股票指数期货【外文翻译】

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1、外文翻译原文STOCKINDEXFUTURESMaterialSource:htty://www.referenceforbusiness.com/encyclopedia/Sel-Str/Stock-Index-Futures.htmlAuthor:EncyclopediaofBusiness,2nded.AcontractforstockindexfuturesisbasedonthelevelofaparticularstockindexsuchastheS&P500ortheDowJonesIndustrialAverage.Theagreementcallsfort

2、hecontracttobeboughtorsoldatadesignatedtimeinthefuture.Justashedgersandspeculatorsbuyandsellfuturescontractsandoptionsbasedonafuturepriceofcorn,foreigncurrency,orlumber,theymay—formostlythesamereasons—buyandsellcontractsbasedonthelevelofanumberofstockindexes.Stockindexfuturesmaybeusedtoeith

3、erspeculateontheequitymarket'sgeneralperformanceortohedgeastockportfolioagainstadeclineinvalue.Itisnotunheardoffortheexpirationdatesofthesecontractstobeasmuchastwoormoreyearsinthefuture,butlikecommodityfuturescontractsmostexpirewithinoneyear.Unlikecommodityfutures,however,stockindexfuturesa

4、renotbasedontangiblegoods,thusallsettlementsareincash.Becausesettlementsareincash,investorsusuallyhavetomeetliquidityorincomerequirementstoshowthattheyhavemoneytocovertheirpotentiallosses.VALUINGSTOCKINDEXFUTURESAllstockindexfuturescontractshaveavalueequaltotheirpricemultipliedbyaspecifiedd

5、ollaramount.Toillustrate,thepriceofastockindexfuturescontractbasedontheNewYorkStockExchange(NYSE)CompositeIndexisderivedbymultiplyingtheindexlevelvalueby$500.Thisvalueresultsbecauseeachfuturescontractisequalto$500timesthequotedfuturesprice.So,iftheindexlevelisdeterminedtobe200,thecorrespond

6、ingstockindexfuturewouldcost$100,000.Theindexlevelismarked-to-market,meaningthatattheendofeachdayitsvalueisadjustedtoreflectchangesintheday'sshareprices.Instockindexfuturescontracts,therearetwopartiesdirectlyinvolved.Oneparty(theshortposition)mustdelivertoasecondparty(thelongposition)anamou

7、ntofcashequalingthecontract'sdollarmultipliermultipliedbythedifferencebetweenthespotpriceofastockmarketindexunderlyingthecontractonthedayofsettlement(IPspot)andthecontractpriceonthedatethatthecontractwasentered(CP0).Ifaninvestorsellsasix-monthNYSEComposi