首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Futures are used for three purposes; hedging, speculating and arbitraging. This passage is only concerned with hedging, but it s
Futures are used for three purposes; hedging, speculating and arbitraging. This passage is only concerned with hedging, but it s
admin
2012-01-26
22
问题
Futures are used for three purposes; hedging, speculating and arbitraging. This passage is only concerned with hedging, but it should be noted that speculators and arbitrageurs play a particularly important role in the market. It is largely the speculators who take on the risks that the hedgers seek to shed, while the arbitrageurs, by ensuring that futures prices constantly stay in line with other markets, give both hedgers and speculators the confidence that they are doing their deals at the right price.
The volume of deals for arbitrage and speculation purposes is much higher than that for hedging purposes. This is similar to the foreign exchange markets, where it has been estimated that, the foreign exchange business needed in any one year for commerce and tourism is all done by 11 a.m. on 2, January, while the rest of the year is taken up with speculating and arbitraging.
However, the purpose of the futures markets and what makes them different from a simple gambling ring in the eyes of the law, is to provide a service to those commercial enterprises which seek to hedge their risks. It is their money which drives much larger volume of other transactions and not the other way round.
You might have expected, as is certainly the case in most other financial markets, that big institutions would be more ready and able than small individuals to shoulder the risks involved in dealing speculatively in futures. However, futures markets are exceptional in this regard. In contrast to other financial markets, which are dominated by big institutions, or at least by fairly sizeable firms, the lifeblood of a successful futures market is its "locals"—independent firms of only a few individuals trading for their own account. It is these quick-witted, aggressive and generally rather blunt-spoken individuals, viewed usually by outsiders with the utmost mistrust, who take the risks that others use the futures market to shed, and provide the markets with the liquidity without which they would he dead. The single reason why Chicago took off as a financial futures market where others lagged behind is that the CBOT and IMM already had a large pool of locals ready to turn their hand from soya beans to long bonds and provide the new contracts with risk-taking capacity.
According to the passage, the main purposes of futures contracts are ______.
选项
A、to hedge
B、to speculate
C、to arbitrage
D、all of the above
答案
D
解析
文章第一段提到Futures are used...and arbitraging. 期货合同的主要目的有三个:保值、投机和套利。
转载请注明原文地址:https://kaotiyun.com/show/Dbid777K
本试题收录于:
FECT综合(现代金融业务)题库金融英语(FECT)分类
0
FECT综合(现代金融业务)
金融英语(FECT)
相关试题推荐
[A]text[B]college[C]store[D]basket[E]library[F]bank[G]passportItisneededwhenyoutravelabroad.
MissLiteachesforeignstudentsChineseinalanguageschool.MissLi______foreignstudentsinalanguageschool.
Mr.Blackwasyoungandable.Thebosslikedhim.LastmonthhewassenttoChinaonbusiness.BeforehewentbackfromChina,h
Mr.Blackwasyoungandable.Thebosslikedhim.LastmonthhewassenttoChinaonbusiness.BeforehewentbackfromChina,h
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
Increasinglygloballyintegratedfinancialmarketsposesignificantchallengestotheregulationofsecuritiesandfuturesmarke
随机试题
下列叙述正确的是________________。
下列各种青霉素中不具有广谱抗菌作用的是
霍乱主要经()流脑主要经()
滴虫性阴道炎的治愈标准是
某有限责任公司的股东甲、乙都想转让其股份,甲直接将股份转让给了同为该有限责任公司的丙,乙欲将股份转让给该有限责任公司股东以外的丁,但有限责任公司的另一股东戊得知后也想以同样的价格购买乙的股份,但乙以其已与丁达成协议拒绝了戊的要求。2000年9月10日,该公
拓展型课程适合用于下列哪种情况()
不随意注意是指事先没有预定的目的,也无需作任何意志努力,不由自主地对某些事物发生的注意。又叫无意注意,是注意的一种初级表现形式。根据上述定义,下列属于不随意注意的是()。
否认思维和存在具有同一性的哲学是()。
Bankingandfinancialsystemsfilledwith______andcorruptionhindertheregion’ssuccess.
RelationshipTalkingPoints:SpeakYourSpouse’sLanguageA)AnnaandMikePetersonrecentlyhaddinnerattheirfavouritesteakh
最新回复
(
0
)