1. The function of futures markets is price discovery, price risk hedging, and market efficiency improving.

　　期货市场的功能在于价格发现、价格风险规避及市场效率提高。

　　2. Futures markets provide a current consensus of knowledgeable opinions about the future price of commodities or financial instruments.

　　期货市场提供了对商品或金融工具未来价格综合信息所作出的市场判断。

　　3. Futures contracts are a promise between two parties to exchange a commodity at aspecified time and place in the future for a stated price.

　　期货合约是交易双方就在未来确定的时间和地点，按确定的价格交换某种商品的一种承诺。

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

　　期货市场的交易者大都未进行实际交割，而是对市场部位对冲了结。

　　5. Parties who have sold a futures contract are said to have taken a short position.

　　出售期货合约的出售者被认为是处在市场空头。

　　6. Futures trading takes place only on government-regulated exchanges.

　　期货交易只能在政府管理的交易所内进行。

　　7. If you go short and the futures price goes up, you lose money.

　　如果你卖空而期货价格上升，你就赔钱。

　　8. Futures is one of the types of financial futures.

　　外汇期货是金融期货的一种。

　　9. The futures price is not constant until the contract expires.

　　直到其期货合约到期之前，期货价格才稳定。

　　10. A long position involves inflows greater than outflows in a currency and a short position involved outflows greater than inflows.

　　多头是一种货币的流入大于流出，而空头指一种货币的流出大于流入。

　　11. Hedging in futures markets is synonymous with shifting risk.

　　期货市场上的套做交易实际上就是转移风险。

　　12. Margin requirements ensure the performance of both parties to a futures contract.

　　保证金要求是期货合约双方履约的保证。

　　13. Margin requirements also provide traders with substantial leverage.

　　保证金也给了交易商以极大的财务杠杆的便利。

　　14. At the close of every trading day, the clearinghouse matches buy and sell contracts for the day.

　　在每天的交易结束之后，清算所将当天的买卖合约进行撮合。

　　15. The clearinghouse informs every exchange member of their net settlement status.

　　清算所将每个交易所清算成员各自的净结算头寸通知他们。

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