Arbitrage is a kind of hedging strategy in portfolio investing , as a mean approach to evade future trading risk , it ’ s been world wildly used by all kinds of invest funding and other financial institution . in the matured commodity future markets , the percentage of arbitrage trading in total trading volume is more than 40 % 套利是对冲式资产组合投资策略,作为期货市场规避风险功能的实现方式之一,在国际上被投资基金和机构广泛利用,在国外成熟的商品期货市场中,套利交易占总交易量的40 %以上。
The arbitrage of commodity futures takes advantage of the price relation in different delivery month futures contracts . as market factors affecting short - term and long - term commodity future prices are not same , or the same factors may affect the market to different extent in the short term and long term , therefore their spread will change . the spread may deviate from the range of the price variation of the two contracts , or it may possibly form trend 商品期货套利交易利用不同期货合约之间的价格关系来获利,由于影响短期和长期期货价格的市场因素不尽相同,或者同一因素对市场的短期影响和长期影响有别,反映在期价的变化上就是近期合约价格和远期合约价格的变化幅度不一,最终导致不同期货合约间的价差关系发生变化,价差可能脱离两合约之间正常的价差变动范围,也可能形成趋势。
Combined with the financial futures theory , accounting of corporation engaged in irfs is further discussed . and four kinds of irfs transaction including speculation , spread , arbitrage and hedge are studied in detail . accounting of arbitrage and accounting of spread , which are often ignored by most research on the derivative financial instruments ( dfis ) accounting , are also studied 对利率期货投资企业会计，在现有衍生金融工具会计的研究中，大多对套利交易、套购交易会计问题采取存而不论的态度，本文按照交易方式将利率期货交易进一步分为利率期货纯粹投机交易、套利交易、套购交易和套期保值交易四部分进行了尝试性的讨论。
With the prerequisite of reasonable hypothesis , the author starts from the general definition of the arbitrage , obtains the no - arbitraging condition , namely the pricing model of the stock index futures , explains the other pricing models , and discusses the process of the index arbitrage with the model 对于指数套利交易策略，本文在合理假设的前提下从套利的一般定义出发，得出了无套利条件，即股指期货的定价模型，并对其他一些常见的定价模型进行了解释，然后利用这一模型讨论了套利交易的过程。
Then , it raises the following questions , in our present market environment and legal framework , what characteristics do 50etf transaction mechanisms have ? what is the meaning of the arbitrage to etf ? and as one of the most important functions of arbitrage trading , how to play its due role , and how to further improve and develop the etf products and related derivatives 那么,由此引出的问题就是:在我国现有的市场环境和法律框架内,上证50etf的交易运行机制有哪些自身的特点,套利对于etf的意义何在,作为etf最重要的功能之一的套利交易能否发挥它应有的作用,如何才能进一步完善和发展etf产品及其相关衍生品等等。
As the outcome of market economic , arbitrage trading gradually developed in chinese future market . in the year of 2005 , chinese future market experienced great fluctuation , even inventors stand on the right base of future pricing moving , they were keeping losing money . but arbitraging scales kept increasing with a unique feature of stability and profitability 套利作为市场经济的产物,近年来随着我国商品期货市场的稳步规范发展,也逐渐活跃起来,尤其是去年以来,几乎所有的期货品种都巨幅波动,出现了即使看对方向也亏钱的现象,而套利交易却以其独特的优势保持了较强的稳定性和盈利能力,因而套利交易规模出现不断增长的局面。
The first chapter describes the history of stock index futures and the new trends of development in the past few years , from which we can conclude that stock index futures have been the focuses of innovation and competition for capital markets all over the world . from the angle of attendants , the second chapter analyses the conceptions and roles of hedging > speculation and arbitrage 第一部分叙述了股指期货的国际发展历程及其近年来发展的新趋势，从中可以看出股指期货已经成为各国资本市场创新和竞争的焦点所在；第二部分从股指期货市场交易主体的角度，分析了套期保值交易、投机交易与套利交易的含义及各自的作用。
Stock index futures pricing by no - arbitrage theory and an actual no - arbitrage mathematical model of stock index futures was given in this dissertation , arbitrager should find out whether there are some opportunities according to their arbitrage cost . to get a maximal income they should use transformative arbitrage strategy flexibly which was given in the dissertation 本文基于无套利理论对股票指数期货进行定价，给出了股票指数期货实际的无套利数学模型，根据该模型可得出:套利者应该根据自身的套利成本判断是否有套利机会，在进行套利交易时应该灵活地运用本文给出的套利交易的变形策略，使套利交易收益更高。
