Because of the leverage involved and the nature of security futures contract transactions, you may feel the effects of your losses immediately. Gains and losses in security futures contracts are credited or debited to your account, at a minimum, on a daily basis. If movements in the markets for security futures contracts or the underlying security decrease the value of your positions in security futures contracts, you may be required to have or make additional funds available to your carrying firm as margin. If your account is under the minimum margin requirements set by the exchange or the brokerage firm, your position may be liquidated at a loss, and you will be liable for the deficit, if any, in your account. Margin requirements are addressed i Section 4.
因為證券期貨合約交易的杠桿效應(yīng)和特性，你可以立即體會到虧損的后果。證券期貨合約的損益每天往你的賬戶上添加，或從你的賬戶上扣除。如果證券期貨合約或基礎(chǔ)證券的市場運行減少了你證券期貨合約上頭寸的價值，可能你會被要求添加資金，公司將資金拿去作為保證金。如果你的賬戶處于交易所或經(jīng)紀(jì)公司設(shè)定的最小保證金要求之下，如果虧損的話，你的頭寸會被清算，你的賬戶可能會出現(xiàn)赤字。保證金要求將在第四條加以說明。
 
Under certain market conditions, it may be difficult or impossible to liquidate a position. Generally, you must enter into an offsetting transaction in order to liquidate a position in a security futures contract. If you cannot liquidate your position in security futures contracts, you may not be able to realize a gain in the value of your position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted
due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying your position; or if the position is on an illiquid market. Even if you can liquidate your position, you may be forced to do so at a price that involves a large loss.
在一定的市場條件下，清算頭寸將會變得很難或者不可能。一般而言，你必須開始一個沖抵交易以清算證券期貨合約里的頭寸。如果你不能清算你在證券期貨合約里的頭寸，你可能無法實現(xiàn)你的頭寸價值的增長或者阻止虧損的增長。比如說，如果因為證券期貨合約或基礎(chǔ)證券里不尋常的交易行為而交易中止，如果因為該基礎(chǔ)證券的發(fā)行人的一些新聞事件而交易停止，如果交易所或者你頭寸所在的公司出現(xiàn)系統(tǒng)故障，或者如果頭寸在非流動市場上，無法清算的情況就會發(fā)生。即使你可以清算你的頭寸，你可能被迫在導(dǎo)致很大虧損的價格上這么做。
 
Under certain market conditions, it may also be difficult or impossible to manage your risk from open security futures positions by entering into an equivalent but opposite position in another contract month, on another market, or in the underlying security. This inability to take positions to limit your risk could occur, for example, if trading is halted across markets due to unusual trading activity in the security futures contract or the underlying security or due to recent news events involving the issuer of the underlying security.
在某些市場條件下，你可能很難或者不可能通過在另一個合約月、或者另一個市場、或者在基礎(chǔ)證券里，開始一個等價的但相反的頭寸，管理來自風(fēng)險證券期貨頭寸的風(fēng)險。比如說，如果因為證券期貨合約或基礎(chǔ)證券里不尋常的交易事件，或者由于基礎(chǔ)證券的發(fā)行人最近的一些新聞事件而導(dǎo)致交易中止，這種無法通過頭寸來限制你的風(fēng)險的情況就會發(fā)生。
 
Under certain market conditions, the prices of security futures contract may not maintain their customary or anticipated relationships to the prices of the underlying security or index. These pricing disparities could occur, for example, when the market for the security futures contract is illiquid, when the primary market for the underlying security is closed, or when the reporting of transactions in the underlying security has been delayed. For index products, it could also occur when trading is delayed or halted in some or all of the securities that make up the index.
在某些市場條件下，證券期貨合約的價格可能不會維持與基礎(chǔ)證券的價格或指數(shù)之間的正常的或期望的關(guān)系。比如說，當(dāng)證券期貨合約市場是非流通的，當(dāng)基礎(chǔ)證券的一級市場閉市，或者當(dāng)基礎(chǔ)證券交易報告延時時，這種定價的不一致就會發(fā)生。對于指數(shù)產(chǎn)品而言，當(dāng)某些或所有組成該指數(shù)的證券的交易被延期或被中止時，這種情況也會發(fā)生。
 
You may be required to settle certain security futures contracts with physical delivery of the underlying security. If you hold your position in a physically settled security futures contract until the end of the last trading day prior to expiration, you will be obligated to make or take delivery of the underlying securities, which could involve additional costs. The actual settlement terms may vary from contract to contract and exchange to exchange. You should carefully review the settlement and delivery conditions before entering into a security futures contract. Settlement and delivery are discussed in Section 5.
你可能會被要求以基礎(chǔ)證券的實物交割結(jié)算某些證券期貨合約。如果你在到期日之前的最后一個交易日的最后時刻一直持有實物結(jié)算證券期貨合約的頭寸，你有義務(wù)對該基礎(chǔ)證券進(jìn)行交割，這可能會伴隨著其他的成本。不同的合約和不同的交易所可能有不同的實際結(jié)算條件。在開始一份證券期貨合約之前，你應(yīng)該仔細(xì)閱讀結(jié)算和交割條件。結(jié)算和交割將在第5條加以說明。
 
You may experience losses due to systems failures. As with any financial transaction, you may experience losses if your orders for security futures contracts cannot be executed normally due to systems failures on a regulated exchange or at the brokerage firm carrying your position. Your losses may be greater if the brokerage firm carrying
your position does not have adequate back-up systems or procedures.
你可能會因為系統(tǒng)故障而蒙受損失。正如其他金融交易一樣，如果你的證券期貨合約指令因為你頭寸所在的規(guī)定交易所或經(jīng)紀(jì)公司的系統(tǒng)故障而未能正常執(zhí)行，你可能會蒙受損失。如果你頭寸所在的經(jīng)紀(jì)公司沒有良好的后備系統(tǒng)或程序，你的損失可能會更大。
 
All security futures contracts involve risk, and there is no trading strategy that can eliminate it. Strategies using combinations of positions, such as spreads, may be as risky as outright long or short positions. Trading in security futures contracts requires knowledge of both the securities and the futures markets.
所有的證券期貨合約都有風(fēng)險，沒有什么交易策略可以完全消除風(fēng)險。利用頭寸組合（比如價差頭寸）的策略可能與簡單的多頭或空頭有同樣的風(fēng)險有同樣的風(fēng)險。證券期貨合約的交易既需要證券市場，也需要期貨市場的知識。
 
Day trading strategies involving security futures contracts and other products pose special risks. As with any financial product, persons who seek to purchase and sell the same security future in the course of a day to profi t from intra-day price movements (“day traders”) face a number of special risks, including substantial commissions, exposure to leverage, and competition with professional traders. You should thoroughly understand these risks and have appropriate experience before engaging in day trading. The special risks for day traders are discussed more
fully in Section 7.
有關(guān)證券期貨合約和其他產(chǎn)品的當(dāng)日交易策略有著特別的風(fēng)險。正如所有金融產(chǎn)品一樣，試圖通過在當(dāng)日買入和賣出相同證券期貨而從一天內(nèi)的價格運動中獲利的投資者（當(dāng)日交易者）要面臨數(shù)個特別的風(fēng)險，包括巨額的傭金、杠桿效應(yīng)的影響和職業(yè)交易者的競爭。在進(jìn)行當(dāng)日交易時，你應(yīng)該對這些風(fēng)險有透徹的了解，并具有足夠的經(jīng)驗。第7條將詳細(xì)討論當(dāng)日交易者的特別風(fēng)險。
 
Placing contingent orders, if permitted, such as “stop-loss” or “stop-limit” orders, will not necessarily limit your losses to the intended amount. Some regulated exchanges may permit you to enter into stop-loss or stop-limit orders for security futures contracts, which are intended to limit your exposure to losses due to market fluctuations. However, market conditions may make it impossible to execute the order or to get the stop price.
發(fā)出條件指令（在允許的情況下），比如“止損”或“停價限價指令”，不一定會將你的虧損限制在預(yù)想金額內(nèi)。某些規(guī)定交易所可能允許你為證券期貨合約輸入止損或停價-限價指令，目的是限制市場波動給你帶來的虧損。但是，市場條件可能會使執(zhí)行指令或者達(dá)到停價價格變得不可能。
 
You should thoroughly read and understand the customer account agreement with your brokerage firm before entering into any transactions in security futures contracts.
在進(jìn)行任何證券期貨合約交易之前，你應(yīng)該仔細(xì)閱讀并理解你和你的經(jīng)紀(jì)公司之間的客戶賬戶協(xié)議。
 
You should thoroughly understand the regulatory protections available to your funds and positions in the event of the failure of your brokerage firm. The regulatory protections available to your funds and positions in the event of the failure of your brokerage firm may vary depending on, among other factors, the contract you are trading and whether you are trading through a securities account or a futures account. Firms that allow customers to trade security futures in either securities accounts or futures accounts, or both, are required to disclose to customers the differences in regulatory protections between such accounts, and, where appropriate, how customers may elect to trade in either type of account.
你應(yīng)該透徹理解當(dāng)你的經(jīng)紀(jì)公司出現(xiàn)故障時，你的資金和頭寸可以得到的管制性保護(hù)。當(dāng)你的經(jīng)紀(jì)公司出現(xiàn)故障時，你的資金和頭寸能夠得到的管制性保護(hù)可能會因不同的因素而有所不同，比如你交易的合約，你是通過證券賬戶交易還是通過期貨賬戶交易。允許客戶在證券賬戶交易證券期貨或允許客戶在期貨賬戶交易證券期貨，或二者都允許的公司，被要求向客戶披露這些賬戶的管制性保護(hù)的不同之處，以及，如果合適的話，客戶如何在這些賬戶之間進(jìn)行選擇來交易。
 
Section 2 - Description of a Security Futures Contract
第二部分 - 證券期貨合約
 
 2.1. What is a Security Futures Contract?  什么是證券期貨合約？
 A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of shares of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.
證券期貨合約是雙方之間具有法律約束力的協(xié)議，關(guān)于未來在某一價格買入或賣出一定數(shù)量的某證券或窄盤證券指數(shù)成分股的股份。買入證券期貨合約的投資者簽署了一份購買某基礎(chǔ)證券的合約，被稱為多頭。賣出證券期貨合約的投資者簽署了一份賣出某基礎(chǔ)證券的合約，被稱為空頭。該合約交易的價格（“合約價格”）有規(guī)定交易所的相對購買和銷售利益所決定。
 
In order to enter into a security futures contract, you must deposit funds with your brokerage firm equal to a specified percentage (usually at least 20 percent) of the current market value of the contract as a performance bond. Moreover, all security futures contracts are marked-to-market at least daily, usually after the close of trading, as described in Section 3 of this document. At that time, the account of each buyer and seller reflects the amount of any gain or loss on the security futures contract based on the contract price established at the end of the day for settlement purposes (the "daily settlement price").
要簽署一份證券期貨合約，你必須在你的經(jīng)紀(jì)公司存入資金作為履約保證金，金額與該合約的當(dāng)前市場價值的一定的百分比（通常為20%）相等。另外，所有的證券期貨合約至少是逐日結(jié)算，通常是在交易終止之后。本文件第三條對此加以說明。然后，每一位買家和賣家的賬戶反映了建立在每天結(jié)束時的合約價格基礎(chǔ)上的該證券期貨合約的所有收益和虧損，以達(dá)到結(jié)算的目的（“每日結(jié)算價格”）。
 
An open position, either a long or short position, is closed or liquidated by entering into an offsetting transaction (i.e., an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation.
在合約到期之前進(jìn)行沖抵交易將終止或清算風(fēng)險頭寸，無論是多頭還是空頭頭寸。按傳統(tǒng)，大多數(shù)期貨合約在到期之前都會通過沖抵交易而被清算，這樣，持有者不會招致結(jié)算義務(wù)。
 
Examples: 例如：
Investor A is long one September XYZ Corp. futures contract. To liquidate the long position in the September XYZ Corp. futures contract, Investor A would sell an identical September XYZ Corp. contract.
投資者A看多一份九月XYZ公司的期貨合約。為清算在九月XYZ公司期貨合約的多頭頭寸，投資者A將賣出一份相同的九月XYZ公司合約。
 
 Investor B is short one December XYZ Corp. futures contract. To liquidate the short position in the December XYZ Corp. futures contract, Investor B would buy an identical December XYZ Corp. contract.
投資者B看空一份十二月XYZ公司的期貨合約。為清算在十二月XYZ公司期貨合約的空頭頭寸，投資者B將買入一份相同的十二月XYZ公司合約。
 
 Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Some security futures contracts are settled by physical delivery of the underlying security. At the expiration of a security futures contract that is settled through physical delivery, a person who is long the contract must pay the final settlement price set by the regulated exchange or the clearing organization and take delivery of the underlying shares. Conversely, a person who is short the contract must make delivery of the underlying shares in exchange for the final settlement price.
在到期日之前沒有被清算的證券期貨合約必須根據(jù)合約的條款進(jìn)行結(jié)算。一些證券期貨合約通過基礎(chǔ)證券的實物交割來結(jié)算。在某個通過實物交割結(jié)算的證券期貨合約到期時，看多該合約的投資者必須支付由規(guī)定交易所和清算機(jī)構(gòu)確定的最終結(jié)算價格，對基礎(chǔ)證券進(jìn)行交割。相反，看空該合約的投資者必須交割該基礎(chǔ)股份，與最終結(jié)算價格交換。
 
Other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.
其他的證券期貨合約通過現(xiàn)金結(jié)算的方式結(jié)算。在這種情況下，基礎(chǔ)證券不被移交。相反，在最后交易日的末尾此證券期貨合約的所有未執(zhí)行的頭寸都通過一個建立在由交易所或清算機(jī)構(gòu)確定的最終結(jié)算價格基礎(chǔ)上的最終現(xiàn)金支付得以結(jié)算。一旦這一支付完成，各方在此合約上都沒有其他義務(wù)。
 
Physical delivery and cash settlement are discussed more fully in Section 5.
第五部分將更詳細(xì)地討論實物交割和現(xiàn)金結(jié)算。
2.2. Purposes of Security Futures  證券期貨的目的
 
 Security futures contracts can be used for speculation, hedging, and risk management. Security futures contracts do not provide capital growth or income.
證券期貨合約可用來投機(jī)、避險和風(fēng)險管理。證券期貨合約不提供資本增長或收入。
 
 Speculation  投機(jī)
 Speculators are individuals or firms who seek to profit from anticipated increases or decreases in futures prices. A speculator who expects the price of the underlying instrument to increase will buy the security futures contract. A speculator who expects the price of the underlying instrument to decrease will sell the security futures contract. Speculation involves substantial risk and can lead to large losses as well as profits.
投機(jī)者指試圖從預(yù)測期貨價格的上漲或下跌贏利的個人或公司。預(yù)計基礎(chǔ)工具價格上漲的投機(jī)者將買入該證券期貨合約。預(yù)計基礎(chǔ)工具價格下跌的投機(jī)者將賣出該證券期貨合約。投機(jī)伴隨著巨大的風(fēng)險，可能帶來盈利，也可能帶來重大虧損。
 
 The most common trading strategies involving security futures contracts are buying with the hope of profiting from an anticipated price increase and selling with the hope of profiting from an anticipated price decrease. For example, a person who expects the price of XYZ stock to increase by March can buy a March XYZ security
futures contract, and a person who expects the price of XYZ stock to decrease by March can sell a March XYZ security futures contract. The following illustrates potential profits and losses if Customer A purchases the security futures contract at $50 a share and Customer B sells the same contract at $50 a share (assuming 100 shares per
contract).
證券期貨合約的最普通的投資策略是如果希望從預(yù)期價格上漲盈利就買，如果希望從預(yù)期價格下跌盈利就賣。比如，某投資人預(yù)計XYZ股票的價格到三月將上漲，他（她）可以買入一份三月XYZ證券期貨合約；如果某投資人預(yù)計XYZ股票的價格到三月將下跌，他（她）可以賣出一份三月XYZ證券期貨合約。下表說明如果客戶A以50美元每股的價格購買證券期貨合約以及客戶B以50美元每股的價格賣出相同的合約（假設(shè)每份合約為100股）的潛在盈利和虧損。
 
Speculators may also enter into spreads with the hope of profiting from an expected change in price relationships. Spreaders may purchase a contract expiring in one contract month and sell another contract on the same underlying security expiring in a different month (e.g., buy June and sell September XYZ single stock futures). This is commonly referred to as a "calendar spread."
投機(jī)人可以賺取差額，期望從價格的波動中獲取利潤。多空套做者可能購買一個月合同期的合約，然后將不同月份到期的同一個基礎(chǔ)證券的另一個合約賣出（例如買入六月份同時賣出九月份的XYZ單支股票期貨），這就是常見的“日歷套利”。
 
Spreaders may also purchase and sell the same contract month in two different but economically correlated security futures contracts. For example, if ABC and XYZ are both pharmaceutical companies and an individual believes that ABC will have stronger growth than XYZ between now and June, he could buy June ABC futures contracts and sell June XYZ futures contracts. Assuming that each contract is 100 shares, the following illustrates how this works.
投機(jī)者還可以希望從預(yù)期的價格關(guān)系變化盈利而進(jìn)行價差頭寸操作。價差套利者可以購買一份一個合約月到期的合約，并賣出另一份在不同的月到期的相同基礎(chǔ)證券的合約（比如，買入六月并賣出9月XYZ的單一股票期貨）。這通常被稱為“日歷價差”。
 
 Speculators can also engage in arbitrage, which is similar to a spread except that the long and short positions occur on two different markets. An arbitrage position can be established by taking an economically opposite position in a security futures contract on another exchange, in an options contract, or in the underlying security.
投機(jī)者還可以參與套利，套利與價差類似，不同的是多頭和空頭頭寸在兩個不同的市場出現(xiàn)。套利頭寸可以通過在另外一個交易所的某證券期貨合約、某期權(quán)合約或基礎(chǔ)證券內(nèi)，構(gòu)建一個經(jīng)濟(jì)上相反的頭寸得以建立。
 
  Hedging  套期
Generally speaking, hedging involves the purchase or sale of a security future to reduce or offset the risk of a position in the underlying security or group of securities (or a close economic equivalent). A hedger gives up the potential to profit from a favorable price change in the position being hedged in order to minimize the risk of loss from an adverse price chang
通常而言，套期包含買入或賣出某證券期貨來減少或沖抵基礎(chǔ)證券或者證券組合（或某接近經(jīng)濟(jì)等價物）的風(fēng)險。套期者（對沖者）放棄從被套期的頭寸的有利的價格變化盈利的可能，從而使不利的價格變化導(dǎo)致的虧損的風(fēng)險最小化。
 
An investor who wants to lock in a price now for an anticipated sale of the underlying security at a later date can do so by hedging with security futures. For example, assume an investor owns 1,000 shares of ABC that have appreciated since he bought them. The investor would like to sell them at the current price of $50 per share, but there are tax or other reasons for holding them until September. The investor could sell ten 100-share ABC futures contracts and then buy back those contracts in September when he sells the stock. Assuming the stock price and the futures price change by the same amount, the gain or loss in the stock will be offset by the loss or gain in the futures contracts.
希望固定在當(dāng)前某價格，期望日后賣出基礎(chǔ)證券的投資者可以通過套期證券期貨達(dá)到這個目的。比如，假設(shè)某投資者持有ABC的1，000股，從他買入這1，000股后，該股票價格上漲了。投資者希望在當(dāng)前價格：50美元每股賣出它們，但是出于稅收和其他原因，而繼續(xù)持有這些股票直至9月份。該投資者可以賣出10份100股的ABC期貨合約，然后在9月份，當(dāng)他賣出股票時，買回這些合約。假設(shè)該股票價格和期貨價格的變化相同，該股票的收益和虧損將被期貨合約的收益或虧損沖抵。
 
 Hedging can also be used to lock in a price now for an anticipated purchase of the stock at a later date. For example, assume that in May a mutual fund expects to buy stocks in a particular industry with the proceeds of bonds that will mature in August. The mutual fund can hedge its risk that the stocks will increase in value between May and August by purchasing security futures contracts on a narrow-based index of stocks from that industry. When the mutual fund buys the stocks in August, it also will liquidate the security futures position in the index. If the relationship between the security futures contract and the stocks in the index is constant, the profit or loss from the futures contract will offset the price change in the stocks, and the mutual fund will have locked in the price that the stocks were selling at in May.
套期還可以用來固定在當(dāng)前某價格，期望日后買入股票。比如，假設(shè)五月份某共同基金預(yù)計將用8月份到期的債券收益買入某特定行業(yè)的股票。該共同基金可以通過在該行業(yè)的窄盤股票指數(shù)上買入證券期貨合約，以抵消5月到8月這些股票價值上漲的風(fēng)險。當(dāng)該共同基金8月買入這些股票的時候，它還將清算該指數(shù)的證券期貨頭寸。如果證券期貨合約和這些股票在指數(shù)上的關(guān)系保持不變的話，來自期貨合約的盈利或虧損就將抵消這些股票的價格變化，該共同基金將固定住這些股票在5月份賣出的價格。
 
 Although hedging mitigates risk, it does not eliminate all risk. For example, the relationship between the price of the security futures contract and the price of the underlying security traditionally tends to remain constant over time, but it can and does vary somewhat. Furthermore, the expiration or liquidation of the security futures contract may not coincide with the exact time the hedger buys or sells the underlying stock. Therefore, hedging may not be a perfect protection against price risk.
盡管套期減小了風(fēng)險，但并不能完全消除風(fēng)險。例如，按照傳統(tǒng)，證券期貨合約的價格和基礎(chǔ)證券的價格之間的關(guān)系傾向于一段時間后保持不變，但是它可以，也的確發(fā)生變化。而且，證券期貨合約的到期或者清算可能與套期者買入或賣出該基礎(chǔ)股票的確切時間并不一致。因此，套期可能不是規(guī)避價格風(fēng)險的完美方法。
 
 Risk Management  風(fēng)險管理
Some institutions also use futures contracts to manage portfolio risks without necessarily intending to change the composition of their portfolio by buying or selling the underlying securities. The institution does so by taking a security futures position that is opposite to some or all of its position in the underlying securities. This strategy involves more risk than a traditional hedge because it is not meant to be a substitute for an anticipated purchase or sale.
某些機(jī)構(gòu)還使用期貨合約來管理資產(chǎn)組合風(fēng)險，而并不一定希望買入或賣出基礎(chǔ)證券，從而改變它們資產(chǎn)組合的組成。這些機(jī)構(gòu)可以通過建立一個與它在基礎(chǔ)證券中的某些或全部頭寸相反的證券期貨頭寸達(dá)到這一目的。這一策略伴隨著比傳統(tǒng)套期更多的風(fēng)險，因為它并不是作為預(yù)期買入或賣出的替代品。
 
2.3. Where Security Futures Trade  證券期貨在哪兒交易
 By law, security futures contracts must trade on a regulated U.S. exchange. Each regulated U.S. exchange that trades security futures contracts is subject to joint regulation by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
根據(jù)法律規(guī)定，證券期貨合約必須在某一個規(guī)定的美國交易所交易。任一個交易證券期貨合約的規(guī)定美國交易所都要服從證券交易委員會（SEC）和商品期貨交易委員會（CFTC）的聯(lián)合規(guī)定。
 
A person holding a position in a security futures contract who seeks to liquidate the position must do so either on the regulated exchange where the original trade took place or on another regulated exchange, if any, where a fungible security futures contract trades. (A person may also seek to manage the risk in that position by taking an opposite position in a comparable contract traded on another regulated exchange.)
持有證券期貨合約頭寸的某投資者欲清算頭寸的話，必須在初始交易發(fā)生的規(guī)定交易所或者在某可互換證券期貨合約交易的另外一家規(guī)定交易所。投資者還可通過構(gòu)建一個在其他規(guī)定交易所交易的可比較合約里的相反頭寸來管理該頭寸的風(fēng)險。
 
Security futures contracts traded on one regulated exchange might not be fungible with security futures contracts traded on another regulated exchange for a variety of reasons. Security futures traded on different regulated exchanges may be non-fungible because they have different contract terms (e.g., size, settlement method), or because they are cleared through different clearing organizations. Moreover, a regulated exchange might not permit its security futures contracts to be offset or liquidated by an identical contract traded on another regulated exchange,
even though they have the same contract terms and are cleared through the same clearing organization. You should consult your broker about the fungibility of the contract you are considering purchasing or selling, including which exchange(s), if any, on which it may be offset.
在某規(guī)定交易所交易的證券期貨合約可能與在另一個規(guī)定交易所交易的證券期貨合約不能互換。原因有多種。在不同的規(guī)定交易所交易的證券期貨可能不是可互換的，因為它們有不同的合約條件（比如，大小，結(jié)算方法），或者因為它們通過不同的清算組織清算。而且，某規(guī)定交易所可能不允許其證券期貨合約被一個在其他規(guī)定交易所交易的相同的合約沖抵或者清算，即使他們有著相同的合約條件，而且通過相同的清算組織清算。你應(yīng)該向你的經(jīng)紀(jì)人咨詢你考慮買入或賣出的合約的可互換性，包括它可以在哪個交易所，和哪個合約沖抵。
 
Regulated exchanges that trade security futures contracts are required by law to establish certain listing standards. Changes in the underlying security of a security futures contract may, in some cases, cause such contract to no longer meet the regulated exchange's listing standards. Each regulated exchange will have rules governing the continued trading of security futures contracts that no longer meet the exchange's listing standards. These rules may, for example, permit only liquidating trades in security futures contracts that no longer satisfy the listing
standards.
交易證券期貨合約的規(guī)定交易所按照法律的要求確立一定的上市標(biāo)準(zhǔn)。某證券期貨合約的基礎(chǔ)證券的變化在某些情況下可能會使這份合約不能達(dá)到該規(guī)定交易所的上市標(biāo)準(zhǔn)。關(guān)于不再達(dá)到交易所上市標(biāo)準(zhǔn)的證券期貨合約的繼續(xù)交易，每個規(guī)定交易所都有相關(guān)規(guī)定。比如，這些規(guī)定可能只允許未滿足上市標(biāo)準(zhǔn)的證券期貨合約進(jìn)行清算交易。
 
2.4. How Security Futures Differ from the Underlying Security
證券期貨與認(rèn)股權(quán)證相關(guān)的股份有何不同？
 Shares of common stock represent a fractional ownership interest in the issuer of that security. Ownership of securities confers various rights that are not present with positions in security futures contracts. For example, persons owning a share of common stock may be entitled to vote in matters affecting corporate governance. They also may be entitled to receive dividends and corporate disclosure, such as annual and quarterly reports.
擁有普通股的股份意味著對證券發(fā)行人的資產(chǎn)占有一部分所有權(quán)。證券所有權(quán)將授予各種不同的權(quán)力，但是其中不包括證券期貨合同中的頭寸。舉例來說，一個人如果擁有普通股的股份，他可能具有在對影響公司管理的事務(wù)決策方面的投票權(quán)。他們也可能有權(quán)力獲得分紅和公司結(jié)算，例如年度和季度財政報告。
 
 The purchaser of a security futures contract, by contrast, has only a contract for future delivery of the underlying security. The purchaser of the security futures contract is not entitled to exercise any voting rights over the underlying security and is not entitled to any dividends that may be paid by the issuer. Moreover, the purchaser of a security futures contract does not receive the corporate disclosures that are received by shareholders of the underlying security, although such corporate disclosures must be made publicly available through the SEC's EDGAR system, which can be accessed at www.sec.gov. You should review such disclosures before entering into a security futures contract. See Section 9 for further discussion of the impact of corporate events on a security futures contract.
比較而言，購買一份證券期貨合同，只是購買了一份認(rèn)股權(quán)證相關(guān)的股份在未來某個時間交付的合同。購買了證券期貨合同之后，購買者不具有對認(rèn)股權(quán)證相關(guān)的股份行使投票權(quán)的權(quán)力，也不享有認(rèn)股權(quán)證相關(guān)的股份發(fā)行人分紅的權(quán)力。更有甚者，一份證券期貨合同的購買者沒有權(quán)力獲取公司結(jié)算報告，而這一權(quán)力是為認(rèn)股權(quán)證相關(guān)的股份的股東所擁有的，雖然這一公司財政報告通過證監(jiān)會的EDGAR系統(tǒng)是可以獲得，并完全公開的，要想進(jìn)入證監(jiān)會的EDGAR系統(tǒng)可以登錄網(wǎng)站www.sec.gov。在購買一份證券期貨合同之前，你應(yīng)該先審查一下該公司財政報告。參看第9節(jié)關(guān)于公司重大事件對于證券期貨合同的影響的進(jìn)一步深入的
討論。
 
 All security futures contracts are marked-to-market at least daily, usually after the close of trading, as described in Section 3 of this document. At that time, the account of each buyer and seller is credited with the amount of any gain, or debited by the amount of any loss, on the security futures contract, based on the contract
price established at the end of the day for settlement purposes (the "daily settlement price"). By contrast, the purchaser or seller of the underlying instrument does not have the profit and loss from his or her investment credited or debited until the position in that instrument is closed out.
所有的證券期貨合同至少是每天清算，通常是在期貨交易日結(jié)束時，正如正文第3章所述。在這個時候，每一個買者和賣者的賬戶根據(jù)證券期貨合同的盈利或者損失進(jìn)行結(jié)算，如果有盈余則計入賬戶的貸方，如有虧損則計入借方，證券期貨合同的盈利或損失是基于交易日結(jié)束時確定的合同價格，這是出于結(jié)算賬戶的目的（“每日結(jié)算價格”），比較而言，認(rèn)股權(quán)證相關(guān)的股份的買方或者賣方不會因為他或她的投資的順差或者逆差而獲得利潤和損失，直到拋售該認(rèn)股權(quán)證相關(guān)的股份時才會有利潤或損失。
 
 Naturally, as with any financial product, the value of the security futures contract and of the underlying security may fluctuate. However, owning the underlying security does not require an investor to settle his or her profits and losses daily. By contrast, as a result of the mark-to-market requirements discussed above, a person who is long a security futures contract often will be required to deposit additional funds into his or her account as the price of the security futures contract decreases. Similarly, a person who is short a security futures contract often will be required to deposit additional funds into his or her account as the price of the security futures contract increases.
毫無疑問，就像任何金融產(chǎn)品一樣，證券期貨合同的價值和認(rèn)股權(quán)證相關(guān)的股份的價值都會起伏不定。然而，擁有認(rèn)股權(quán)證相關(guān)的股份并不需要投資者每天結(jié)算他或她的盈余和虧損。比較而言，由于上面所討論的隨行就市的需要，當(dāng)證券期貨合同的價格下跌時，某一個長期持有證券期貨合同的人通常將被要求存一筆額外的資金到他/她的帳戶。類似地，當(dāng)證券期貨合同價格上漲時，通常會要求短期持有證券期貨合同的人存一筆額外的資金到他或她的帳戶。
 
 Another significant difference is that security futures contracts expire on a specific date. Unlike an owner of the underlying security, a person cannot hold a long position in a security futures contract for an extended period of time in the hope that the price will go up. If you do not liquidate your security futures contract, you will be required to settle the contract when it expires, either through physical delivery or cash settlement. For cash-settled contracts in particular, upon expiration, an individual will no longer have an economic interest in the securities
underlying the security futures contract.
證券期貨和認(rèn)股權(quán)證相關(guān)的股份另一個顯著的不同點在于：證券期貨合同在某一特定的日期有效期滿，合同終止。不像認(rèn)股權(quán)證相關(guān)的股份的所有者，出于價格將上漲的預(yù)期而延長一段時間，長期持有一份證券期貨合同頭寸，任何人都不可以這樣做。如果你不將證券期貨合同套現(xiàn)，你就必須結(jié)算合同。當(dāng)證券期貨合同有效期滿時，或者交付真正的證券，或者進(jìn)行現(xiàn)金結(jié)算。特別是對于現(xiàn)金結(jié)算的合同，一旦有效期滿，任何人都不再享有證券期貨合同中認(rèn)股權(quán)證相關(guān)的股份的經(jīng)濟(jì)利益。
 
2.5. Comparison to Options  與期權(quán)相比較
 Although security futures contracts share some characteristics with options on securities (options contracts), these products are also different in a number of ways. Below are some of the important distinctions between equity options contracts and security futures contracts.
雖然證券期貨合同與證券化的期權(quán)（期權(quán)合同）具有一些共同的特征，但是在許多方面這些產(chǎn)品也有非常大的差別。證券期權(quán)合同與證券期貨合同之間的一些重要的區(qū)別如下所述。
 
If you purchase an options contract, you have the right, but not the obligation, to buy or sell a security prior to the expiration date. If you sell an options contract, you have the obligation to buy or sell a security prior to the expiration date. By contrast, if you have a position in a security futures contract (either long or short), you have both the right and the obligation to buy or sell a security at a future date. The only way that you can avoid the obligation incurred by the security futures contract is to liquidate the position with an offsetting contract.
如果你購買一份期權(quán)合同，你擁有權(quán)力而不是義務(wù)，在合同有效期滿之前購買或者出售這一金融衍生品。如果你賣出一份期權(quán)合同，在合同有效期滿之前，你有義務(wù)購買或者出售這一金融衍生品。比較而言，如果你在一份證券期貨合同中擁有頭寸的話（無論是長期還是短期），你不但有權(quán)力而且有義務(wù)在將來某一時點購買或者出售這一證券產(chǎn)品。你可以避免證券期貨合同產(chǎn)生的責(zé)任的唯一途徑就是利用一份補償性合同將頭寸套現(xiàn)。
 
  A person purchasing an options contract runs the risk of losing the purchase price (premium) for the option contract. Because it is a wasting asset, the purchaser of an options contract who neither liquidates the options contract in the secondary market nor exercises it at or prior to expiration will necessarily lose his or her entire investment in the options contract. However, a purchaser of an options contract cannot lose more than the amount of the premium. Conversely, the seller of an options contract receives the premium and assumes the risk that he or she will be required to buy or sell the underlying security on or prior to the expiration date, in which event his or her losses may exceed the amount of the premium received. Although the seller of an options contract is required to deposit margin to reflect the risk of its obligation, he or she may lose many times his or her initial margin deposit.
如果購買一份期權(quán)合同，你將面臨期權(quán)合同購買價格（證券溢價）的損失的風(fēng)險。因為它是一項垃圾資產(chǎn)，一份期權(quán)合同的購買者，無論他選擇在二級市場將期權(quán)合同套現(xiàn)還是選擇在期權(quán)合同期滿時或者之前執(zhí)行期權(quán)合同，他都必然將損失其在期權(quán)合同中的全部投資。無論怎樣，期權(quán)合同的購買者承受的損失將不會超過證券溢價的總額。與之相反的是：期權(quán)合同的賣者接收證券溢價，并且承擔(dān)他或她在合同期滿之時或者之前將被要求購買或者出售認(rèn)股權(quán)證相關(guān)的股份的風(fēng)險，在這種情況之下，他或她承擔(dān)的損失可能將超過其接收的證券溢價總額。雖然期權(quán)合同的賣方被要求存入一定的保證金，以此來反映其責(zé)任風(fēng)險，他或她可能多次損失其初始保證金存款。
 
 By contrast, the purchaser and seller of a security futures contract each enter into an agreement to buy or sell a specific quantity of shares in the underlying security. Based upon the movement in prices of the underlying security, a person who holds a position in a security futures contract can gain or lose many times his or her initial
margin deposit. In this respect, the benefits of a security futures contract are similar to the benefits of purchasing an option, while the risks of entering into a security futures contrac
比較而言，期貨合同的買方和賣方雙方簽訂合同購買或者出售某一指定數(shù)量的認(rèn)股權(quán)證相關(guān)的股份份額。取決于認(rèn)股權(quán)證相關(guān)的股份的價格變動，一個持有證券期貨合同頭寸的人可能賺取或者損失其初始保證金多次。從這個方面來看，證券期貨合同的收益與購買期權(quán)的收益相似，同時購買一份證券期貨合同的風(fēng)險也與賣出一份期權(quán)的風(fēng)險相仿。
 
Both the purchaser and the seller of a security futures contract have daily margin obligations. At least once each day, security futures contracts are marked-to-market and the increase or decrease in the value of the contract is credited or debited to the buyer and the seller. As a result, any person who has an open position in a security futures contract may be called upon to meet additional margin requirements or may receive a credit of available funds.
證券期貨合同的買方和賣方都有存入每日保證金的責(zé)任。一天至少一次，證券期貨合同在市場上進(jìn)行交易，合同價值的增加或者減少記入買方和賣方帳戶的貸方或者借方。因此，任何人如果在一份證券期貨合同中擁有未平倉頭寸可能被要求提交付價的保證金，滿足交易的要求或者可能接收一筆可供使用資金的信用證。
 
 Example: 舉例說明：
Assume that Customers A and B each anticipate an increase in the market price of XYZ stock, which is currently $50 a share. Customer A purchases an XYZ 50 call (covering 100 shares of XYZ at a premium of $5 per share). The option premium is $500 ($5 per share X 100 shares). Customer B purchases an XYZ security futures contract
(covering 100 shares of XYZ). The total value of the contract is $5000 ($50 share value X 100 shares). The required margin is $1000 (or 20% of the contract value).
假定客戶A和客戶B都預(yù)期XYZ股票的市場價格將上漲，XYZ股票當(dāng)前的價格是50美元每股�？蛻鬉購買一份XYZ的看漲期權(quán)（包括XYZ股票100股，每一股的股票溢價為5美元）。期權(quán)溢價為500美元（5美元/股X 100股），客戶B購買了一份XYZ證券期貨合同（總共100股XYZ股票）。證券期貨合同的總價值為5000 美元（50元每股×100股）。所需的保證金為1000美元（或者合同價值的20%）。
 
The most that Customer A can lose is $500, the option premium. Customer A breaks even at $55 per share, and makes money at higher prices. Customer B may lose more than his initial margin deposit. Unlike the options premium, the margin on a futures contract is not a cost but a performance bond. The losses for Customer B are not
limited by this performance bond. Rather, the losses or gains are determined by the settlement price of the contract, as provided in the example above. Note that if the price of XYZ falls to $35 per share, Customer A loses only $500, whereas Customer B loses $1500.
客戶A最多可能損失500美元，也就是期權(quán)溢價�？蛻鬉即使在股票價格為55美元每股的情況下也將虧損，只有在更高的股票價位上才可能賺錢�？蛻鬊損失的錢可能將超過其初始保證金存款。跟期權(quán)溢價有所不同，期貨合同的保證金不是成本，而是履約保函�？蛻鬊的損失并不僅僅限于這一履約保函的價值。更進(jìn)一步來說，損失或者盈利是由合同的結(jié)算價格決定的，如上面所提供的事例所述。值得注意的是，如果XYZ的價格跌至35美元每股，客戶A的損失僅為500美元，然而客戶B的損失則為1500美元。
 
 2.6. Components of a Security Futures Contract
一份證券期貨合同的組成部分
 
 Each regulated exchange can choose the terms of the security futures contracts it lists, and those terms may differ from exchange to exchange or contract to contract. Some of those contract terms are discussed below. However, you should ask your broker for a copy of the contract specifications before trading a particular contract.
每一筆受監(jiān)管的交易可以選擇證券期貨合同所列出的條款，這些條款根據(jù)交易的不同而有所不同，也隨著合同的不同而有所不同。那些合同條款中的一部分將在下文中進(jìn)行討論。無論怎樣，在進(jìn)行一筆特殊的合同交易之前，你應(yīng)該向你的經(jīng)紀(jì)人要求一份合同規(guī)定的復(fù)印件。
 
2.6.1. Each security futures contract has a set size. The size of a security futures contract is determined by the regulated exchange on which the contract trades. For example, a security futures contract for a single stock may be based on 100 shares of that stock. If prices are reported per share, the value of the contract would be the price times 100. For narrow-based security indices, the value of the contract is the price of the component securities times the multiplier set by the exchange as part of the contract terms.
每一份證券期貨合同都有既定的尺寸，一份證券期貨合同的大小是由受監(jiān)控的交易市場所決定的，合同交易正是通過受監(jiān)控的交易得以進(jìn)行的。舉例來說，一種單一股票的證券期權(quán)合同可能以股票100股為基礎(chǔ)。如果每股的價格是牌價上公布的價格，那么合同的價值將為價格的100倍。對于小范圍證券指數(shù)期貨，合同的價值部分證券的價格乘以由交易作為合同條款的一部分設(shè)定的倍數(shù)。
 
2.6.2. Security futures contracts expire at set times determined by the listing exchange. For example, a particular contract may expire on a particular day, e.g., the third Friday of the expiration month. Up until expiration, you may liquidate an open position by offsetting your contract with a fungible opposite contract that expires in the same month. If you do not liquidate an open position before it expires, you will be required to make or take delivery of the underlying security or to settle the contract in cash after expiration.
證券期貨合同在某一特定的、由上市交易所決定的時間期滿終止。舉例來說，某一特殊的期貨合同在某一特殊時日期滿終止。例如，期滿終止月的第三個星期五。在合同有效期滿之前，你可以通過使用一個可替換的相對的合同（在同一個月有效期滿）來抵補你的合同，從而可能將未平倉頭寸套現(xiàn)。如果你在合同有效期滿之前不將未平倉頭寸套現(xiàn)，你將需要提供或者接收認(rèn)股權(quán)證相關(guān)的股份，或者在有效期滿之后將合同以現(xiàn)金結(jié)算。
 
2.6.3. Although security futures contracts on a particular security or a narrow-based security index may be listed and traded on more than one regulated exchange, the contract specifications may not be the same. Also, prices for contracts on the same security or index may vary on different regulated exchanges because of different contract specifications.
雖然一種特殊證券或者一種小范圍證券指數(shù)期貨可能上市或者在多個受監(jiān)管的交易市場上進(jìn)行交易，合同的規(guī)范可能不相同。同樣，相同證券或指數(shù)的期貨合同的價格也可能隨著受監(jiān)管的交易市場的不同而有所不同，因為合同規(guī)格的不同。
 
2.6.4. Prices of security futures contracts are usually quoted the same way prices are quoted in the underlying instrument. For example, a contract for an individual security would be quoted in dollars and cents per share. Contracts for indices would be quoted by an index number, usually stated to two decimal places.
證券期貨合同的定價方式通常與潛在證券的定價方式相同。舉例來說，一種單一證券合同每股的價格將以美元和美分定價。指數(shù)期貨合同將由一個指數(shù)數(shù)字來定價，通常表述成2位小數(shù)點的數(shù)字。
 
2.6.5. Each security futures contract has a minimum price fluctuation (called a tick), which may differ from product to product or exchange to exchange. For example, if a particular security futures contract has a tick size of 1￠, you can buy the contract at $23.21 or $23.22 but not at $23.215.
每一份證券期貨合同都有一個最小價格浮動（稱之為一個浮動點），這一最小價格浮動可能將隨著產(chǎn)品的不同或者交易市場的不同而有所不同。例如，如果一種特殊證券期貨合同的一個價格浮動點的大小為1美分，那么你可以以23.21美元或者23.22的價格購買合同，但是不能以23.215美元的價格購買合同。
 
 2.7. Trading Halts 交易停止
The value of your positions in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. For example, trading on a particular security futures contract must be halted if trading is halted on the listed market for the underlying security as a result of pending news, regulatory concerns, or market volatility. Similarly, trading of a security futures contract on a narrow-based security index must be halted under such circumstances if trading is halted on securities accounting for at least 50 percent of the market capitalization of the index. In addition, regulated exchanges are required to halt trading in all security futures contracts for a specified period of time when the Dow Jones Industrial Average ("DJIA") experiences one-day declines of 10-, 20- and 30-percent. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances - such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market.
證券期貨合同的頭寸價值可能受到影響，如果證券期貨市場或者認(rèn)股權(quán)證相關(guān)的股份市場的交易被中斷的話。在特定的情況下，受監(jiān)管的證券交易所按照法律的規(guī)定停止證券期貨合同的交易。舉例來說，如果因為懸而未決的消息、法律規(guī)定、或者市場動蕩導(dǎo)致的認(rèn)股權(quán)證相關(guān)的股份在上市市場上交易停止，那么某一特殊證券期貨合同交易就必須停止。類似地，一種小范圍證券指數(shù)期貨合同在這樣的條件下也必須停止，如果占了整個指數(shù)的市場資本總額至少50%的證券交易中止的話。此外，當(dāng)?shù)拉偹构�業(yè)平均指數(shù)（“DJIA”）經(jīng)歷一整天的10個、20個和30個百分點的下跌時，要求受監(jiān)管的證券交易所停止所有證券期貨合同的交易，持續(xù)某一指定的時期。在其他條件下，受監(jiān)管的證券交易所在他們的法規(guī)約束下具有一定的斟酌實際情況停止交易的權(quán)限 – 例如當(dāng)證券交易所確定停止交易將是明智之舉時，因為停止交易有利于維持一個公正、有序的市場。
 
A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent you from liquidating a position in security futures contracts in a timely manner, which could prevent you from liquidating a position in security futures contracts at that time.
交易停止，無論其是由一個受監(jiān)管的交易證券期貨的證券交易所還是一個進(jìn)行認(rèn)股權(quán)證相關(guān)的股份或股票的證券交易所決定的，可以阻止客戶隨時將證券期貨合同頭寸套現(xiàn)，這樣也可以阻止客戶在那時將證券期貨合同套現(xiàn)。
 
2.8. Trading Hours交易時間
 Each regulated exchange trading a security futures contract may open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.
每一個進(jìn)行證券期貨合同交易的受監(jiān)管證券交易所與其他進(jìn)行證券期貨合同交易的受監(jiān)管證交所或者認(rèn)股權(quán)證相關(guān)的股份交易市場，可能開市和閉市的時間都各不相同。在開市之前或者在認(rèn)股權(quán)證相關(guān)的股份的初級市場閉市之后進(jìn)行證券期貨合同的交易與在正常市場交易期間的交易相比更缺乏流動性。
 
 Section 3 - Clearing Organizations and Mark-to-Market Requirements
第3部分. 票據(jù)交換機(jī)構(gòu)和掛牌上市的要求
 
 Every regulated U.S. exchange that trades security futures contracts is required to have a relationship with a learing organization that serves as the guarantor of each security futures contract traded on that exchange. A clearing organization performs the following functions: matching trades; effecting settlement and payments; guaranteeing performance; and facilitating deliveries.
按照證監(jiān)會規(guī)定，要求每一個進(jìn)行證券期貨合同交易的受監(jiān)管的美國證券交易所都與一個票據(jù)交換機(jī)構(gòu)有密切聯(lián)系，這一票據(jù)交換機(jī)構(gòu)起著在那些證交所交易的每一份證券期貨合同的擔(dān)保人的作用。一個票據(jù)交換機(jī)構(gòu)執(zhí)行的職能如下：匹配交易；影響結(jié)算和支付；保證績效；以及促進(jìn)交付。
 
 Throughout each trading day, the clearing organization matches trade data submitted by clearing members on behalf of their customers or for the clearing member's proprietary accounts. If an account is with a brokerage firm that is not a member of the clearing organization, then the brokerage firm will carry the security futures
position with another brokerage firm that is a member of the clearing organization. Trade records that do not match, either because of a discrepancy in the details or because one side of the transaction is missing, are returned to the submitting clearing members for resolution. The members are required to resolve such "out trades" before or on the open of trading the next morning.
貫穿每個交易日，票據(jù)交換機(jī)構(gòu)匹配由交換機(jī)構(gòu)成員代表他們的客戶所提交的交易數(shù)據(jù)，或者為交換機(jī)構(gòu)成員的私人賬戶提供交易數(shù)據(jù)匹配。如果一個賬戶是為一個不屬于票據(jù)交換機(jī)構(gòu)中的一員的經(jīng)紀(jì)公司所有，那么這一經(jīng)紀(jì)公司就必須與其他屬于票據(jù)交換機(jī)構(gòu)一員的經(jīng)紀(jì)公司合力承擔(dān)證券期貨交易的買賣。或者由于細(xì)節(jié)出現(xiàn)矛盾，或者由于交易一方的消失導(dǎo)致交易記錄無法匹配，那么這些交易信息將返回到提供解決方案的提交信息的交換機(jī)構(gòu)成員處。要求這些交換機(jī)構(gòu)成員能夠在第二天早上開市時或者開市之前解決這些“異常交易”。
 
 When the required details of a reported transaction have been verified, the clearing organization assumes the legal and financial obligations of the parties to the transaction. One way to think of the role of the clearing organization is that it is the "buyer to every seller and the seller to every buyer." The insertion or substitution of the clearing organization as the counterparty to every transaction enables a customer to liquidate a security futures position without regard to what the other party to the original security futures contract decides to do.
當(dāng)一個提交報告的交易所需的細(xì)節(jié)已經(jīng)修改好時，票據(jù)交換機(jī)構(gòu)將承擔(dān)交易各方的法定和財務(wù)責(zé)任。牢牢記住票據(jù)交換機(jī)構(gòu)的作用的一個有效途徑就是交換機(jī)構(gòu)是“每一個出售者相對的購買者和每一個購買者相對的出售者”。票據(jù)交換機(jī)構(gòu)作為每一筆交易對立方的斡旋或替代作用可以使客戶隨時將證券期貨頭寸套現(xiàn)，而不需要考慮初始證券期貨合同的另一方?jīng)Q定怎么做的。
 
 The clearing organization also effects the settlement of gains and losses from security futures contracts between clearing members. At least once each day, clearing member brokerage firms must either pay to, or receive from, the clearing organization the difference between the current price and the trade price earlier in the day, or for a position carried over from the previous day, the difference between the current price and the previous day's settlement price. Whether a clearing organization effects settlement of gains and losses on a daily basis or more frequently will depend on the conventions of the clearing organization and market conditions. Because the clearing organization assumes the legal and financial obligations for each security futures contract, you should expect it to ensure that payments are made promptly to protect its obligations.
票據(jù)交換機(jī)構(gòu)同樣也會影響交換機(jī)構(gòu)成員之間證券期貨合同的盈利和損失的結(jié)算。至少每天一次，屬于交換機(jī)構(gòu)成員的經(jīng)紀(jì)公司必須支付給交換機(jī)構(gòu)或者從交換機(jī)構(gòu)領(lǐng)取當(dāng)前價格和白天早些時候的交易價格之間的差額，或者對于從前一天轉(zhuǎn)移過來的頭寸，經(jīng)紀(jì)公司支付或者領(lǐng)取當(dāng)前價格和前一天結(jié)算結(jié)算價格之間的差額。一個票據(jù)交換機(jī)構(gòu)是否在每天基礎(chǔ)上或者更為頻繁影響盈利和損失，這將取決于票據(jù)交換機(jī)構(gòu)和市場條件之間的協(xié)定。因為票據(jù)交換機(jī)構(gòu)承擔(dān)了每一份證券期貨合同的法定和財務(wù)責(zé)任，你應(yīng)該希望確保賬款及時支付，從而保護(hù)它的責(zé)任。
 
Gains and losses in security futures contracts are also reflected in each customer's account on at least a daily basis. Each day's gains and losses are determined based on a daily settlement price disseminated by the regulated exchange trading the security futures contract or its clearing organization. If the daily settlement price of a particular security futures contract rises, the buyer has a gain and the seller a loss. If the daily settlement price declines, the buyer has a loss and the seller a gain. This process is known as "marking-to-market" or daily settlement. As a result, individual customers normally will be called on to settle daily.
證券期貨合同的盈利和損失至少是以一天為基礎(chǔ)也將在每個客戶的賬戶上反映出來。每一天的盈利和損失建立在由進(jìn)行證券期貨合同交易的受監(jiān)管的證券交易所或者其票據(jù)交換機(jī)構(gòu)制定的結(jié)算價格的基礎(chǔ)上的，盈利和損失由此決定。如果某一特殊的證券期貨合同的每日結(jié)算價格上漲，購買者獲得盈利，而出售者遭遇損失。如果每日結(jié)算價格下降，購買者遭遇損失，而出售者獲得盈利。這一過程也被稱之為“掛牌上市”或者日結(jié)。因此，通常要求個體客戶每日結(jié)算。
 
The one-day gain or loss on a security futures contract is determined by calculating the difference between the current day's settlement price and the previous day's settlement price.
證券期貨合同每日的盈利或損失是由當(dāng)天結(jié)算價格和前一天結(jié)算價格之前的差額計算得到的。
 
For example, assume a security futures contract is purchased at a price of $120. If the daily settlement price is either $125 (higher) or $117 (lower), the effects would be as follows: (1 contract representing 100 shares)
舉例來說，假定一份證券期貨合同是在120美元的價格下購買的。如果日結(jié)算價格為125美元（更高）或者117美元（更低），影響結(jié)果如下所示： （一份合同代表100股）
 
The cumulative gain or loss on a customer's open security futures positions is generally referred to as "open trade equity" and is listed as a separate component of account equity on your customer account statement. A discussion of the role of the clearing organization in effecting delivery is discussed in Section 5.
一般而言，一個客戶的開放式證券期貨頭寸的累積盈利或者損失被稱之為“開放式交易證券”，并且作為賬戶證券的一個獨立組成部分在你的客戶賬戶說明書上羅列出來。有關(guān)票據(jù)交換機(jī)構(gòu)在影響期貨交付方面的作用的討論將在第5部分詳細(xì)討論。
 
Section 4 - Margin and Leverage 第4部分– 保證金和桿杠作用
 
When a broker-dealer lends a customer part of the funds needed to purchase a security such as common stock, the term "margin" refers to the amount of cash, or down payment, the customer is required to deposit. By contrast, a security futures contract is an obligation and not an asset. A security futures contract has no value as collateral for a loan. Because of the potential for a loss as a result of the daily marked-to-market process, however, a margin deposit is required of each party to a security futures contract. This required margin deposit also is referred to as a
"performance bond."
當(dāng)一個經(jīng)紀(jì)人借給一個客戶購買證券例如普通股所需的部分資金，“保證金”這一術(shù)語是指客戶需要存入的現(xiàn)金數(shù)額，或者預(yù)先支付。比較而言，一份證券期貨合同是一種責(zé)任，而不是一項資產(chǎn)。證券期貨合同與一項貸款相同，不具有任何價值。由于每日掛牌上市交易過程所導(dǎo)致的損失潛在可能性，無論怎樣，證券期貨合同每一方一定數(shù)量的保證金存款是必須的。這一必需的保證金存款也被稱作“履約保函”。
 
In the first instance, margin requirements for security futures contracts are set by the exchange on which the contract is traded, subject to certain minimums set by law. The basic margin requirement is 20% of the current value of the security futures contract, although some strategies may have lower margin requirements. Requests for additional margin are known as "margin calls." Both buyer and seller must individually deposit the required margin to their respective accounts.
在第一種情況下，證券期貨合同的保證金需求是由合同交易所進(jìn)行的證交所制定的，同時受到法律規(guī)定的特定最小設(shè)定值的限制�；�礎(chǔ)保證金需求為證券期貨合同當(dāng)前價值的20%，雖然采取某些戰(zhàn)略可能降低保證金需求。對額外保證金的要求被稱之為“保證金看漲”。購買者和出售者雙方都必須單獨將所需的保證金存入到他們各自的賬戶。
 
It is important to understand that individual brokerage firms can, and in many cases do, require margin that is higher than the exchange requirements. Additionally, margin requirements may vary from brokerage firm to brokerage firm. Furthermore, a brokerage firm can increase its "house" margin requirements at any time without providing advance notice, and such increases could result in a margin call.
理解單個經(jīng)紀(jì)公司可以，并且在許多情況下的確需要高于證券交易所的保證金需求標(biāo)準(zhǔn)的保證金。此外，保證金需求可能根據(jù)經(jīng)紀(jì)公司的不同而不斷變化。更進(jìn)一步地說，一家經(jīng)紀(jì)公司可以在不需要提供預(yù)先通知的情況下，隨時增加其“家庭（內(nèi)部）”保證金需求，而且這一保證金需求的增加將導(dǎo)致保證金看漲。
 
For example, some firms may require margin to be deposited the business day following the day of a deficiency, or some firms may even require deposit on the same day. Some firms may require margin to be on deposit in the account before they will accept an order for a security futures contract. Additionally, brokerage firms may have special requirements as to how margin calls are to be met, such as requiring a wire transfer from a bank, or deposit of a certified or cashier's check. You should thoroughly read and understand the customer agreement with your brokerage firm before entering into any transactions in security futures contracts.
舉例來說，有些公司可能要求在出現(xiàn)保證金余額不足的接下來的第二個營業(yè)日時必須存入所需的保證金，或者有些公司甚至可能要求在他們將接到證券期貨合同訂購單之前往賬戶中存入所需的保證金。除此之外，對于如何滿足保證金看漲方面經(jīng)紀(jì)公司可能會有一些特殊的要求，例如需要從一個銀行中的電報轉(zhuǎn)帳，或者一個經(jīng)認(rèn)可或現(xiàn)金支票的存款。在進(jìn)入證券期貨合同的任何交易之前，你應(yīng)該徹底地閱讀和理解客戶與你的經(jīng)紀(jì)公司簽訂的協(xié)議。
 
If through the daily cash settlement process, losses in the account of a security futures contract participant reduce the funds on deposit (or equity) below the maintenance margin level (or the firm's higher "house" requirement), the brokerage firm will require that additional funds be deposited.
如果在整個每日現(xiàn)金結(jié)算過程中，證券期貨合同賬戶的損失預(yù)期將導(dǎo)致存款（或者股票）中資金的減少至低于需最小保證金水平（或者是經(jīng)紀(jì)公司更高的“家庭”保證金需求），經(jīng)紀(jì)公司將要求存入附加的資金。
 
If additional margin is not deposited in accordance with the firm's policies, the firm can liquidate your position in security futures contracts or sell assets in any of your accounts at the firm to cover the margin deficiency. You remain responsible for any shortfall in the account after such liquidations or sales. Unless provided otherwise in your customer agreement or by applicable law, you are not entitled to choose which futures contracts, other securities or other assets are liquidated or sold to meet a margin call or to obtain an extension of time to meet a margin call.
如果附加的保證金并沒有按照經(jīng)紀(jì)公司的政策存入到賬戶中，經(jīng)紀(jì)公司可以將你的證券期貨合同頭寸套現(xiàn)，或者出售公司任何賬戶下的資產(chǎn)，一次來填補保證金不足額部分。你仍然有責(zé)任承擔(dān)在這樣套現(xiàn)或者銷售之后賬戶上的任何短缺。除非提供保證金短缺，否則按照你簽訂的客戶協(xié)議或者依據(jù)法律，你將不會有權(quán)利選擇哪個期貨合同、其他證券或其他`資產(chǎn)將被套現(xiàn)或者賣出，從而滿足保證金看漲或者以此獲得滿足保證金看漲的時間延長。
 
Brokerage firms generally reserve the right to liquidate a customer's security futures contract positions or sell customer assets to meet a margin call at any time without contacting the customer. Brokerage firms may also enter into equivalent but opposite positions for your account in order to manage the risk created by a margin call. Some customers mistakenly believe that a firm is required to contact them for a margin call to be valid, and that the firm is not allowed to liquidate securities or other assets in their accounts to meet a margin call unless the firm has contacted them first. This is not the case. While most firms notify their customers of margin calls and allow some time for deposit of additional margin, they are not required to do so. Even if a firm has notified a customer of a margin call and set a specific due date for a margin deposit, the firm can still take action as necessary to protect its financial interests, including the immediate liquidation of positions without advance notification to the customer.
經(jīng)紀(jì)公司會保留將客戶的證券期貨合同頭寸套現(xiàn)或者不需要聯(lián)系客戶就可以隨時出售客戶的資產(chǎn)以滿足保證金看漲的要求的權(quán)利。經(jīng)紀(jì)公司也可能購買與你的帳戶相當(dāng)而又相對的頭寸，以便管理由保證金看漲導(dǎo)致的風(fēng)險。有些客戶錯誤地相信經(jīng)紀(jì)公司需要聯(lián)系他們，這樣保證金看漲才能生效，因此經(jīng)紀(jì)公司不被允許將他們賬戶中的證券或者其他資產(chǎn)套現(xiàn)，以便滿足保證金看漲的要求，除非在這之前，經(jīng)紀(jì)公司已經(jīng)聯(lián)系過他們，并征得他們的同意。這不是真實的情況。雖然大多數(shù)公司將會通知他們的客戶有關(guān)保證金看漲，并給與客戶一段時間，讓他們存入附加保證金，但是經(jīng)紀(jì)公司并沒有要求必須這樣做。即使經(jīng)紀(jì)公司通知客戶有關(guān)保證金看漲，為客戶存入附加的保證金設(shè)定一個限定時間，經(jīng)紀(jì)公司仍然可以采取必要的措
施，以此來保護(hù)其經(jīng)濟(jì)利益，其中包括在不事先書面通知客戶的條件下立即將頭寸套現(xiàn)。
 
 Here is an example of the margin requirements for a long security futures position.
以下是一個長期證券期貨頭寸保證金需求的事例。
 
A customer buys 3 July EJG security futures at 71.50. Assuming each contract represents 100 shares, the nominal value of the position is $21,450 (71.50 x 3 contracts x 100 shares). If the initial margin rate is 20% of the nominal value, then the customer's initial margin requirement would be $4,290. The customer deposits the initial margin, bringing the equity in the account to $4,290.
一位客戶以71.50的價格購買了三份EJG證券。假定每一份合同代表100股證券，頭寸的名義價值為21.450美元（71.50 x 3份合同 x 100股）。如果初始保證金率為名義價值的20%，那么客戶的初始保證金需求將為4，290美元�？蛻舸嫒氤跏急ＷC金，并將證券引入賬戶，金額為4，290美元。
 
First, assume that the next day the settlement price of EJG security futures falls to 69.25. The marked-to-market loss in the customer's equity is $675 (71.50 - 69.25 x 3 contacts x 100 shares). The customer's equity decreases to $3,615 ($4,290 - $675). The new nominal value of the contract is $20,775 (69.25 x 3 contracts x 100 shares). If the maintenance margin rate is 20% of the nominal value, then the customer's maintenance margin requirement would be $4,155. Because the customer's equity had decreased to $3,615 (see above), the customer would be required to have an additional $540 in margin ($4,155 - $3,615).
首先，假定第二天GJG證券期貨的結(jié)算價格下跌至69.25美元。客戶股票的掛牌交易損失為675美元（71.50 – 69.25 x 3 份合同 x 100 股s）�？蛻艄善眱r值貶值至3615美元（$4,290 – $675）。如果最低保證金率是名義價值的20%，那么客戶的最低保證金需求將是4155美元。因為客戶的股票已經(jīng)貶值至3615美元（參看上面），要求客戶交納附加的540美元的保證金（$4,155 – $3,615）。
 
 Alternatively, assume that the next day the settlement price of EJG security futures rises to 75.00. The mark-to-market gain in the customer's equity is $1,050 (75.00 - 71.50 x 3 contacts x 100 shares). The customer's equity increases to $5,340 ($4,290 + $1,050). The new nominal value of the contract is $22,500 (75.00 x 3 contracts x 100 shares). If the maintenance margin rate is 20% of the nominal value, then the customer's maintenance margin requirement would be $4,500. Because the customer's equity had increased to $5,340 (see above), the customer's excess equity would be $840.
相應(yīng)地，假定EJG證券期貨第二天的結(jié)算價格提高至75美元�？蛻魭炫粕鲜薪灰椎挠�利是1050美元（75.00 – 71.50 x 3 份合同x 100 股）�？蛻舻墓善眱r值增加到5340美元（$4,290 + $1,050）。合同新的名義價值為22500美元（75.00 x 3 份合同 x 100 股）。如果最低保證金率為名義價值的20%，那么客戶的最低保證金需求將為4500美元。因為客戶的證券價值已經(jīng)增加至5340美元（參看上面）�？蛻舻淖C券剩余價值為840美元。
 
 The process is exactly the same for a short position, except that margin calls are generated as the settlement price rises rather than as it falls. This is because the customer's equity decreases as the settlement price rises and increases as the settlement price falls.
短期頭寸的運算過程與上面所述完全一樣，除了保證金看漲是當(dāng)結(jié)算價格上漲而非結(jié)算價格下跌時產(chǎn)生的之外。這是因為當(dāng)結(jié)算價格上漲時客戶的證券貶值，而當(dāng)結(jié)算價格下跌時，客戶的證券升值。
 
Because the margin deposit required to open a security futures position is a fraction of the nominal value of the contracts being purchased or sold, security futures contracts are said to be highly leveraged. The smaller the margin requirement in relation to the underlying value of the security futures contract, the greater the leverage. Leverage allows exposure to a given quantity of an underlying asset for a fraction of the investment needed to purchase that quantity outright. In sum, buying (or selling) a security futures contract provides the same dollar and cents profit
and loss outcomes as owning (or shorting) the underlying security. However, as a percentage of the margin deposit, the potential immediate exposure to profit or loss is much higher with a security futures contract than with the underlying security.
因為開設(shè)一個證券期貨頭寸帳戶所需的保證金存款是正在被購買或者出售的合同的名義價值的一部分，據(jù)稱證券期貨合同起著高效的桿杠作用。保證金需求占證券期貨合同潛在價值的比重越小，證券期貨合同所起的桿杠作用越大。桿杠作用允許通過借貸給定數(shù)量的潛在資產(chǎn)，用于購買相同數(shù)量證券所需的一部分投資。總而言之，購買（或出售）一份證券期貨合同提供與擁有（或者缺乏）認(rèn)股權(quán)證相關(guān)的股份相同數(shù)量的美元和美分計量的盈利和損失后果。然而，作為保證金存款的一個百分比，一份證券期貨合同將立即遭遇的潛在盈利或者損失比認(rèn)股權(quán)證相關(guān)的股份高得多。
 
For example, if a security futures contract is established at a price of $50, the contract has a nominal value of $5,000 (assuming the contract is for 100 shares of stock). The margin requirement may be as low as 20%. In the example just used, assume the contract price rises from $50 to $52 (a $200 increase in the nominal value). This represents a $200 profit to the buyer of the security futures contract, and a 20% return on the $1,000 deposited as margin. The reverse would be true if the contract price decreased from $50 to $48. This represents a $200 loss to the buyer, or 20% of the $1,000 deposited as margin. Thus, leverage can either benefit or harm an investor.
舉例來說，如果證券期貨合同是在價格為50美元的條件下訂立的，合同的名義價值為5000美元（假定一份合同代表100股）。保證金需求盡可能地低，低至名義價值的20%。在剛剛用到的例子中，假定合同價格從50美元上漲至52美元（名義價值上漲200美元）。這意味著為證券期貨合同的購買者帶來了200美元的盈利，而且1000美元中返回20%作為保證金存入賬戶。反之亦然，如果合同價格從50美元下跌至48美元。這就意味著證券期貨合同的購買者遭受200美元的損失，或者1000美元的20%作為保證金存入帳戶。因此，桿杠作用可能為投資者帶來利潤，也可能損害投資者利益。
 
Note that a 4% decrease in the value of the contract resulted in a loss of 20% of the margin deposited. A 20% decrease would wipe out 100% of the margin deposited on the security futures contract.
值得注意的是，證券期貨合同價值4%的貶值導(dǎo)致了保證金存款遭受20%的損失。20%的合同價值貶值將會驅(qū)逐出100%的存入證券期貨合同賬戶的保證金。
 
Section 5 - Settlement 第5部分：結(jié)算
 If you do not liquidate your position prior to the end of trading on the last day before the expiration of the security futures contract, you are obligated to either 1) make or accept a cash payment ("cash settlement") or 2) deliver or accept delivery of the underlying securities in exchange for final payment of the final settlement price ("physical delivery"). The terms of the contract dictate whether it is settled through cash settlement or by physical delivery.
若您在證券期貨契約期滿最后一日交易結(jié)束前未進(jìn)行清算，則您有義務(wù)1做出或接受現(xiàn)金償付（現(xiàn)金結(jié)算）2交付或接受優(yōu)先證券以進(jìn)行最終結(jié)算價格的最終支付（物質(zhì)支付）合同條款指示通過現(xiàn)金結(jié)算方式或物質(zhì)支付方式。