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常见问题解答之二——境外期货知识篇 Knowledge about Overseas Futures
发布时间:2021-01-14

2.1 境外期货相对于内盘有什么优势

1)交易时间长,做市商制度确保买卖报价,交易连续;

2)交易公开透明,持仓量大,成交量大,价格权威;

3)杠杆高;

4)对冲套利机会多;

5)品种丰富,入市门槛低,投机机会多。

What advantages do overseas futures have compared to futures of Mainland China?

1) Full-day trading session. The market making rules can make prices and ensure continuous trading.

2) Transparent transactions; large open positions; large trading volumes; fair price.

3) High leverage.

4) Ample opportunities for hedging and arbitrage.

5) Abundant products; low entry barriers; great speculative opportunities.

 

2.2 境外期货明星产品

Top Futures Products in Overseas Futures Markets

1)美国西德克萨斯轻质原油(WTI):

美国西德克萨斯轻质原油(WTI)是国际石油市场的一种基准价格。此类原油又称为轻质低硫原油,“轻”是指原油黏性较低,硫含量较低。WTI是纽约商品交易所(NYMEX)原油期货合同的标的物。

NYMEX WTI

West Texas intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light crude oil because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of New York Mercantile Exchange’s oil futures contracts.

 

2)恒生指数:

恒生指数(HSI)是反映香港股市行情的重要指标,是香港经济的“晴雨表”,指数包括在香港交易所主板上市、市值最大及成交最活跃的公司。其成份股具有广泛的市场代表性,其总市值占香港联合交易所市场资本额总和的90%左右。相关品种有H 股指数、新华富时A50 指数。

The Hang Seng Index (HSI)

The HSI is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. For companies to have their stock listed, they must be within the top 90% of companies based on the total market value of their ordinary shares. Related products include H-shares Index and FTSE Xinhua China A50 Index.

 

3)伦敦金属交易所(LME)的有色金属期货 :

伦敦金属交易所(LME)是世界上最早、最大的有色金属交易市场,全球范围内大部分有色金属期货在LME交易。拥有有色金属全球定价权。相关产品有上期所有色金属期货及CME铜期货等。

Non-ferrous metal futures in LME

The London Metal Exchange (LME) is the world center for the trading of industrial metals –the majority of all non-ferrous metal futures business is transacted on this platform. The LME sets the global benchmark price for non-ferrous metals. Related products include SHF Enon-ferrous metal futures and CME copper futures.

 

4)芝加哥商业交易所(CME)的外汇期货:

芝加哥商业交易所(CME)的外汇期货市场每天有超过千亿美元的交易量,是仅次于银行间即期外汇市场的全球第二大外汇市场。相关品种包括美元指数等。

Currency futures in the Chicago Mercantile Exchange (CME)

The CME currency futures market has an average daily trading turnover of over $100 billion, which makes it the second largest foreign exchange market after the interbank spot Forex market. Related products include US Dollar Index etc.

 

5)芝加哥期货交易所(CBOT)和纽约期货交易所(NYBOT)的农产品期货:

芝加哥期货交易所(CBOT)和纽约期货交易所(NYBOT)是世界上最具代表性的农产品交易所。在CBOT和NYBOT交易的农产品价格是国际农产品贸易的权威价格。可交易的品种包含豆类、玉米、小麦等。

Agricultural products in the Chicago Board of Trade (CBOT) and New York Board of Trade (NYBOT)

Both CBOT and NYBOT are the world's most representative agricultural commodity exchanges. Agricultural products’ prices discovered on those two platforms are used as the global reference prices. Tradable products include soybeans, corns, and wheat.

 

2.3 外盘期货品种有无涨跌停板?

大部分品种无涨跌停板限制。如:LME,CME 金属及外汇,欧美国债,香港及欧洲指数,软商品等。

部分品种有特殊的熔断机制。如:SGX 新加坡A50 指数:±10%(熔断10分钟), ±15%(熔断10 分钟),±无限制%。

部分品种为固定数值涨跌停制度,如CME 农产品及能源类产品。CBOT 大豆:±1.00,±1.50 (美元/蒲式耳)。

Do oversea commodities have price limits?

Most commodities do not have price limits, such as commodities in LME, metal and currency commodities in CME, U.S. Treasury and European debt, and soft commodities.

Certain commodities have circuit breakers, such as SGX FTSE Xinhua China A50 Index futures: 10% and 15% from previous day’s settlement price (10 minutes cooling off period when each limit is reached). Thereafter no price limits for rest of the day. No price limits for expiring contract on its last trading day.

Certain commodities have fixed limits that they can move in a day, such as agricultural products and energy products in CME, CBOT soybeans (its price can move by $1/$1.5 per bushel).

 

2.4 外盘有没有银期转账?

没有。客户款项直接打入公司向证监会报备过的保证金银行账户中。(具体出入金流程见“出入金篇”)

Does overseas futures have bank/futures transfer?

No. The client's funds are directly transferred to Holly International’ margin account that have been reported to SFC (Please refer to “Deposit and Withdrawal”).

 

2.5 外盘保证金如何计算?

外盘保证金分为开仓保证金和维持保证金,均为固定数值(具体数值参照弘业国际金融官网www.ftol.com.hk —最新公告—弘业国际金融交易品种客户保证金表)。

交易所会根据市场行情不定期调整保证金,弘业国际金融会根据交易所收取的保证金来调整公司的保证金水平,调整后即会更新到公司官网。

开仓保证金即开一手新仓所需要缴纳的保证金,维持保证金即持有一手已开仓品种所需保证金,当客户因为浮动盈亏,保证金低于维持保证金时,会被要求追加保证金,要求追加至开仓保证金的标准,具体规则参看追保强平规则。

How to calculate margins of overseas futures?

Margins of overseas markets include initial margin and maintenance margin, both of which are fixed value (specific amount refers to Holly International's official website: www.ftol.com.hk; Latest Announcement – Margin Form).

If future exchanges adjust margin requirements according to market conditions, Holly International shall entitled to change accordingly. Any adjustments will be updated immediately on Holly International's official website.

The initial margin is the amount of money that is required to open a position on a futures contract. The maintenance margin represents the amount of equity the client must maintain in the margin account after the initial purchase.

When the amount of margin in the maintenance margin account is less than the required maintenance margin, the client are required to make additional deposit. Specific rules can be referred to Rules of Delivery and Liquidation.



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