期货交易

Last year nearly $3 trillion in grain futures was traded on the Chicago Board of Trade, the world's largest such market.

去年，有达3 万亿美元的谷物期货在世界上最大的农产品期货市场芝加哥交易所（现在是全球最大的衍生品交易所的一部分）完成交易。

But financial speculation forced the futures price of some commodities well above the spot level, an unusual phenomenon known as "contango".

但是受投机交易影响，期货价格远高于现货水平，这个就是不常见的期货益价现象。

The Commodity Futures Modernization Act of 2000, which was signed into law on December 21, 2000, amended the Commodity Exchange Act to provide that only certain regulated entities may offer off-exchange foreign currency futures and options contracts to retail customers.1 Under the CFMA, registered futures commission merchants and their affiliates are among the entities that may offer forex contracts to retail customers.2 As described below, NFA Bylaw 306 creates a Forex Dealer Member category for certain NFA Members who act as counterparties to forex transactions with retail customers.3 This category allows NFA to exercise appropriate regulatory jurisdiction over the retail forex activities of these Members without imposing unnecessary, and potentially duplicative, regulatory burdens on Members that are otherwise subject to regulatory oversight for their activities.

于2000年12月21被写进了法律的2000版期货现代化法案，修正了CEA并规定：只有某些确定的受监管的实体能够向零售客户提供场外外汇期货和期权和约的交易。1、在CFMA下，注册期货代理商和他们的支部在这些实体之内；2、如下所述，NFA第306条规则列出了外汇交易商的类别；3、这个类别允许NFA对其行使适当的监管权限。

On the one hand, the feature of non-human capital transaction is fictitious. The market transaction of non-human capital has evolved fictitiously from the market transaction of material object to the market transaction of the bond, stock, and options.

非人力资本市场交易的特点是虚拟化，非人力资本市场交易从实物市场交易到债券市场交易、股票市场交易、期货市场交易等，是一个虚拟化演进过程。

Interdelivery spread as a kind of arbitrage is very important as to the price discovery, market activity and risk management.

跨期套利作为套利交易的一种操作方式，在期货市场上对于价格发现，增加市场流动性，规避风险都有重要的作用，因此研究和倡导套利交易对于发展与稳定期货市场是必要的。

The second part is the basic trading forms of the future market and the ways by which various entities participate in the distribution of the surplus value. The basic trading forms of the future market include the arbitrage, the speculation trade, the stock option trade and the stock swap.

期货市场的基本交易形式包括套期保值交易形式、投机交易基本形式、期权交易形式和互换交易形式，每一种交易形式都有其经济学原理。

The Steering Committee recommended that a single clearing arrangement for securities, stock options, futures and other exchange traded transactions, straight-through processing and a scripless securities market should be developed.

督导委员会建议为证券、股票期权、期货及其他在交易所进行的买卖作出统一的结算安排，以及发展直通式金融交易和无纸化证券交易市场。证券及期货条例草案。

The amended 1997 PRC Criminal Law has initially criminated insider dealing and leakage of inside information, and the 1999 Amendment of PRC Criminal Law broadened the scope of this offence, by extending insider dealing and leakage of inside information to both securities and futures markets. This indicates that the regulation on insider dealing and leakage of inside information has moved from administrative level to criminal level and the relevant punishment has been greatly strengthened.

我国1997年修订刑法首次确定了证券内幕交易、泄露内幕信息罪，1999年《中华人民共和国刑法修正案》将该罪扩大为证券、期货内幕交易、泄露内幕信息罪，这一罪名的确立标志着我国对内幕交易、泄露内幕信息行为的规制从行政领域上升到刑事领域，对其惩罚力度加大。

Because the original design of our imagination is the direction to the development of market maker in the form of participation in the market, because the Shanghai Gold Exchange is still no clear blueprint for the development of some new out, I expect the Shanghai Gold Exchange, even though he has not been for gold futures, but he still has many talents Potential, he used the original nation's largest cash trading platform that advantage, I suggest he should, as markets like London, the development arm of a road through the market maker in OTC transactions done, so we originally domestic gold investment companies can legally participate in the open market, so we have two domestic gold market coexist, is a futures market, is a spot market, the original investment in gold companies, I think now it is in transition towards services, information of this transition.

因为原来我们设计的想像的发展方向就是以做市商的形式参与这个市场，因为现在上海黄金交易所目前还没有明确的一些新的发展蓝图出来，我预计上海黄金交易所这次尽管他没有争取得到黄金期货，但是他还是有很多优势的，他利用原来国内最大的现货交易平台这个优势，我建议他应该像伦敦市场似的，以发展做市商为一个路子，通过做市商的参与做场外的交易，这样的话我们国内原先黄金投资公司就可以合法公开参与这个市场，这样的话我们国内就有两个黄金市场并存，一个是期货市场，一个是现货市场，对原来的黄金投资公司来说我觉得现在要转型的话应该是朝服务、资讯这块转型。

By the late 1970s, the Chicago Mercantile Exchange traded futures on foreign currencies, alongside pork bellies and live cattle futures.

到1970代末，芝加哥商品交易所和交易猪肉，生牛期货一起，开始交易外币期货。

Further more, the simplified analysis method on stressed-skin effect of corrugated steel sheet is also discussed in detail.

此外还比较详细地探讨了蒙皮效应的简化分析方法。

If I had known her telephone number,I would have called her.

要是我知道她的电话号码，我就打电话给她了。