微积分网课代修|导数代写Derivatives theory代考|QF430 FUTURES EXCHANGES AND TRADERS

微积分网课代修|导数代写Derivatives theory代考|QF430  FUTURES EXCHANGES AND TRADERS

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微积分网课代修|导数代写Derivatives theory代考|QF430 FUTURES EXCHANGES AND TRADERS

微积分网课代修|AP微积分代写AP calculus辅导|FUTURES EXCHANGES AND TRADERS

In some futures markets, traders meet face-to-face in a pit, such as on the International Money Market (IMM) in Chicago and on the trading floor of the Chicago Board of Trade (CBOT) and, until 1999, on the London International Financial Futures Exchange (LIFFE), which has now merged and become the electronic trading platform, ‘NYSE-Euronext’. Traders in the pit indicate prices and deal sizes using hand signals and the system is known as open outcry.

All exchanges settle trades using computers but now more exchanges are moving away from open outcry and actual trades are conducted electronically. Some of these systems are ‘order driven’ whereby the buyers and sellers are ‘matched’ via a computer as, for example, on NYSE-Euronext. Futures trading is ‘global’. For example GLOBEX (which is owned by the CBOT and Reuters plc) provides an after-hours electronic futures trading system – ‘after-hours’ being from a US prospective. Note, however, that GLOBEX does not automatically match buyers and sellers and then automate the trades. It merely provides price information to traders.

On the IMM, floor traders can be either commission brokers called futures commission merchants (FCM) or ‘locals’. FCMs merely act as middlemen, buying and selling on behalf of clients and they make profits from their commission charges. Locals trade on their own account and hold a book (i.e. take positions in various contracts). Dual trading is also allowed.

微积分网课代修|AP微积分代写AP calculus辅导|Futures Trading

Public orders must be placed through a broker who will then contact a floor broker on the exchange. Trades are monitored by the clearing house (e.g. CME Clearing) and all floor traders must have an account with a member clearing firm. If your floor broker purchases a futures contract on your behalf, then you will have to pay the initial margin to the floor broker, who will then pay this into her clearing firm $\mathrm{ABC}$. The seller may be a local or a broker acting on behalf of a customer ‘off the floor’. The seller of the futures also deposits the initial margin with her clearing firm XYZ. Both clearing firms ABC and XYZ each aggregate up their net positions from their customers and place a margin payment with the clearing house, who then guarantees both sides of the contract.

微积分网课代修|导数代写Derivatives theory代考|QF430 FUTURES EXCHANGES AND TRADERS

微积分网课代修| AP微积分代写AP calculus辅导| FUTURES EXCHANGES AND TRADERS

在一些期货市场中,交易者在一个坑中面对面会面,例如在芝加哥的国际货币市场(IMM)和芝加哥期货交易所(CBOT)的交易大厅,直到1999年,在伦敦国际金融期货交易所(LIFFE),该交易所现已合并并成为电子交易平台“NYSE-Euronext”。坑中的交易者使用手势指示价格和交易规模,该系统被称为公开喊价。

所有交易所都使用计算机结算交易,但现在越来越多的交易所正在远离公开抗议,实际交易以电子方式进行。其中一些系统是“订单驱动的”,例如在纽约泛欧交易所,买家和卖家通过计算机“匹配”。期货交易是“全球性的”。例如,GLOBEX(由CBOT和路透社拥有)提供了一个盘后电子期货交易系统——“盘后”来自美国潜在客户。但是,请注意,GLOBEX不会自动匹配买家和卖家,然后自动进行交易。它只是向交易者提供价格信息。

在IMM上,场内交易者可以是称为期货佣金商家(FCM)或“当地人”的佣金经纪人。FCM只是充当中间人,代表客户进行买卖,并从佣金费用中获利。当地人以自己的账户进行交易并持有一本书(即在各种合约中持有头寸)。也允许双重交易。

微积分网课代修| AP微积分代写AP calculus辅导| Futures Trading

公共订单必须通过经纪人下达,然后经纪人将联系交易所的现场经纪人。交易由清算所监控(例如CME清算),所有场内交易者必须在成员清算所拥有一个账户。如果您的场内经纪人代表您购买期货合约,那么您将不得不向场内经纪人支付初始保证金,然后他们将向她的清算公司支付这笔费用ABC.卖方可以是当地人,也可以是代表“场外”客户行事的经纪人。期货卖方还将初始保证金存入其清算公司XYZ。ABC和XYZ清算公司都从客户那里汇总了他们的净头寸,并向清算所支付保证金,然后清算所为合同双方提供担保。

微积分网课代修|导数代写Derivatives theory代考|QF430 FUTURES EXCHANGES AND TRADERS
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