Box Spread 盒式套利
A dual option position involving a bull and bear spread with identical expiry dates. This investment strategy provides for minimal risk. Additionally, it can lead to an arbitrage
position as an investor attempts to lock in a small return at expiry.
一种期权策略，这种策略可以借具有相同有效期的看跌期权或者看涨期权得以贯彻。可以将风险最小化。同时，当投资者打算锁定到期时的最小收益时，可以产生套利机会。
Break 突破
A sudden price move; prices may beak up or down. 一次突然的价格变动 ; 价格可能上升或下降。
Breakaway gap 突破缺口
A gap in prices that signals the end of a price pattern and the beginning of an important
market move.
价格的一个缺口，表示一个价格趋势的结束和一个重要的市场运动的开始。
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。
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。
Brokerage house 经纪行
A firm that handles orders to buy and sell futures and options contracts for customers.
一个为客户处理期货和期权买卖合约订单的公司。
Bulge 暴涨
A slang term used to describe a rapid advance in prices within the commodities market.
是用来描绘一个在商品市场内快速升高的价格。
Bull 牛市 ( 买空 ) One who expects prices to rise.
预期价格会上升 Bull market 牛市、多头市场 A market in which prices are rising. 一个价格正在上涨的市场。
Bull spread 牛市套利
A vertical spread involving the purchase of the lower strike call and the sale of the higher strike call, called a bull call spread. Also, a vertical spread involving the
purchase of the lower strike put and the sale of the higher strike put.
它是买一手较低定约价的期权，同时卖一手较高定约价的期权，两手期权一般有相同的
合约到期日。看跌期权或者看涨期权都可以用于这一策略。
Bullish key reversal 牛市重要反转
A bar chart formation that occurs in a downtrending market when the day's high is higher, low is lower and close is above the previous day's. Can signal an upcoming
uptrend.
出现在下降趋势的市场中，最高价比前一天更高，最低价更低，收盘价高与前一天的徒
刑。表明一个上涨趋势的来临。
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。
Buoyant 市场活跃
The term used to describe a commodities market where the prices generally rise with
ease when there are considerable signals of strength. 用来描述有显著力量时价格可以轻上升的商品市场的术语。
Butterfly Spread 蝶式套利
An option strategy combining a bull and bear spread. It uses three strike prices. The lower two strike prices are used in the bull spread, and the higher strike price in the
bear spread. Both puts and calls can be used.
一种期权策略，由一手牛市套利和一手熊市套利组合而成的。它牵涉到三个定约价，两个最低的用于牛市套利，两个最高的用于熊市套利。买入和卖出期权都可以使用。
Buy To Close 买进冲销、买进平仓
A term used by many brokerages to represent the closing of a short position in option
transactions.
在期权交易中有许多经纪人使用的买进来平仓。
Buy To Open 买入建仓
A term used by many brokerages to represent the opening of a long position in option
transactions.
在期权交易中有许多经纪人使用的用买进来建仓。
C
Call 买入期权
An option to buy a commodity, security or futures contract at a specified price any time between now and the expiration date of the option contract.
一种期权合约，它给持有者以权利，在一固定的时间内，按一特定的价格买进其原生证券。 又见 看涨期权 . Call breakeven 买入 期权平衡点 See \ 见―平衡点‖
Call option 买进期权
An option contract which gives the buyer the right, but not the obligation, to purchase a specific futures contract at a fixed price (strike price) within a specified period of time as designated by the Exchange in its contract specifications.
一种期权，给买主一种权力但不是义务，去购买执行价的特定期货合约。由交易所指定根据此合约的要求规定的在指定的时间内 Call profit/loss 认购期权盈亏
For a long call, equal to the call value minus the premium. For a short call, equal to the premium minus the call value.
对于买进看涨的期权，等同于期权价值减去期权金，对于一个卖出的认购期权，等同于期权的保险金减去期权价值。 Call value 认购价值
At expiration, equal to the futures price minus the strike price of the call. 在有效期内，等同于期货价格减去期权执行价。
Canceling Order 取消订单
An order that removes a customer's previous order from the market. 从交易市场清除客户近期的订单。
Carrying Charge (Cost of Carry) 持仓费
For physical commodities such as grains and metals, the cost of storage space, insurance, and finance charges incurred by holding a physical commodity. In interest rate futures markets, it refers to the differential between the yield on a cash instrument.
对于现货商品像谷类和金属类，为了储存这些现货商品对于储存费用和保险费用以及其它的费用的支出。在利率期货市场中是现金工具的收益差价。 Carryover 接转
Last year's ending stocks of a storable commodity. 去年底的商品储存量。 Cash commodity 现货
The actual physical commodity as distinguished from a futures contract. 不同于期货合约的实际商品。 Cash price 现货价
Current market price of the actual physical commodity. Also called \实际的现货商品的目前市场价格，也叫―现货价‖。 Cash settlement 现金交割
Final disposition of open positions on the last trading day of a contract month. Occurs in markets where there is no actual delivery.
在合约月的一个最后交易日最终的斩仓，在没有实际货物交割的市场中发生。 Certificate of Deposit (CD) 存款证
A time deposit with a specific maturity evidenced by a certificate. 一个定期存款的证书。 Charting 绘图
The use of graphs and charts in the technical analysis of futures markets to plot trends of price movements, average movements of price, and volume and open interest.
在期货市场的技术分析中运用图形和图表去划分价格活动和平均价格的趋势以及交易量和未平仓状况。 Chartist 绘图分析员
One who engages in technical analysis. 运用技术分析的人员。
Cheapest to deliver 廉价交割方式
A method to determine which particular cash debt instrument is most profitable to deliver against a futures contract.
在期货市场中一种决定哪种特殊的现金贷款工具是最能获利的交割的方法。 Class B clearing member B 等级清算成员
A non-bank member firm whose privileges and rights are limited to conducting proprietary arbitrage in foreign currencies with a single Exchange-approved bank.
非银行成员企业的特权被限制于私有的套利在外币与唯一一家批准的银行。 ( 看 \清算成员 \。
Class code or transition class 分类符号或转折组
Equivalent to 'group/instruments' which groups an instrument's futures and
options separately (calls and puts are not separate). (e.g., Eurodollar futures (GE) and Eurodollar options (ZE); or British Pound Futures (BP) and British Pound Options (OP).
等于小组 / 商品的编组，将期货与期权分组 ( 认购与认估期权并不分组 ) 。 ( 举例 , 欧元期货 (GE) 和欧元期权 (ZE); 或英磅期货 (BP) 和英磅期权 (OP) 。
Clearing 清算
The procedure through which the Clearing House becomes buyer to each seller of a futures contract, and seller to each buyer, and assumes
responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract. 是清算行买卖期货合约的过程，通过确保每个合同来承担保护买卖者不受经济损失的责任。
Clearing fee 结算费
A fee charged by the exchange for each futures or options contract cleared or delivered on the Exchange. Fees may be waived or reduced for some commodities as specified by the Board of Directors from time to time. 交易所对每一个期货或者期权合约交割所收取的费用。这个费用是根据委员会成员所指定的商品扣除的费用。 Clearing margin 结算押金
Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts. 是一种对他们的客户所开的期货和期权合约收取的保证金，确保结算会员 ( 通常是公司或企业 ) 的一种经济担保。 Clearing trade transaction 结算交易
Each matched trade between a buyer and a seller generates two clearing trade transactions: one for the buyer and one for the seller.
买卖双方每一笔交易产生两个清算交易，一个是买主的另一个是卖主的。 Close 收盘、收市
The period at the end of the trading session. Sometimes used to refer to the closing range.
交易过程结束的时间。通常指的是那段时间价格的波动幅度。 Closing price 收盘价
The last price of a contract at the end of a trading session. 在收市时最后一笔成交合约的成交价格。 Closing range 结算幅度
The high and low prices or bids and offers recorded during the period designated by the Exchange as the official close (the final 60 seconds of trading in currencies and 30 seconds in all other contracts).
由交易所规定的收市时的高价和低价或者是开价和还价。 ( 最后外汇交易的最后 60 秒买卖和其它合约的交易 30 秒 ) 。 Commission Fee 佣金
A fee charged by a broker for executing a transaction. Also referred to as brokerage fee.
是经纪商对买卖交易收取的费用。 也叫作经纪费。 Commitment of Open Interest 未平仓权益承诺
When a trader or institution assumes the obligation to accept or make delivery