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
31
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.
Which of the following statements is true?
选项
A、The volume of deals for hedging purposes is much higher than that for arbitraging and speculative purposes.
B、The foreign exchange business for commerce and tourism must be done before 11a.m.on 2 January.
C、It is hedgers’ money that drives much larger volume of other transactions.
D、None of the above.
答案
C
解析
期货交易中,虽然投机目的和套利目的的交易量远远高于以保值为目的的交易量,但是保值交易的资金最终促成了其他交易。
转载请注明原文地址:https://kaotiyun.com/show/Pbid777K
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.
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
Janespent4hoursbuyingNewYeargifts.It______Jane4hourstobuyNewYeargifts.
Janespent4hoursbuyingNewYeargifts.It______Jane4hourstobuyNewYeargifts.
Accordingtothepassage,whatisasmartcard?
Accordingtothepassage,howoftendoesthecardholderreceivefromthebankastatementdescribingthepurchaserecord?
Theword"finance"signifiescapitalinmonetary,thatis,______,normallyforcapitalpurposes,throughfinancialmarketsorf
随机试题
Hehasalargecollectionofbooks,______arewritteninEnglish.
外周血白细胞数持续低于()时,称白细胞减少症,粒细胞低于()时,称粒细胞缺乏症。
女性,22岁,面色苍白、排酱油样尿2周,下列哪项不是血管内溶血检查指标
引起氧化反应的因素有
患者男,68岁,因间歇、无痛性肉眼血尿诊断为膀胱癌入院。此患者经手术治疗后,在给患者留置导尿管的护理中,错误的是
安全标志分为四类,它们分别是()。
在Excel中,要将有数据且设置了格式的单元格恢复为普通空单元格,应先选定该单元格,然后使用()。
下列是关于优秀团队特征的叙述,正确的是( )。
赵薇艺术硕士专业学位毕业作品(),取得了目前女性导演处女作的最高票房。
中国是全球最大的黄金生产国,最近还取代了印度成为全球最大的黄金消费国。
最新回复
(
0
)