國外期貨海外期貨專有名詞 中翻英 英翻中 海期新手教學必看!
The highest price for a particular futures contract over a specified
A ratio used to express the relationship of feeding costs to the dollar value of livestock. See Hog/Corn Ratio and Steer/Corn
Identifying, analyzing and either mitigating or absorbing the price risk in investing or business planning.
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.
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.
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.
The maximum price advance or decline from the previous day's settlement price permitted in one trading session, as
determined by the Exchange.
A price level above which prices tend not to rise due to selling pressure.
A future contract whose value is based upon financial instruments such as a stock index, interest rates or foreign currency exchange rates.
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.
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.
The amount of access a market openly offers about its activities and financial information.
A futures market in which the relationship
between two delivery months of the same commodity is abnormal.
A gap in prices after a trend has begun that signals the halfway point of
a market move.
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.
The futures or s on futures months being traded that are furthest from expiration. Also called
deferred or distant months.
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.
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.
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.
Adjusted Futures Price
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
A financial instrument, such as a futures or options contract, whose value is based upon a physical commodity or other
100 pounds. Abbreviated cwt.
Exchange members who trade for their own account and/or fill orders for customers and whose activities provide market liquidity.
A price move in the
opposite direction of a recent trend.
A measure of a group of stocks, also called equities, used to describe the market and analyze
the return on specific stock investment.
Federal Funds Rate
The rate of interest charged for the use of federal funds.
U.S. Treasury Bill
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.
U.S. Treasury Note
Government-debt security with a coupon and
original maturity of one to 10 years.
A price area at which the market didn't trade from one day to the next.
Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts.
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).
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."
Clearing trade transaction
Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.
A firm that handles orders to buy and sell futures and options contracts for customers.
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.
Synthetic call option
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.
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.
A combination of a futures contract and an option, in which one is bullish and one is bearish.
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.
An automated, pre-programmed set of rules that can be used to execute an electronic trade.
First Notice Day
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.
A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market.
A gap in prices that signals the end of a price pattern and the beginning of an important market move.
Puts and calls are separate option contracts; they are not the opposite side of the same transaction. For every put buyer there is a put seller, and for every call buyer there is a call seller. The option buyer pays a premium to the
seller in every transaction.
of a put option has the right to sell (go short) a futures contract at a specific price on or before the expiration date. For example, an October 124 CME Live Cattle put gives the put holder the right to sell October CME Live Cattle futures at $1.24/lb. Should
the futures decline to $1.14/lb., the put holder still retains the right to go short the contract at $1.24/lb.
A call option gives the holder (buyer) the right to buy (go long) a futures contract at a specific price on or before an expiration date. For example, a December Corn 820 call option
gives the holder (buyer) the right to buy or go long a December corn futures contract at a price of 820 (shorthand for $8.20/bu) anytime between purchase and the December options expiration. Even if corn futures rise substantially above 8.20/bu, the call holder
will still have the right to buy corn futures at 8.20/bu.
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.
The computerized processes and platforms that carry out a trade, including order placement, bid-and-offer posting and trade execution.
Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual delivery.
The nearest trading month which may or may not be the current calendar month. Usually used as the current delivery month for a commodity.
Current market price of the actual physical commodity. Also called "spot price."
An actual physical commodity someone is buying
or selling, e.g., soybeans, corn, gold, silver, Treasury bonds, etc.
Usually refers to a cash market price for a physical commodity that is available for immediate
Bear market (bear/bearish)
A market in which prices are declining.
Point and Figure Chart
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.
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.
Clearing member or a firm.
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.
A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price.
A person employed by, and soliciting business for, a commission house or futures commission merchant.
The high and low prices or high and low bids and offers recorded during a specified time.
A measurement of the change in price over a given time period.
Also called "offer." A motion to sell. Indicates a willingness to sell a futures contract at a given price.
Foreign Exchange Rate
The price of a country's currency when converted from another country's currency.
Order type: Same as stop limit, but with no limit indication: when triggered, will execute like an MBF.
Underlying Futures Contract
The underlying is the corresponding futures contract that is purchased or sold upon the exercise of the option. For example, an option on an August CME Live Cattle futures contract is the right to buy
or sell one such contract. An option on September Wheat futures gives the right to buy or sell one September Wheat futures contract.
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.
The use of a small amount of assets to control a greater amount of assets.
A person or entity employed to trade on behalf of entities, including institutions, investment banks, pension funds, hedge funds and mutual funds.
An order that remains good until filled, cancelled or eliminated. See good-til-canceled.
Total number of futures or options on futures contracts
that have not yet been offset or fulfilled for delivery.
The price at which the option buyer may purchase or sell the underlying futures
contract upon exercise.
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.
A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts.
Associated person (AP)
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.
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.
買家和賣家之間統一的買賣期權期貨合同的價格 - 買家支付給賣家。相對於期貨合同價值或其他市價，額外付出的價格。
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.
The premium is the price that the buyer of an option pays and the seller of an option
receives for the rights conveyed by an option. Thus, ultimately the cost of an option is determined by supply and demand. Various factors affect options premiums, including strike price level in relation to the futures price level; time remaining to expiration;
and market volatility —all of which will be discussed further.
An option seller (i.e., someone who sells an option that he or she did not previously own) is also called an option writer or grantor. An option seller is contractually obligated to take the opposite futures position
if the buyer exercises his or her right to the futures position specified in the option the buyer has purchased. In return for the premium, the seller assumes the risk of taking a possibly adverse futures position.
An option buyer can choose to exercise his or her right and take a position in the underlying futures.
A call buyer can exercise the right to buy the underlying futures and a put buyer can exercise the right to sell the underlying futures contract. In most cases though, option buyers do not exercise their options, but instead offset them in the market before
expiration, if the options have any value.
An option on a futures contract is the
right, but not the obligation, to buy or sell a particular futures contract at a specific price on or before a certain expiration date. There are two types of options: call options and put options. Each offers an opportunity to take advantage of futures price
moves without actually having a futures position.
The nearest active trading month of a futures or options on futures contract. Also referred to as the lead
The most current contract month in which delivery may take place. The contract month closest to the current point in time.
Minimum price fluctuation per contract unit. Also known as tick size or tick value.
Minimum price fluctuation
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.
Maximum price fluctuation
The maximum amount the contract price can change up or down during one trading session, as stipulated by Exchange rules.
The lowest price of a specified time period for a particular futures contract.
Time Value Decay
As discussed in the previous section, the value of an option beyond intrinsic value is called time value. It is the sum of money option traders are willing to pay given the likelihood of the option increasing in
value. Time value erodes as each day passes, accelerating as expiration nears. This characteristic of options is referred to as time-decay and is the reason why options are sometimes considered “wasting assets.” If time passes and the underlying
futures contract does not move far enough by expiration, the option’s time value will decay and the option trader may incur a loss.
The amount by which an option's premium exceeds the intrinsic value of the option. Usually relative to the time left to expiration.
Daily trading limits
The maximum price fluctuations permitted a contract during one trading session as set by the Exchange. These exist on certain contracts.
A term referring to cash and futures prices tending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.
Number of instrument units (e.g. lots) to be traded, in order or a trade. Sometimes also called "size."
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.
A measure of the annual return on an investment.
place on a chart where the buying of futures contracts is sufficient to halt a price decline.
Last year's ending stocks of a storable commodity.
Assignment refers to the obligation of sellers to take the opposite and possibly adverse
futures position to the buyers’ if assigned and for this risk receive the premium. Remember: Buyers exercise and sellers get assigned.
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.
One who purchases an option.
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.
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"
= 0.25,4 = 0.50;在利率中，為1/32的1.5個百分點。
Price per contract unit. Note placement of decimal. Numeral after ‘ in grains is in quarter-cents, e.g. 2 = 0.25; 4 = 0.50; in interest rates = points & half-points
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.
Exercise or strike price
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.
Exercise refers to the process whereby the option buyer asserts his or hers right and goes long the underlying futures (in the case of exercising a call) or short the underlying futures (in the case of exercising a put).
The completion of an order to buy or sell a futures contract.
An extraordinarily high volume occurring suddenly in a downtrend signaling the end of the trend.
Full Carrying Charge Market
A futures market where the price difference between delivery months reflects the total costs of interest, insurance, and storage.
Current delivery month
contract which matures and becomes deliverable during the present month.
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.
The first price of an instrument at the beginning
of the trade session.
The beginning of the trading session.
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.
Average Daily Volume
Equals volume for a specified time period divided by the number of business days within that same time period.
當期貨價格等於期權行使價時，該期權就為平價期權。如果12月份CME E-迷你標普500指數期貨合約以1300的價格交易，那麼行使價為1300的12月份CME E-迷你標普500指數看漲期權便是處於平價狀態。
An option is at-the-money when the futures price equals the option’s strike price. A December
CME E-mini S&P 500 call option with a strike price of 1300 is at-the-money if the December CME E-mini S&P 500 futures contract is trading at 1300.00.
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.
The generation of information about "future'' cash market prices through the futures markets.
The current value of all commodities held in a margin account
An order filled
immediately at the best price available.
Price differences between classes, grades, and delivery locations of various stocks of the same commodity.
An option buyer must only
put up the amount of the premium, in full, at the time of the trade. However, because option selling involves more risk, an option seller or writer will be required to post performance bond. Your broker can discuss the performance bond requirement associated
with selling options (see section regarding risks in selling options). Once an options position is exercised into a futures position, performance bond is required, just as for any other futures position.
Also known as the strike
price, the exercise price is the price at which the option buyer may buy or sell the underlying futures contracts. Exercising the option results in a futures position at the designated strike price. For example, by exercising a December Crude Oil (WTI) 9400
call, the buyer of the option would then be long a December Crude Oil (WTI) contract at$94.00. If the holder of an August CME Live Cattle 120 put were to exercise his or her option, the result would be a short futures position, at 120.000, in August CME Live
Cattle. Strike prices are set by the exchange and have different intervals depending on the underlying contract. Strike prices are set above and below the existing futures price and additional strikes are added if the futures move significantly up or down.
The individual or company (i.e., the buyer or seller) on the opposite side of any trade.
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
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.
An order to sell or buy at a certain price or better.
一個要求---通常由交易者開給交易所 - 在特定情況下購買或者銷售特定的交易品種，這些情況或多或少是確定的（如價格，數量，委託單的種類，等）
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.).
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.
Head and shoulders
A sideways price formation at the top or bottom of the market that indicates a major market reversal.
A trader who takes a position
in the market and might hold that position over a long period of time.
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."
A position in which
the trader has bought a futures contract that does not offset a previously established short position.
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.
The market price at which the quantity supplied of a commodity equals the quantity demanded.
the Counter Derivative
Futures and options contracts with terms that do not necessarily adhere to those of a standardized futures contract.
Over the Counter Trading
Trades that take place outside of a formal futures exchange.
Repurchase Agreements (or Repo)
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.
Commodity Futures Trading Commission
known as the CFTC, this is the independent governmental organization that oversees futures and options trading in the United States
product approved and designated for trading or clearing in accordance with the rules of an exchange. Also may refer to a physical commodity.
The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract.
Notional Contract Value
How much market exposure is represented by one contract. Multiply Contract Size x Price Quotation. This number changes with each tick move.
Defines the number of units of the underlying market represented by one futures contract.
months in which trading is available. Typically driven by underlying market seasonality and fundamentals.
Signifies whether an options on futures
contract is available for this futures contract
An upward movement of prices following a decline. The opposite of a reaction.
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.
The minimum performance bond deposit required from
customers for each contract in accordance with the rules of the Exchange.
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.
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."
Sell (Sell Order)
An offer. This transaction type indicates to sell or to go short. Opposite of buy or go long.
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.
Processing Margin (GPM)
The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.
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.
Expiration Date/Last Trading Day
This is the last day on which an option can be exercised into the underlying futures contract. After this point the option will cease to exist; the buyer cannot exercise and the seller has no obligation.
Note that some options expire prior to the final settlement or expiration of the underlying futures contract. For example, a September 2012 Wheat 900 call option will expire August 24, 2012. However, the underlying futures will expire September 14, 2012. The
last trading day is the last day on which an option can be offset.
Yield to Maturity
The rate of return an investor receives if a fixed-income security
is held to maturity.
The month in which futures contracts may be satisfied by making or accepting delivery. Also called the delivery month.
How much capital is required to hold a position in one contract. Minimum set by CME Group; brokers may require
more. Can change at any time based on market conditions.
The buyer is under no obligation to exercise an option on a futures contract. As a matter of fact, many traders choose to offset their position prior to expiration. Traders will offset their position if they wish to take profits
before expiration or limit losses on the downside. Buyers can offset their options by instructing their broker to sell their option before expiration. An option seller can offset a position by buying back or “covering” a short position. Options
on futures, like futures themselves, trade both on the CME floor, where a market normally exists to offset options positions, and on the Globex electronic trading platform, where many options can be traded virtually around-the-clock throughout the trading
The method of trading publicly so that each trader has a fair chance to buy or sell.
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.
An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the
end of the trend.
Instrument traded on the cash market-representing a debt of the government or of a company.
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.
A person or firm who uses the futures market to offset price
risk when intending to sell or buy the actual commodity
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
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.
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.
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.
Refers to a change in price, either up or down. See "minimum price fluctuation."
An options position established by purchasing one option and selling another option of the same class, but of a different series.
When the futures price is below the strike price (for calls) and above the strike price (for puts) the option is said to be out-of-the-money. An option that has no intrinsic value, but only time value, is out-of-the-money.
If Crude Oil (WTI) futures are trading at 93.95, a 95.00 call would be out-of-the-money.
Producer Price Index (PPI)
An index that shows the cost of
resources needed to produce manufactured goods during the previous month.
Identifies both market and trading venue
for trading and clearing purposes. Symbols used by brokers and quote services might differ from exchange symbol.
The number of
contracts in futures or options on futures made during a specified period of time.
When the contracts are available
for trading on a certain trading venue. For CME Globex, note that a trading day for clearing/settlement spans two calendar days.
(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.
CME Globex offers electronic trading almost 24/6.
tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
One who expects prices to rise.
(Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry.
Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.)
（公告）喊價買賣盤類型 Open Outcry Order Types
全部執行或取消（AON）盤買賣 All-Or-None (AON) Order
An order to be executed in designated contracts in a trading pit via open outcry only for its entire quantity at a single
price, with a size at or above a predetermined threshold
Disregard Tape (DRT) Or Not-Held Order
Absent any restrictions, a "DRT" (Not-Held Order) means
any order giving a person complete discretion over price and time in execution of the order, including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are
held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in
writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation. An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved.
Fill Or Kill (FOK) Order
A designation, added to an order, instructing the broker to fill the order immediately in its entirety
or not all. If the order is not filled immediately in its entirety, it is cancelled.
An order with instructions to be executed at a specific
price ("limit price") or better.
Market (MKT) Order
An order with instructions to be executed upon receipt by a floor broker at the best available
Market If Touched (MIT) Order
A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched.
Market On Close (MOC) Order
An order to be executed as a market order only in the closing range.
One-Cancels-Other (OCO) Order
A combination of two orders, in which the execution of either one automatically cancels the other.
Open Order (Good-Till-Cancelled)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session.
An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be
An order which
becomes a market order when the price designated on the order (the "Stop Price") is elected as described below.
A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price.
A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price.
Stop-Close Only Order
A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop
Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price.
Stop Limit Order
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit
order, trades at or below, or is offered at or below the Stop Price.
Globex特定買賣盤類型的可用性因產品而異，並非所有買賣盤類型均適用於所有產品。各產品支持的買賣盤類型見“ Globex參考指南 ”
Globex Order Types
of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide.
A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention.
Hidden Quantity Order
An order which displays only a small portion of the order to the marketplace. When the displayed quantity has been filled, another portion of the order
will then be displayed to the marketplace.
An order to be executed at a specific price ("limit price") or better.
Market With Protection Order
An order to execute as much of order as possible at the best current offer price (for buy orders) or bid price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any
quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit of the protected range.
Minimum Quantity Order
which is executed only if a certain minimum quantity of that order can be immediately matched.
Stop Limit Order
An order which becomes eligible for
execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit order.
Stop With Protection Order
An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range).
When the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the trigger price plus or minus the predefined protected range. Any quantity which cannot be filled within the protected range will remain in the
order book as a limit order at the limit price.
Globex Order Duration Qualifiers
An order eligible to
be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which it was received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered.
Fill And Kill
An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated.
Good ‘Till Canceled (GTC)
An order which will remain in force until executed, cancelled or the contract expires.
Good ‘Till Date (GTD)
order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.
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.
An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.
A price trend characterized by a series of higher highs and higher lows.
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.
Dollar Value of One Tick
How many U.S. dollars equal a price move of one tick. Multiply Minimum Tick x Price Quotation.
Delta measures the rate of change of an option premium with respect to a price change in the underlying futures contract. Delta is a measure of price sensitivity at any given moment. Not all options move point-for-point with
their underlying futures contracts. If a futures contract moves .50 points and the option only moves .25 points, its delta is 50%; i.e., the option is only 50% as sensitive to the movement of underlying futures contract. The delta will change as an option
moves from out-of-the-money to at-the-money to in-the-money, approaching 100%. Deltas range from 0% to 100%. The delta of the underlying futures contract is 100% (options pricing software is normally used to calculate delta).
U.S. Treasury Bond
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
- 期貨現價，對於一個買入期權：內在價值=期貨現價 - 執行價格
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.
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