The birth of American futures market resulted in the world's first power at that time? British attention. As the leader of the industrial revolution at that time, Britain also experienced the market operation risk brought by the uncertainty of commodity prices, but mainly experienced the enterprise operation risk brought by the sharp fluctuation of the prices of industrial raw materials, especially copper, aluminum, tin and other non-ferrous metals.
After the industrial revolution, Britain's national strength rose rapidly. 1860, the proportion of British manufacturing in the world economy was as high as 19? 9%, becoming the first in the history of world economy to be called? World factory? This country. The highly developed manufacturing industry makes Britain have a huge demand for all kinds of industrial raw materials. A large number of metal raw materials come from South America, Africa and the Far East. Under the conditions at that time, it was very risky to transport copper and tin across the ocean: some goods might arrive late, and some might not arrive at all. ? The coming of the future? With the rise of the market, the focus of merchants is the reservation price, which comes from the judgment and estimation of the possible arrival date and the user's demand at that time.
1876 65438+In February, London Metal Exchange Limited was formally established as the former London Metal Exchange (LME). Although there was no formal standard contract at that time, copper bars in Chile, tin in Malaysia and tin in Singapore were determined as the benchmark grades of copper and tin respectively, and the delivery date of the forward contract was 3 months (the sailing time from San Diego and Singapore to the UK was about 3 months). From 65438 to 0899, the trading of copper and tin began to adopt the current trading method, that is, it was divided into two periods in the morning and afternoon, and each period was divided into two rounds. Because the exchange prohibits trading on the floor after the official trading hours, and the official trading hours are too short to meet the needs of traders, some businessmen continue trading in the street outside the building after the official trading hours. The noise of street transactions caused the police to intervene. Then, the exchange allows traders to continue informal trading on the floor after the official trading hours, which leads to? Off-exchange trading? (KerbDealing) is a term that has been used to this day.
The above is the relevant sharing of futures market terms in the 2020 futures qualification examination. I hope it will be helpful to all candidates. If you want to know more about the futures qualification examination, you are welcome to pay attention to this platform in time!
The above is the relevant content of the special term 1 shared by Bian Xiao for the futures market in 2020. For more information, you can pay attention to the global ivy and share more dry goods.