中英文对照【期货词汇】
A
Across the board 全盘
All the months of a particular futures contract or futures option contract.
某一期货或期权合约的所有月份。
Adjusted Futures Price 调整后的期货价格
The cash-price equivalent reflected in the current futures price. This is calculated by taking the futures price times the conversion factor for the particular financial instrument (e.g., bond or note) being delivered.
等同的现金价格反映在现在的期货价格上。计算是通过用期货的价格乘以被交割的特定金融商品的转换系数。 ( 例如 , 债券或票据 )
American-style options 美式期权
Options that permit exercise at any time on or before the expiration date.
在任何时间或者是在有效日期前被允许执行的期权。
AON (all or none) AON( 全部的或决不 )
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.
下单类型 : 在已经下单时，如果它能完全执行 , 那么就被执行。否则它会寄存在买卖盘记录一直到它能够完全执行。
Arbitrage 套利
The simultaneous purchase and sale of identical or equivalent financial instruments or commodity futures in order to benefit from a discrepancy in their price relationship.
同时的买卖相同或相等的金融商品或商品期货以从他们的价格差异中获利。
Arbitration 仲裁
The procedure of settling disputes between members, or between members and customers.
解决在成员之间或成员和客户之间争论的程序。
As-of trade 原有贸易
An unmatched trade from a previous day that is resubmitted to the clearing system; trade is submitted 'as of' the original trade date.
前日未成交的单再被传送到结算系统并保留在原有的交易日。
Ask 沽出价
Also called "offer." A motion to sell. Indicates a willingness to sell a futures contract at a given price.
经常被称为“出价”它是一个出售的意思。指的是在指定的价格下愿意出售期货合约。
Assignment 转让
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. Notice to the seller of an option that has been exercised by the buyer.
期权卖方所给的履约通知的收据，它使得他必须履行特定的定约价格出售 ( 在看涨期权 ) 或买进 ( 看跌期权 ) ，原生期货的义务。买主通知期权的卖主这个交易已经执行。
Associated person (AP) 期货业务员
A person, commonly called a commodity broker, associated with and soliciting customers and orders for a 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.
一般称为商品经纪人 , 他是联系和提供咨询给客户以及在期货商品市场委任商人或介绍经纪人。这个委托人必须通过三种考试 , 被 CFTC 许可并且是 NFA 的一个成员。
At the market 市场价
See "Market Order"
见 " 市场次序 "
At-the-money 平价
An option with a strike price equal to the underlying futures price.
一个期权的执行价等于其原生期货的价格。
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.
它等于在特定的时期交易量除以同样的特定时期内的工作天数。
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).
用低价买进更多的证券，以降低持有者的平均成本。 ( 平均值上移 : 以比较高的价格买更多证券。 )
Average Price Call 平均价买入期权
A type of option where the payoff is either zero or the amount by which the average price of the asset exceeds the strike.
是一种零盈利的期权或者是资产的平均价格超过执行价的期权。
Average Price Put 平均价卖出期权
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.
是一种零盈利的期权或者是执行价超过资产平均价格的期权。
B
Back months 远期月
The futures or options on futures months being traded that are furthest from expiration. Also called deferred or distant months.
期货或期权的交易月离有效期最远的月份。
Bar chart 条形图
A graph of prices, volume and open interest for a specified time period used by the chartist to forecast market trends. A daily bar chart plots each trading session's high, low and settlement prices.
由制表人用特定时期的价格、交易量、未平仓权益组成的图表来预测市场趋势。日条形图描绘了交易日的最高价、最低价和交易价。
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 computed to the near future, and may represent different time periods, product forms, qualities and locations.
现货或商品的现金价格和相同的期货价格或相关价格的差额。它通常被计算到近期的期货 , 和可能表现不同的时间期数、产品规格、质量和场所。
Basis contract 基差合约
A forward contract in which the cash price is based on the basis relating to a specified futures contract.
现价建立在与特定的期货合约的基差基础上的远期合同。
Bear 熊市 ( 跌市 )
One who believes prices will move lower.
一个人相信价格趋势将会不断下跌。
Bear call spread 熊市购进认购期权跨价组合
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 the net premium received (premium received - premium paid), while the maximum loss is calculated by subtracting the net.
在高执行价买进一个认购期权同时在低执行价卖出一个认购期权，能够得到的最大获利是净期权价，而最大的损失是要减去净期权价。
Bear market (bear/bearish) 熊市 ( 熊市 / 看空 )
A market in which prices are declining.
一个价格趋势正在下滑的市场。
Bearish key reversal 熊市重要反转
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.
一种图表形势，出现在上涨的市场中，这一天的高价比以前高，低价比以前低，收市价也比以前低。 能够预示下跌趋势。
Beta 贝塔系数
A measure correlating stock 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.
把股票价格的运动联系到指数运动的一种衡量方法。贝塔用来决定用股指期货或期货期权套利保值所需的合约量。
Bid 买价
The price that the market participants are willing to pay.
市场参与者是愿意支付的价格。
Bid (or buy) 买 ( 或买 )
An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.
以指定了的价格购买特定数量的商品。市场参与者愿意支付的价格。
Black Scholes Model 布莱克斯格尔模式
A model used to calculate the value of a European call option. Developed in 1973 by Fisher Black and Myron Scholes, it utilizes the stock.
用来计算欧式买入期权的模式。在 1973 由 Fisher Black 和 Myron Scholes 发展的，它运用股票计算。
Blowoff volume 倾销量
An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the end of the trend.
一个反常的高成交量交易部分突然在上升趋势中发生，预示着趋势的结束。
Board of Trade 交易委员会
An exchange where commodity futures and/or futures options are traded.
一个商品期货和 / 或者是期货期权买卖的交易场所。
Bond 债券
Instrument traded on the cash market-representing a debt of the government or of a company.
在现金市场中交易的工具它代表着一种政府或公司的债务。
Box Spread 盒式套利
A dual option position 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.
一种期权策略，这种策略可以借具有相同有效期的看跌期权或者看涨期权得以贯彻。可以将风险最小化。同时，当投资者打算锁定到期时的最小收益时，可以产生套利机会。
Break 突破
A sudden price move; prices may beak up or down.
一次突然的价格变动 ; 价格可能上升或下降。
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.
价格的一个缺口，表示一个价格趋势的结束和一个重要的市场运动的开始。
Breakeven 平衡点（收支相抵）
The 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.
一个策略的既不赢钱也不输钱的股票价格。买入期权收支平衡点等于执行价加上期权金。卖出期权的收支平衡等于执行价减去期权金。
Brokerage 佣金
The fee charged by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.
是经纪商对交易收取的费用。可能是一笔固定的金额或是百分比，通常指的是中介费。
Brokerage house 经纪行
A firm that handles orders to buy and sell futures and options contracts for customers.
一个为客户处理期货和期权买卖合约订单的公司。
Bulge 暴涨
A slang term used to describe a rapid advance in prices within the commodities market.
是用来描绘一个在商品市场内快速升高的价格。
Bull 牛市 ( 买空 )
One who expects prices to rise.
预期价格会上升
Bull market 牛市、多头市场
A market in which prices are rising.
一个价格正在上涨的市场。
Bull spread 牛市套利
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.
它是买一手较低定约价的期权，同时卖一手较高定约价的期权，两手期权一般有相同的合约到期日。看跌期权或者看涨期权都可以用于这一策略。
Bullish key reversal 牛市重要反转
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.
出现在下降趋势的市场中，最高价比前一天更高，最低价更低，收盘价高与前一天的徒刑。表明一个上涨趋势的来临。
Bundle 一揽子交易
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.
同时买卖一系列相连的期货合同，他是提供一个易于获得并且被广泛接受的在一个交易中执行多个期货合同的方法。
Buoyant 市场活跃
The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength.
用来描述有显著力量时价格可以轻易上升的商品市场的术语。
Butterfly Spread 蝶式套利
An option strategy combining a bull and bear spread. It uses three strike prices. The lower two strike prices are used in the bull spread, and the higher strike price in the bear spread. Both puts and calls can be used.
一种期权策略，由一手牛市套利和一手熊市套利组合而成的。它牵涉到三个定约价，两个最低的用于牛市套利，两个最高的用于熊市套利。买入和卖出期权都可以使用。
Buy To Close 买进冲销、买进平仓
A term used by many brokerages to represent the closing of a short position in option transactions.
在期权交易中有许多经纪人使用的买进来平仓。
Buy To Open 买入建仓
A term used by many brokerages to represent the opening of a long position in option transactions.
在期权交易中有许多经纪人使用的用买进来建仓。
C
Call 买入期权
An option to buy a commodity, security or futures contract at a specified price any time between now and the expiration date of the option contract.
一种期权合约，它给持有者以权利，在一固定的时间内，按一特定的价格买进其原生证券。 又见 看涨期权 .
Call breakeven 买入 期权平衡点
See "breakeven."
见“平衡点”
Call option 买进期权
An option contract which gives the buyer the right, but not the obligation, to purchase a specific futures contract at a fixed price (strike price) within a specified period of time as designated by the Exchange in its contract specifications.
一种期权，给买主一种权力但不是义务，去购买执行价的特定期货合约。由交易所指定根据此合约的要求规定的在指定的时间内
Call profit/loss 认购期权盈亏
For a long call, equal to the call value minus the premium. For a short call, equal to the premium minus the call value.
对于买进看涨的期权，等同于期权价值减去期权金，对于一个卖出的认购期权，等同于期权的保险金减去期权价值。
Call value 认购价值
At expiration, equal to the futures price minus the strike price of the call.
在有效期内，等同于期货价格减去期权执行价。
Canceling Order 取消订单
An order that removes a customer's previous order from the market.
从交易市场清除客户近期的订单。
Carrying Charge (Cost of Carry) 持仓费
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 differential between the yield on a cash instrument.
对于现货商品像谷类和金属类，为了储存这些现货商品对于储存费用和保险费用以及其它的费用的支出。在利率期货市场中是现金工具的收益差价。
Carryover 接转
Last year's ending stocks of a storable commodity.
去年底的商品储存量。
Cash commodity 现货
The actual physical commodity as distinguished from a futures contract.
不同于期货合约的实际商品。
Cash price 现货价
Current market price of the actual physical commodity. Also called "spot price."
实际的现货商品的目前市场价格，也叫“现货价”。
Cash settlement 现金交割
Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual delivery.
在合约月的一个最后交易日最终的斩仓，在没有实际货物交割的市场中发生。
Certificate of Deposit (CD) 存款证
A time deposit with a specific maturity evidenced by a certificate.
一个定期存款的证书。
Charting 绘图
The use of graphs and charts in the technical analysis of futures markets to plot trends of price movements, average movements of price, and volume and open interest.
在期货市场的技术分析中运用图形和图表去划分价格活动和平均价格的趋势以及交易量和未平仓状况。
Chartist 绘图分析员
One who engages in technical analysis.
运用技术分析的人员。
Cheapest to deliver 廉价交割方式
A method to determine which particular cash debt instrument is most profitable to deliver against a futures contract.
在期货市场中一种决定哪种特殊的现金贷款工具是最能获利的交割的方法。
Class B clearing member B 等级清算成员
A non-bank member firm whose privileges and rights are limited to conducting proprietary arbitrage in foreign currencies with a single Exchange-approved bank.
非银行成员企业的特权被限制于私有的套利在外币与唯一一家批准的银行。 ( 看 " 清算成员 " ) 。
Class code or transition class 分类符号或转折组
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 Futures (BP) and British Pound Options (OP).
等于小组 / 商品的编组，将期货与期权分组 ( 认购与认估期权并不分组 ) 。 ( 举例 , 欧元期货 (GE) 和欧元期权 (ZE); 或英磅期货 (BP) 和英磅期权 (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 responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract.
是清算行买卖期货合约的过程，通过确保每个合同来承担保护买卖者不受经济损失的责任。
Clearing fee 结算费
A fee charged by the exchange for each futures or options contract cleared or delivered on the Exchange. Fees may be waived or reduced for some commodities as specified by the Board of Directors from time to time.
交易所对每一个期货或者期权合约交割所收取的费用。这个费用是根据委员会成员所指定的商品扣除的费用。
Clearing margin 结算押金
Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.
是一种对他们的客户所开的期货和期权合约收取的保证金，确保结算会员 ( 通常是公司或企业 ) 的一种经济担保。
Clearing trade transaction 结算交易
Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.
买卖双方每一笔交易产生两个清算交易，一个是买主的另一个是卖主的。
Close 收盘、收市
The period at the end of the trading session. Sometimes used to refer to the closing range.
交易过程结束的时间。通常指的是那段时间价格的波动幅度。
Closing price 收盘价
The last price of a contract at the end of a trading session.
在收市时最后一笔成交合约的成交价格。
Closing range 结算幅度
The high and low prices or bids 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).
由交易所规定的收市时的高价和低价或者是开价和还价。 ( 最后外汇交易的最后 60 秒买卖和其它合约的交易 30 秒 ) 。
Commission Fee 佣金
A fee charged by a broker for executing a transaction. Also referred to as brokerage fee.
是经纪商对买卖交易收取的费用。 也叫作经纪费。
Commitment of Open Interest 未平仓权益承诺
When a trader or institution assumes the obligation to accept or make delivery on a futures contract.
当一个交易者或是一个机构接受或者交割期货合约买卖时所承担的义务。
Contract close-out 清算合约
Completion and settlement of the contract, including resolution of all outstanding items.
合约的完成和交割包括解决一切未解决的项目。
Contract Grades 合约级别
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. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery.
商品或者工具标准的规格必需符合交易所对现货和期货合约交割的所列出规定。这个级别通常是伴随着折扣或是额外费用。
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.
一个被制定或接受的期货合约交割月份。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.
指的是期货合约接近到期日时，现货和期货价趋于一致 ( 例如，基差接近零 ) 。
Coupon 票面利率
The interest rate on a debt instrument expressed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity.
一种利率，是出票人在票据到期时，向持有者支付的债务工具的年金的百分比。
Credit spread 融资套利
An option spread in which there is a net collection of premium.
净保证金积累的一种期权套利。
Crush Spread 变形套利
The purchase of soybean futures and the simultaneous sale of soybean oil and meal futures. See Reverse Crush.
购买大豆期货和同时卖出豆油和豆粕期货。
Cultural 文化风险
Cultural risk is risk arising from longstanding embedded process and procedures, or from experienced based bias.
文化风险的形成是由于持久深入的过程与流程，或因为经验上的偏见。
Current delivery month 当前交割月
The futures contract which matures and becomes deliverable during the present month.
期货合约到期和可以交割的月份。
Customer Margin 客户保证金
Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations.
在期货行业中，期货和期权合约的买卖双方都要求经济担保去保证合约义务的实行。
D
Daily 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许上下浮动的最大价格。 只存在于特定合约中。
Day trader 当日交易者
A trader who establishes and liquidates positions within one day's trading, ending the day with no established position in the market.
在买卖当日即找合意价位平仓之短线交易者。
Day trading 即日交易
Refers to establishing and liquidating the same position or positions within one day's trading, thus ending the day with no established position in the market.
指的是一天内建仓和平仓，就是在收市时没有仓位。
Differentials 差价
Price differences between classes, grades, and delivery locations of various stocks of the same commodity.
同一种商品的各种股票种类、等级和交割地点的价格差异。
Deferred 延期
See "back months."
见 “远期月"
Delivery 交割
The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
履行期货合约中，交付和接收金融商品或实际商品。
Delivery month 交割月
See "contract month."
见 "到期交割月 "
Delivery Points 交割点
The locations and facilities 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.
库存商品的期货合同被交割时由期货交易所指定的地点和设施，并在交易所规定的程序中履行期货合约。
Delta 代尔塔
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 futures price .
底层实体价格的每一点数的变化所引起的期权价格的变化。看涨期权的代尔塔是正值的；看跌期权的代尔塔是负值的。从技术上来说，代尔塔是衡量期权价格即刻变化的参数，因此，即使是底层实体价格中不足一个点数的变化，也会导致代尔塔的变化。
Demand 需求
The quantity of a commodity that buyers are willing to purchase from the market at a given price.
买者愿意从市场指定价购买商品的数量。
E
Elliot wave theory 艾略特波浪理论
A type of technical analysis that studies price wave sequences.
是研究价格波动的一种技术分析类型。
Equilibrium Price 均衡价格
The market price at which the quantity supplied of a commodity equals the quantity demanded.
商品的数量供应等于需求数量的市场价。
European-style options 欧式期权
Options that may be exercised only on the option's expiration date.
只能在到期日执行的期权。
Excess reserves 超额储备
Any excess of actual reserves above required reserves.
实际储备量超过了要求的储备。
Exercise 执行
The process of an option holder exchanging it for the underlying futures contract.
期权合同的持有人购进或出售一笔原生期货合同的过程。
Exercise or strike price 执行或交易价格
The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.
在期权时限内，买方的叫价能够买进商品，和买方沽出商品的价格。
Exercise price 执行价格
The price at which the holder (buyer) may purchase or sell the underlying futures contract. Also called strike price.
指股票能在承购合同中被购入或在承销合同中被卖出的那个固定价格。 也叫做执行价。
Exhaustion gap 竭尽缺口
A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market.
接近价格的高峰或低谷时出现价格缺口，预示着行情将要逆转。
Expanded Trading Hours 延迟交易时间
Additional trading hours of specific futures and options contracts at the Chicago Board of Trade that overlap with business hours in other time zones.
在（ CBOT ）期货交易所对特定的期货和期权所增加的交易时间与其他时区工作时间重叠。
Expiration 期满、截止期限
Corresponds to the expiration date of a contract. The last day on which an option may be exercised into the underlying futures contract.
合约的有效期限。期权在原生期货合约执行的最后交易日。
F
Fast market 快市
Term used to define unusually hectic market conditions.
通常用来定义市场活跃的情况
Federal Funds Rate 联邦基金利率
The rate of interest charged for the use of federal funds.
指使用联邦基金付出的利息率
Feed Ratio 饲养收益率
A ratio used to express the relationship of feeding costs to the dollar value of livestock. See Hog/Corn Ratio and Steer/Corn Ratio.
指饲养成本与家畜以美元表示的价值之间的比率。例如猪 / 玉米饲养率和牛 / 玉米饲养率
Fill-or-kill order (FOK) 成交或取消委托
A limit order that must be filled immediately or canceled.
立刻成交否则即取消的限价委托单
Financial Instrument 金融商品
There are two basic types: (1) a debt instrument, which is a loan with an agreement to pay back funds with interest; (2) an equity security, which is a share or stock in a company.
有两种类型：（ 1 ）债务工具，协议在还款时支付利息的贷款（ 2 ）资产证券，公司的股份或股权
First Day Notice 第一通知日
The first day that a notice of intent to deliver a commodity can be made by a clearinghouse to a buyer in fulfillment of a given month's futures contract.
清算所通知买方指定月份的期货合同可以交货的第一天
Floor trader 场内交易员
An exchange member who generally trades only his or her own account or for an account controlled by him or her. Also referred to as a local.
交易所内为自己的账户或他人的账户从事交易的股票交易所成员。
Full Carrying Charge Market 总持仓价市场
A futures market where the price difference between delivery months reflects the total costs of interest, insurance, and storage.
交割月份之间的差异反映了利息，保险，仓储的总成本的一个期货市场
Futures 期货
A term used to designate all contracts covering the purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
指的是在商品期货交易所中为了将来交割出售和购买金融 商品和商品而订立的合同
Futures contract 期货合同
A standardized agreement traded on a futures exchange, to buy or sell a commodity at a specified price at a date in the future. Specifies the commodity, quality, quantity, delivery date and delivery point or cash settlement.
就一期货交易签订的标准化的协议 , 以在将来的一定日期以特定价格购买或出售某商品，详细说明商品 , 品质 , 数量 , 交割日期，交割地以及现金种类 .
Futures Exchange 期货交易所
A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts.
建立了规则和制度的买家和卖家交易期货和期货期权的中心场所
G
Gamma 伽玛
The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
衡量期权中随期货价格变化的 delta 值的变化，相当于 delta 值的变化除以期货价格的变化。
Gap 缺口
A price area at which the market didn't trade from one day to the next.
市场交易价格由一天到另一天不是连续变化的的价格区域
Gap theory 缺口理论
A type of technical analysis that studies gaps in prices.
一种研究价格差距的技术分析类型
Give up 过户
An order to be given to another member firm in clearing system, an allocation. An order executed by clearing firm A and given to clearing firm B where it will be cleared and processed.
给清算系统中另一成员的指令，由清算公司 A 执行，然后交给清算公司 B 清算和处理
Gross Domestic Product (GDP) 国内生产总值
The value of all final goods and services produced by an economy over a particular time period, normally a year.
一国在一段特点时间范围内 ( 通常为一年 ) 生产的最终产品和服务的价值
Gross National Product (GNP) 国民生产总值
Gross Domestic Product plus the income accruing to domestic residents as a result of investments abroad less income earned in domestic markets accruing to foreigners abroad.
国内生产总值加上国内居民由于国外投资而产生的收入 , 再加上境外人员在国内市场产生的少量收入
Gross Processing Margin (GPM) 加工毛利
The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.
大豆的成本与豆油和豆粕售出产生的总收入间的差价
H
Head and shoulders 头肩形
A sideways price formation at the top or bottom of the market that indicates a major market reversal.
在市场价格的顶端和底部一个价格横摆走势形成，来表示一个主要的市场逆转。
Hedge 保值
The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.
购买或者出售一个期货合同作为一种临时性的替代品 , 以替代将来的现货交易 . 通常情况下同时在现货市场和期货市场做出相反方向的交易 .
Hedger 保值避险者
A person or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity.
那些打算销售或购买实际商品并利用期货市场来抵消价格风险的人或公司
Hidden quantity 隐藏交易额
Order qualifier: indicates that the total quantity will not be displayed to the market, but only per increments as indicated. Difference between order quantity and displayed quantity is hidden.
订单种类：表明总数量将不会显示在市场中 , 只有每个增加的数量才会被显示。总数量与显示量之间的区别数量将被隐藏。
High 高价
The highest price for a particular futures contract over a specified time period.
一特定期货合同在一特定时间范围内的最高价格
High Limit 涨停价
Absolute top price for a valid order per a given instrument. Any order with a higher price is rejected.
每一指定商品的有效订单的绝对高价。高于这个价格的订单将被拒绝
Historical volatility 历史波幅
See "volatility."
见 "波幅 "
Holder 持有者
One who purchases an option.
购买期权的人
Hog/Corn Ratio 猪 / 玉米比率
When corn prices are high relative to pork prices, fewer units of corn equal the dollar value of 100 pounds of pork. Conversely, when corn prices are low in relation to pork prices, more units of corn are required to equal the value of 100 pounds of pork.
当玉米对猪肉价格相对较高时 , 较少单位的玉米与 100 磅猪肉的美元价格等同 , 相反的 , 当玉米对猪肉的价格相对较低时 , 较多单位的玉米与 100 磅猪肉的美元价格相等
House 清算所
Clearing member or a firm.
清算成员或公司
Hundredweight 英担
100 pounds. Abbreviated cwt.
100 磅 , 简写 cwt
I
In-the-money 实值
A call option with a strike price less than the underlying futures price. A put option with a strike price greater than the underlying futures price.
买入期权的执行价格低于原生期货价格 , 卖出期权执行价格高于原生期货价格
Index 指数
A number that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to these instruments.
对于整个市场或某部分市场有代表性的数字 , 通常依靠一组交易物的现价和这组交易物的重要程度来估算
Initial margin 原始保证金
The minimum performance bond deposit required from customers for each contract in accordance with the rules of the Exchange.
根据交易所规定客户为每笔合同交纳的最小的执行债券押金
Instrument 金融商品
Contract to be traded; e.g., GEZ9.
被交易的合同，例如 GEZ9.
In-the-Money Option 实值期权
An option with intrinsic value. A call option is in-the-money if its strike price is below the current price of the underlying futures contract. A put option is in-the-money if its strike price is above the current price of the underlying futures contract.
有内在价值的期权。当买入期权的执行价格低于原生期货合同的价格 , 卖出期权的执行价格高于原生期货合同的价格是价内期权
Intrinsic value 内在价值
The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price - futures price. For a call: futures price - strike price.
实值期权执行价格与期货现价的关系。对于一个卖出期权 : 内在价值 = 执行价格 - 期货现价 , 对于一个买入期权 : 内在价值 = 期货现价 - 执行价格
Introducing broker (IB) 中介经纪商
A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts, subject to the rules of a futures exchange, but not in accepting any money or securities to margin any resulting trades or contracts.
从事于以购买或出售期货合同为目的，协助或接受和处理委托单的公司或人 , 服从期货交易所的规定 , 但不接受任何金钱或有价证券为抵押金以完成交易或合同
Inverted Market 逆转市场
A futures market in which the relationship between two delivery months of the same commodity is abnormal.
期货市场中，同一商品的两个交割月份的关系出现反常
Invisible Supply 私人仓储
Uncounted stocks of a commodity in the hands of wholesalers, manufacturers, and producers that cannot be identified accurately; stocks outside commercial channels but theoretically available to the market.
批发商、制造商和生产商手头持有，但无法准确估算而未计算的存货，这些存货不在商业流通范围之内，但理论上可供应市场。
L
Lagging Indicators 滞后指标
Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as concurrent indicators.
市场指标显示总体经济发展方向和确认或否认主导指标在市场发展趋势的应用，也叫做协作指标
Last trading day 最后交易日
Day on which trading ceases for the maturing (current) delivery month.
在当前的交易月份交易终止的日期
Lead month 最近合约月
The most current contract month in which delivery may take place. The contract month closest to the current point in time.
交割可能发生的最近的月份，合约月份最接近现在的时间点
Leading Indicators 领先指标
Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies.
为未来几个月的经济状况做指示的市场指标。一些领先指标包括：制造业的平均工作日，失业保险的初期索赔，消费者货物和原材料的委托单，公司百分率。
Leverage 杠杆作用
The use of a small amount of assets to control a greater amount of assets.
利用少量资产来控制大量资产
Limit 限价
The maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the Exchange.
按照交易所规定的，在一个交易中比前一天的成交价格上升或下跌的最大值
Limit move 涨跌停
See "maximum price fluctuation."
见"最大价格波幅 "
Limit order 限价委托单
Usually equivalent to "price." An order in which the customer sets a limit on price or other condition, as contrasted with the trading floor definition of a market order, which implies that the order should be filled as soon as possible.
通常与价格相等 . 在这种委托单中 , 有客户设定价格或者其他情况的限制 , 与之相对的市价委托单则是委托单应尽快成交 .
Liquid 流动性
A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price.
证券市场或商品市场有足够成员允许大量交易发生并且不会引起价格实质性变化的特性
Liquidate 平仓，斩仓
Selling (or purchasing) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or making (or taking) delivery of the cash commodity represented by the futures contract. See Offset.
卖出 ( 或购买 ) 相同交割月份的期货合同 , 以抵消早先的买入 ( 或卖出 ) 交易 , 或者实际交割期货合同中提到的现货商品 .
Locals 自由经纪人
Exchange members who trade for their own account and/or fill orders for customers and whose activities provide market liquidity.
为自己和 ( 或 ) 为其他客户完成委托单的交易所成员 , 他们的行为为市场提供了流动性
Long 买入
One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure.
已经购买了一个期货或期权合同的人建立一个交易盘口，并且没有通过冲销抛售盘口
Long hedge 多头避险
The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an advance in the cash price. See "hedge."
打算未来购买现货，而先买进期貨，以防现货价格上涨买到高价
Long position 多头头寸
A position in which the trader has bought a futures contract that does not offset a previously established short position.
交易者购买的一个期货合同不冲销先前建立的空头部位
Lot 口、手
The term used to describe a designated number of contracts, e.g., a five-lot purchase. Also called "cars."
用来描述指定数额的合同
Low 最低价
The lowest price of a specified time period for a particular futures contract.
在一段特定时间一特定期货合同的最低价
M
Managed Futures 管理期货
Represents an industry comprised of professional money managers known as commodity trading advisors who manage client assets on a discretionary basis, using global futures markets as an investment medium.
是指由专业的资金管理者即商品交易顾问管理客户资金组成的，运用国际期货市场作为投资媒介的行业
Margin 保证金
The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts.
客户付给经济商或清算所的一定数额的现金或间接形式的抵押金，为了避免经济商或清算所在未平仓的期货或期权合同中遭受损失
Margin Call 追缴保证金，补仓
A call from a clearinghouse to a clearing member, or from a brokerage firm to a customer, to bring margin deposits up to a required minimum level.
清算公司发给清算成员或是经纪公司发给客户的要求 , 要求将剩余的保证金加至要求的最低标准
Mark-to-market 逐日结算
The daily adjustment of portfolio to reflect profits and losses.
每日的统计以反映收益和损失
Market order 市价委托单
An order filled immediately at the best price available.
以当前能达到的最好价格立即成交
Market segment 市场划分
A part of a market, that relates to a place, an exchange authority, a type of security (equity / bond / option / future), and a list of securities with a given set of trading methods.
市场的一部分，它关系到一个场所，一种交易权利，一个类型的证券（资产，债券，期货，期权）和一系列的交易手段。
Market value 市场价值
The current value of all commodities held in a margin account.
保证金帐户中所有商品的现有价值
Market-if-touched (MIT) 触价单
Order type: An MIT order to buy becomes a limit order if and when the instrument trades at a specific or lower trigger price; an MIT order to sell becomes a limit order if and when the instrument trades at a specified or higher trigger price.
委托单种类，是指 市场价格触及委託单上之价位，该订单立即变成限价单。通常买进时所设之价位在当时市价之下，卖出时所设之价位在当时市价之上。
Market-on-close (MOC) 收盘价委托单
Order type: can be submitted at any time within a trading session, but only executable at closing, at the closing price.
委托单种类，可以在任何时刻提交但在收市时以收市价执行的委托单
Marketplace 市场
A given location where trading takes place.
交易进行的特定地点
Matched trade 对应交易
The execution of the buy and sell orders that together consummate a trade. A matched trade consists of one or more contracts and occurs when the same price is specified by buy and sell orders, for a specified number of contracts.
买卖订单的执行同时完成的交易。对应交易包含一个或多个合同，针对特定数量的合同，当同样的价格被列入买卖订单时，对应交易就产生了
Maturity 到期期间
Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.
一个期货合同可以实际商品交割的时期，这段是时期从第一通知日到一商品期货合同的最后交易日之间
Maximum price fluctuation 最大价格波幅
The maximum amount the contract price can change up or down during one trading session, as stipulated by Exchange rules.
按照交易所的规定，在一场交易中合约价格可以上下波动的最大值
Minimum price fluctuation 最小价格波幅
The smallest increment of price movement possible in trading a given contract, often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.
在一特定合同交易中可能最小的价格波动增量，通常被称为 tick ，商品价格最小的波动是由交易所规定的
ML 限价累积表现市场
Designates the "Limit Cumulated" display, which depicts the entire depth of the market, expressed in terms of cumulated totals at average prices.
表示所有限价的累积。描述的是市场的全部深度，并将平均价用累积总数表达出来。
Mnemonic 记符
A short name uniquely representing an instrument (i.e., GEZ0, SPU0P7400).
一种能独特地代表一种交易物的短小的名字。
MO 委托单表现市场
Designates the "Market by Order" display, which illustrates the entire depth of the market, displaying each bid and offer at every price level.
市场上所有挂单的显示。描述的是市场的全部深度，并将所有的买卖价表达出来。
MOC (market order at closing) 收盘价委托单
See "market order at closing."
见‘收盘价委托单’。
MOO 开盘市价单
Market order at opening –a market order entered before an opening, to be executed at the instrument's opening price only.
在开盘前进入市场，以交易物开盘价执行的委托单
MOS 跨国对冲系统
Stands for "Mutual Offset System." Designated order to be given to another Exchange (e.g. SGX).
跨国对冲系统。制定的委托单将被过户到其他的交易所。 ( 例如 : 新加坡交易所 )
Moving average chart 移动平均图表
A chart recording moving averages (three-day, ten-day, etc.) of market prices.
一种记录市场价格平均移动（ 3 天， 10 天等）的图表
Moving averages 移动平均线
A type of technical analysis using the averages of settlement prices.
运用平均成交价格的一种技术分析类型
N
Nearby 最近合约月
The nearest active trading month of a futures or options on futures contract. Also referred to as the lead month.
期货或期权交易执行的最近的月份，也写做 lead month
Nearby (Delivery) Month 交割月份
The futures contract month closest to expiration. Also referred to as spot month.
期货合同到期的最近的月份，也写为 spot month.
Net Liquidation Value 净清盘价值
It is your Total Trade Equity plus your Net Option Value. It is the value of your account if you were to liquidate all positions in your account. It is marked-to-market. This information appears on your account statement.
等于总交易资产加上净期权价值。如果平仓帐户中的所有盘口就是帐户价值，是逐日清算。这个信息会反映到帐户明细中
Net Options Value 净期权价值
The credit or debit value of all option positions combined. It is marked-to-market. Market movement may cause bids and offers to be away from the last reported price.
期权借贷价值头寸的结合。是按照逐日结算的。市场的变动可能引起出价或供价远离最后的报价
Non-serial options 不分期期权
Options for months for which there are existing futures contracts of the same months.
期权的月份同时存在于相同月份的期货合约中
Notice Day 通知日
According to Chicago Board of Trade rules, the second day of the three-day delivery process when the clearing corporation matches the buyer with the oldest reported long position to the delivering seller and notifies both parties. See First Notice Day.
根据芝加哥交易所的规定，清算所对照最原始买方交割给卖方进仓的报告，在三日交割过程中的第二天，通知买卖双方
Notional value 名目金额
The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract.
原生价值（面值），通常是期货或期权合同中特定的以美元表示的金融产品或商品的价值
O
OCO (order cancels order) 选择性委托单
Order type: An order that includes two orders, one of which cancels the other when filled. Also referred to as one-cancels-other.
一种委托单类型是指一个委托单当中包含两种指令 , 当其中一个成交时 , 另外一个被自动取消，也可写做 one-cancels-other.
Offer (or ASK, or sell) 报价
A willingness to sell at a given price; the opposite of bid.
以一特定价格出售的意愿，反之为出价
Offset 平仓
Selling if one has bought, or buying if one has sold, a futures or options on futures contract.
若先前购买则卖出期货或期货合同的期权 , 若先前售出则买入期货或期货合同的期权
Open interest 未平仓合约
Total number of futures or options on futures contracts that have not yet been offset or fulfilled for delivery.
期货合同中未冲销的期货或期权的总数
Open order 未成交单
An order that remains good until filled, cancelled or eliminated. See good-til-canceled.
一直有效直到成交或被取消的委托单。
Open outcry 公开喊价
The method of trading publicly so that each trader has a fair chance to buy or sell.
公开交易的方式保证每个交易者有平等买卖的机会
Opening 开市
The beginning of the trading session.
交易市场开始交易
Opening price 开市价
The first price of an instrument at the beginning of the trade session.
开市后第一笔成交交易的价格
Opening range 开盘时段
The range of prices at which the first bids and offers were made or first transactions were completed. Must be initiated by at least one trade.
做出第一个报盘和递盘以及第一个交易完成时的买卖价波动范围。至少需要一个交易来启动。
Option 期权
The right, but not the obligation, to sell or buy the underlying (in this case, a futures contract) at a specified price within a specified time.
在一特定时间内以特定价格买入或卖出标的物的权利而非义务（目前情况标的物指期货合同）
Option assignment 期权转让
The random selection of an option writer to take a futures position when an option is exercised.
当期权被执行时，对期权卖方的随意选择，使其接受期货头寸
Option buyer 期权购买者
One who purchases an option and pays a premium.
购买期权并付出权利金的人
Option Premium 期权金
The price of an option. The sum of money that the option buyer pays and the option seller receives for the rights granted by the option.
期权的价格。买者必须支付给卖方作为将来买进或卖出期货合约的权利价金
Option seller 期权出售者
One who sells an option and receives a premium.
卖出期权并获得权利金的人
Order 委托单
A request –usually passed by a trader to the host –for buying or selling a given instrument at certain conditions more or less defined (conditions being price, quantity, type of order, etc.).
一个要求 --- 通常由交易者开给交易所 - 在特定情况下购买或者销售特定的交易品种，这些情况或多或少是确定的（如价格，数量，委托单的种类，等）
Order type 委托单类型
A property of an order, containing the conditions to which this order must comply for execution (e.g. limit, market, stop).
委托单的 特性， 委托单必须遵守 情况（ 如 ： 限价单，市场价单，止损单）
Out-of-the-money 虚值
An option with no intrinsic value. A call option with a strike price greater than the underlying futures price. A put option with a strike price less than the underlying futures price.
没有内在价值的期权。对于买入期权而言 , 执行价格大于原生期货价 , 对于卖出期权而言 , 执行价格少于原生期货价
Out-trades 错误交易
A situation that results when there is some confusion or error on a trade –for example, when both traders think they were buying.
交易当中出现的一种错误或者误解的情况。例如，有两个交易者认为他们都在购买。
Overbought/oversold 超买 / 超卖
A technical opinion of a market which has risen/fallen too much in relation to underlying fundamental factors.
对于市场的一种技术性看法，认为市场相对于基本因素来说上涨或者下跌得太多了。
P
P&S(Purchase and Sale) Statement 买卖表
A statement sent by a commission house to a customer, showing the number of contracts bought or sold, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges, and the net profit or loss on the transactions.
由经纪公司发给客户的一种统计表，显示买卖的合同数量，合同买卖价格，总利润或者损失，佣金以及交易的净利润或损失。
Phase (market) 阶段（市场）
Sub-unit of a session, where consistent actions take place (e.g. pre-opening, no-cancel, opening, continuous trading, etc.)
盘的一个组成成分，在这此阶段进行统一的行为（例如、预开盘、抵消、开盘、连续交易等）
Point and Figure Chart 点形图
A graph of prices charted with x's for price increases and o's for price decreases, used by the chartist for buy and sell signals.
一个用 x’s 表示价格上涨用 o’s 表示价格下降的图表，分析师用作分析买和卖。
Position 持仓
A market commitment. A buyer of a futures contract is said to have a long position and, conversely, a seller of futures contracts is said to have a short position. See "Open Interest"
一种市场承诺。一个期货合同的买家就拥有一个多头盘口，而相反的，一个期货合同的卖家就拥有空头盘口。
Position Day 持仓日
The first day in the process of making or taking delivery of the actual commodity on a futures contract. The clearing firm representing the seller notifies the clearinghouse that its short customers want to deliver on a futures contract.
期货合同中现货开始交货过程的第一天。代表卖家的经纪公司通知清算所期货合同中的卖家希望交货了。
Position Limit 持仓限额
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limit.
CFTC （货物期货交易委员会）和（或者）进行交易的交易所规定的一个交易者可以持有的投机期货合同的最大数目。 也被称作交易限额。
Position Trader 头寸交易者
A trader who takes a position in the market and might hold that position over a long period of time.
在市场里拥有交易盘口的交易者并且可能会长期持有。
Premium 期权金
The amount agreed upon between the buyer and seller for the purchase or sale of a futures option –the buyer pays the premium and the seller receives the premium. The excess of one futures contract price over that of another or over the cash market price.
买家和卖家之间统一的买卖期权期货合同的价格 – 买家支付给卖家。相对于期货合同价值或其他市价，额外付出的价格。
Price 价格
Price to which the given instrument should be traded –in an order or a trade. Also called "limit."
特定的商品进行交易的价格 - 在委托单或交易中，也被称作‘ limit ’。
Price Discovery 市场定价
The generation of information about "future'' cash market prices through the futures markets.
通过期货市场，将来的现货市场价格信息的产生。
Price Limit 价格限额
The maximum advance or decline from the previous day's settlement price permitted for a contract in one trading session by the rules of the exchange. See also Variable Limit, Maximum Price Fluctuation.
相对于上一交易日的结算价，交易中最大的升幅或降低。察看变数限价，最大价格波幅。
Price order 定价定单
An order to sell or buy at a certain price or better.
在一定或更好的价格下，买入或者卖出的定单。
Producer Price Index (PPI) 产品价格指数
An index that shows the cost of resources needed to produce manufactured goods during the previous month.
一个表示在前一月中生产制成品所需要的原料的成本的指数。
Purchasing Hedge (or Long Hedge) 买入避险
Buying futures contracts to protect against a possible price increase of cash commodities that will be purchased in the future.
通过买入期货合同来防止未来将要购买的现货的价格上涨的风险。
Purchasing Power 购买力
Total Trade Equity minus Initial Margin. Your purchasing power represents funds available to you to establish new positions. Your purchasing power changes throughout the day as your total trade equity and margins change.
总的交易资本减去最初的按金。你的购买力就表明你拥有的资金去建立一个新的盘口。你的购买力在一天中会随着总的交易量和按金的变化而变化。
Pure hedger 单纯避险者
A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.
一个人为了锁定某种货物的价格而进行的风险规避。他会在现货市场中同时进行交易来抵消这个风险。
Put 看跌期权
An option to sell a commodity, security, or futures contract at a specified price at any time between now and the expiration of the option contract.
一种期权，可以在从现在到最后期限中的任何时间以一个特定的价格卖出货物，股票或者期货合同。
Put breakeven 看跌期权平衡点
See "breakeven."
见"平衡点 "
Put option 看跌期权
An option granting the right, but not the obligation, to sell a futures contract at the stated price prior to the expiration of the option.
一种期权，准予买家在最后期限之前以规定的价格卖出期货合同的权利而非义务。
Put profit / loss 看跌期权获利 / 损失
For a long put, equal to the put value minus the premium. For a short put, equal to the premium minus the put value.
对于买入看跌期权的人，等于期权价值减去期权金。对于卖出看跌期权的人，等于期权金减去价值。
Put value 看跌期权价值
At expiration, equal to the strike price minus the futures price.
在期权合同到期时，等于执行价格减去期货价格。
Q
Qualifier 定单有效时间
The time for which the order is valid –FAK, Session, FOK, Day, GTC, GTD. Validity field options.
订单有效的时间。
Quantity 数量
Number of instrument units (e.g. lots) to be traded, in order or a trade. Sometimes also called "size."
在交易或定单中，交易的物品单元的数量。有时也叫做‘ size ’。
Quote 报价
An indication of current bids and offers in the market on a particular instrument or spread.
利用特定工具或传播方式来表示在市场中最近的出价和要价。
R
Rally 反弹
An upward movement of prices following a decline. The opposite of a reaction.
在一轮价格下跌之后的一个价格的向上运动。是‘ reaction’ 的反面。
Range 波幅
The high and low prices or high and low bids and offers recorded during a specified time.
在一定时期内纪录的高价与低价和高与低的出价和要价。
Reaction 下跌
A decline in prices following an advance. The opposite of rally.
在一轮价格上涨之后的下跌。 ’Rally’ 的反面。
Reference price 参考价格
The price of an instrument used as "reference" –e.g., for determining an opening price, starting an algorithm, or figuring into an index –and is usually the settlement price or last closing price.
用作参考的工具的价格，如决定开盘价，开始一种运算，或化成一种指数，并且通常是交割价或前一日的收盘价。
Registered representative 注册代理人
A person employed by, and soliciting business for, a commission house or futures commission merchant.
证券经纪公司或期货经纪商雇用或咨询的人。
Repurchase Agreements (or Repo) 回购协议
An agreement between a seller and a buyer, usually in U.S. government securities, in which the seller agrees to buy back the security at a later date.
卖家和买家的一个协议，通常用于美国政府的有价证券，其中卖家同意在迟些时候买回证券。
Resistance line 阻力线
A price level above which prices tend not to rise due to selling pressure.
在卖出的压力下价格会达到的一个水平而停止上升。
Reserve Requirements 储备需求
The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain. ve Requirements.
Federal Reserve( 联邦储备 ) 需要他的成员银行保留的现金和流动资产的最小量，作为需求保证金和时间保证金的一个百分比。
Resistance 价格阻力
A level above which prices have had difficulty penetrating.
价格很难向上冲破的一个水平。
Retracement 背驰
A price move in the opposite direction of a recent trend.
于近期的价格变化趋势相反的运动方向。
Reverse Crush Spread 反变形套利
The sale of soybean futures and the simultaneous purchase of soybean oil and meal futures. See Crush Spread.
卖出大豆期货合同同时买入豆油和豆粕期货合同。
Risk 风险
Possibility of suffering loss.
遭受损失的可能性。
Round-turn 中介费
See "commission."
见“佣金”
Runaway gap 逃逸缺口
A gap in prices after a trend has begun that signals the halfway point of a market move.
一个价格趋势开始后价格的一个缺口，标志着价格运动的中途阶段。
S
Scalp 转手买卖所赚薄利
To trade for small gains. Scalping normally involves establishing and liquidating a position quickly, usually within the same day, hour or even just a few minutes.
为很小的利益交易。交易通常是快速地建仓和平仓，通常是在同一天进行，甚至是在几小时或几分钟之内。
Selective hedger 选择性避险者
A person who hedges only when he or she believes that prices are likely to move against him or her.
只有在确信价格对其不利的时候才进行避险的人。
Sell (Sell Order) 卖出 ( 卖出定单 )
An offer. This transaction type indicates to sell or to go short. Opposite of buy or go long.
一个开价。 这种交易类型指的是卖出或看空。 买的相对概念。
Selling climax 恐慌性抛售
An extraordinarily high volume occurring suddenly in a downtrend signaling the end of the trend.
一个非常高的交易量在下降趋势中突然出现，是这一趋势结束的信号。
Selling Hedge (or Short Hedge) 卖出对冲
Selling futures contracts to protect against possible declining prices of commodities that will be sold in the future.
商品价格未来可能走低，为了减小损失而卖出期货合同。
Serial options 分期 期权
Options for months for which there are no futures contracts. The underlying futures contract for a serial option month would be the next nearby futures contract.
为没有期货合同的月份而准备的期权。这种分期期权的原生期货合同是接下来的近期期货合同。
Session (market) 交易盘（市场）
For a given class, period of time within which a consistent set of trading actions takes place –usually composed of the following phases: initialization, pre-opening/opening, trading, closing, post-session processing.
一个给定标准，在一段时间内进行一致的贸易活动。通常包括以下几个步骤：初始，预开 / 开盘，交易，收盘，盘后处理。
Settlement price 结算价
A figure determined by the closing range that is used to calculate gains and losses in futures market accounts, performance bond calls and invoice prices for deliveries. See "closing range."
一个由收市价格范围所决定的价格，用来计算在期货市场的账目获利和损失，为了交割而进行催缴欠款和单据价格。 见“收市价格范围”。
Short 卖出
One who has sold a futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure. The opposite of long.
一个人卖出期货合同而建仓，并且还没有进行清仓。买的反义词。
Short cash 卖出现金
Describes a trader who needs and plans to buy a commodity.
指一个交易者需要并打算购买一种商品。
Short hedge 卖出对冲
The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or lessen the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See "hedge."
为了将来的现货市场出售而卖出的期货合同。用来避免或降低自己拥有的等价的金融 商品或现货会贬值的可能性。
Short Options Value 卖出期权价值
The total cost of purchasing back all short options on a marked-to-market basis.
买回所有卖出期权的逐日计算的成本的总和。
Side 方
A side counts the buy and the sell as separate events. Each matched trades, and each contract, has two sides —the buyer side and the seller side. Taken together, these two sides equal one round turn per unit of volume.
买进和卖出是独立的双方。每对成功的交易，每个合同，都包括两方—买的一方和卖的一方。它们结合在一起，双方就等于一个交易的成交量。
Sideways trend 横摆趋势
Seen in a bar chart when prices tend not to go above or below a certain range of levels.
在一个条形图表中，价格运动不能高过或低于一个确定的范围。
Simulated Trading 模拟交易
The process of buying and selling without actually entering the market or risk any real funds.
不在市场中进行，没有任何实际资金风险的买卖过程。
Single-stock futures (SSF) 单一股票期货（ SSF ）
Futures contracts on individual stocks.
只对一种股票进行交易的期货合同。
Spread 价差组合
An options position established by purchasing one option and selling another option of the same class, but of a different series.
通过买入和卖出同级的期权而建立的期权盘口，但两个期权是不同的系列。
Speculator 投机者
One who attempts to anticipate price changes and, through buying and selling futures contracts, aims to make profits. Does not use the futures market in connection with the production, processing, marketing or handling of a product.
预期价格波动，进行买卖期货合同从而获利的人。不是用期货市场进行生产、交易和处理产品的人。
Spot 现价
Usually refers to a cash market price for a physical commodity that is available for immediate delivery.
通常指一个可以立即进行交易的货物的市场价格。
Spot month 现货月
The nearest trading month which may or may not be the current calendar month. Usually used as the current delivery month for a commodity.
最近的交易月份，可以是也可以不是当月。通常指现货可以进行交易的月份。
Spot price 当前价格
See "cash price."
见“现价”
Stop close only order 收盘时抛售订单
A stop order that is executed only during the closing range of the trading session.
只有在交易盘要结束的范围内才执行的防损订单。
Stop loss 止 损
Order type: Same as stop limit, but with no limit indication: when triggered, will execute like an MBF.
订单类型：与停止限价相同，但是没有限定指数：当达到指定价格，就会被执行，像 MBF 一样。
Strike (price) 期货执行价格
The price at which the option buyer may purchase or sell the underlying futures contract upon exercise. See "exercise price."
期权买家在交割时买卖指定期货合同的价格。
Supply 供应
The quantity of a commodity that producers are willing to provide to the market at a given price.
生产者愿意以一定价格提供给市场的商品的数量。
Support 支撑线
The place on a chart where the buying of futures contracts is sufficient to halt a price decline.
在图表中当有足够的期货合同的购买量足以阻止价格下跌的一个量。
Symbol 符号
Equivalent to "instrument."
同于“商品” .
Symmetrical triangles 对称三角
A price formation that can either signal a reversal or a continuation of price movement.
一个价格构成，可以是反转的信号，也可以是价格波动的延续。
Synthetic call option 组合看涨期权
A combination of a long futures contract and a long put, called a synthetic long call. Also, a combination of a short futures contract and a short put, called a synthetic short call.
由买入一个期货合同和买入一个看跌期权的组合，就叫做组合买入看涨。同时，由卖出一个期货合同和卖出一个看跌期权的组合，叫做组合卖出看涨。
Synthetic futures 组合期货
A combination of a put and a call with the same strike price, in which both are bullish, called synthetic long futures. Also, a combination of a put and a call with the same strike price, in which both are bearish, called synthetic short futures.
由两个有相同的行使价的看跌和看涨期权形成的组合，同时二者都看涨，叫做组合买入期货。由两个有相同行使价的看跌和看涨期权形成的组合，同时二者都看跌，叫做组合卖出期货。
Synthetic option 组合期权
A combination of a futures contract and an option, in which one is bullish and one is bearish.
一种一个期货合同和一个期权的组合，其中一个看涨一个看跌。
Synthetic put option 组合看跌期权
A combination of a short futures contract and a long call, called a synthetic long put. Also, a combination of a long futures contract and a short call, called a synthetic short put.
卖出期货合同和买进看涨期权的组合，叫做组合买入看跌期权。同时，买进期货合同和卖出一个看涨期权的组合，叫做组合卖出看跌期权。
T
Target price 目标价格
An expected selling or buying price. For long and short hedges with futures: futures price + expected basis. For puts: futures price - premium + expected basis. For calls: futures price + premium + expected basis.
一个期望的卖出或买入的价格。对于使用买卖期货来避险的是指期货价格加上预期基点。对于卖出期权是指期货价格减去期权金再加上预期的基点。对于买入期权是指期货价格加上期权金再加上预期基点。
Theta 对冲时间转变风险
The measure of the change in an option's premium given a change in the option's time until expiration. Equal to the change in the option's premium divided by the change in time to expiration.
计算期权在到期之前，时间的变化引起的期权金的变化。等于期权金的变化除以到期前时间的变化。
Tick 最低价格变动
Refers to a change in price, either up or down. See "minimum price fluctuation."
表明价格向上向下的变化。
Time and Sales 时间和出售
The registered times of prices traded and bid and offers on a given market.
在特定市场中注册的交易的价格，出价，要价的时间。
Time Limit Order 限时定单
A customer order that designates the time during which it can be executed.
客户的定单中指定时间，在这段时间中定单可以被执行。
Time Value 时间价值
The amount by which an option's premium exceeds the intrinsic value of the option. Usually relative to the time left to expiration.
期权的期权金高于其内在价值的部分。通常与距离到期日的时间有关。
Tighten 紧缩
Time Stamped 时间戳记
Part of the order-routing process in which the time of day is stamped on an order.
定单例行程序的一部分，需要在定单上盖上当日时间的印记。
Total Trade Equity 交易总资产
Cash Balance combined with Open Trade Equity on a marked-to-market basis.
在逐日结算的基础上，现金平衡与未平仓交易资产的总和。
Trade Balance 贸易收支
The difference between the value of a nation's imports and exports of merchandise.
一个国家进口商品和出口商品价值的差别。
Trader 交易员
A member of the exchange who buys and sells futures and options on the floor of the exchange. See "day trader, floor broker and position trader".
交易所的会员，可以在交易所场内买卖期货和期权。看当日交易者，场内交易员，持仓交易者
Trading day 交易日
(Should actually be called 'Clearing Day') –Period within which all executed trades for a given class are cleared on the same day. This period may very well exceed 24 hours. One or more sessions could take place.
在一段时间内所有同一级别的执行的交易在同一天结算。这一段时间可能超过 24 小时，可能是一个或更多交易盘。
Trend 趋势
The general direction of the market.
市场的大致走向。
U
Underlying Futures Contract 原生期货合同
The specific futures contract that is bought or sold by exercising an option.
履行期权要买卖的特定的期货合同。
Uptrend 上涨趋势
A price trend characterized by a series of higher highs and higher lows.
通过一系列的较高的最高价和最低价表现的价格趋势。
U.S. Treasury Bill 美国短期国债
A short-term U.S. government debt instrument with an original maturity of one year or less. Bills are sold at a discount from par with the interest earned being the difference between the face value received at maturity and the price paid.
原始有效期在一年以下的短期美国政府债券。这债倦是以折扣价出售，折扣是到期时获得的面值与支付的价格的差价。
U.S. Treasury Bond 美国长期国债
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
原始有效期高于十年并带有息票的政府债券，利息每半年支付。
U.S. Treasury Note 美国中期国债
Government-debt security with a coupon and original maturity of one to 10 years.
原始有效期从一年到十年并带有息票的政府债券。
V
Variable Limit 可变限度
An expanded allowable price range set during volatile markets.
在不稳定行情中规定的允许的扩展后的价格活动范围。
Vega 对冲波幅的转变风险
The measure of the change in an option's premium for a 1% change in the volatility of the underlying futures contract. Equal to the change in premium divided by 1% change in volatility.
期权金变化的衡量方法，指原生期货合同波幅的 1% 的变化。等于期权金的变化值除以波幅变化的 1% 。
Volatility 波幅
An annualized measure of the fluctuation in the price of a futures contract. Historical volatility is the actual measure of futures price movement from the past. Implied volatility is a measure of what the market implies it is, as reflected in the option.
期货合同价格波动的年度测量。历史波幅是对过去的期货价格运动的实际测量。引申波幅是在市场上衡量而取得的，也被使用在期权。
Volume 交易量
The number of contracts in futures or options on futures made during a specified period of time.
在一定时间内交易的期货合同和期权期货合同的数量。 CME: 表示‘总量’（如一天的总交易量）。
W
With discretion (DISC) 全权委托定单
A note on an order telling the floor broker to use his or her own good judgment in filling the order.
在定单上有一个说明，让场内经纪人用自己的判断来执行定单。
Writer 卖家
An individual who sells an option.
卖出期权的个人。
Y
Yield 收益率
A measure of the annual return on an investment.
一种对投资的年收益的计算方法。
Yield Curve 收益率曲线
A chart in which the yield level is plotted on the vertical axis and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates.
一个图表，以收益水平为竖轴，以到期的债务证券为横轴。当长期利率高于短期利率收益率曲线为正数。
Yield to Maturity 到期收益率
The rate of return an investor receives if a fixed-income security is held to maturity.
投资者如果持有固定收入的证券到最后期限所能得到的回报率。
Z
Zero Cost Collar 零成本区间
A type of positive-carry collar that secures a return through the purchase of a cap and sale of a floor. Also called "zero cost options" or "equity risk reversals."
一种通过运用在上限买入，在下限售出来确保取得收益的交易。也叫做 " 零成本期权 " 或 " 资产风险逆转 " 。
