《国际期货市场运作》课程授课教案（讲义，英文版）

中国农业大学人文与发展学院 外语系教案 (2004-2008学年春季学期) 课程名称： 国际期货市场运作 教材：International Futures Market Operation 任课教师： 李争鸣 授课对象： 商务英语本科 授课班级： 教师签名：

中国农业大学人文与发展学院 外语系教案 （2004—2008 学年春季学期） 课程名称： 国际期货市场运作 教 材： International Futures Market Operation 任课教师： 李争鸣 授课对象： 商务英语本科 授课班级： 教师签名：

课程名称：国际期货市场运作(Interational Futures Market Operation) 课程总学时：32一（其中，讲课16一，实验16，上机一，实习」 课程学分：2 课程分类：（填必修或选修）选修 开课学期：（填秋或春或夏）春 适用专业：商务英语方向 教学且标（中英文对照）》 该课程用英语讲授国内外期货市场运作的基本概念和理论，并结合实际，在课堂进 行模拟交易，使学生能真正学会期货交易的实质，掌握内在规律，力争在课程结束 后，学生能熟练用英文写出期货交易方案，并能用英文对当前期货市场进行基本面 和技术分析。期货市场运作课程与现实市场紧密结合，目的在于迎合中国目前缺少 能与国际期货市场接轨的双语人才，提高学生的就业实力。 English is used to teach the basic concepts and theories on international futures market operation in the class.The students will be given a chance to futures trading by a way of simulation according to the actual price.By which students can grasp the real meaning of futures trading.the regular movement of the commodities price.Students can be good a writing the futures trading plan and analyzing the futures market with fundamental and technical tools.This course is taught by combining theories with practices of futures market,is aiming at training high-qualified talents for Chinese modern society and is also good for students futureemployment

课程名称：国际期货市场运作（International Futures Market Operation） 课程总学时： 32 (其中，讲课 16 ，实验 16 ，上机 ，实习 ) 课程学分：2 课程分类：（填必修或选修） 选修 开课学期：（填秋或春或夏） 春 适用专业：商务英语方向 教学目标（中英文对照） 该课程用英语讲授国内外期货市场运作的基本概念和理论，并结合实际，在课堂进 行模拟交易，使学生能真正学会期货交易的实质，掌握内在规律，力争在课程结束 后，学生能熟练用英文写出期货交易方案，并能用英文对当前期货市场进行基本面 和技术分析。期货市场运作课程与现实市场紧密结合，目的在于迎合中国目前缺少 能与国际期货市场接轨的双语人才，提高学生的就业实力。 English is used to teach the basic concepts and theories on international futures market operation in the class. The students will be given a chance to futures trading by a way of simulation according to the actual price. By which students can grasp the real meaning of futures trading, the regular movement of the commodities price. Students can be good at writing the futures trading plan and analyzing the futures market with fundamental and technical tools. This course is taught by combining theories with practices of futures market, is aiming at training high-qualified talents for Chinese modern society and is also good for students future’employment

第一讲基本内容 教学内容(60 minutes) 教学方法与设计思想 Introduction to the educational system of the futures course Methods and Plan Evaluation on your1.10%come from usual performance 在第一讲有必要告诉 Study (assignments,attendance and attitude) 学生全课程的评估方 2 minutes 2.40%come from team work(a presentation on 法，使学生有一个清晰 futures market analysis) 的学习思路，学生根据 3.0%come from final exam 教师评估要求，可以有 效地参与到教学中去。 Grading Seale A90+ 参照国际和国家打分 B80-89 标准 C70-79 D65-69 F Below 65 Special Notice: Regular attendance and active participation in对学生的课堂参与表 3minutes class are expected from all students. 示鼓励，把参与和考评 The“participation”portion of your grade will 结合起来，有助于激励 be based primarily on your performance on 学生学习和平时的 quizzes,in-class exercises, and homework 识积累。 assignments.In extreme cases,attendance and 对于《期货市场运作课 participation in class discussions will also be 程》平时的学习尤其重 factored in. 要。通过每天的模拟交 易学生们可以了解很 多交易术语，不实际交 易是理解不了的。 What kind of things First:Guide you to enter the futures market. 介绍本学期总体课程 can you learn from Chapter 1 The Journey Ahead 安排，使学生了解一个 the whole courses in Chapter 2Beginning with the Basics 基本教学内容框架，对 this semester? Chapter 3The Modern Futures Exchange 期货市场涉及的领域 20minutes Chapter 4Life on the Trading Floor 有·个初步了解，有助 Chapter 5The Variety of Futures Markets 于学生今后的进一步 Chapter6Getting Started in Trading Futures 学习，学生可以根据内 Supplement6 FuturesOptions 容框架查阅资料和安 1

1 第一讲基本内容： 教学内容 （60minutes） Introduction to the educational system of the futures course 教学方法与设计思想 Methods and Plan Evaluation on your Study 2 minutes 1. 10% come from usual performance (assignments, attendance and attitude) 2. 40% come from team work( a presentation on futures market analysis). 3. 50% come from final exam. 在第一讲有必要告诉 学生全课程的评估方 法，使学生有一个清晰 的学习思路，学生根据 教师评估要求，可以有 效地参与到教学中去。 Grading Scale A 90 + B 80 – 89 C 70 – 79 D 65 – 69 F Below 65 参照国际和国家打分 标准 Special Notice: 3minutes Regular attendance and active participation in class are expected from all students. The “participation” portion of your grade will be based primarily on your performance on quizzes, in-class exercises, and homework assignments. In extreme cases, attendance and participation in class discussions will also be factored in. 对学生的课堂参与表 示鼓励，把参与和考评 结合起来，有助于激励 学生学习和平时的知 识积累。 对于《期货市场运作课 程》平时的学习尤其重 要。通过每天的模拟交 易学生们可以了解很 多交易术语，不实际交 易是理解不了的。 What kind of things can you learn from the whole courses in this semester ? 20 minutes First: Guide you to enter the futures market. Chapter 1 The Journey Ahead Chapter 2 Beginning with the Basics Chapter 3 The Modern Futures Exchange Chapter 4 Life on the Trading Floor Chapter 5 The Variety of Futures Markets Chapter 6 Getting Started in Trading Futures Supplement 6 Futures Options 介绍本学期总体课程 安排，使学生了解一个 基本教学内容框架，对 期货市场涉及的领域 有一个初步了解，有助 于学生今后的进一步 学习，学生可以根据内 容框架查阅资料和安

Chapter7 Hedging with Spreads 排学习计划。 Chapter8 Fundamental Analysis Chapter9 Technical Analysis:Chart Patterns Chapter 10 Technical Analysis:Timing Indicators Chapter 11 Managing Risk Chapter 12 The Psychology of Investing WhyTrade Futures?1.Futures trading offers the independent 为什么交易期货？这 individual acareer that can lead to great wealth. 是学生最关心、的一个 10minutes 2.The futures industry has grown rapidly. 问题，绝大多数学生没 Careers in brokerage,market analysis, 有交易经历或对它的 computerized trading.computer software and 工作不了解，此问题的 hardware support,accounting.law,advertising 回答可以提高学生对 and other services 这行业的了解和提高 3.The futures markets are,in many respects, 学习动力。 leading economic indicators 因为可以给学生带来 4.Learning how to trade futures can help you 就业机会，锻炼学生的 develop the discipline necessary for success in 处事心态，可以提高分 many other investment areas. 析问题和解决问题的 能力等等。 lllustrations &This course will provide you with a basic 本部分提醒学生如何 Suggestions on The education in futures trading. 学习和配合本课程的 Course If you decide to become a futures trader 教学，减少学生的学习 Sminutes emember that futures trading involves the risk of 压力，本课程以由潜入 loss as well as the potential for reward. 深，循序渐进的方式教 Take notes. 学，大家不知不觉地就 Application of the concepts can assist in your 学会了基本术语，不必 understanding and 担心学不会。己经遇到 Ask questions.If you're unsure about a concep 问题如何解决等等。 or temm ask me or log on to the Internet and search for your topic. Major Exchanges in Chicago Board of Trade CBOT 本课程始终离不开网 Trading Futures www.cbot.com 路的应用，学生利用网

2 Chapter 7 Hedging with Spreads Chapter 8 Fundamental Analysis Chapter 9 Technical Analysis: Chart Patterns Chapter 10 Technical Analysis: Timing Indicators Chapter 11 Managing Risk Chapter 12 The Psychology of Investing 排学习计划。 Why Trade Futures? 10minutes 1. Futures trading offers the independent individual a career that can lead to great wealth. 2. The futures industry has grown rapidly. Careers in brokerage, market analysis, computerized trading, computer software and hardware support, accounting, law, advertising, and other services. 3. The futures markets are, in many respects, leading economic indicators. 4. Learning how to trade futures can help you develop the discipline necessary for success in many other investment areas. 为什么交易期货？这 是学生最关心的一个 问题，绝大多数学生没 有交易经历或对它的 工作不了解，此问题的 回答可以提高学生对 这行业的了解和提高 学习动力。 因为可以给学生带来 就业机会，锻炼学生的 处事心态，可以提高分 析问题和解决问题的 能力等等。 Illustrations & Suggestions on The Course 5minutes This course will provide you with a basic education in futures trading. If you decide to become a futures trader, remember that futures trading involves the risk of loss as well as the potential for reward. Take notes. Application of the concepts can assist in your understanding and learning. Ask questions. If you’re unsure about a concept or term ask me or log on to the Internet and search for your topic. 本部分提醒学生如何 学习和配合本课程的 教学，减少学生的学习 压力，本课程以由潜入 深，循序渐进的方式教 学，大家不知不觉地就 学会了基本术语，不必 担心学不会。已经遇到 问题如何解决等等。 Major Exchanges in Trading Futures Chicago Board of Trade CBOT www.cbot.com 本课程始终离不开网 路的应用，学生利用网

10minutes Chicago Mercantile Exchange CME 络可以弥补课上没有 www.cme.com 讲到的大量知识。32学 New York Futures Exchange NYFE 时的课上学习不足以 www.nyce.com 使学生完全掌握期货 New York Mercantile Exchange NYMEX 市场交易，所以大量时 www.nymex.com 间是在业余学习，丰富 Commodity Exchange,New York COMEX 的网络资源为学生提 www.nymex.com 供了更广阔的学习空 London International Financial Futures Exchange 间。 LIFFE www.liffe.com London Metal Exchange LME www.Ime.com Shanghai Futures Exchange SHFE www.shfe.com.cn Reference 1.Richard J.Teweles,Frank J.Jones,Edited by 提供参考书目，无论对 Books Ben Warwick.THE_FUTURES_GAME.Third 学习快的学生还是学 Edition,Economie Science Press,2008,8. 习慢的学生都有好处， 5 minutes 2. Todd Lofton,Getting Started in Futures. 他们可以利用参考书 Fourth Edition,John Wiley&Sons,Inc.2001. 弥补不足或进行深入 3.Donna Kline,Fundamentals of the Futures 学习和研究。 Market.McGraw-HilI.2001. 参考书目既有英文又 4.Jake Bernstein,Second Edition,How the 有中文目录，学生可以 Futures Markets Work,New York Institute of针对学习。 Finance.2000. 5.Perry J.Kaufman.A Short Course in Technica Trading.John Wiley&Sons,Inc.2003. 6.叶全良，《期货论》，湖北人民出版社，2003 7.王献立等，《期货经济学教程》，商务印书 馆，2003。 8.段文斌，王化栋， 《现代期货市场学》，经 济管理出版社，2003

3 10minutes Chicago Mercantile Exchange CME www.cme.com New York Futures Exchange NYFE www.nyce.com New York Mercantile Exchange NYMEX www.nymex.com Commodity Exchange, New York COMEX www.nymex.com London International Financial Futures Exchange LIFFE www.liffe.com London Metal Exchange LME www.lme.com Shanghai Futures Exchange SHFE www.shfe.com.cn 络可以弥补课上没有 讲到的大量知识。32 学 时的课上学习不足以 使学生完全掌握期货 市场交易，所以大量时 间是在业余学习，丰富 的网络资源为学生提 供了更广阔的学习空 间。 Reference Books 5 minutes 1. Richard J. Teweles, Frank J. Jones, Edited by Ben Warwick,THE FUTURES GAME. Third Edition, Economic Science Press, 2008, 8. 2. Todd Lofton, Getting Started in Futures, Fourth Edition, John Wiley & Sons, Inc. 2001. 3. Donna Kline, Fundamentals of the Futures Market, McGraw-Hill.2001. 4. Jake Bernstein, Second Edition, How the Futures Markets Work, New York Institute of Finance.2000. 5. Perry J. Kaufman. A Short Course in Technical Trading, John Wiley & Sons, Inc. 2003. 6. 叶全良，《期货论》，湖北人民出版社, 2003。 7. 王献立等， 《期货经济学教程》，商务印书 馆, 2003。 8. 段文斌, 王化栋, 《现代期货市场学》, 经 济管理出版社, 2003. 提供参考书目，无论对 学习快的学生还是学 习慢的学生都有好处， 他们可以利用参考书 弥补不足或进行深入 学习和研究。 参考书目既有英文又 有中文目录，学生可以 针对学习

Summary Review the main points in this lecture. 5minutes Homework Review 下次上课时，老师可以 1.Why trade futures? 让学生回答作业中的 2.Visit www.cbot.com and www.lme.com and关键问题，抽查10名 www.shfe.com.cn 学生，计入平时成绩。 第2讲基本内容： 教学内容(28 minutes). 教学方法与设计思想 Chapter 1 The Journey Ahead Methods and Plan MYTHS AND 通过澄清概念，驱除人 MISUNDERSTANDINGS Consider the perceived differences 们最容易产生的误解。 3 minutes between investing,speculating and gambling. What do you think about when you hear each of these words? What are your mental images for each word? The Differences Investor 解释期货市场投资者和 5 minutes Investors come from all walks of life,all 投机者的实际不同。同 levels of education,all races,both sexes, 时说明模糊概念的危 and virtually every age group. 害。 Speculator Many individuals suspect that the “"speculator”seeks to capitalize on the misfortunes of others.taking advantage of short-term imbalances in the of the markets.In reality.it doesn't fit Gambler If what you have learned is not based in 4

4 Summary 5minutes Review the main points in this lecture. Homework Review: 1. Why trade futures? 2. Visit www.cbot.com and www.lme.com and www.shfe.com.cn 下次上课时，老师可以 让学生回答作业中的 关键问题，抽查 10 名 学生，计入平时成绩。 第 2 讲基本内容： 教学内容 （28 minutes） Chapter 1 The Journey Ahead 教学方法与设计思想 Methods and Plan MYTHS AND MISUNDERSTANDINGS 3 minutes Consider the perceived differences between investing, speculating, and gambling. What do you think about when you hear each of these words? What are your mental images for each word? 通过澄清概念，驱除人 们最容易产生的误解。 The Differences 5 minutes Investor Investors come from all walks of life, all levels of education, all races, both sexes, and virtually every age group. Speculator Many individuals suspect that the “speculator” seeks to capitalize on the misfortunes of others, taking advantage of short-term imbalances in the equilibrium of the markets. In reality, it doesn’t fit. Gambler If what you have learned is not based in 解释期货市场投资者和 投机者的实际不同。同 时 说 明模 糊 概念 的 危 害

truth or reality,then you will be prone to make decisions that can have a significant impact on your career and financial future. COMPARISONS AND Gamble-to risk or bet something of 界定三者不同。 CONTRASTS3 minutes value on the outcome of an event,a game of chance,to wager or bet.to take a risk toobtain a desired result Speculate-to make an investment involving risk.but with the hope of gain Gambling is what the public does Speculating iswhat professionals do REALITIES The greater the potential for profit, 风险和报酬的问题说 NECESSITIES OF RISK the greater the possibility of loss. 明。 REWARD 3 minutes The ultimate intent and purpose of futures trading is to provide a marketplace where buyers and sellers can come together to either protect thei existing assets,attempt to increase their profits,or attempt to buy or sell in advance example.hedge)their need or production in given commodity items. Keeping The Following Futures trading isa soliary endeavor. 交易的实际问题说明 Points in Mind5minutes Futures trading is most difficul undertaking Futures trading will be a challenge to anyone who attempts it. Profitable futures trading requires more brains than brawn and more psychology than methodology. Trading commodities can be a gamble or it can be speculation.Itall depends on how one approaches trading

5 truth or reality, then you will be prone to make decisions that can have a significant impact on your career and financial future. COMPARISONS AND CONTRASTS3 minutes Gamble- to risk or bet something of value on the outcome of an event, a game of chance, to wager or bet. to take a risk to obtain a desired result. Speculate- to make an investment involving risk, but with the hope of gain. Gambling is what the public does Speculating is what professionals do 界定 三者不同 。 REALITIES & NECESSITIES OF RISK & REWARD 3 minutes The greater the potential for profit, the greater the possibility of loss. The ultimate intent and purpose of futures trading is to provide a marketplace where buyers and sellers can come together to either protect their existing assets, attempt to increase their profits, or attempt to buy or sell in advance ( example, hedge) their need or production in given commodity items. 风险和报 酬 的问 题 说 明。 Keeping The Following Points in Mind5minutes Futures trading is a solitary endeavor. Futures trading is most difficult undertaking Futures trading will be a challenge to anyone who attempts it. Profitable futures trading requires more brains than brawn and more psychology than methodology. Trading commodities can be a gamble or it can be speculation. It all depends on how one approaches trading. 交易的实际问题说明

Summary Sum the main points 总结本章要点，使学生 加深印象。 Assignments Tell the Differences of Investor. 作业是为了巩固学到的 2 minutes speculator,Gambler 知识。 第3讲基本内容： 教学内容(100 minutes) 教学方法与设计思 Chapter 2 Beginning with the Basics Part onc Methods and Plan Why do we need the futures Suppose that you and I lived in rural area.I market? raise beef cattle.You raise corn 15 miles down 10 minutes the road. Each fall,when your corn comes in,you truck the entire crop to me.and I buy it tofeed tomy steers. To make things fair,we agree that I will pay you the cash price for corn on an exchange on the day I take delivery. Corn is important to both of us It is your principal erop.it is my main cost in feeding cattle. I hope for low prices.All summer long you are praying that something benign-an unexpected Russian purchase, for example-will send corn prices up. One spring day you come to me with a suggestion."Let's set our corn price now for next fall,”you say.气et's pick a price tha allows each of us a reasonable profit and agree on it Then neither of us will have to worry about where prices will be in October. We'll be able to plan better.We can go on 6

6 Summary 5 minutes Sum the main points 总结本章要点，使学生 加深印象。 Assignments 2 minutes Tell the Differences of Investor, speculator, Gambler 作业是为了巩固学到的 知识。 第 3 讲基本内容： 教学内容 （100minutes） Chapter 2 Beginning with the Basics Part one 教学方法与设计思 想 Methods and Plan Why do we need the futures market? 10 minutes Suppose that you and I lived in rural area. I raise beef cattle. You raise corn 15 miles down the road. Each fall, when your corn comes in, you truck the entire crop to me, and I buy it to feed to my steers. To make things fair, we agree that I will pay you the cash price for corn on an exchange on the day I take delivery. Corn is important to both of us. It is your principal crop; it is my main cost in feeding cattle. I hope for low prices. All summer long you are praying that something benign—an unexpected Russian purchase, for example—will send corn prices up. One spring day you come to me with a suggestion. “Let’s set our corn price now for next fall,” you say. “Let’s pick a price that allows each of us a reasonable profit and agree on it. Then neither of us will have to worry about where prices will be in October. We’ll be able to plan better. We can go on

about our business.secure in the knowledge of what we will pay and receive for the corn." agree,and we settle on a price of $300 a bushel.That agreement is called a forward contract-a "contract"because it's an agreement between a buyer(me)and a seller(you);"forward"because we're going to make the actual transaction later,or forward in time. It'sa good idea,but it's not without flaws. Suppose the Russians did announce a huge surprise purchase.ando prices went to $3.50.You would be looking for ways to get out of the contract. By the same token,would not be too eager to abide by our agreement if a bumper crop caused corn prices to fall to $2.50 a bushel.There are other reasons why our forward contract could fail to be met.A hailstorm could wipe out your entire corn crop.I could sell my cattle-feeding operation,and the new owner not feel bound by our agreement.Either one ofus coudgo bankrupt. Futures contracts were devised to solve these problems with fonvand contracts,while retaining most of their benefits.A future contract is simply a forward contract with a few wrinkles added. Definition of a futures A futures contract is an agreement between a 和约的重要性。 contract seller and a buyer.The agreement calls for a 所以应该给予界定 3minutes seller to deliver a specified quantity of a 期货和约。 particular grade of a certain commodity its ash equivalent to a predetermined ocation on a 1

7 about our business, secure in the knowledge of what we will pay and receive for the corn.” I agree, and we settle on a price of $3.00 a bushel. That agreement is called a forward contract—a “contract” because it’s an agreement between a buyer(me) and a seller(you); “forward” because we’re going to make the actual transaction later, or forward in time. It’s a good idea, but it’s not without flaws. Suppose the Russians did announce a huge surprise purchase, and corn prices went to $3.50. You would be looking for ways to get out of the contract. By the same token, would not be too eager to abide by our agreement if a bumper crop caused corn prices to fall to $2.50 a bushel. There are other reasons why our forward contract could fail to be met. A hailstorm could wipe out your entire corn crop. I could sell my cattle-feeding operation, and the new owner not feel bound by our agreement. Either one of us could go bankrupt. Futures contracts were devised to solve these problems with forward contracts, while retaining most of their benefits. A futures contract is simply a forward contract with a few wrinkles added. Definition of a futures contract 3minutes A futures contract is an agreement between a seller and a buyer. The agreement calls for a seller to deliver a specified quantity of a particular grade of a certain commodity or its cash equivalent to a predetermined location on a 和约的重要性。 所以应该给予界定 期货和约

certain date. What is Risk Transfer and How can farmers predict the price they will 说明期货市场的谗 Why transfer it? get for their harvest time? 10 minutes They can't and so the very act of plantins corn is a speculation.But most farmers don't enjoy being speculators.They want to know they will get a fair price for their product enough to make a fair profit to provide suppor for their families If they could transfer some of the risk involved in their business,they would be happy todo so in exchange for a degree of security in the way of aconfirmed price. The standardied futres conract provides a vehicle whereby business risk can be transferred from producersand users of commodities to speculators.who are willing to take achance in exchange for the possibility of huge profits.As the producers and users are able to transfer thei risks Who Benefits from the The transfer of risk using a futures contract Transfer of Risk? can benefit the buyers.or the seller,or both 10 minutes Much depends on the intent of the buyer or seller when the contract is made.A seller who is selling a corn futures contract at $3 and has a production cost of per bushel has locked in profit of $I on the sale The trader who took the other side of the co transaction is unhappy (provided he or she still holds the contract)to be losing $1 on the trade. The risk in this case has been transferred from the producer (seller)to the buyer. 8

8 certain date. What is Risk Transfer and Why transfer it? 10 minutes How can farmers predict the price they will get for their corn at harvest time? They can’t, and so the very act of planting corn is a speculation. But most farmers don’t enjoy being speculators. They want to know they will get a fair price for their product, enough to make a fair profit to provide support for their families. If they could transfer some of the risk involved in their business, they would be happy to do so in exchange for a degree of security in the way of a confirmed price. The standardized futures contract provides a vehicle whereby business risk can be transferred from producers and users of commodities to speculators, who are willing to take a chance in exchange for the possibility of huge profits. As the producers and users are able to transfer their risks. 说明期货市场的诞 生的实际意义，是转 移风险。 Who Benefits from the Transfer of Risk? 10 minutes The transfer of risk using a futures contract can benefit the buyers, or the seller, or both. Much depends on the intent of the buyer or seller when the contract is made. A seller who is selling a corn futures contract at $3 and has a production cost of $2 per bushel has locked in a profit of $1 on the sale. The trader who took the other side of the corn transaction is unhappy (provided he or she still holds the contract) to be losing $1 on the trade. The risk in this case has been transferred from the producer (seller) to the buyer