期货英语学习通
AActuals: 现货，见现货商品（Cash Commodity）
Aggregation: The policy under which all futures positions owned or controlled by one trader or a group of traders are combined to determine reportable positions and speculative limits. 合并处理
Arbitrage: The simultaneous purchase and sale of similar commodities in different markets to take advantage of a price discrepancy. 套利
Arbitration: The process of settling disputes between parties by a person or persons chosen or agreed to by them. 仲裁
Associated Person (AP): An individual who solicits orders, customers or customer funds on behalf of a Futures Commission Merchant, an Introducing Broker, a Commodity Trading Advisor or a Commodity Pool Operator and who is registered with the Commodity Futures Trading Commission. 联系人
At-the-Money Option: An option whose strike price is equal—or approximately equal—to the current market price of the underlying futures contract. 平值期权
B
Backwardation: A futures market in which the relationship between two delivery months of the same commodity is abnormal. 延期交割贴水，与延期交割升水(Contango)相对，也见逆转市场（Inverted Market）Basis: The difference between the current cash price of a commodity and the futures price of the same commodity. 基差
Bear Market (Bear/Bearish): A market in which prices are declining. A market participant who believes prices will move lower is called a “bear.” A news item is considered bearish if it is expected to result in lower prices. 熊市
Bid: An expression of willingness to buy a commodity at a given price; the opposite of Offer. 买方出价，买方叫价
Board of Trade: 交易所，见合约市场（Contract Market）
Broker: A company or individual that executes futures and options orders on behalf of financial and commercial institutions and/or the general public. 经纪商，经纪人
Bucketing: Directly or indirectly taking the opposite side of a customer’s order into the broker’s own account or into an account in which the broker has an interest, without open and competitive execution of the order on an exchange. 对敲
Bull Market (Bull/Bullish): A market in which prices are rising. A market participant who believes prices will move higher is called a “bull.” A news item is considered bullish if it is expected to result in higher prices. 牛市
C
Call Option: An option which gives the buyer the right, but not the obligation, to purchase (“go long”) the underlying futures contract at the strike price on or before the expiration date. 看涨期权、买入期权Carrying Charge: The cost of storing a physical commodity, such as grain or metals, over a period of time. The carrying charge includes insurance, storage and interest on the invested funds as well
as other incidental costs. In interest rate futures markets, it refers to the differential between the yield on a cash instrument and the cost of the funds necessary to buy the instrument. 持仓费，也指持有成本（Cost of Carry）
Cash Commodity: The actual physical commodity as distinguished from the futures contract based on the physical commodity. 现货商品，也指现货（Actuals）
Cash Market: A place where people buy and sell the actual commodities (i.e., grain elevator, bank, etc.). 现货市场，也见远期市场（Forward（Cash） Contract）和现货（Spot）
Cash Settlement: A method of settling certain futures or options contracts whereby the market participants settle in cash (rather than delivery of the commodity). 现金结算
Charting: The use of graphs and charts in the technical analysis of futures markets to plot price movements, volume, open interest or other statistical indicators of price movement. 图表分析，也见技术分析（Technical Analysis）
Churning: Excessive trading that results in the broker deriving a profit from commissions while disregarding the best interests of the customers. 炒单、频密买卖、揩油交易
Circuit Breaker: A system of trading halts and price limits on equities and derivatives markets designed to provide a cooling-off period during large, intraday market declines. 停市措施、停板制度、断路器
Clear: The process by which a clearinghouse maintains records of all trades and settles margin
flow on a daily mark-to-market basis for its clearing members. 结算、清算
Clearing house: An agency or separate corporation of a futures exchange that is responsible for settling trading accounts, collecting and maintaining margin monies, regulating delivery and reporting trade data. The clearinghouse becomes the buyer to each seller (and the seller to each buyer) and assumes responsibility for protecting buyers and sellers from financial loss by assuring performance on each contract. 结算所
Clearing Member: A member of an exchange clearinghouse responsible for the financial commitments of its customers. All trades of a non-clearing member must be registered and eventually settled through a clearing member. 结算会员
Closing Price: 收盘价
Closing Range: A range of prices at which futures transactions took place during the close of the market. 收市价幅
Commission: A fee charged by a broker to a customer for executing a transaction. 佣金、手续费
Commission House: 佣金所，见期货经纪商（Futures Commission Merchant）
Commodity Exchange Act (CEA): The federal act that provides for federal regulation of futures trading. 商品交易所法
Commodity Futures Trading Commission (CFTC): The federal regulatory agency established in 1974 that administers the Commodity Exchange Act. The CFTC monitors the futures and options on futures markets in the United States. 商品期货交易委员会
Commodity Pool: An enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures or options contracts. The concept is similar to a mutual fund in the securities industry. 商品基金，也指基金（pool）
Commodity Pool Operator (CPO): An individual or organization which operates or solicits funds for a commodity pool. A CPO is generally required to be registered with the CFTC. 商品基金经理人
Commodity Trading Advisor (CTA): A person who, for compensation or profit, directly or indirectly advises others as to the advisability of buying or selling futures or commodity options. Providing advice includes exercising trading authority over a customer’s account. A CTA is generally required to be registered with the CFTC. 商品期货交易顾问
Confirmation Statement: A statement sent by a Futures Commission Merchant to a customer when a futures or options position has been initiated. The statement shows the price and the number of contracts bought or sold. Sometimes combined with a Purchase and Sale Statement. 确认声明
Contango: A futures market in which prices in succeeding delivery months are progressively higher. 延期交割升水，与延期交割贴水（Backwardation）相对
Contract Market: A board of trade designated by the CFTC to trade futures or options contracts on a particular commodity. Commonly used to mean any exchange on which futures are traded. Also
referred to as an Exchange. 合约市场，也指交易所（exchange）
Contract Month: The month in which delivery is to be made in accordance with the terms of the futures contract. 合约月份，也指交割月份（Delivery Month）
Convergence: The tendency for prices of physical commodities and futures to approach one another, usually during the delivery month. 趋于一致
Cost of Carry: 持有成本，见持仓费（Carrying Charge）
Covered Option: A short call or put option position which is covered by the sale or purchase of the underlying futures contract or physical commodity. 补进期权、有抵期权
Cross-Hedging: Hedging a cash commodity using a different but related futures contract when there is no futures contract for the cash commodity being hedged and the cash and futures market follow similar price trends (e.g., using soybean meal futures to hedge fish meal). 交叉套期保值
Customer Segregated Funds: 客户独立账户，见独立账户（Segregated Account）
D
Day Order: An order that if not executed expires automatically at the end of the trading session on the day it was entered. 当日委托、当日订单Day Trader: A speculator who will normally initiate and offset a position within a single trading session. 当日交易者、做短线者
Default: The failure to perform on a futures contract as required by exchange rules, such as a failure to meet a margin call or to make or take delivery. 违约
Deferred Delivery Month: The distant delivery months in which futures trading is taking place, as distinguished from the nearby futures delivery month. 远期交割合约
Delivery: The transfer of the cash commodity from the seller of a futures contract to the buyer of a
futures contract. Each futures exchange has specific procedures for delivery of a cash commodity. Some futures contracts, such as stock index contracts, are cash settled. 交割
Delivery Month: 交割月份，见合约月份（Contract Month）
Derivative: A financial instrument, traded on or off an exchange, the price of which is directly dependent upon the value of one or more underlying securities, equity indices, debt instruments, commodities, other derivative instruments, or any agreed upon pricing index or arrangement. Derivatives involve the trading of rights or obligations based on the underlying product but do not directly transfer property. They are used to hedge risk or to exchange a floating rate of return for a fixed rate of return. 衍生工具、衍生品
Designated Self-Regulatory Organization (DSRO): When a Futures Commission Merchant (FCM) is a member of more than one Self-Regulatory Organization (SRO), the SROs may decide among themselves which of them will be primarily responsible for enforcing minimum financial and sales practice requirements. The SRO will be appointed DSRO for that particular FCM. NFA is the DSRO for all nonexchange member FCMs. 指定自律管理组织，也见自律管理机构（Self-Regulatory Organization）
Disclosure Document: The statement that must be provided to prospective customers that describes trading strategy, fees, performance, etc. 批露文件
Discount: (1) The amount a price would be reduced to purchase a commodity of lesser grade; (2) sometimes used to refer to the price differences between futures of different delivery months, as in the phrase “July is trading at a discount to May,” indicating that the price of the July future is lower than that of May; (3) applied to cash grain prices that are below the futures price. 折扣、贴水
Discretionary Account: An arrangement by which the owner of the account gives written power of attorney to someone else, usually the broker or a Commodity Trading Advisor, to buy and sell without prior approval of the account owner. 委托账户、全权管理账户，也指管理帐户（Managed Account）
Dual Trading: Dual trading occurs when (1) a floor broker executes customer orders and, on the same day, trades for his own account or an account in which he has an interest; or (2) a Futures Commission Merchant carries customer accounts and also trades, or permits its employees to trade, in accounts in which it has a proprietary interest, also on the same day. 双重交易
E
Electronic Order: An order placed electronically (without the use of a broker) either via the Internet or an electronic trading system. 电子交易Electronic Trading Systems: Systems that allow participating exchanges to list their products for trading after the close of the exchange’s open outcry trading hours (i.e., Chicago Board of Trade’s Project A, Chicago Mercantile Exchange’s GLOBEX and New York Mercantile Exchange’s ACCESS.) 电子交易系统
Equity: The value of a futures trading account if all open positions were offset at the current market price. 权益
Exchange: 交易所，见合约市场（Contract Market）
Exchange for Physicals (EFP): A transaction generally used by two hedgers who want to exchange futures for cash positions.期货转现货，也见Against Actual或者Versus Cash
Exercise: The action taken by the holder of a call option if he wishes to purchase the underlying futures contract or by the holder of a put option if he wishes to sell the underlying futures contract. 履约、行权
Exercise Price: 履约价格、行权价格，见执行价格（Strike Price）
Expiration Date: Generally the last date on which an option may be exercised. It is not uncommon for an option to expire on a specified date during the month prior to the delivery month for the underlying futures contracts. 到期日
Extrinsic Value: 外在价值，见时间价值（Time Value）
F
First Notice Day: The first day on which notice of intent to deliver a commodity in fulfillment of an expiring futures contract can be given to the clearinghouse by a seller and assigned by the clearinghouse to a buyer. Varies from contract to contract. 第一通知日Floor Broker: An individual who executes orders on the trading floor of an exchange for any other
person. 场内经纪人
Floor Trader: An individual who is a member of an exchange and trades for his own account on the floor of the exchange. 场内交易员
Forward (Cash) Contract: A contract which requires a seller to agree to deliver a specified cash commodity to a buyer sometime in the future. All terms of the contract are customized, in contrast to futures contracts whose terms are standardized. Forward contracts are not traded on exchanges. 远期合约
Front running: A process whereby a futures or options position is taken based on non-public information about an impending transaction in the same or related futures or options contract. 扒头交易、插队交易、“坐轿子”
Fully Disclosed: An account carried by a Futures Commission Merchant in the name of an individual customer; the opposite of an Omnibus Account. 完全公开
Fundamental Analysis: A method of anticipating future price movement using supply and demand information. 基础分析法、基本面分析
Futures Commission Merchant (FCM): An individual or organization which solicits or accepts orders to buy or sell futures contracts or commodity options and accepts money or other assets from customers in connection with such orders. An FCM must be registered with the CFTC. 期货经纪商
Futures Contract: A legally binding agreement to buy or sell a commodity or financial instrument at a later date. Futures contracts are standardized according to the quality, quantity and delivery time and location for each commodity. The only variable is price. 期货合约、期货合同
Futures Industry Association (FIA): The national trade association for Futures Commission Merchants. （美国）期货业协会
G
Grantor: A person who sells an option and assumes the obligation to sell (in the case of a call) or buy (in the case of a put) the underlying futures contract at the exercise price. 出让人，也指期权卖方（Option Seller or Writer）Guaranteed Introducing Broker: A firm or individual that solicits and accepts commodity futures orders from customers but does not accept money, securities or property from the customer. A Guaranteed Introducing Broker has a written agreement with a Futures Commission Merchant that obligates the FCM to assume financial and disciplinary responsibility for the performance of the Guaranteed Introducing Broker in connection with futures and options customers. Therefore, unlike an Independent Introducing Broker, a Guaranteed Introducing Broker must introduce all accounts to its guarantor FCM but is not subject to minimum financial requirements. All Introducing Brokers must be registered with the CFTC. 担保介绍经纪商
H
Hedging: The practice of offsetting the price risk inherent in any cash market position by taking anequal but opposite position in the futures market. A long hedge involves buying futures contracts to protect against possible increasing prices of commodities. A short hedge involves selling futures contracts to protect against possible declining prices of commodities. 套期保值
High: The highest price of the day for a particular futures contract. 最高价
Holder: The purchaser of either a call or put option. Option buyers receive the right, but not the obligation, to assume a futures position. The opposite of a Grantor. 持有人，也指期权买方（Option Buyer）
I
In-the-Money Option: An option that has intrinsic value. A call option is in-the-money if its strike price is below the current price of the underlying futures contract. A put option is in-the-money if its strike price is above the current price of the underlying futures contract. 实值期权Independent Introducing Broker: A firm or individual that solicits and accepts commodity futures orders from customers but does not accept money, securities or property from the customer. Unlike a Guaranteed Introducing Broker, an Independent Introducing Broker is subject to minimum capital requirements and can introduce accounts to any registered Futures Commission Merchant. 独立介绍经纪商
Initial Margin: The amount a futures market participant must deposit into a margin account at the time an order is placed to buy or sell a futures contract. 初始保证金，也见保证金（Margin）
Intrinsic Value: The amount by which an option is in-themoney. 内在价值
Introducing Broker (IB): 介绍经纪商，见担保介绍经纪商（Guaranteed Introducing Broker）和独立介绍经纪商（Independent Introducing Broker）
Inverted Market: 逆转市场，见延期交割贴水（Backwardation）
L
Last Trading Day: The last day on which trading may occur in a given futures or option. 最后交易日Leverage: The ability to control large dollar amounts of a commodity with a comparatively small amount of capital. 杠杆、杠杆作用
Limit: 停板，见限仓、头寸限额、最大持仓量（Position Limit），价格升降限制、限价（Price Limit），价格变动限制（Variable Limit）
Liquidate: To take a second futures or options position opposite to the initial or opening position. To sell (or purchase) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or make (or take) delivery of the cash commodity represented by the futures market. 平仓、清算、了结，也指抵消、对冲（Offset）
Liquidity (Liquid Market): A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price. 流动性
Local: A member of an exchange who trades for his own account or fills orders for customers. 从事本身账户买卖的交易员
Long: One who has bought futures contracts or owns a cash commodity. 多头、买方
Low: The lowest price of the day for a particular futures contract. 最低价
M
Maintenance Margin: A set minimum margin (per outstanding futures contract) that a customer must maintain in his margin account to retain the futures position. See also Margin. 维持保证金Managed Account: See Discretionary Account. 管理帐户，见委托帐户（Discretionary Account）
Managed Funds Association (MFA) The trade association for the managed funds industry. 管理基金协会
Margin: An amount of money deposited by both buyers and sellers of futures contracts and by sellers of options contracts to ensure performance of the terms of the contract (the making or taking delivery of the commodity or the cancellation of the position by a subsequent offsetting trade). Margin in commodities is not a down payment, as in securities, but rather a performance bond. 保证金，也见初始保证金（Initial Margin），维持保证金（Maintenance Margin）和变动保证金（Variation Margin）
Margin Call: A call from a clearinghouse to a clearing member, or from a broker or firm to a customer, to bring margin deposits up to a required minimum level. 追加保证金通知
Mark-to-Market: To debit or credit on a daily basis a margin account based on the close of that day’s trading session. In this way, buyers and sellers are protected against the possibility of contract default. 逐日盯市
Market Order: An order to buy or sell a futures or options contract at whatever price is obtainable when the order reaches the trading floor. 市价指令、市价委托
Maximum Price Fluctuation: 最大价格波动幅度，见价格涨跌限制（Price Limit）
Mediation: A voluntary process in which the parties to a futures-related dispute work with a neutral third party to find a mutually acceptable solution. 仲裁
Minimum Price Fluctuation: 最小价格波动，见最小变动单位（Tick）
N
Naked Option: 光身期权，见空头期权（Uncovered Option）National Futures Association (NFA): Authorized by Congress in 1974 and designated by the CFTC in 1982 as a “registered futures association,” NFA is the industrywide self-regulatory organization of the futures industry. （美国）全国期货协会
National Introducing Brokers Association (NIBA): NIBA is a non-profit organization for guaranteed and independent introducing brokers. （美国）全国介绍经纪商协会
Nearby Delivery Month: The futures contract month closest to expiration. Also referred to as the Spot Month. 临近交割月份，也指现货月份（Spot Month）
Net Asset Value: The value of each unit of participation in a commodity pool. Basically a calculation of assets minus liabilities plus or minus the value of open positions when marked to the market, divided by the total number of outstanding units. 净资产、资产净值
Net Performance: An increase or decrease in net asset value exclusive of additions, withdrawals and redemptions. 保证金净值
Notice Day: Any day on which a clearinghouse issues notices of intent to deliver on futures contracts. 通知日
O
Offer: An indication of willingness to sell a futures contract at a given price; the opposite of Bid. 要约、报价Offset: 抵消、对冲，见平仓、清算、了结（Liquidate）
Omnibus Account: An account carried by one Futures Commission Merchant (FCM) with another FCM in which the transactions of two or more persons are combined and carried in the name of the originating FCM rather than of the individual customers; the opposite of Fully Disclosed. 综合账户、多用途账户
Open: The period at the beginning of the trading session officially designated by the exchange during which all transactions are considered made “at the open.” 开仓
Open Interest: The total number of futures or options contracts of a given commodity that have not yet been offset by an opposite futures or option transaction nor fulfilled by delivery of the commodity or option exercise. Each open transaction has a buyer and a seller, but for calculation of open interest, only one side of the contract is counted. 未平仓合约
Open Outcry: A method of public auction for making bids and offers in the trading pits of futures exchanges. 公开叫价
Open Trade Equity: The unrealized gain or loss on open positions. 未平仓交易资产
Opening Range: The range of prices at which buy and sell transactions took place during the opening of the market. 开市价幅
Option Buyer: 期权买方，见持有人（Holder）
Option Contract: A contract which gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or a futures contract at a specific price within a specified period of time. The seller of the option has the obligation to sell the commodity or futures contract or buy it from the option buyer at the exercise price if the option is exercised. 期权合约，也见看涨期权（Call Option）和看跌期权（Put Option）
Option Premium: The price a buyer pays (and a seller receives) for an option. Premiums are arrived at through open outcry. There are two components in determing this price—extrinsic (or time) value and intrinsic value. 期权金、期权价格
Option Seller: 期权买方，见出让人（Grantor）
Out-of-the-Money Option: A call option with a strike price higher or a put option with a strike price lower than the current market value of the underlying asset, (i.e., an option that does not have any intrinsic value). 虚值期权
Out Trade: A trade which cannot be cleared by a clearinghouse because the data submitted by the two clearing members involved in the trade differs in some respect. All out trades must be resolved before the market opens the next day. 穿价买卖
Over-the-Counter Market (OTC): A market where products such as stocks, foreign currencies and other cash items are bought and sold by telephone and other electronic means of communication rather than on a designated futures exchange. 场外交易市场、柜台交易市场
Overbought: A technical opinion that the market price has risen too steeply and too fast in relation to underlying fundamental factors. 超买
Oversold: A technical opinion that the market price has declined too steeply and too fast in relation to underlying fundamental factors. 超卖
P
Par: The face value of a security. 面值Pit: The area on the trading floor where trading in futures or options contracts is conducted by open outcry. 交易场
Pool: 基金，见商品基金（Commodity Pool）
Position: A commitment, either long or short, in the market. 持仓量、头寸
Position Limit: The maximum number of speculative futures contracts one can hold as determined by the CFTC and/or the exchange where the contract is traded. 限仓、头寸限额、最大持仓量
Position Trader: A trader who either buys or sells contracts and holds them for an extended period of time, as distinguished from a day trader. 头寸交易商
Prearranged Trading: Trading between brokers in accordance with an expressed or implied agreement or understanding. Prearranged trading is a violation of the Commodity Exchange Act. 预定交易
Premium: Refers to (1) the amount a price would be increased to purchase a better quality commodity; (2) a futures delivery month selling at a higher price than another; (3) cash prices that are above the futures price; (4) the price paid by the buyer of an option; or (5) the price received by the seller of an option. 溢价、升水、期权价格、权利金
Price Discovery: The process of determining the price of a commodity by trading conducted in open outcry at an exchange. 价格发现
Price Limit: The maximum advance or decline, from the previous day’s settlement price, permitted for a futures contract in one trading session. 价格涨跌限制、限价，也指价格最大波动幅度（Maximum Price Fluctuation）
Purchase and Sale Statement (P&S): A statement sent by a Futures Commission Merchant to a customer when a futures or options position has been liquidated or offset. The statement shows the number of contracts bought or sold, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges and the net profit or loss on the transaction. Sometimes combined with a Confirmation Statement. 日结单对账表
Put Option: An option which gives the buyer the right, but not the obligation, to sell the underlying futures contract at a particular price (strike or exercise price) on or before a particular date. 看跌期权、卖出期权
Pyramiding: The use of unrealized profits on existing futures positions as margin to increase the size of the position, normally in successively smaller increments. 连续投机
Q
Quotation: The actual price or the bid or ask price of either cash commodities or futures or options contracts at a particular time. 报价R
Range: The difference between the high and low price of a commodity during a given trading session, week, month, year, etc. 价幅Regulations (CFTC): The regulations adopted and enforced by the CFTC in order to administer the Commodity Exchange Act. 规则
Reparations: The term is used in conjunction with the CFTC’s customer claims procedure to recover civil damages. 赔款条例
Reportable Positions: The number of open contracts specified by the CFTC when a firm or individual must begin reporting total positions by delivery month to the authorized exchange and/or the CFTC. 需申报的持仓量
Round Turn: A completed futures transaction involving both a purchase and a liquidating sale, or a
sale followed by a covering purchase. 轧平交易、完整交易
Rules (NFA): The standards and requirements to which participants who are required to be Members of National Futures Association must subscribe and conform. 规章
S
Scalper: A trader who trades for small, short-term profits during the course of a trading session, rarely carrying a position overnight. 投机倒把者、掮客、“黄牛”Segregated Account: A special account used to hold and separate customers’ assets from those of the broker or firm. 独立账户
Self-Regulatory Organization (SRO): Self-regulatory organizations (i.e., the futures exchanges and National Futures Association) enforce minimum financial and sales practice requirements for their members. 自律管理机构，也见指定自律管理机构（Designated Self-Regulatory Organization）
Settlement Price: The last price paid for a futures contract on any trading day. Settlement prices are used to determine open trade equity, margin calls and invoice prices for deliveries. 结算价格（注：美国的结算价为收盘价，中国的结算价为按照当日成交量加权平均的价格）
Short: One who has sold futures contracts or plans to purchase a cash commodity (e.g., a food
processor). 空头
Speculator: A market participant who tries to profit from buying and selling futures and options contracts by anticipating future price movements. Speculators assume market price risk and add liquidity and capital to the futures markets. 投机者、炒手
Spot: Usually refers to a cash market price for a physical commodity that is available for immediate delivery. 现货、即期
Spot Month: 现货月份，见临近交割月份（Nearby Delivery Month）
Spreading: The simultaneous buying and selling of two related markets or commodities in the expectation that a profit will be made when the position is offset. 价差交易
Stop Order: An order that becomes a market order when the futures contract reaches a particular price level. A sell stop is placed below the market, a buy stop is placed above the market. 止损指令
Strike Price: The price at which the buyer of a call (put) option may choose to exercise his right to purchase (sell) the underlying futures contract. 执行价格、行权价格，也称为执行价格（Exercise Price）
Swap: In general, the exchange of one asset or liability for a similar asset or liability for the purpose of lengthening or shortening maturities, or raising or lowering coupon rates, to maximize revenue or minimize financing costs. 掉期、互换
T
Technical Analysis: An approach to analysis of futures markets which examines patterns of price change, rates of change, and changes in volume of trading, open interest and other statistical indicators. 技术分析，也见图表分析（Charting）Tick: The smallest allowable increment of price movement for a futures contract. 最小变动单位，也指最小价格波幅（Minimum Price Fluctuation）
Time Value: The amount of money options buyers are willing to pay for an option in anticipation that over time a change in the underlying futures price will cause the option to increase in value. In general, an option premium is the sum of time value and intrinsic value.Any amount by which an option premium exceeds the option’s intrinsic value can be considered time value. 时间价值，也指外在价值(Extrinsic Value)
U
Uncovered Option: A short call or put option position which is not covered by the purchase or sale of the underlying futures contract or physical commodity. 空头期权，也指光身期权（Naked Option）Underlying Futures Contract: The specific futures contract that the option conveys the right to buy (in case of a call) or sell (in the case of a put). 标的期货合约
Variable Limit: A price system that allows for larger than normal allowable price movements under certain conditions. In periods of extreme volatility, some exchanges permit trading at price levels that exceed regular daily price limits. 价格变动限制
V
Variation Margin: Additional margin required to be deposited by a clearing member firm to the clearinghouse during periods of great market volatility or in the case of high-risk accounts. 变动保证金Volatility: A measurement of the change in price over a given time period. 波动性
Volume: The number of purchases and sales of futures contracts made during a specified period of time, often the total transactions for one trading day. 成交量
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