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
58
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.
Arbitrageurs in the futures markets are those people who ______.
选项
A、take on the risks that hedgers want to shed
B、seek to hedge their risks
C、make the futures prices move in accordance with other markets
D、all of the above
答案
C
解析
文章第一段提到while the arbitrageurs, ...at the right price. 套利者进入期货市场可以确保期货市场的价格和其他市场保持一致,从而使保值者和投机者以合理的价格进行交易。
转载请注明原文地址:https://kaotiyun.com/show/Jbid777K
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.
Mr.Blackwasyoungandable.Thebosslikedhim.LastmonthhewassenttoChinaonbusiness.BeforehewentbackfromChina,h
Mr.Blackwasyoungandable.Thebosslikedhim.LastmonthhewassenttoChinaonbusiness.BeforehewentbackfromChina,h
Janespent4hoursbuyingNewYeargifts.It______Jane4hourstobuyNewYeargifts.
Accordingtothepassage,whatdoesacardholderhavetoworryabout?
Accordingtothepassage,howoftendoesthecardholderreceivefromthebankastatementdescribingthepurchaserecord?
Futurescontractsusuallyendinthedeliveryoftheunderlyingcommodity.
Indocumentarycreditoperations,allpartiesconcerneddealin______.
Hedginginthefuturesmarket______.
Thefollowingareallstandardwithafuturescontractexcept______.
随机试题
中央处理器采用超大规模集成电路工艺制成芯片,又称为()。
急性血源性骨髓炎经抗生素治疗1周后,全身及局部症状消失,下一步的治疗为
水肿病肾阳久衰,阳损及阴,应补肾阴兼利水湿,方用
关于桌面上的图标,下面说法正确的是()。
根据下面材料,回答下列题目:王大伟与江小慧夫妻俩都参加了北京住房公积金提拔计划,个人与事业单位均各按7%提拔。王大伟月收入0.5万元,已提拔5年,目前住房公积金账上有3万元,江小慧月收入0.4万元,已提拔3年,住房公积金账上有1.5万元。假设住房公积金的
(2019年)黄山公司2018年适用的企业所得税税率为15%,所得税会计采用资产负债表债务法核算。2018年递延所得税资产、递延所得税负债期初余额均为零,2018年度利润表中利润总额为2000万元,预计未来期间能够产生足够的应纳税所得额用以抵减当期确认的可
某企业为增值税一般纳税人,2017年2月进口10辆小汽车,其中2辆自用,另外8辆用于对外销售,进口这10辆小汽车共支付买价40万元,另支付小汽车运抵我国境内输入地点起卸前发生的运费、保险费共计15万元。货物报关后,该企业按规定缴纳了进口环节的增值税,并取得
大脑皮层各区域存在大致的功能分工,视觉功能区主要在()。
分析教育哲学有助于教育理论研究严格地、正确地使用各种教育术语和概念。
TowardstheendofJune,auniquejointexpeditionbeganinthewatersnearIndonesia.Inanareaofremarkablemarinediversity
最新回复
(
0
)