交易机制 Trading Mechanics 清算所一担当多头寸的合约卖方和空头寸的合约买方 Clearinghouse - acts as a party to all buyers and sellers 有义务向多头寸转让商品和向空头寸转让的商品支付货 Obligated to deliver or supply delivery ■平仓 Closing out positions 反向交易 Reversing the trade 买入和出售 Take or make delivery 绝大部分交易都被对冲没有实际的交易 Most trades are reversed and do not involve actual delivery 22622-6 交易机制 Trading Mechanics 清算所－ 担当多头寸的合约卖方和空头寸的合约买方 Clearinghouse - acts as a party to all buyers and sellers. – 有义务向多头寸转让商品和向空头寸转让的商品支付货 款 Obligated to deliver or supply delivery 平仓Closing out positions – 反向交易 Reversing the trade – 买入和出售 Take or make delivery – 绝大部分交易都被对冲没有实际的交易 Most trades are reversed and do not involve actual delivery