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1、AnalysisonFuturesinChina----theProblemsanditsDevelopingTrendFutures,fromthemeaningoftheworditselfandcomparedwiththeactuals,mustbesomethingrelativetothefuture.Itisatermhereusedtodesignateallcontractscoveringthesaleoffinancialinstrumentsorphysicalcommoditiesforfuturedeliveryonacommodi
2、tyexchange.Inthethirtiesandthefortiesofthenineteenthcentury,Chicagobecamethecenterofthecargoofthegrain,foritssignificanthuggeographiclocationandagriculturalappealingclimates.Becauseofthedefiniteharvestingseasonofthegrain,inefficientwarehousesandtheinconvenienttransportation,thegrain
3、’spricefluctuatedaccordingtothedemandandtheseason.Asaresult,graintransactionturnedtobehighlyrisky.Inordertoensuretheirfutureinterest,thegrainmediatorssignedthesalecontractswiththemanufacturersandthegrainsalesmen,whichstipulatedthefuturedealinginthespringofthenextyear,immediatelyafte
4、rtheirpurchaseofthegrain,thustheforwardcontract(Acashmarkettransactioninwhichdeliveryofthecommodityisdeferreduntilafterthecontracthasbeenmade.Itisnotstandardizedandisnottradedonorganizedexchange)cameintobeing.Inthefollowingtenandevenmoreyears,alistofshortcomingshackledforwardcontrac
5、ttradingfromfuturedeveloping.First,therearenostandardizedrulesforthequalityanddeliverytimeoftheexchangecommoditiesintheforwardcontracttrading.What’smore,theforwardcontractsthemselvesaredifficulttoexchange.Itseemedtobenootherchoicesotherthanperformanceatthemeantime.Thisfeaturewashard
6、lyabletosuittheflexiblesituationofthemarket.Then,whetheroneforwardcontractwouldbecarriedoutontimeornot,completelydependsonthetrader’sconfidenceoverhispartner.Theusualsituationturnedouttobeofhighcostandthoroughinvestigation,whichledtohighriskintheperformanceofthecontract.Inordertocop
7、ewithalltheseproblems,CNE(ChicagoMercantileExchange)formedtheGeneralRulesin1865,tostandardizetheforwardcontractandallowwhichtoexchangefreelythenthefuturescontracts(Astandardized,transferablelegalagreementtomakeortakedeliveryofaspecifiedamountofacertaincommodityofacertaingradeortypea
8、taspecifiedamountof
