期貨(Futures)-2018

期貨合約(Futures contract)，簡稱期貨(Futures)，是一種跨越時間的商品或金融交易方式。買賣雙方透過簽訂合約，同意按指定的時間、價格與其他交易條件，交收指定數量的現貨。通常期貨集中在期貨交易所，以標準化合約進行買賣，但亦有部分期貨合約可透過櫃台交易進行買賣，稱為場外交易合約。

期貨是一種衍生工具，按現貨標的物之種類，期貨可分為商品期貨與金融期貨兩大類。參與期貨交易者之中，套利者(對沖者)透過買賣期貨，鎖定利潤與成本，減低時間帶來的價格波動風險。投機者則透過期貨交易承擔更多風險，伺機在價格波動中牟取利潤。

不少期貨市場發展自遠期合約，指一對一個別簽訂的跨時間買賣合同，交易細則由買賣雙方自行約定。期貨合約則由交易所劃一標準化，讓來自世界各地的交易者可在同一個平台上方便地撮合交易。期權(選擇權)是從期貨合約上再衍生出來的另一種衍生工具。

期貨種類

商品期貨

• 農產品期貨：如棉花、大豆、小麥、玉米、白糖、咖啡、豬肉、奶油、牛奶、菜籽油、天然橡膠、棕櫚油、紅酒、家禽家畜。
• 金屬期貨：如銅、鋁、錫、鋅、鎳、鉛、鋼、黃金、白銀及其他貴金屬。
• 能源期貨：如煤、原油、汽油、燃料油。新興商品包括氣溫、二氧化碳和二氧化硫排放配額。

金融期貨:如國債期貨、股指期貨以及加密貨幣。

世界主要期貨交易所

CME Group(formerly CBOT and CME) -- Currencies, Various Interest Rate derivatives (including US Bonds); Agriculture (Corn, Soybeans, Soy Products, Wheat, Pork, Cattle, Butter, Milk); Indices (Dow Jones Industrial Average, NASDAQ Composite, S&P 500, etc.); Metals (Gold, Silver)

Intercontinental Exchange(ICE Futures Europe) - formerly theInternational Petroleum Exchange trades energy including crude oil, heating oil, gas oil (diesel), refined petroleum products, electric power, coal,natural gas, and emissions

NYSE Euronext- which absorbed Euronext into which London International Financial Futures and Options Exchange or LIFFE(pronounced 'LIFE') was merged. (LIFFE had taken over London Commodities Exchange ("LCE") in 1996)- softs: grains and meats. Inactive market inBaltic Exchange shipping. Index futures include EURIBOR,FTSE 100,CAC 40,AEX index.

South African Futures Exchange - SAFEX

Sydney Futures Exchange

Tokyo Stock ExchangeTSE (JGB Futures, TOPIX Futures)

Tokyo Commodity ExchangeTOCOM

Tokyo Financial Exchange- TFX - (Euroyen Futures, Over Night Call Rate Futures, SpotNext Repo Rate Futures)

Osaka Securities Exchange OSE (Nikkei Futures, RNP Futures)

London Metal Exchange- metals:copper, aluminum,lead,zinc,nickel,tin and steel

Intercontinental Exchange(ICE Futures U.S.) - formerly New York Board of Trade - softs:cocoa,coffee,cotton,orange juice,sugar

New York Mercantile Exchange(CME Group)- energy and metals:crude oil,gasoline,heating oil,natural gas,coal,propane,gold,silver,platinum,copper,aluminum and palladium

Dubai Mercantile Exchange

JFX Jakarta Futures Exchange

Montreal Exchange(MX) (owned by theTMX Group) also known in French as Bourse De Montreal: Interest Rate and Cash Derivatives: Canadian 90 Days Bankers' Acceptance Futures, Canadian government bond futures,S&P/TSX 60Index Futures, and various other Index Futures

Korea Exchange- KRX

Singapore Exchange- SGX - into which merged Singapore International Monetary Exchange(SIMEX)

ROFEX- Rosario (Argentina) Futures Exchange

NCDEX- National Commodity and Derivatives Exchange, India

Ever Markets Exchange(EMX) - slated for launch in late 2018 - global currencies, equities, commodities and cryptocurrencies

FEX Global- Financial and Energy Exchange of Australia