Currency futures, also known as foreign exchange futures, futures contracts World pipe network reported that the world's steel pipe network to provide the world's steel pipe network editor , based on the exchange rate of the subject matter used to avoid exchange rate risk. The disintegration of the Bretton Woods fixed exchange rate regime
the early 1970s, this century has been replaced by a floating exchange rate system, currencies of major Western countries have decoupled from the U.S. dollar, fluctuations in exchange rates frequently, increasing market risk. The globalization of the economy makes more and more companies face the risk of exchange rate fluctuations, the market is an urgent need to avoid this risk tool, currency futures in this context.
First tangible currency futures market was established in May 1972, the International Monetary Market (International Monetary Market), referred to as the IMM, it is a branch of the Chicago Mercantile Exchange. , To variety of transactions six international currency futures contracts, the U.S. dollar, British pound, Canadian dollar, German mark, Japanese yen, Rui on the franc after the righteous increase the these currency
, options transactions. The London International Financial Futures and Options Exchange is another important currency exchange, it was founded Ding 1982, the main trading varieties pounds Rui on the franc, German mark, Japanese yen, the dollar futures contracts and options. Since then, Australia, Canada, the Netherlands, Singapore and other countries began to set up a number of currency futures exchange. Carry out currency futures trading, but still the two exchanges in Chicago, London trading volume
of currency futures and forward foreign exchange transactions, with the following characteristics:
① market participants. Forward foreign exchange transactions, the main participants are the banks and other financial institutions and multinational enterprises, and currency futures is its flexible way to provide a risk-averse management tools for a variety of enterprises.
② mobility. Forward foreign exchange transactions due to the limitations of the participants in the number of low mobility of Generally contracts, currency futures trading from the number of participants, and a large number of speculators and arbitrageurs, better mobility.
③ means of transaction. Far Long foreign exchange trading market is the invisible foot built by the financial institutions and their customers with a variety of means of communication, currency futures Big Easy is in a specialized exchange is visible market transactions.
④ The contract of the degree of standardization. The contract of forward foreign exchange transactions by financial institutions and customers in accordance with its request consultations, the units of currency futures trading is about is a standardized contract, the unit of trading varietiesWorld Steel Pipe , changes in magnitude, price limits, delivery time, projects are pre- determined.
⑤ credit risk. Forward foreign exchange transactions of both transactions is mainly built on each other's credit on the basis of the relative wind bands, currency futures trading by the exchange or clearing house as collateral, the risk borne by the Exchange.
(6) Compliance way. The compliance of the forward foreign exchange transactions is a full cash settlement of foreign exchange, currency futures are mostly adopted a hedging transaction closed, take a small portion of the cash delivery method