原油交割时间：12/06/2009
提示：
如果大家交易原油，请务必先弄清楚原油交割的意思和可能带来的风险。
一般来说交割时间在每月的9号－－16号不等,当日的具体交割停盘时间在19：30 英国时间
特别提醒：尤其是仓内资金不高，有订单的顾客请特别注意存在的潜在风险。如果当日没有持仓头寸，交割将不会有任何影响。
ODL原油合约定义
Unlike Spot foreign exchange, the oil contract is based on the ICE futures price (Front-Spot Month). This futures price is the largest price benchmark for the oil industry worldwide.
与现货外汇市场不同,本公司的原油合约是基于ICE期货价格(基于下月的现货价格).这种期货价格是目前世界原油工业最大的价格基准.
Futures contracts EXPIRE because they are related to a definitive date and there are many months traded.
因为该产品与特定的交易月份和日期相关,因此会出现’过期’的现象.
(The forward prices can be higher or lower depending on market conditions下月产品价格可能比原来高也可能低,取决于市场情况).
For example:
例如:
Expiry Date 到期日 Price 价格
September 9月 2008 14/08/08 $113.47
October 10月 2008 15/09/08 $114.85
November 11月 2008 16/10/08 $115.85
December 12月 2008 13/11/08 $116.70
January 1月 2009 16/12/08 $117.40
February 2月 2009 15/01/09 $117.92
March 3月 2009 12/02/09 $118.24
April 4月 2009 16/03/09 $118.44
May 5月 2009 15/04/09 $118.60
June 6月 2009 14/05/09 $118.66
In order to remove final day volatility at ODL we switch from using the front month and into the second month one day prior to the exchange expiry above.
为避免期货到期当天的市场波动,我们会于市场到期前一天将产品从前一月的价格转换到下一个月的价格.
Using the example above when September expires, the October price needs to be used and the price will increase by $1.38. This is obviously not a price rise in oil but just a move to a new reference price and therefore no profit or loss will be incurred as a result.
在以上的例子中,当九月的产品到期时,原油价格会根据十月产品价格调高$1.38.这个价格调高并不是石油本身的价格上涨,而仅仅是一个新参考价格的变动,因此不会出现任何的赢利或者亏损.
In order to make sure this does not cost, a cash adjustment needs to be made and please find two examples below:
为保障客户的仓位前后一致,我们会做一个调整,具体见以下两个例子:
Example 1例子1
Long position of 1000 barrels @ $113.47 在$113.47购买1000桶原油
Profit of $1,380 is made on open position在开仓位置出现$1,380的赢利
Cash adjustment of - $1,380 is made on account 因此我们在帐户上以利息方式扣除$1,380
Net financial effect is zero.总效应为0
Example 2例子2
Short position of 2000 barrels @ $113.47在$113.47做空2000桶原油
Loss of $2,760 is incurred on open position在开仓位置出现$$2,760亏损
Cash adjustment of +$2,760 is made on account因此我们在帐户上会以利息方式填补$2,760
Net financial effect is zero. 总效应为0
When the ODL oil price is rolled from one month into the next this is booked at the official futures settlement price on the exchange (e.g. $1.38). Every other trader in the market would need to pay “the spread” which could be a cost of anything up to about 10 cents ($1.33/ $1.43). At ODL we do not pass on this cost to our customers.
当ODL原油价格从前月转到下月时,该价格波动反映的是交易所官方期货合同结算价格的变动,例如之前所提到的$1.38.市场的其他券商可能会要求客户支付买卖价格波动差,此差别可能最大达到10美分.但在ODL,我们不将此成本转嫁给客户.
尤其是仓内资金不高，有订单的顾客请特别注意存在的潜在风险。如果当日没有持仓头寸，交割将不会有任何影响