(jià)方式，形成具有真實(shí)性、預(yù)期性、連續(xù)性和權(quán)威性價(jià)格。再通過(guò)交易所的現(xiàn)貨交割制度，使得期貨價(jià)格和現(xiàn)貨價(jià)格收斂，因此期貨價(jià)格能夠比較準(zhǔn)確地反映真實(shí)的供求狀態(tài)及其價(jià)格變動(dòng)趨勢(shì)。</p><p>　　套期保值、管理風(fēng)險(xiǎn)股指期貨主要用途之一是對(duì) 股票投資組合進(jìn)行風(fēng)險(xiǎn)管理。股票的風(fēng)險(xiǎn)可以分為兩類，一類是與個(gè)股經(jīng)營(yíng)相關(guān)的非系統(tǒng)性風(fēng)險(xiǎn)，可以通過(guò)分散化投資組合來(lái)分散。<

55、/p><p>　　提供賣空機(jī)制股指期貨是雙向交易，可以先賣后買。因此當(dāng)投資者對(duì)整個(gè)股票大盤(pán)看跌的時(shí)候，可以賣空指數(shù)期貨，從而實(shí)現(xiàn)投機(jī)盈利或?qū)Τ钟械墓善苯M合進(jìn)行風(fēng)險(xiǎn)管理。</p><p>　　替代股票買賣、實(shí)現(xiàn)資產(chǎn)配置由于股票指數(shù)是反映股票組合價(jià)值的指標(biāo)，因此交易者買賣一手股票指數(shù)期貨合約，相當(dāng)于買賣由計(jì)算指數(shù)的股票所組成的投資組合。</p><p>　　資產(chǎn)配置是指投資

56、者在股票、債券及現(xiàn)金三個(gè)基本資產(chǎn)類型中合理分配投資。由于股指期貨可以替代股票買賣，因此其將成為資產(chǎn)配置的主要工具之一。</p><p>　　提供投資、套利交易機(jī)會(huì)，利用股指期貨進(jìn)行套利也是股指期貨的主要用途之一。所謂套利，就是利用股指期貨定價(jià)偏差，通過(guò)買入股指期貨標(biāo)的指數(shù)成分股并同時(shí)賣出股指期貨，或者賣空股指期貨標(biāo)的指數(shù)成分股并同時(shí)買入股指期貨，來(lái)獲得無(wú)風(fēng)險(xiǎn)收益。套利機(jī)制可以保證股指期貨價(jià)格處于一個(gè)合理的范圍內(nèi)，

57、一旦偏離，套利者就會(huì)入市以獲取無(wú)風(fēng)險(xiǎn)收益，從而將兩者之間的價(jià)格拉回合理的范圍內(nèi)。</p><p>　　股指期貨還可以作為一個(gè)杠桿性的投資工具。由于股指期貨保證金交易，只要判斷方向正確，就可能獲得很高的收益。 </p><p><b>　　交易成本</b></p><p>　　每當(dāng)投資者買賣證券,他們必須付的交易成本。很明顯,這里有一個(gè)明確的規(guī)定

58、,投資者必須給他們的經(jīng)紀(jì)人為執(zhí)行和清理自己的交易。投資者股票指數(shù)期貨交易支付和他們的經(jīng)紀(jì)人,一般而言,他們將按合同要求執(zhí)行支付他們的經(jīng)紀(jì)人25美元左右。委員會(huì)通常清算公司的合約交易量,然后由投資者支付給經(jīng)紀(jì)人。</p><p>　　最大的吸引力之一，交易股指期貨的交易成本已經(jīng)比較低廉。例如，支付交易股指期貨經(jīng)紀(jì)的傭金比作買賣的標(biāo)的股票指數(shù)同樣龐大的美元金額支付的傭金便宜。通常，每一個(gè)期貨合約往往代表著超過(guò)10萬(wàn)美

59、元的股票，以及相關(guān)的傭金將達(dá)到約25美元。 然而每股股票的每所支付的傭金大約是五美分。這可能達(dá)數(shù)百美元的傭金。 </p><p><b>　　價(jià)格變動(dòng)限值</b></p><p>　　為每個(gè)合同、交易建立一個(gè)最小的變動(dòng)量。為每個(gè)股票指數(shù)期貨合約的最低價(jià)格的波動(dòng),也叫“TICK,”是0. 05。所以,一個(gè)點(diǎn)移動(dòng)的期貨合同,是指形成的盈利或損失一美元倍數(shù)多的美元的合同,是

60、500美元。因此,最少的價(jià)格變動(dòng)就是0. 05乘以500美元是25美元。</p><p><b>　　比較成熟的股票指數(shù)</b></p><p>　　三個(gè)期貨合約最流行的股票指數(shù)是：紐約證券交易所綜合指數(shù)（在紐約期貨交易所買賣），價(jià)值線綜合指數(shù)（在堪薩斯城期貨交易所上市交易），以及標(biāo)準(zhǔn)普爾500指數(shù)（芝加哥商品交易所的交易）。此外，投資者還可以購(gòu)買股票指數(shù)期貨期權(quán)，例