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1、Futures,fromthemeaningoftheworditselfandcomparedwiththeactuals,mustbesomethingrelativetothefuture.Itisatermhereusedtodesignateallcontractscoveringthesaleoffinancialinstrumentsorphysicalcommoditiesforfuturedeliveryonacommodityexchange.Inthethirtiesandthefortiesofthe
2、nineteenthcentury,Chicagobecamethecenterofthecargoofthegrain,foritssignificanthuggeographiclocationandagriculturalappealingclimates.Becauseofthedefiniteharvestingseasonofthegrain,inefficientwarehousesandtheinconvenienttransportation,thegrain'spricefluctuatedaccordi
3、ngtothedemandandtheseason.Asaresult,graintransactionturnedtobehighlyrisky.Inordertoensuretheirfutureinterest,thegrainmediatorssignedthesalecontractswiththemanufacturersandthegrainsalesmen,whichstipulatedthefuturedealinginthespringofthenextyear,immediatelyaftertheir
4、purchaseofthegrain,thustheforwardcontract(Acashmarkettransactioninwhichdeliveryofthecommodityisdeferreduntilafterthecontracthasbeenmade.Itisnotstandardizedandisnottradedonorganizedexchange)cameintobeing.Inthefollowingtenandevenmoreyears,alistofshortcomingshackledfo
5、rwardcontracttradingfromfuturedeveloping?First,therearenostandardizedrulesforthequalityanddeliverytimeoftheexchangecommoditiesintheforwardcontracttrading.What^smore,theforwardcontractsthemselvesaredifficulttoexchange.Itseemedtobenootherchoicesotherthanperformanceat
6、themeantime.Thisfeaturewashardlyabletosuittheflexiblesituationofthemarket.Then,whetheroneforwardcontractwouldbecarriedoutontimeornot,completelydependsonthetrader^confidenceoverhispartner.Theusualsituationturnedouttobeofhighcostandthoroughinvestigation,whichledtohig
7、hriskintheperformanceofthecontract.Inordertocopewithalltheseproblems,CNE(ChicagoMercantileExchange)formedtheGeneralRulesin1865,tostandardizetheforwardcontractandallowwhichtoexchangefreelythenthefuturescontracts(Astandardized,transferablelegalagreementtomakeortakede
8、liveryofaspecifiedamountofacertaincommodityofacertaingradeortypeataspecifiedamountofacertaincommodityofacertaingradeortypeataspecifiedpointinthef
