金融期货交易（Financial Futures）

金融期货交易所是专门从事金融商品期货交易的场所，它是一个无形的市场。（ ）

目前，金融期货交易已成为金融市场的主要内容之一，在许多重要的金融市场上，金融期货交易量甚至超过了其基础金融产品的交易量。（ ）

下列金融市场中，( )不是金融期货交易市场。

A．伦敦国际金融期货交易所

B．纽约股票交易所

C．芝加哥国际货币市场

D．新加坡国际货币期货交易所

A.外汇期货交易

B.利率期货交易

C.股票价格期货交易

D.贵金属期货交易

E.套期保值交易

Arbitrageurs in the futures markets are those people who ______.

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

关于金融现货交易和金融期货交易的比较，下列说法正确的有( )．（1分）

A．金融现货交易的对象是某一具体形态的金融工具，而金融期货交易的对象是金融期货合约

B．金融现货交易和金融期货交易的主要目的都是套期保值

C．金融现货的交易价格是实时的成交价，而期货交易价格是对金融现货未来价格的预期

D．金融现货交易和金融期货交易在交易方式和结算方式上是相似的

According to the passage, the main purposes of futures contracts are ______.

A．to hedge

B．to speculate

C．to arbitrage

D．all of the above

A、金融远期

B、金融期货

C、金融期权

D、以上均不正确

The best title for the passage can he ______.

A．What Are Futures Used for

B．Who Are the Arbitrageurs, Speculators and Hedgers

C．How to Hedge Risks

D．How to Trade in Futures Market

When the stock market turns down, holders of common stocks traditionally begin to move some portion of their (61) out of stocks and into (62) to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by (63) stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio' futures and option positions cushions the decline in the value of the portfolio' common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater (64) than the traditional method of actually selling stocks and buying treasury (65)

(46)

A．treasure

B．assets

C．investment

D．capital