1.10 Terminologies The party that has agreed to buy has what is termed a long position(多头) The party that has agreed to sell has what is termed a short position(空头) Options, Futures, and Other Derivatives, 4th edition g 2000 by John C Hull Tang Yincai, C 2005Options, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2005 1.10 Terminologies • The party that has agreed to buy has what is termed a long position(多头) • The party that has agreed to sell has what is termed a short position(空头)