12ตลาดล่วงหน้าA Futures Market is a centralized marketplace where commodities are bought and sold for future delivery. Used primarily to reduce risk and not to make or take delivery. (A commitment to buy or sell a futures contract can be canceled out by making a second futures market transaction that is exactly opposite the original one.)Source: Chicago Board of Trade Commodity Markets: Development, Economic uses, Trading in Futures. Board of Trade of the City of Chicago, U.S.A.
13สัญญาซื้อขายล่วงหน้า A Futures Contract is a legally binding agreement to buy or sell a standardized amount of a commodity of a standardized minimum quality grade, during a specific month, under terms and conditions established by State authorities. The trading can take place either in the trading pit (e.g. Chicago Board of Trade) or in an electronic trading system [e.g. Warenterminbörse Hannover (Hannover Commodity Exchange)] .Source: Chicago Board of Trade Commodity Markets: Development, Economic uses, Trading in Futures. Board of Trade of the City of Chicago, U.S.A.
14ประเภทของตลาด ตลาดปัจจุบัน (Cash Market or Spot Market) ตลาดล่วงหน้าหรือตลาดอนาคต (Futures Market)
20Figure 1. 1 Volume of futures and options in the world by U. S Figure 1.1 Volume of futures and options in the world by U.S.A and Non-U.S.A. Exchange,
21Table 1.1 Volume of futures and options traded by ten large international exchanges in 2002 and 2003 Korea Stock Exchange (Korea)2,8991,93250.1EUREX 11,01480126.7EURONEXT 2695696-0.1Chicago Mercantile Exchange (U.S.A.)64055814.9Chicago Board of Trade (U.S.A.)45434332.4Chicago Board Options Exchange (U.S.A.)2832675.9International Securities Exchange24415260.5American Stock Exchange (U.S.A.)180186-3.2Bovespa1779194.5Exchange name (country)20032002Change (%)Mexican Derivatives Exchange17384105.9
22Table 1.2 Futures and option volume of trade by category in 2002 and 2003 Products20032002106contracts%106contracts%Equity indices48.822,791.244.893,960.9Interest rate23.191,478.423.781,881.3Individual Equities1,558.519.211,354.721.79Agricultural Commodities3.21261.13.22199.4Energy products217.62.68209.43.37Non-precious metals90.41.1171.61.15Foreign currency/ Index60.60.9777.80.96Precious metals0.8264.50.7951.3Other0.70.020.80.02Total8,112.7100.006,217.4100.00
23Table 1.3 Volume of physical and futures market trades in 1997 CommodityVolume of worldoutput(106 t)Futures tradedvolumeFutures volumeas %of world outputCocoa2.941.31,424.1Coffee6.047.4790.0Sugar126.6365.2288.5Wheat612.41,119.0182.7Maize584.94,218.0721.1Soybeans143.42,499.01,742.7Cotton20.067.3336.5Rubber6.829.8438.2Copper13.6410.13,015.4Aluminum21.85.625.7Tin0.21.1550.0