实物交割

最后在借鉴CME成功经验的基础上，对我国生猪期货交割制度进行了初步设计，创新地提出采用实物交割和以生猪现货价格指数为结算价的现金结算两种交割方式并存的交割制度。

Third it tries to design the delivery institution of hog future and presents innovatively that it is suitable for hog future to execute physical delivery and cash settlement by cash price index .

领先期货经纪商新际集团（newedge）的亚太业务负责人洛朗库宁（laurentcunin）表示，新合约很可能以人民币和美元两种货币计价，但目前尚不清楚这种合约是否将通过实物交割来进行结算。

Laurent cunin , head of Asia-Pacific for Newedge , a leading futures broker , said that it was likely that the new contract would be dual-denominated in Renminbi and US dollars , but that it was not yet clear whether the contract would be settled by physical delivery .

现金结算与实物交割制度相比，能够使期货价格与现货价格更具有趋同性；

There is more consistant between the futures price and actuals price on cash settlement .

实物交割方式可以采取期货转现货和滚动交割两种方式。

Ways to take physical delivery and rolling stock futures turn delivery of two ways .

期货市场的交易者大都未进行实物交割，而是对市场部位对冲了结。

Most market participants prefer to offset futures positions , rather than to make actual delivery .

结合国内风险管理方法的缺陷，在交易环节构建了以实物交割安全为核心的交易头寸动态控制模型。

Finally , the trading positions control model is set up based on the above research .

期货交易与实物交割关系实证研究与交易头寸控制模型

The Empirical Study of Futures Trading and Practical Delivery Relationships and the Trading Positions Control Model

当期货合约到期时，交易员可以选择进行实物交割，而不用现金结算。

When contracts expire , a trader can choose to take physical delivery rather than a cash settlement .

期货市场或是用来进行风险管理，或是进行投机交易，而这两种目的都不需要进行实物交割。

Futures market is used primarily for either risk management or speculation , and neither purpose requires delivery .

套期保值的本质是指通过操作期货合约来对冲将来在现货市场实际买卖时可能发生的价格风险，套期保值交易有对冲平仓和实物交割两种形式。

The essence of hedging is through the operation of futures contracts to hedge the spot market in the futures market .

首先纠正了国内业界对期货交易与实物交割关系的普遍误识，指出传统研究方法的缺陷所在；

Firstly , this article rectifies the widespread fallacies on the relationship between futures trading and practical delivery , points out the limitations of classical study methods .

实物交割将在保税仓库进行，而一种“中质含硫原油”将成为合约标的的主要品级之一。

The physical delivery would be in bonded warehouses , and a " medium sulphur " grade of crude would be one of the main grades for the contract .

分别从实物交割率计算方法、交易的持仓量和交易头寸集中水平与实物交割关系入手，实证检验了二者的内在高度相关性；

On the basis of calculating the delivery rate , empirically analyzing open positions and its concentration level and practical delivery relationships , the high relativity between futures trading and practical delivery have been examined .

在去年首次宣布成立时，该交易所曾表示，首只产品将是以美元计价的燃油期货合约，在中国南方进行实物交割，但在考察客户的兴趣后，该交易所改变了策略。

When its establishment was first announced last year , HKMEx said that its first product would be a dollar-denominated fuel oil contract with physical delivery in South China but switched tack after gauging customer interest .

但是，如果投资者强烈要求，这只基金允许用黄金实物交割，因此它在许多欧洲管辖区内没有资格享受一些税收和监管优惠。

However , because the fund allows for physical delivery of the gold if the investor is so inclined , it was not eligible for a number of tax and regulatory benefits in various European jurisdictions .

代理卖方客户进行实物交割的，依据交易所交割单据，按实际划转收到的交割货款，借记“应收保证金”科目，贷记“应付保证金”科目。

For physical delivery on behalf of seller 's customers , the brokerage company shall debit the " depositmargin receivable " title and credit the " depositmargin payable " title by the actually transferred delivery amount based on the delivery bill provided by the exchange .