on a futures contract.
当一个交易者或是一个机构接受或者交割期货合约买卖时所承担的义务。 Contract close-out 清算合约
Completion and settlement of the contract, including resolution of all outstanding items.
合约的完成和交割包括解决一切未解决的项目。 Contract Grades 合约级别
The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against
futures contracts. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery.
商品或者工具标准的规格必需符合交易所对现货和期货合约交割的所列出规定。这个级别通常是伴随着折扣或是额外费用。 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。 Convergence 整合
A term referring to cash and futures prices tending 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 ) 。
Coupon 票面利率
The interest rate on a debt instrument expressed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity. 一种利率，是出票人在票据到期时，向持有者支付的债务工具的年金的百分比。 Credit spread 融资套利
An option spread in which there is a net collection of premium. 净保证金积累的一种期权套利。 Crush Spread 变形套利
The purchase of soybean futures and the simultaneous sale of soybean oil and meal futures. See Reverse Crush.
购买大豆期货和同时卖出豆油和豆粕期货。 Cultural 文化风险
Cultural risk is risk arising from longstanding embedded process and procedures, or from experienced based bias.
文化风险的形成是由于持久深入的过程与流程，或因为经验上的偏见。 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。 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。
D
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。
Day trader 当日交易者
A trader who establishes and liquidates positions within one day's trading, ending the day with no established position in the market. 在买卖当日即找合意价位平仓之短线交易者。 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。 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。 Deferred 延期 See \ 见 ―远期月\ 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。 Delivery month 交割月 See \ 见 \到期交割月 \Delivery Points 交割点
The locations and facilities designated by a futures exchange where stocks of
a commodity may be delivered in fulfillment of a futures contract, under procedures established by the exchange.
库存商品的期货合同被交割时由期货交易所指定的地点和设施，并在交易所规定的程序中履行期货合约。 Delta 代尔塔
The measure of the price-change relationship between an option and the underlying futures price. Equal to the change in premium divided by the change in futures price .
底层实体价格的每一点数的变化所引起的期权价格的变化。看涨期权的代尔塔是正值的；看跌期权的代尔塔是负值的。从技术上来说，代尔塔是衡量期权价格即刻变化的参数，因此，即使是底层实体价格中不足一个点数的变化，也会导致代尔塔的变化。 Demand 需求
The quantity of a commodity that buyers are willing to purchase from the market at a given price.
买者愿意从市场指定价购买商品的数量。 E
Elliot wave theory 艾略特波浪理论
A type of technical analysis that studies price wave sequences. 是研究价格波动的一种技术分析类型。 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。 European-style options 欧式期权
Options that may be exercised only on the option's expiration date. 只能在到期日执行的期权。 Excess reserves 超额储备
Any excess of actual reserves above required reserves.
实际储备量超过了要求的储备。 Exercise 执行
The process of an option holder exchanging it for the underlying futures contract.
期权合同的持有人购进或出售一笔原生期货合同的过程。 Exercise or 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 price 执行价格
The price at which the holder (buyer) may purchase or sell the underlying futures contract. Also called strike price.
指股票能在承购合同中被购入或在承销合同中被卖出的那个固定价格。 也叫做执行价。
Exhaustion gap 竭尽缺口
A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market.
接近价格的高峰或低谷时出现价格缺口，预示着行情将要逆转。 Expanded Trading Hours 延迟交易时间
Additional trading hours of specific futures and options contracts at the Chicago Board of Trade that overlap with business hours in other time zones. 在（ CBOT ）期货交易所对特定的期货和期权所增加的交易时间与其他时区工作时间重叠。
Expiration 期满、截止期限
Corresponds to the expiration date of a contract. The last day on which an option may be exercised into the underlying futures contract. 合约的有效期限。期权在原生期货合约执行的最后交易日。
F
Fast market 快市
Term used to define unusually hectic market conditions. 通常用来定义市场活跃的情况 Federal Funds Rate 联邦基金利率
The rate of interest charged for the use of federal funds. 指使用联邦基金付出的利息率 Feed Ratio 饲养收益率
A ratio used to express the relationship of feeding costs to the dollar value of livestock. See Hog/Corn Ratio and Steer/Corn Ratio.
指饲养成本与家畜以美元表示的价值之间的比率。例如猪 / 玉米饲养率和牛 / 玉米饲养率
Fill-or-kill order (FOK) 成交或取消委托
A limit order that must be filled immediately or canceled. 立刻成交否则即取消的限价委托单 Financial Instrument 金融商品
There are two basic types: (1) a debt instrument, which is a loan with an agreement to pay back funds with interest; (2) an equity security, which is a share or stock in a company.
有两种类型：（ 1 ）债务工具，协议在还款时支付利息的贷款（ 2 ）资产证券，公司的股份或股权 First Day Notice 第一通知日
The first day that a notice of intent to deliver a commodity can be made by a clearinghouse to a buyer in fulfillment of a given month's futures contract. 清算所通知买方指定月份的期货合同可以交货的第一天 Floor trader 场内交易员
An exchange member who generally trades only his or her own account or for an account controlled by him or her. Also referred to as a local. 交易所内为自己的账户或他人的账户从事交易的股票交易所成员。