单词 | 基差 |
释义 | 基差 Basis 基差为期货价格与标的资产现货价格的差距,通常是指最近月期货价减去现货价的结果。现货价与期货价有高度的相关性,但基差并非一成不变。基差交易(basis trade)就是根据对基差变动的预期而进行的买卖。随着期货趋近到期日,基差一般会逐渐缩窄,最终归於零(见图2)。 参见Backwardation(现货升水,倒价)和Contango(现货贴水)。 "The difference between futures prices and the corresponding underlying cash price. Basis is normally quoted as cash price deducted from futures price of the nearest delivery month. There is a high degree of correlation between cash and futures prices but the basis is not constant. A basis trade exploits the expected movements in basis. Basis is likely to reduce and eventually to shrink to nothing as the futures contract approaches its expiry date.See also: Backwardation, Contango" |
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