扑克导言：期权期货市场中的很多词汇都来自国外，很多时候我们看中文无法理解时，对照看一下英文，就会有豁然开朗的感觉。今天扑克投资家特意为大家准备了期货期货市场的常用的英文词汇（下篇），中英对照，极具收藏价值！
这里还有“芝商所期货期权词汇精编，中英文对照，必须收藏！（上）”。
本文来自芝加哥商品交易所官方网站，由扑克投资家进行编辑整理。
您只需在扑克投资家公众号的前台对话框输入相应关键词（例如，输入“石油”），即可获取更多历史干货内容。——详情见文末关键词列表。
Minimum Tick 最小跳动点
Minimum price fluctuation per contract unit. Also known as tick size or tick value.
每个合约单位的最小价格波幅。又称为最小变动价位或点值。
Minimum price fluctuation 最小价格波幅
The smallest increment of price movement possible in trading a given contract, often referred to as a tick. The minimum unit by which the price of a commodity can fluctuate, as established by the Exchange.
在一特定合同交易中可能最小的价格波动增量，通常被称为 tick ，商品价格最小的波动是由交易所规定的。
Maximum price fluctuation 最大价格波幅
The maximum amount the contract price can change up or down during one trading session, as stipulated by Exchange rules.
按照交易所的规定，在一场交易中合约价格可以上下波动的最大值 。
Low 最低价
The lowest price of a specified time period for a particular futures contract.
在一段特定时间一特定期货合同的最低价。
Time Value Decay 时间价值衰减
As discussed in the previous section, the value of an option beyond intrinsic value is called time value. It is the sum of money option traders are willing to pay given the likelihood of the option increasing in value. Time value erodes as each day passes, accelerating as expiration nears. This characteristic of options is referred to as time-decay and is the reason why options are sometimes considered “wasting assets.” If time passes and the underlying futures contract does not move far enough by expiration, the option’s time value will decay and the option trader may incura loss.
正如之前所讨论的，期权超出内在价值以外的价值被称作时间价值。 时间价值为期权交易者在期权价值有 增长可能性的前提下愿意支付的款额。 时间价值随着 一天天的过去逐渐丧失，并且在到期日靠近时加快丧 失率。 期权的这个特性被称作时间衰减，而这也是期 权为何有时被任作“递耗资产(wasting assets)”的原因所在。 如果时间流逝，而标的期货合约在到期之前 的价格变化不足，期权的时间价值将随之衰减，期权 交易者可能会发生损失。
Time Value 时间价值
The amount by which an option's premium exceeds the intrinsic value of the option. Usually relative to the time left to expiration.
期权的期权金高于其内在价值的部分。通常与距离到期日的时间有关。
Daily trading limits 日交易限制
The maximum price fluctuations permitted a contract during one trading session as set by the Exchange. These exist on certain contracts.
由交易所制定的在一天交易部分允许上下浮动的最大价格。只存在于特定合约中。
Convergence 整合
A term referring to cash and futures price stending to come together (i.e., the basis approaches zero) as the futures contract nears expiration.
指的是期货合约接近到期日时，现货和期货价趋于一致 ( 例如，基差接近零 ) 。
Quantity 数量
Number of instrument units (e.g. lots) to be traded, in order or a trade. Sometimes also called "size."
在交易或定单中，交易的物品单元的数量。有时也叫做‘ size ’。
Yield Curve 收益率曲线
A chart in which the yield level is plottedon the vertical axis and the term to maturity of debt instruments of similarcreditworthiness is plotted on the horizontal axis. The yield curve is positive when long-term rates are higher than short-term rates.
一个图表，以收益水平为竖轴，以到期的债务证券为横轴。当长期利率高于短期利率收益率曲线为正数。
Yield 收益率
A measure of the annual return on an investment.
一种对投资的年收益的计算方法。
Support 支撑线
The place on a chart where the buying of futures contracts is sufficient to halt a price decline.
在图表中当有足够的期货合同的购买量足以阻止价格下跌的一个量。
Carryover 接转
Last year's ending stocks of a storable commodity.
去年底的商品储存量。
Assignment 指派交割人
Assignment refers to the obligation of sellers to take the opposite and possibly adverse futures position to the buyers’ if assigned and for this risk receive the premium. Remember: Buyers exercise and sellers get assigned.
指派交割人 (assignment) 指卖方获得分配时有义务接收反向部位，即与期权买方相反的期货头寸。此头寸可能不利于卖方，而卖方为承担该风险收取期权费。请记 住：买方可以行权，卖方则会被指派。
Index 指数
A number that is representative of a whole market or market segment, usually computed by a sum product of a list of instruments' current prices and a list of weights assigned to the seinstruments.
对于整个市场或某部分市场有代表性的数字 , 通常依靠一组交易物的现价和这组交易物的重要程度来估算。
Holder 持有者
One who purchases an option.
购买期权的人。
Position Limit 持仓限额
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limit.
CFTC （货物期货交易委员会）和（或者）进行交易的交易所规定的一个交易者可以持有的投机期货合同的最大数目。也被称作交易限额。
Position 持仓
A market commitment. A buyer of a futures contract is said to have a long position and,conversely, a seller of futures contracts is said to have a short position. See "Open Interest"
一种市场承诺。一个期货合同的买家就拥有一个多头盘口，而相反的，一个期货合同的卖家就拥有空头盘口。
Price Quotation 报价
Price per contract unit. Note placement of decimal. Numeral after ‘ in grains is in quarter-cents, e.g. 2 = 0.25; 4 =0.50; in interest rates = points & half-points of 1/32.
每个合约单位的价格。请注意小数点的位置。谷物中‘后面的数字为四分之一美分位，例如2 = 0.25，4 = 0.50；在利率中，为1/32的1.5个百分点。
Speculator 投机者
One who attempts to anticipate price changes and, through buying and selling futures contracts, aims to make profits. Does not use the futures market in connection with the production, processing, marketing or handling of a product.
预期价格波动，进行买卖期货合同从而获利的人。不是用期货市场进行生产、交易和处理产品的人。
Exerciseor strike price 执行或交易价格
The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option.
在期权时限内，买方的叫价能够买进商品，和买方沽出商品的价格。
Exercise 执行/行权
Exercise refers to the process where by the option buyer asserts his or hers right and goes long the underlying futures (inthe case of exercising a call) or short the underlying futures (in the case ofexercising a put).
行权 (exercise) 指期权买方执行其权利转换为做多标的期货（若执行看涨期权）或做空标的期货（若执行看跌期权）的过程。
Execution 执行
The completion of an order to buy or sell a futures contract.
完成买卖期货合约的买卖盘。
Selling climax 恐慌性抛售
An extraordinarily high volume occurring suddenly in a downtrend signaling the end of the trend.
一个非常高的交易量在下降趋势中突然出现，是这一趋势结束的信号。
Full Carrying Charge Market 总持仓价市场
A futures market where the price difference between delivery months reflects the total costs of interest, insurance, andstorage.
交割月份之间的差异反映了利息，保险，仓储的总成本的一个期货市场。
Current delivery month当前交割月
The futures contract which matures and becomes deliverable during the present month.
期货合约到期和可以交割的月份。
Opening range 开盘时段
The range of prices at which the first bids and offers were made or first transactions were completed. Must be initiated by at least one trade.
做出第一个报盘和递盘以及第一个交易完成时的买卖价波动范围。至少需要一个交易来启动。
Opening price 开市价
The first price of an instrument at the beginning of the trade session.
开市后第一笔成交交易的价格。
Opening 开市
The beginning of the trading session.
交易市场开始交易。
Breakeven 平衡点（收支相抵）
The point at which an option buyer or seller experiences no loss and no profit on an option. Call breakeven equals the strike price plus the premium. Put breakeven equals the strike price minus the premium.
一个策略的既不赢钱也不输钱的股票价格。买入期权收支平衡点等于执行价加上期权金。卖出期权的收支平衡等于执行价减去期权金。
Average Daily Volume 平均每日交易量
Equals volume for a specified time period divided by the number of business days within that same time period.
它等于在特定的时期交易量除以同样的特定时期内的工作天数。
At-the-money 平价期权
An option is at-the-money when the futures price equals the option’s strike price. A December CME E-mini S&P 500 call option with a strike price of 1300 is at-the-money if the December CME E-mini S&P 500 futures contract is trading at 1300.00.
当期货价格等于期权行使价时，该期权就为平价期权。如果 12 月份 CME E-迷你标普500指数期货合约以 1300 的价格交易，那么行使价为1300的12月份CME E-迷你标普500指数看涨期权便是处于平价状态。
Liquidate 平仓，斩仓
Selling (or purchasing) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or making (or taking) delivery of the cash commodity represented by the futures contract. See Offset.
卖出 ( 或购买 ) 相同交割月份的期货合同 , 以抵消早先的买入 ( 或卖出 ) 交易 , 或者实际交割期货合同中提到的现货商品。
Price Discovery 市场定价
The generation of information about "future'' cash market prices through the futures markets.
通过期货市场，将来的现货市场价格信息的产生。
Market value 市场价值
The current value of all commodities held in a margin account.
保证金帐户中所有商品的现有价值。
Market order 市价委托单
An order filled immediately at the best price available.
以当前能达到的最好价格立即成交。
Differentials 差价
Price differences between classes, grades,and delivery locations of various stocks of the same commodity.
同一种商品的各种股票种类、等级和交割地点的价格差异。
Performance Bond 履约保证金
An option buyer must only put up the amount of the premium, in full, at the time of the trade. However, because option selling involves more risk, an option seller or writer will be required to post performance bond. Your broker can discuss the performance bond requirement associated with selling options (see section regarding risks in selling options). Once an options position is exercised into a futures position,performance bond is required, just as for any other futures position.
期权买方在交易时只须支付期权费全额。但由于卖出 期权所涉及到的风险更为大，因此期权卖方必须支出 履约保证金(Performance Bond)。您可以与经纪商 商量就卖出期权相关的履约保证金要求（参见有关卖 出期权所致风险的部分）。 一旦期权头寸行权成为期 货头寸，就和任何其他期货头寸一样需要支付履约保证金。
Exercise Price 履约价格
Also known as the strike price, the exercise price is the price at which the option buyer may buy or sell the underlying futures contracts. Exercising the option results in a futures position at the designated strike price. For example, by exercising a December Crude Oil (WTI) 9400 call, the buyer of the option would then be long a December Crude Oil (WTI) contract at$94.00. If the holder of an August CME LiveCattle 120 put were to exercise his or her option, the result would be a short futures position, at 120.000, in August CME Live Cattle. Strike prices are set by the exchange and have different intervals depending on the underlying contract. Strike prices are set above and below the existing futures price and additional strikes are added if the futures move significantly up or down.
同被称作行使价 (strike price)，为期权买方可买入或卖出标的期货合约的价格。期权行权会产生按指定行使价的期货头寸。举例，期权买方通过执行 12 月原油（WTI）9400 看涨期权合约，得以 94.00 美元的价格建立多头 12 月原油（WTI）期货头寸。如果持有一份 8 月份 CME 活牛 120 看跌期权的交易者执行其期权，其将得以价格 120.000 建立空头 8 月份 CME 活牛的期货头寸。 行使价格区间及范围由交易所设定，并取决于各标的合 约不同的价格区间。行使价设定在高于或低于现行期货 价格，而在期货价格大幅上涨或下跌时则另加更多行使 价的期权合约。
Counterparty 对手方
The individual or company (i.e., the buyeror seller) on the opposite side of any trade.
任何交易中处于相对面的个人或公司（即买方或卖方）。
Matched trade 对应交易
The execution of the buy and sell orders that together consummate a trade. A matched trade consists of one or more contracts and occurs when the same price is specified by buy and sell orders, for a specified number of contracts.
买卖订单的执行同时完成的交易。对应交易包含一个或多个合同，针对特定数量的合同，当同样的价格被列入买卖订单时，对应交易就产生了。
Customer Margin 客户保证金
Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations.
在期货行业中，期货和期权合约的买卖双方都要求经济担保去保证合约义务的实行。
Priceorder 定价定单
An order to sell or buy at a certain price or better.
在一定或更好的价格下，买入或者卖出的定单。
Order 委托单
A request –usually passed by a trader to the host –for buying or selling a given instrument at certain conditions more or less defined (conditions being price, quantity, type of order, etc.).
一个要求 --- 通常由交易者开给交易所 - 在特定情况下购买或者销售特定的交易品种，这些情况或多或少是确定的（如价格，数量，委托单的种类，等）。
Arbitrage 套利
The simultaneous purchase and sale of identical or equivalent financial instruments or commodity futures in order to benefit from a discrepancy in their price relationship.
同时的买卖相同或相等的金融商品或商品期货以从他们的价格差异中获利。
Head and shoulders 头肩形
A sideways price formation at the top or bottom of the market that indicates a major market reversal.
在市场价格的顶端和底部一个价格横摆走势形成，来表示一个主要的市场逆转。
PositionTrader 头寸交易者
A trader who takes a position in the market and might hold that position over a long period of time.
在市场里拥有交易盘口的交易者并且可能会长期持有。
Long hedge 多头避险
The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an advance in the cash price. See"hedge."
打算未来购买现货，而先买进期貨，以防现货价格上涨买到高价。
Long position 多头头寸
A position in which the trader has bought a futures contract that does not offset a previously established short position.
交易者购买的一个期货合同不冲销先前建立的空头部位。
Basis 基差
The difference between the spot or cash price of a commodity and the futures price of the same or a related commodity.Basis is usually computed to the near future, and may represent different time periods, product forms, qualities and locations.
现货或商品的现金价格和相同的期货价格或相关价格的差额。它通常被计算到近期的期货 , 和可能表现不同的时间期数、产品规格、质量和场所。
Equilibrium Price 均衡价格
The market price at which the quantity supplied of a commodity equals the quantity demanded.
商品的数量供应等于需求数量的市场价。
Over the Counter Derivative 场外衍生工具
Futures and options contracts with terms that do not necessarily adhere to those of a standardized futures contract.
不必遵循标准期货合约条款的期货和期权合约。
Over the Counter Trading 场外交易
Trades that take place outside of a formal futures exchange.
在正式期货交易所之外进行的交易。
Repurchase Agreements (or Repo) 回购协议
An agreement between a seller and a buyer,usually in U.S. government securities, in which the seller agrees to buy back the security at a later date.
卖家和买家的一个协议，通常用于美国政府的有价证券，其中卖家同意在迟些时候买回证券。
Commodity Futures Trading Commission 商品期货交易委员会
Also known as the CFTC, this is the independent governmental organization that oversees futures and options trading in the United States.
又称CFTC，是负责监管美国期货和期权交易的独立政府组织。
Commodity 商品
Any product approved and designated for trading or clearing in accordance with the rules of an exchange. Also may refer to a physical commodity.
任何经批准和指定根据交易所规则进行交易或清算的产品。也可指实物商品。
Notional value 名目金额
The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract.
原生价值（面值），通常是期货或期权合同中特定的以美元表示的金融产品或商品的价值。
Notional Contract Value 名义合约价值
How much market exposure is represented by one contract. Multiply Contract Size x Price Quotation. This number changes with each tick move.
一份合约所代表的市场价值是多少。计算方法为合约规模乘以报价。该数字随每次价格跳动而变化。
Contract Size 合约规模
Defines the number of units of the underlying market represented by one futures contract.
用于界定某种期货合约所代表的标的市场的单位数量。
Contract Month 合约月份
Expiration months in which trading is available. Typically driven by underlying market seasonality and fundamentals.
可进行交易的到期月份。通常取决于标的市场的季节性和基本面。
Options Available 可用期权
Signifies whether an options on futures contract is available for this futures contract.
用于说明特定期货合约是否提供某种期权。
Rally 反弹
An upward movement of prices following a decline. The opposite of a reaction.
在一轮价格下跌之后的一个价格的向上运动。是‘ reaction’的反面。
Reference price 参考价格
The price of an instrument used as "reference" –e.g., for determining an opening price, starting an algorithm, or figuring into an index –and is usually the settlement price or last closing price.
用作参考的工具的价格，如决定开盘价，开始一种运算，或化成一种指数，并且通常是交割价或前一日的收盘价。
Initial margin 原始保证金
The minimum performance bond deposit required from customers for each contract in accordance with the rules of the Exchange.
根据交易所规定客户为每笔合同交纳的最小的执行债券押金。
Day trading 即日交易
Refers to establishing and liquidating the same position or positions within one day's trading, thus ending the day with no established position in the market.
指的是一天内建仓和平仓，就是在收市时没有仓位。
Short hedge 卖出对冲
The sale of a futures contract in anticipation of a later cash market sale. Used to eliminate or lessen the possible decline in value of ownership of an approximately equal amount of the cash financial instrument or physical commodity. See "hedge."
为了将来的现货市场出售而卖出的期货合同。用来避免或降低自己拥有的等价的金融商品或现货会贬值的可能性。
Sell(Sell Order) 卖出 ( 卖出定单 )
An offer. This transaction type indicates to sell or to go short. Opposite of buy or go long.
一个开价。这种交易类型指的是卖出或看空。买的相对概念。
Pure hedger 单纯避险者
A person who places a hedge to lock in a price for a commodity. He or she offsets the hedge and transacts in the cash market simultaneously.
一个人为了锁定某种货物的价格而进行的风险规避。他会在现货市场中同时进行交易来抵消这个风险。
Gross Processing Margin (GPM) 加工毛利
The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal.
大豆的成本与豆油和豆粕售出产生的总收入间的差价。
Maturity 到期期间
Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a commodity futures contract.
一个期货合同可以实际商品交割的时期，这段是时期从第一通知日到一商品期货合同的最后交易日之间。
Expiration Date/Last Trading Day 到期日/最后交易日
This is the last day on which an option can be exercised into the underlying futures contract. After this point the option will cease to exist; the buyer cannot exercise and the seller has no obligation. Note that some options expire prior to the final settlement or expiration of the underlying futures contract. For example, a September 2012 Wheat 900 call option will expire August 24, 2012. However, the underlying futures will expire September 14, 2012. The last trading day is the last day on which an option can be offset.
这指的是期权可行权转换为建立标的期货头寸的最后一天。 过了该时点后，期权将不再存在；买方不能再行 权，而卖方再也没有任何义务。 要注意的是有些期权合约在标的期货合约最后结算或到 期之前先到期。 举例，一份 2012 年 9 月份小麦 900 看涨期权将在 2012 年 8 月 24 日到期。 但是标的期货是 在 9 月 14 日到期。 最后交易日 (last tradingday) 为期权仓位可被冲销的最后一天。
Yield to Maturity 到期收益率
The rate of return an investor receives if a fixed-income security is held to maturity.
投资者如果持有固定收入的证券到最后期限所能得到的回报率。
Contract month 到期交割月
The month in which futures contracts may be satisfied by making or accepting delivery. Also called the delivery month.
一个被制定或接受的期货合约交割月份。也叫交割月。
Initial Margin 初始保证金
How much capital is required to hold a position in one contract. Minimum set by CME Group; brokers may require more.Can change at any time based on market conditions.
持有一份合约的头寸需要多少资本。最低保证金由芝商所设立，经纪商可能要求支付更多的保证金。保证金可能因市况随时变化。
Offset 冲销头寸
The buyer is under no obligation to exercise an option on a futures contract. As a matter of fact, many traders choose to offset their position prior to expiration. Traders will offset their position if they wish to take profits before expiration or limit losses on the downside. Buyers can offset their options by instructing their broker to sell their option before expiration. An option seller can offset a position by buying back or “covering” a short position. Options on futures, like futures themselves, trade both on the CME floor, where a market normally exists to offset options positions, and on the Globex electronic trading platform, where many options can be traded virtually around-the-clock throughout the trading week.
期货期权买方并没有义务一定要行权。事实上有许多交 易者选择在到期前冲销其头寸。 想要在到期前锁定利润 或者在下行趋势中限制损失的交易者将会冲销其头寸。 买方可以指示经纪商在到期前卖出期权以作冲销。 期权 卖方可以买回期权或“填补(covering)”空头头寸来冲销头寸。 期货期权就和期货本身一样都是在 CME 交易大厅（在通常情况下一个可以进行冲销期权头寸的交易市场）进行交易，也可以在 Globex 电子交易平台（各式各类的期权可以通过此平台在整个交易周内进行全天候的交易）上进行交易。
Open outcry 公开喊价
The method of trading publicly so that each trader has a fair chance to buy or sell.
公开交易的方式保证每个交易者有平等买卖的机会。
Reserve Requirements 储备需求
The minimum amount of cash and liquid assets as a percentage of demand deposits and time deposits that member banks of the Federal Reserve are required to maintain. ve Requirements.
Federal Reserve( 联邦储备 ) 需要他的成员银行保留的现金和流动资产的最小量，作为需求保证金和时间保证金的一个百分比。
Blowoff volume 倾销量
An extraordinarily high volume trading session occurring suddenly in an uptrend signaling the end of the trend.
一个反常的高成交量交易部分突然在上升趋势中发生，预示着趋势的结束。
Bond 债券
Instrument traded on the cash market-representing a debt of the government or of a company.
在现金市场中交易的工具它代表着一种政府或公司的债务。
Margin 保证金
The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts.
客户付给经济商或清算所的一定数额的现金或间接形式的抵押金，为了避免经济商或清算所在未平仓的期货或期权合同中遭受损失。
Hedger 保值避险者
A person or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity.
那些打算销售或购买实际商品并利用期货市场来抵消价格风险的人或公司。
Hedge 保值
The purchase or sale of a futures contractas a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.
购买或者出售一个期货合同作为一种临时性的替代品 , 以替代将来的现货交易。通常情况下同时在现货市场和期货市场做出相反方向的交易。
Brokerage 佣金
The fee charged by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.
是经纪商对交易收取的费用。可能是一笔固定的金额或是百分比，通常指的是中介费。
Gamma 伽玛
The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
衡量期权中随期货价格变化的 delta 值的变化，相当于 delta 值的变化除以期货价格的变化。
Price Limit 价格限额
The maximum advance or decline from the previous day's settlement price permitted for a contract in one trading session by the rules of the exchange. See also Variable Limit, Maximum Price Fluctuation.
相对于上一交易日的结算价，交易中最大的升幅或降低。察看变数限价，最大价格波幅。
Tick 价格变动
Refers to a change in price, either up or down. See "minimum price fluctuation."
表明价格向上向下的变化。
Spread 价差组合
An options position established by purchasing one option and selling another option of the same class, but of a different series.
通过买入和卖出同级的期权而建立的期权盘口，但两个期权是不同的系列。
Out-of-the-money 价外期权
When the futures price is below the strike price (for calls) and above the strike price (for puts) the option is said to be out-of-the-money. An option that has no intrinsic value, but only time value, is out-of-the-money. If Crude Oil (WTI) futures are trading at 93.95, a 95.00 call would be out-of-the-money.
对看涨期权而言当期货价格低于行使价或对看跌期权而言高于行使价的期权就为价外期权。期权合约没有 内在价值、只有时间价值的时候便是处于价外状态。 如果原油(WTI) 期货以 93.95 的价格进行交易，那么95.00 看涨期权为价外期权。
Producer Price Index (PPI) 产品价格指数
An index that shows the cost of resources needed to produce manufactured goods during the previous month.
一个表示在前一月中生产制成品所需要的原料的成本的指数。
Product Symbol 产品代码
Identifies both market and trading venue for trading and clearing purposes. Symbols used by brokers and quote services might differ from exchange symbol.
用于识别市场和交易平台，以便进行交易和清算。经纪商和报价服务机构使用的代码可能与交易所代码不同。
Volume 交易量
The number of contracts in futures or options on futures made during a specified period of time.
在一定时间内交易的期货合同和期权期货合同的数量。 CME: 表示‘总量’（如一天的总交易量）。
Trading Hours 交易时段
When the contracts are available for trading on a certain trading venue. For CME Globex, note that a trading day for clearing/settlement spans two calendar days.
合约可在特定交易平台进行交易的时间。对于CME Globex，请注意清算/交割的交易日横跨两个日历日。
Trading day 交易日
(Should actually be called 'Clearing Day')– Period within which all executed trades for a given class are cleared on the same day. This period may very well exceed 24 hours. One or more sessions could take place.
在一段时间内所有同一级别的执行的交易在同一天结算。这一段时间可能超过 24 小时，可能是一个或更多交易盘。
Trading Venue 交易平台
CME Globex offers electronic trading almost 24/6.
CME Globex几乎每周6天每天24小时可进行电子交易。
Delivery 交割
The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
履行期货合约中，交付和接收金融商品或实际商品。
Bull 买空
One who expects prices to rise.
预期价格会上升。
Long 买入
One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure.
已经购买了一个期货或期权合同的人建立一个交易盘口，并且没有通过冲销抛售盘口。
Bid(or buy) 买
An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.
以指定了的价格购买特定数量的商品。市场参与者愿意支付的价格。
Uptrend 上涨趋势
A price trend characterized by a series of higher highs and higher lows.
通过一系列的较高的最高价和最低价表现的价格趋势。
Bundle 一揽子交易
The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
同时买卖一系列相连的期货合同，他是提供一个易于获得并且被广泛接受的在一个交易中执行多个期货合同的方法。
Dollar Value of One Tick 一个跳动点的美元价值
How many U.S. dollars equal a price move of one tick. Multiply Minimum Tick x Price Quotation.
价格跳动一个点等于多少美元。计算方法为最小跳动点乘以报价。
Delta Delta值
Delta measures the rate of change of an option premium with respect to a price change in the underlying futures contract. Delta is a measure of price sensitivity at any given moment. Not all options move point-for-point with their underlying futures contracts. If a futures contract moves .50 points and the option only moves .25 points, its delta is 50%; i.e., the option is only 50% as sensitive to the movement of underlying futures contract. The delta will change as an option moves from out-of-the-money to at-the-money to in-the-money, approaching 100%. Deltas range from 0% to 100%. The delta of the underlying futures contract is 100% (options pricing software is normally used to calculate delta).
Delta 值量度期权费在标的期货合约价格变动一单位 时的相对变化率， 为在任何给定时刻的价格敏感性量 度标准。 期权并非都随着其标的期货合约的价格变动 同步变化。 如果期货合约变动 0.50 点，而期权只变动 0.25点，其 Delta 值便为 50%，即期权相对于标的期货合约变动的敏感性只有 50%。 Delta 值在期权从价外状态变为平价，再变为价内期权的过程里将随之变化直到接近 100%。 Delta 值范围为0% 至 100%。标的期货合约的 Delta 值为 100% （Delta 值一般使用期权定价软件计算）。
U.S.Treasury Bond 美国长期国债
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
原始有效期高于十年并带有息票的政府债券，利息每半年支付。
Intrinsic value 内在价值
The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price- futures price. For a call: futures price - strike price.
实值期权执行价格与期货现价的关系。对于一个卖出期权 : 内在价值 = 执行价格 - 期货现价 , 对于一个买入期权 : 内在价值 = 期货现价 - 执行价格。
Order Types 买卖盘类型 (Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.) 买卖盘类型 （请注意，并非所有买卖盘类型均可通过Globex和公开喊价市场在交易厅执行。此外，视买卖盘是通过公开喊价市场还是通过Globex在交易厅执行而定，可在这两种平台执行的买卖盘类型可能有不同的涵义。） Open Outcry Order Types 公开喊价买卖盘类型 All-Or-None (AON) Order 全部执行或取消(AON)买卖盘
An order to be executed in designated contracts in a trading pit via open out cry only for its entire quantity at a single price, with a size at or above a predetermined threshold. 这是一种按单一价格通过公开喊价市场在交易厅悉数执行的指定合约买卖盘，其规模必须等于或高于预设的限额。 Disregard Tape (DRT) Or Not-Held Order 无视市场(DRT)买卖盘或全权买卖盘 A bsentany restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over price and time in execution of the order,including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation. An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved. 如无任何限制条件，“无视市场”（全权）买卖盘指允许相关人士全权酌情决定执行买卖盘的价格和时间的买卖盘，包括酌情决定执行全部、部分买卖盘或不执行买卖盘。会员或清算会员不得接受包含“with a tick, you are held”（“以一个跳动点为准，由贵方依市场行情处理”）的字样（或类似字样）的买卖盘。各方理解，场内经纪人可为自己进行交易，同时持有这种买卖盘，而不违反规则530（“客户买卖盘优先权”），前提是客户此前已用书面形式同意这样做，并在买卖盘上注明“WP”（已允许）字样，以证明该一般同意。已向清算公司发出指令，要求在执行上一个买卖盘之后录入止损盘。
Fill Or Kill (FOK) Order 成交或取消(FOK)买卖盘
A designation, added to an order, instructing the broker to fill the or derimmediately in its entirety or not all. If the order is not filled immediately in its entirety, it is cancelled. 这是在买卖盘中增加的一个指令，要求经纪人要么立即全数执行买卖盘，要么全数不执行。如果买卖盘未立即全数执行，则被取消。
Limit Order 限价盘
An order with instructions to be executed at a specific price ("limitprice") or better.
要求按特定价格（“限价”）或更好的价格执行的买卖盘。
Market (MKT) Order 市价(MKT)盘 An order with instructions to be executed upon receipt by a floor broker at the best available price.
要求场内经纪人在收到买卖盘后按可获得的最佳价格执行的买卖盘。 Market If Touched (MIT) Order 触价(MKT)盘 A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched.
按高于（低于）市价下达的买入或卖出买卖盘，在触及指定价格时成为市价盘。 Market On Close (MOC) Order 收盘市价(MOC)盘 An order to be executed as a market order only in the closing range. 只在收盘价范围内作为市价盘执行的买卖盘。
One-Cancels-Other (OCO) Order 二择一(OCO)买卖盘 A combination of two orders, in which the execution of either one automatically cancels the other. 这是两种买卖盘的组合，执行其中一个买卖盘将自动取消另一个买卖盘。 Open Order (Good-Till-Cancelled) 开口买卖盘（取消前有效买卖盘） An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session. 在取消之前始终有效的买卖盘。如果没有此类说明，所有未执行的买卖盘将在正常交易时段结束时取消。
Opening Only Order 开盘买卖盘 An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled. 在交易所指定的正常交易时段开盘期间执行的买卖盘。在指定的开盘时间范围内未被执行的买卖盘将视为取消。
Stop Order 止损盘 An order which becomes a market order when the price designated on the order (the"Stop Price") is elected as described below. A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price.
在如下文所述选择买卖盘上的指定价格（“止损价”）时成为市价盘的买卖盘。 “买入止损盘”按高于市价的价格下达，只能在市场交易价格或递盘价格等于或高于止损价时选择。“卖出止损盘”按低于市价的价格下达，只能在市场交易价格或报盘价格等于或低于止损价时选择。
Stop-Close Only Order 收盘止损盘 A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop Price;or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price. 只在收盘期间有效的止损盘。如果市场在收盘期间出现下列情况，该买卖盘将成为市价盘：(1)买入收盘止损盘的交易价格或递盘价格等于或高于止损价；或(2)卖出收盘止损盘的交易价格或报盘价格等于或低于止损价。 Stop Limit Order 止损限价盘 A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price. 如果市场出现下列情况，止损限价盘可按限价或更好的价格执行：(1)买入止损限价盘的交易价格或递盘价格等于或高于止损价；或(2)卖出止损限价盘的交易价格或报盘价格等于或低于止损价。 Globex Order Types Globex 买卖盘类型 The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the GlobexReference Guide. Globex特定买卖盘类型的可用性因产品而异，并非所有买卖盘类型均适用于所有产品。各产品支持的买卖盘类型见 Combination Order 组合盘 A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention. 按固定差价或根据其它相关定价规则为由相同人士拥有的一个或多个帐户发出的买入和/或卖出组合盘。 Hidden Quantity Order 隐藏数量盘 An order which displays only a small portion of the order to the market place. When the displayed quantity has been filled, another portion of the order will then be displayed to the market place. 只向市场显示买卖盘一小部分的买卖盘。当所显示数量的买卖盘已执行时，再向市场显示买卖盘的其它部分。 Limit Order 限价盘 Anorder to be executed at a specific price ("limit price") orbetter. 按特定价格（“限价”）或更好的价格执行的买卖盘。 Market With Protection Order 有保护市价盘 An order to execute as much of order as possible at the best current offer price(for buy orders) or bid price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which cannot befilled within the protected range will remain in the order book as a limit order at the limit of the protected range. 按交易所预定价格范围内目前最好的报盘价格（适用于买入盘）或递盘价格（适用于卖出盘）执行尽可能多的买卖盘的买卖盘。无法在受保护价格范围内执行的买卖盘将按受保护价格范围的限制作为限价盘留在买卖盘记录中。 Minimum Quantity Order 最低数量盘 Anorder which is executed only if a certain minimum quantity of that order can be immediately matched. 只在买卖盘的若干最低数量可立即匹配时执行的买卖盘。 Stop Limit Order 止损限价盘 Anorder which becomes eligible for execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limitorder. 在买入止损限价盘的交易价格等于或高于止损价，或卖出止损限价盘的交易价格等于或低于止损价时可按限价或更好的价格执行的买卖盘。 Stop With Protection Order 有保护止损盘 Anorder which becomes eligible for execution when the designated price (the stopprice) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the trigger price plus or minus the predefined protected range.Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit price.
在Globex上达到指定交易价格时可以执行的买卖盘。此类买卖盘只在交易所预定的价格范围（受保护价格范围）内执行。在触发止损价格时，买卖盘作为限价盘录入买卖盘记录，限价等于触发价格加减预定的受保护价格范围。任何无法在受保护价格范围内执行的买卖盘将按限价作为限价盘留在买卖盘记录中。
Globex Order Duration Qualifiers Globex 买卖盘期限标识 Anorder eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which itwas received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following durationqualifiers: 如果买卖盘未在收到该买卖盘的交易日执行，或者如果买卖盘在两个交易日之间收到，而该买卖盘未在下个交易日执行，则可以录入Globex，且不包含期限标识的买卖盘将被取消。买卖盘可指定下列期限标识之一： Day 当天 Anorder that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered. 如果未在买卖盘录入Globex的交易日结束时执行买卖盘，则该买卖盘将被取消。 Fill And Kill 立即执行，否则取消 Anorder immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated. 买卖盘必须按指定价格立即全部或部分执行，任何剩余部分将被取消或废除。 Good ‘Till Canceled (GTC) 取消前有效(GTC) Anorder which will remain in force until executed, cancelled or the contract expires. 买卖盘将始终保持有效，直至执行、取消或合约到期为止。 Good ‘Till Date (GTD) 指定日期前有效(GTD) Anorder which will remain in force through a specified trade date unless executedor canceled, or until the contract expires. 买卖盘将始终保持有效，直至指定日期为止，除非买卖盘被执行、取消或合约到期。 会变色的真菌 马希纳普阿湖上的霍氏粉褶菌，新西兰 (© Thysje Arthur/Offset) 产业 金融 人物 ▼ 点击阅读原文
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