期货合约

　　期货合约是一种标准化的合约，承诺在未来某一时间以当前约定的价格买进或卖出标准数量的某种金融工具或商品。期货合约与远期合约一样，均是承诺以当前约定的条件在未来进行交易的合约，但期货合约是必须在交易所买卖的标准化合约，而远期合约则是场外市场(OTC)为买卖双方量身定制的合约。标准化是指交易所就每一份期货合约代表的数量、报价的单位、交割日及合约月份等条件订立标准。期货报价的精确度至跳动点(tick)为止，跳动点是价格变动的最小单位。期货投资人很少进行实物交割。在交割日期临近时，多数投资人会进行等值的反向交易来结清头寸。期货市场的主要参与者包括那些希望免受价格涨跌影响的套期保值者(hedgers)，以及企图从价格波动中获利的投机者。每一笔交易中，买方和卖方都需通过清算行进行结算，因此无须直接打交道，避免了违约风险。期货源自人们管理价格波动风险的需要，如农产品的价格会因气候等难以预测的因素而波动，人们因而发展期货市场来确定未来的买卖价。金融期货，(例如利率及股价指数期货)是当前成交量最大的期货品种。

　　Futures

        A future is an undertaking to buy or sell a standard quantity of a financial asset or commodity at a future date and at a fixed price. Futures resemble forwards, but are standardized contracts (ie. every futures contract has standardized terms that dictate the size, the unit of price quotation, the delivery date and contract months) and must be traded on a recognized exchange. Price movements are expressed in ticks (the smallest unit of price quotation). Delivery of a future is rare. As the delivery date draws near, most investors close out their positions by undertaking an equal and opposite trade. The futures markets bring together hedgers who wish to protect themselves against the rise or fall of prices, and speculators who are trying to benefit from such movements. A clearing house acts as the counter party in every transaction to protect against the risk of default, so the buyer and seller do not have to deal directly with each other. Futures developed as a method for establishing forward purchase prices and managing price instability caused by seasonal factors in agricultural markets. Today, interest rate and stock index futures attract the greatest volume.

　　期货交易所公开喊价区

　　Futures Pit

　　期货交易所交易大厅以公开喊价方式进行买卖的一个场地。参见Open Outcry(公开喊价)。

　　An area on the floor of a futures exchange where trading takes place by way of the Open Outcry system.

　　期货升水

　　指期货合约到期日距今越远，价格越高的情形。期货价格高于现货或近期合约价格，是反映未来交割的货物的仓储及保险成本。期货升水是现货与期货价格之间的正常关系。与此词相反的是现货升水(backwardation)。参见Futures(期货)，现货升水(Backwardation)。

　　Contango

　　A situation where futures prices are progressively higher the further the maturity date is from spot. The increase reflects the added cost of storage and insurance for commodities delivered further into the future. Contango is the normal relationship between spot and futures prices and is the opposite of backwardation.See also: Futures, Backwardation, Spot

　　期货转换现货交易

　　指以现货商品交换同量的期货合约，通常是由两个持有相反避险仓位的交易商进行交换，如持有多仓的交易商出于避险的考虑，选择取得现货，而不是在期货市场将头寸结清。英文亦称为exchange for cash或exchange against actuals。

　　Exchange for Physical

　　This occurs where the buyer of a cash commodity transfers to the seller an equivalent amount of long-futures contracts, or receives from him a corresponding amount of short futures at an agreed price. Also termed exchange for cash, and against actuals.

　　期末价值

　　Terminal value

　　一项投资或资产在一段时间之后的价值，例如，按未来10年的获利预估推算，一项业务在期末时的价值。

　　The assumed value of a business at the end of a forecasting period, usually after 10 years of projected earnings.

　　期末整还式贷款

　　指期末一次还清或最后一期还款额特别大的贷款。

　　Balloon Loan

　　A loan that consists of regular monthly payments with one large (balloon) payment at maturity.

　　Category: 金融

　　七十七国集团

　　由发展中国家组成的非正式联盟，成立时有77个成员国，现在成员数目已显着增加。G77的主要目标是提高它们在联合国体系内的谈判实力，并促进经济与技术合作。

　　G77

　　An informal grouping of developing countries, initially with 77 members but now considerably expanded. It is designed to enhance their negotiating strength within the United Nations system and to promote economic and technical co-operation.

　　企业对企业电子商务

　　英文Business to Business的缩写，“2”(two)为英文“to”的谐音，指企业间在互联网上进行货物与服务的交易。

　　B2B

　　Business to Business trading of goods and services on the internet.