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1、AnalysisonFuturesinChinatheProblemsitsDevelopingTrend1Futuresfromthemeaningofthewditselfcomparedwiththeactualsmustbesomethingrelativetothefuture.Itisatermhereusedtodesignateallcontractscoveringthesaleoffinancialinstrumen
2、tsphysicalcommoditiesffuturedeliveryonacommodityexchange.InthethirtiestheftiesofthenieenthcenturyChicagobecamethecenterofthecargoofthegrainfitssignificanthuggeographiclocationagriculturalappealingclimates.Becauseofthedef
3、initeharvestingseasonofthegraininefficientwarehousestheinconvenienttransptationthegrain’spricefluctuatedaccdingtothedemtheseason.Asaresultgraintransactionturnedtobehighlyrisky.Indertoensuretheirfutureinterestthegrainmedi
4、atssignedthesalecontractswiththemanufacturersthegrainsalesmenwhichstipulatedthefuturedealinginthespringofthenextyearimmediatelyaftertheirpurchaseofthegrainthusthefwardcontract(Acashmarkettransactioninwhichdeliveryoftheco
5、mmodityisdeferreduntilafterthecontracthasbeenmade.Itisnotstardizedisnottradedonganizedexchange)cameintobeing.Inthefollowingtenevenmeyearsalistofshtcomingshackledfwardcontracttradingfromfuturedeveloping.Firsttherearenosta
6、rdizedrulesfthequalitydeliverytimeoftheexchangecommoditiesinthefwardcontracttrading.What’smethefwardcontractsthemselvesaredifficulttoexchange.Itseemedtobenootherchoicesotherthanperfmanceatthemeantime.Thisfeaturewashardly
7、abletosuittheflexiblesituationofthemarket.Thenwhetheronefwardcontractwouldbecarriedoutontimenotcompletelydependsonthetrader’sconfidenceoverhispartner.Theusualsituationturnedouttobeofhighcostthoughinvestigationwhichledtoh
8、ighriskintheperfmanceofthecontract.IndertocopewithalltheseproblemsCNE(ChicagoMercantileExchange)fmedtheGeneralRulesin1865tostardizethefwardcontractallowwhichtoexchangefreelythenthefuturescontracts(Astardizedtransferablel
9、egalagreementtomaketakedeliveryofaspecifiedamountofacertaincommodityofacertaingradetypeataspecifiedamountofacertaincommodityofacertaingradetypeataspecifiedpointinthefuture.IFeaturesofFuturesTradingBefetheconductionofthef
10、eaturesoffuturestradingwecancompareitwithotherfirmsoftradingtohaveamuchclearerconception.Firstcomparedwiththespottradingthebiggestdifferencebetweenthemisthetimespanbetweentheassignmentcontractthedeliveryofgoods.Secondthe
11、rearestilllargedifferenceswiththestockmarkettrading.Theamountofcertaintypeofstocksispredeterminedbefetherealentryintothestockmarketbytheissuingcompanyatthesametimethestocksitselfhasalreadyexistedonthestockexchange.Ontheo
12、therhonthefuturesmarketnofuturescontractsexistbefetradingafuturescontractwillbegeneratedsoeasilyonlywhenasolarcontractabuyer.1.TheSubjectMatterInthefuturesmarketarethestardcontracts.ThiskindofstardcontractsiseasytoAnalys
13、isonFuturesinChinatheProblemsitsDevelopingTrend32.1.1IntheU.S.TheU.S.A.hasthemostflourishingfuturestrade.ChicagoisthefuturestradingcenternotonlyoftheU.S.A.butofthewholewld.Itisexacttheplacethattheboursewithlargenumbervol
14、umelargesthisty.ChicagoBoardofTrade(CBT)wheretheTBondfuturescontractgainedthegreatestsuccess.BesidestheCBTotherfamousboursesintheU.S.A.arefexampleChicagoMercantileExchange(CME)whichhasthemostvarioustypesofcontractinthewl
15、dtheAmericaCommodityExchangewhichobtainedgreatreputationfitsMinicontractalsotheCommodityExchange(COMEX)whichoccupyafairlylargesliceofthewholegoldfuturestrading.2.1.2InEuropeInEnglthereisalongfuturestradinghisty.LondonMen
16、talExchange(LME)openedinthenieenthcentury.AtthesametimefinancialfuturestradingstartedatnieeneightytwotenyearslaterthantheU.S..LondonInternationalFinancialFutureExchange(LIFFE)isknownasthebiggestfinancialfuturesmarketouts
17、idetheU.S..IntheyearnieeneightysevenLIFFEmadeanagreementwithCMEinwhichtheyagreetoestablishthemutualoffsetclearingsettlement.ThenLIFFEestablishedthesamesystemwithSydneyFutureExchange(SFE).2.1.3AsiaPacificRegionSingapeInte
18、rnationalMoaryExchange(SIMEX)starteditsfirstdealatnieenseventies.Itisthefirstoneinthedevelopingcountriesregionstosomedegreeitisalsothemostinternationalizedbourse.InJapanTokyoStockExchange(TSE)wasopenedinOctober1985.Inthe
19、year1980TSEthetradingamounttheopencontractamountcametothetopofthewld.3.TheFeaturesofWldFuturesTradingAfteranalyzingthesproutofglobalfuturestradingwecanhaveabriefviewofthewldfuturesmarketfromthenextfivepoints.FirsttheU.S.
20、theU.K.Japanthisthreestrongcountriesconstitutethreehugsoftheglobalfuturestrading.Thisconclusionwasmadefthereasonslistedbelow.Firstinthesethreecountriesthecommodityfuturestradingbeganataveryearlyageallhaveafairlylargescal
21、enow.Secondtheyareallinternationalfinancialcenterswiththeirstrongeconomicbackgroundtheirfinancialfutureshavetheiruniquepotentialffutureenlargementwhichcan’thardlybecopiedparalleledbyothers.Secondlyfinancialfuturesflouris
22、hatatremendousspeeditshowsthetendencytoreplaceothersinthecomingfuture.IntheinternationalfinancialcentralareassuchastheU.S.A.U.K.Japannewdealingemergingatnearlyeveryminutesimultaneouslytheiginalbusinessenlargeditsscopewit
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