摘要： Because of the leverage involved and the nature of security futures contract transactions, you may feel the effects of your losses immediately. Gains and losses in security futures contracts are credited or debited to your account, at a mi
Because of the leverage involved and the nature of security futures contract transactions, you may feel the effects of your losses immediately. Gains and losses in security futures contracts are credited or debited to your account, at a minimum, on a daily basis. If movements in the markets for security futures contracts or the underlying security decrease the value of your positions in security futures contracts, you may be required to have or make additional funds available to your carrying firm as margin. If your account is under the minimum margin requirements set by the exchange or the brokerage firm, your position may be liquidated at a loss, and you will be liable for the deficit, if any, in your account. Margin requirements are addressed i Section 4.
因为证券期货合约交易的杠杆效应和特性，你可以立即体会到亏损的后果。证券期货合约的损益每天往你的账户上添加，或从你的账户上扣除。如果证券期货合约或基础证券的市场运行减少了你证券期货合约上头寸的价值，可能你会被要求添加资金，公司将资金拿去作为保证金。如果你的账户处于交易所或经纪公司设定的最小保证金要求之下，如果亏损的话，你的头寸会被清算，你的账户可能会出现赤字。保证金要求将在第四条加以说明。
Under certain market conditions, it may be difficult or impossible to liquidate a position. Generally, you must enter into an offsetting transaction in order to liquidate a position in a security futures contract. If you cannot liquidate your position in security futures contracts, you may not be able to realize a gain in the value of your position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted
due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying your position; or if the position is on an illiquid market. Even if you can liquidate your position, you may be forced to do so at a price that involves a large loss.
在一定的市场条件下，清算头寸将会变得很难或者不可能。一般而言，你必须开始一个冲抵交易以清算证券期货合约里的头寸。如果你不能清算你在证券期货合约里的头寸，你可能无法实现你的头寸价值的增长或者阻止亏损的增长。比如说，如果因为证券期货合约或基础证券里不寻常的交易行为而交易中止，如果因为该基础证券的发行人的一些新闻事件而交易停止，如果交易所或者你头寸所在的公司出现系统故障，或者如果头寸在非流动市场上，无法清算的情况就会发生。即使你可以清算你的头寸，你可能被迫在导致很大亏损的价格上这么做。
Under certain market conditions, it may also be difficult or impossible to manage your risk from open security futures positions by entering into an equivalent but opposite position in another contract month, on another market, or in the underlying security. This inability to take positions to limit your risk could occur, for example, if trading is halted across markets due to unusual trading activity in the security futures contract or the underlying security or due to recent news events involving the issuer of the underlying security.
在某些市场条件下，你可能很难或者不可能通过在另一个合约月、或者另一个市场、或者在基础证券里，开始一个等价的但相反的头寸，管理来自风险证券期货头寸的风险。比如说，如果因为证券期货合约或基础证券里不寻常的交易事件，或者由于基础证券的发行人最近的一些新闻事件而导致交易中止，这种无法通过头寸来限制你的风险的情况就会发生。
Under certain market conditions, the prices of security futures contract may not maintain their customary or anticipated relationships to the prices of the underlying security or index. These pricing disparities could occur, for example, when the market for the security futures contract is illiquid, when the primary market for the underlying security is closed, or when the reporting of transactions in the underlying security has been delayed. For index products, it could also occur when trading is delayed or halted in some or all of the securities that make up the index.
在某些市场条件下，证券期货合约的价格可能不会维持与基础证券的价格或指数之间的正常的或期望的关系。比如说，当证券期货合约市场是非流通的，当基础证券的一级市场闭市，或者当基础证券交易报告延时时，这种定价的不一致就会发生。对于指数产品而言，当某些或所有组成该指数的证券的交易被延期或被中止时，这种情况也会发生。
You may be required to settle certain security futures contracts with physical delivery of the underlying security. If you hold your position in a physically settled security futures contract until the end of the last trading day prior to expiration, you will be obligated to make or take delivery of the underlying securities, which could involve additional costs. The actual settlement terms may vary from contract to contract and exchange to exchange. You should carefully review the settlement and delivery conditions before entering into a security futures contract. Settlement and delivery are discussed in Section 5.
你可能会被要求以基础证券的实物交割结算某些证券期货合约。如果你在到期日之前的最后一个交易日的最后时刻一直持有实物结算证券期货合约的头寸，你有义务对该基础证券进行交割，这可能会伴随着其他的成本。不同的合约和不同的交易所可能有不同的实际结算条件。在开始一份证券期货合约之前，你应该仔细阅读结算和交割条件。结算和交割将在第5条加以说明。
You may experience losses due to systems failures. As with any financial transaction, you may experience losses if your orders for security futures contracts cannot be executed normally due to systems failures on a regulated exchange or at the brokerage firm carrying your position. Your losses may be greater if the brokerage firm carrying
your position does not have adequate back-up systems or procedures.
你可能会因为系统故障而蒙受损失。正如其他金融交易一样，如果你的证券期货合约指令因为你头寸所在的规定交易所或经纪公司的系统故障而未能正常执行，你可能会蒙受损失。如果你头寸所在的经纪公司没有良好的后备系统或程序，你的损失可能会更大。
All security futures contracts involve risk, and there is no trading strategy that can eliminate it. Strategies using combinations of positions, such as spreads, may be as risky as outright long or short positions. Trading in security futures contracts requires knowledge of both the securities and the futures markets.
所有的证券期货合约都有风险，没有什么交易策略可以完全消除风险。利用头寸组合（比如价差头寸）的策略可能与简单的多头或空头有同样的风险有同样的风险。证券期货合约的交易既需要证券市场，也需要期货市场的知识。
Day trading strategies involving security futures contracts and other products pose special risks. As with any financial product, persons who seek to purchase and sell the same security future in the course of a day to profi t from intra-day price movements (“day traders”) face a number of special risks, including substantial commissions, exposure to leverage, and competition with professional traders. You should thoroughly understand these risks and have appropriate experience before engaging in day trading. The special risks for day traders are discussed more
fully in Section 7.
有关证券期货合约和其他产品的当日交易策略有着特别的风险。正如所有金融产品一样，试图通过在当日买入和卖出相同证券期货而从一天内的价格运动中获利的投资者（当日交易者）要面临数个特别的风险，包括巨额的佣金、杠杆效应的影响和职业交易者的竞争。在进行当日交易时，你应该对这些风险有透彻的了解，并具有足够的经验。第7条将详细讨论当日交易者的特别风险。
Placing contingent orders, if permitted, such as “stop-loss” or “stop-limit” orders, will not necessarily limit your losses to the intended amount. Some regulated exchanges may permit you to enter into stop-loss or stop-limit orders for security futures contracts, which are intended to limit your exposure to losses due to market fluctuations. However, market conditions may make it impossible to execute the order or to get the stop price.
发出条件指令（在允许的情况下），比如“止损”或“停价限价指令”，不一定会将你的亏损限制在预想金额内。某些规定交易所可能允许你为证券期货合约输入止损或停价-限价指令，目的是限制市场波动给你带来的亏损。但是，市场条件可能会使执行指令或者达到停价价格变得不可能。
You should thoroughly read and understand the customer account agreement with your brokerage firm before entering into any transactions in security futures contracts.
在进行任何证券期货合约交易之前，你应该仔细阅读并理解你和你的经纪公司之间的客户账户协议。
You should thoroughly understand the regulatory protections available to your funds and positions in the event of the failure of your brokerage firm. The regulatory protections available to your funds and positions in the event of the failure of your brokerage firm may vary depending on, among other factors, the contract you are trading and whether you are trading through a securities account or a futures account. Firms that allow customers to trade security futures in either securities accounts or futures accounts, or both, are required to disclose to customers the differences in regulatory protections between such accounts, and, where appropriate, how customers may elect to trade in either type of account.
你应该透彻理解当你的经纪公司出现故障时，你的资金和头寸可以得到的管制性保护。当你的经纪公司出现故障时，你的资金和头寸能够得到的管制性保护可能会因不同的因素而有所不同，比如你交易的合约，你是通过证券账户交易还是通过期货账户交易。允许客户在证券账户交易证券期货或允许客户在期货账户交易证券期货，或二者都允许的公司，被要求向客户披露这些账户的管制性保护的不同之处，以及，如果合适的话，客户如何在这些账户之间进行选择来交易。
Section 2 - Description of a Security Futures Contract
第二部分 - 证券期货合约
2.1. What is a Security Futures Contract? 什么是证券期货合约？
A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of shares of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.
证券期货合约是双方之间具有法律约束力的协议，关于未来在某一价格买入或卖出一定数量的某证券或窄盘证券指数成分股的股份。买入证券期货合约的投资者签署了一份购买某基础证券的合约，被称为多头。卖出证券期货合约的投资者签署了一份卖出某基础证券的合约，被称为空头。该合约交易的价格（“合约价格”）有规定交易所的相对购买和销售利益所决定。
In order to enter into a security futures contract, you must deposit funds with your brokerage firm equal to a specified percentage (usually at least 20 percent) of the current market value of the contract as a performance bond. Moreover, all security futures contracts are marked-to-market at least daily, usually after the close of trading, as described in Section 3 of this document. At that time, the account of each buyer and seller reflects the amount of any gain or loss on the security futures contract based on the contract price established at the end of the day for settlement purposes (the "daily settlement price").
要签署一份证券期货合约，你必须在你的经纪公司存入资金作为履约保证金，金额与该合约的当前市场价值的一定的百分比（通常为20%）相等。另外，所有的证券期货合约至少是逐日结算，通常是在交易终止之后。本文件第三条对此加以说明。然后，每一位买家和卖家的账户反映了建立在每天结束时的合约价格基础上的该证券期货合约的所有收益和亏损，以达到结算的目的（“每日结算价格”）。
An open position, either a long or short position, is closed or liquidated by entering into an offsetting transaction (i.e., an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation.
在合约到期之前进行冲抵交易将终止或清算风险头寸，无论是多头还是空头头寸。按传统，大多数期货合约在到期之前都会通过冲抵交易而被清算，这样，持有者不会招致结算义务。
Examples: 例如：
Investor A is long one September XYZ Corp. futures contract. To liquidate the long position in the September XYZ Corp. futures contract, Investor A would sell an identical September XYZ Corp. contract.
投资者A看多一份九月XYZ公司的期货合约。为清算在九月XYZ公司期货合约的多头头寸，投资者A将卖出一份相同的九月XYZ公司合约。
Investor B is short one December XYZ Corp. futures contract. To liquidate the short position in the December XYZ Corp. futures contract, Investor B would buy an identical December XYZ Corp. contract.
投资者B看空一份十二月XYZ公司的期货合约。为清算在十二月XYZ公司期货合约的空头头寸，投资者B将买入一份相同的十二月XYZ公司合约。
Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Some security futures contracts are settled by physical delivery of the underlying security. At the expiration of a security futures contract that is settled through physical delivery, a person who is long the contract must pay the final settlement price set by the regulated exchange or the clearing organization and take delivery of the underlying shares. Conversely, a person who is short the contract must make delivery of the underlying shares in exchange for the final settlement price.
在到期日之前没有被清算的证券期货合约必须根据合约的条款进行结算。一些证券期货合约通过基础证券的实物交割来结算。在某个通过实物交割结算的证券期货合约到期时，看多该合约的投资者必须支付由规定交易所和清算机构确定的最终结算价格，对基础证券进行交割。相反，看空该合约的投资者必须交割该基础股份，与最终结算价格交换。
Other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.
其他的证券期货合约通过现金结算的方式结算。在这种情况下，基础证券不被移交。相反，在最后交易日的末尾此证券期货合约的所有未执行的头寸都通过一个建立在由交易所或清算机构确定的最终结算价格基础上的最终现金支付得以结算。一旦这一支付完成，各方在此合约上都没有其他义务。
Physical delivery and cash settlement are discussed more fully in Section 5.
第五部分将更详细地讨论实物交割和现金结算。
2.2. Purposes of Security Futures 证券期货的目的
Security futures contracts can be used for speculation, hedging, and risk management. Security futures contracts do not provide capital growth or income.
证券期货合约可用来投机、避险和风险管理。证券期货合约不提供资本增长或收入。
Speculation 投机
Speculators are individuals or firms who seek to profit from anticipated increases or decreases in futures prices. A speculator who expects the price of the underlying instrument to increase will buy the security futures contract. A speculator who expects the price of the underlying instrument to decrease will sell the security futures contract. Speculation involves substantial risk and can lead to large losses as well as profits.
投机者指试图从预测期货价格的上涨或下跌赢利的个人或公司。预计基础工具价格上涨的投机者将买入该证券期货合约。预计基础工具价格下跌的投机者将卖出该证券期货合约。投机伴随着巨大的风险，可能带来盈利，也可能带来重大亏损。
The most common trading strategies involving security futures contracts are buying with the hope of profiting from an anticipated price increase and selling with the hope of profiting from an anticipated price decrease. For example, a person who expects the price of XYZ stock to increase by March can buy a March XYZ security
futures contract, and a person who expects the price of XYZ stock to decrease by March can sell a March XYZ security futures contract. The following illustrates potential profits and losses if Customer A purchases the security futures contract at $50 a share and Customer B sells the same contract at $50 a share (assuming 100 shares per
contract).
证券期货合约的最普通的投资策略是如果希望从预期价格上涨盈利就买，如果希望从预期价格下跌盈利就卖。比如，某投资人预计XYZ股票的价格到三月将上涨，他（她）可以买入一份三月XYZ证券期货合约；如果某投资人预计XYZ股票的价格到三月将下跌，他（她）可以卖出一份三月XYZ证券期货合约。下表说明如果客户A以50美元每股的价格购买证券期货合约以及客户B以50美元每股的价格卖出相同的合约（假设每份合约为100股）的潜在盈利和亏损。
Speculators may also enter into spreads with the hope of profiting from an expected change in price relationships. Spreaders may purchase a contract expiring in one contract month and sell another contract on the same underlying security expiring in a different month (e.g., buy June and sell September XYZ single stock futures). This is commonly referred to as a "calendar spread."
投机人可以赚取差额，期望从价格的波动中获取利润。多空套做者可能购买一个月合同期的合约，然后将不同月份到期的同一个基础证券的另一个合约卖出（例如买入六月份同时卖出九月份的XYZ单支股票期货），这就是常见的“日历套利”。
Spreaders may also purchase and sell the same contract month in two different but economically correlated security futures contracts. For example, if ABC and XYZ are both pharmaceutical companies and an individual believes that ABC will have stronger growth than XYZ between now and June, he could buy June ABC futures contracts and sell June XYZ futures contracts. Assuming that each contract is 100 shares, the following illustrates how this works.
投机者还可以希望从预期的价格关系变化盈利而进行价差头寸操作。价差套利者可以购买一份一个合约月到期的合约，并卖出另一份在不同的月到期的相同基础证券的合约（比如，买入六月并卖出9月XYZ的单一股票期货）。这通常被称为“日历价差”。
Speculators can also engage in arbitrage, which is similar to a spread except that the long and short positions occur on two different markets. An arbitrage position can be established by taking an economically opposite position in a security futures contract on another exchange, in an options contract, or in the underlying security.
投机者还可以参与套利，套利与价差类似，不同的是多头和空头头寸在两个不同的市场出现。套利头寸可以通过在另外一个交易所的某证券期货合约、某期权合约或基础证券内，构建一个经济上相反的头寸得以建立。
Hedging 套期
Generally speaking, hedging involves the purchase or sale of a security future to reduce or offset the risk of a position in the underlying security or group of securities (or a close economic equivalent). A hedger gives up the potential to profit from a favorable price change in the position being hedged in order to minimize the risk of loss from an adverse price chang
通常而言，套期包含买入或卖出某证券期货来减少或冲抵基础证券或者证券组合（或某接近经济等价物）的风险。套期者（对冲者）放弃从被套期的头寸的有利的价格变化盈利的可能，从而使不利的价格变化导致的亏损的风险最小化。
An investor who wants to lock in a price now for an anticipated sale of the underlying security at a later date can do so by hedging with security futures. For example, assume an investor owns 1,000 shares of ABC that have appreciated since he bought them. The investor would like to sell them at the current price of $50 per share, but there are tax or other reasons for holding them until September. The investor could sell ten 100-share ABC futures contracts and then buy back those contracts in September when he sells the stock. Assuming the stock price and the futures price change by the same amount, the gain or loss in the stock will be offset by the loss or gain in the futures contracts.
希望固定在当前某价格，期望日后卖出基础证券的投资者可以通过套期证券期货达到这个目的。比如，假设某投资者持有ABC的1，000股，从他买入这1，000股后，该股票价格上涨了。投资者希望在当前价格：50美元每股卖出它们，但是出于税收和其他原因，而继续持有这些股票直至9月份。该投资者可以卖出10份100股的ABC期货合约，然后在9月份，当他卖出股票时，买回这些合约。假设该股票价格和期货价格的变化相同，该股票的收益和亏损将被期货合约的收益或亏损冲抵。
Hedging can also be used to lock in a price now for an anticipated purchase of the stock at a later date. For example, assume that in May a mutual fund expects to buy stocks in a particular industry with the proceeds of bonds that will mature in August. The mutual fund can hedge its risk that the stocks will increase in value between May and August by purchasing security futures contracts on a narrow-based index of stocks from that industry. When the mutual fund buys the stocks in August, it also will liquidate the security futures position in the index. If the relationship between the security futures contract and the stocks in the index is constant, the profit or loss from the futures contract will offset the price change in the stocks, and the mutual fund will have locked in the price that the stocks were selling at in May.
套期还可以用来固定在当前某价格，期望日后买入股票。比如，假设五月份某共同基金预计将用8月份到期的债券收益买入某特定行业的股票。该共同基金可以通过在该行业的窄盘股票指数上买入证券期货合约，以抵消5月到8月这些股票价值上涨的风险。当该共同基金8月买入这些股票的时候，它还将清算该指数的证券期货头寸。如果证券期货合约和这些股票在指数上的关系保持不变的话，来自期货合约的盈利或亏损就将抵消这些股票的价格变化，该共同基金将固定住这些股票在5月份卖出的价格。
Although hedging mitigates risk, it does not eliminate all risk. For example, the relationship between the price of the security futures contract and the price of the underlying security traditionally tends to remain constant over time, but it can and does vary somewhat. Furthermore, the expiration or liquidation of the security futures contract may not coincide with the exact time the hedger buys or sells the underlying stock. Therefore, hedging may not be a perfect protection against price risk.
尽管套期减小了风险，但并不能完全消除风险。例如，按照传统，证券期货合约的价格和基础证券的价格之间的关系倾向于一段时间后保持不变，但是它可以，也的确发生变化。而且，证券期货合约的到期或者清算可能与套期者买入或卖出该基础股票的确切时间并不一致。因此，套期可能不是规避价格风险的完美方法。
Risk Management 风险管理
Some institutions also use futures contracts to manage portfolio risks without necessarily intending to change the composition of their portfolio by buying or selling the underlying securities. The institution does so by taking a security futures position that is opposite to some or all of its position in the underlying securities. This strategy involves more risk than a traditional hedge because it is not meant to be a substitute for an anticipated purchase or sale.
某些机构还使用期货合约来管理资产组合风险，而并不一定希望买入或卖出基础证券，从而改变它们资产组合的组成。这些机构可以通过建立一个与它在基础证券中的某些或全部头寸相反的证券期货头寸达到这一目的。这一策略伴随着比传统套期更多的风险，因为它并不是作为预期买入或卖出的替代品。
2.3. Where Security Futures Trade 证券期货在哪儿交易
By law, security futures contracts must trade on a regulated U.S. exchange. Each regulated U.S. exchange that trades security futures contracts is subject to joint regulation by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
根据法律规定，证券期货合约必须在某一个规定的美国交易所交易。任一个交易证券期货合约的规定美国交易所都要服从证券交易委员会（SEC）和商品期货交易委员会（CFTC）的联合规定。
A person holding a position in a security futures contract who seeks to liquidate the position must do so either on the regulated exchange where the original trade took place or on another regulated exchange, if any, where a fungible security futures contract trades. (A person may also seek to manage the risk in that position by taking an opposite position in a comparable contract traded on another regulated exchange.)
持有证券期货合约头寸的某投资者欲清算头寸的话，必须在初始交易发生的规定交易所或者在某可互换证券期货合约交易的另外一家规定交易所。投资者还可通过构建一个在其他规定交易所交易的可比较合约里的相反头寸来管理该头寸的风险。
Security futures contracts traded on one regulated exchange might not be fungible with security futures contracts traded on another regulated exchange for a variety of reasons. Security futures traded on different regulated exchanges may be non-fungible because they have different contract terms (e.g., size, settlement method), or because they are cleared through different clearing organizations. Moreover, a regulated exchange might not permit its security futures contracts to be offset or liquidated by an identical contract traded on another regulated exchange,
even though they have the same contract terms and are cleared through the same clearing organization. You should consult your broker about the fungibility of the contract you are considering purchasing or selling, including which exchange(s), if any, on which it may be offset.
在某规定交易所交易的证券期货合约可能与在另一个规定交易所交易的证券期货合约不能互换。原因有多种。在不同的规定交易所交易的证券期货可能不是可互换的，因为它们有不同的合约条件（比如，大小，结算方法），或者因为它们通过不同的清算组织清算。而且，某规定交易所可能不允许其证券期货合约被一个在其他规定交易所交易的相同的合约冲抵或者清算，即使他们有着相同的合约条件，而且通过相同的清算组织清算。你应该向你的经纪人咨询你考虑买入或卖出的合约的可互换性，包括它可以在哪个交易所，和哪个合约冲抵。
Regulated exchanges that trade security futures contracts are required by law to establish certain listing standards. Changes in the underlying security of a security futures contract may, in some cases, cause such contract to no longer meet the regulated exchange's listing standards. Each regulated exchange will have rules governing the continued trading of security futures contracts that no longer meet the exchange's listing standards. These rules may, for example, permit only liquidating trades in security futures contracts that no longer satisfy the listing
standards.
交易证券期货合约的规定交易所按照法律的要求确立一定的上市标准。某证券期货合约的基础证券的变化在某些情况下可能会使这份合约不能达到该规定交易所的上市标准。关于不再达到交易所上市标准的证券期货合约的继续交易，每个规定交易所都有相关规定。比如，这些规定可能只允许未满足上市标准的证券期货合约进行清算交易。
2.4. How Security Futures Differ from the Underlying Security
证券期货与认股权证相关的股份有何不同？
Shares of common stock represent a fractional ownership interest in the issuer of that security. Ownership of securities confers various rights that are not present with positions in security futures contracts. For example, persons owning a share of common stock may be entitled to vote in matters affecting corporate governance. They also may be entitled to receive dividends and corporate disclosure, such as annual and quarterly reports.
拥有普通股的股份意味着对证券发行人的资产占有一部分所有权。证券所有权将授予各种不同的权力，但是其中不包括证券期货合同中的头寸。举例来说，一个人如果拥有普通股的股份，他可能具有在对影响公司管理的事务决策方面的投票权。他们也可能有权力获得分红和公司结算，例如年度和季度财政报告。
The purchaser of a security futures contract, by contrast, has only a contract for future delivery of the underlying security. The purchaser of the security futures contract is not entitled to exercise any voting rights over the underlying security and is not entitled to any dividends that may be paid by the issuer. Moreover, the purchaser of a security futures contract does not receive the corporate disclosures that are received by shareholders of the underlying security, although such corporate disclosures must be made publicly available through the SEC's EDGAR system, which can be accessed at www.sec.gov. You should review such disclosures before entering into a security futures contract. See Section 9 for further discussion of the impact of corporate events on a security futures contract.
比较而言，购买一份证券期货合同，只是购买了一份认股权证相关的股份在未来某个时间交付的合同。购买了证券期货合同之后，购买者不具有对认股权证相关的股份行使投票权的权力，也不享有认股权证相关的股份发行人分红的权力。更有甚者，一份证券期货合同的购买者没有权力获取公司结算报告，而这一权力是为认股权证相关的股份的股东所拥有的，虽然这一公司财政报告通过证监会的EDGAR系统是可以获得，并完全公开的，要想进入证监会的EDGAR系统可以登录网站www.sec.gov。在购买一份证券期货合同之前，你应该先审查一下该公司财政报告。参看第9节关于公司重大事件对于证券期货合同的影响的进一步深入的
讨论。
All security futures contracts are marked-to-market at least daily, usually after the close of trading, as described in Section 3 of this document. At that time, the account of each buyer and seller is credited with the amount of any gain, or debited by the amount of any loss, on the security futures contract, based on the contract
price established at the end of the day for settlement purposes (the "daily settlement price"). By contrast, the purchaser or seller of the underlying instrument does not have the profit and loss from his or her investment credited or debited until the position in that instrument is closed out.
所有的证券期货合同至少是每天清算，通常是在期货交易日结束时，正如正文第3章所述。在这个时候，每一个买者和卖者的账户根据证券期货合同的盈利或者损失进行结算，如果有盈余则计入账户的贷方，如有亏损则计入借方，证券期货合同的盈利或损失是基于交易日结束时确定的合同价格，这是出于结算账户的目的（“每日结算价格”），比较而言，认股权证相关的股份的买方或者卖方不会因为他或她的投资的顺差或者逆差而获得利润和损失，直到抛售该认股权证相关的股份时才会有利润或损失。
Naturally, as with any financial product, the value of the security futures contract and of the underlying security may fluctuate. However, owning the underlying security does not require an investor to settle his or her profits and losses daily. By contrast, as a result of the mark-to-market requirements discussed above, a person who is long a security futures contract often will be required to deposit additional funds into his or her account as the price of the security futures contract decreases. Similarly, a person who is short a security futures contract often will be required to deposit additional funds into his or her account as the price of the security futures contract increases.
毫无疑问，就像任何金融产品一样，证券期货合同的价值和认股权证相关的股份的价值都会起伏不定。然而，拥有认股权证相关的股份并不需要投资者每天结算他或她的盈余和亏损。比较而言，由于上面所讨论的随行就市的需要，当证券期货合同的价格下跌时，某一个长期持有证券期货合同的人通常将被要求存一笔额外的资金到他/她的帐户。类似地，当证券期货合同价格上涨时，通常会要求短期持有证券期货合同的人存一笔额外的资金到他或她的帐户。
Another significant difference is that security futures contracts expire on a specific date. Unlike an owner of the underlying security, a person cannot hold a long position in a security futures contract for an extended period of time in the hope that the price will go up. If you do not liquidate your security futures contract, you will be required to settle the contract when it expires, either through physical delivery or cash settlement. For cash-settled contracts in particular, upon expiration, an individual will no longer have an economic interest in the securities
underlying the security futures contract.
证券期货和认股权证相关的股份另一个显著的不同点在于：证券期货合同在某一特定的日期有效期满，合同终止。不像认股权证相关的股份的所有者，出于价格将上涨的预期而延长一段时间，长期持有一份证券期货合同头寸，任何人都不可以这样做。如果你不将证券期货合同套现，你就必须结算合同。当证券期货合同有效期满时，或者交付真正的证券，或者进行现金结算。特别是对于现金结算的合同，一旦有效期满，任何人都不再享有证券期货合同中认股权证相关的股份的经济利益。
2.5. Comparison to Options 与期权相比较
Although security futures contracts share some characteristics with options on securities (options contracts), these products are also different in a number of ways. Below are some of the important distinctions between equity options contracts and security futures contracts.
虽然证券期货合同与证券化的期权（期权合同）具有一些共同的特征，但是在许多方面这些产品也有非常大的差别。证券期权合同与证券期货合同之间的一些重要的区别如下所述。
If you purchase an options contract, you have the right, but not the obligation, to buy or sell a security prior to the expiration date. If you sell an options contract, you have the obligation to buy or sell a security prior to the expiration date. By contrast, if you have a position in a security futures contract (either long or short), you have both the right and the obligation to buy or sell a security at a future date. The only way that you can avoid the obligation incurred by the security futures contract is to liquidate the position with an offsetting contract.
如果你购买一份期权合同，你拥有权力而不是义务，在合同有效期满之前购买或者出售这一金融衍生品。如果你卖出一份期权合同，在合同有效期满之前，你有义务购买或者出售这一金融衍生品。比较而言，如果你在一份证券期货合同中拥有头寸的话（无论是长期还是短期），你不但有权力而且有义务在将来某一时点购买或者出售这一证券产品。你可以避免证券期货合同产生的责任的唯一途径就是利用一份补偿性合同将头寸套现。
A person purchasing an options contract runs the risk of losing the purchase price (premium) for the option contract. Because it is a wasting asset, the purchaser of an options contract who neither liquidates the options contract in the secondary market nor exercises it at or prior to expiration will necessarily lose his or her entire investment in the options contract. However, a purchaser of an options contract cannot lose more than the amount of the premium. Conversely, the seller of an options contract receives the premium and assumes the risk that he or she will be required to buy or sell the underlying security on or prior to the expiration date, in which event his or her losses may exceed the amount of the premium received. Although the seller of an options contract is required to deposit margin to reflect the risk of its obligation, he or she may lose many times his or her initial margin deposit.
如果购买一份期权合同，你将面临期权合同购买价格（证券溢价）的损失的风险。因为它是一项垃圾资产，一份期权合同的购买者，无论他选择在二级市场将期权合同套现还是选择在期权合同期满时或者之前执行期权合同，他都必然将损失其在期权合同中的全部投资。无论怎样，期权合同的购买者承受的损失将不会超过证券溢价的总额。与之相反的是：期权合同的卖者接收证券溢价，并且承担他或她在合同期满之时或者之前将被要求购买或者出售认股权证相关的股份的风险，在这种情况之下，他或她承担的损失可能将超过其接收的证券溢价总额。虽然期权合同的卖方被要求存入一定的保证金，以此来反映其责任风险，他或她可能多次损失其初始保证金存款。
By contrast, the purchaser and seller of a security futures contract each enter into an agreement to buy or sell a specific quantity of shares in the underlying security. Based upon the movement in prices of the underlying security, a person who holds a position in a security futures contract can gain or lose many times his or her initial
margin deposit. In this respect, the benefits of a security futures contract are similar to the benefits of purchasing an option, while the risks of entering into a security futures contrac
比较而言，期货合同的买方和卖方双方签订合同购买或者出售某一指定数量的认股权证相关的股份份额。取决于认股权证相关的股份的价格变动，一个持有证券期货合同头寸的人可能赚取或者损失其初始保证金多次。从这个方面来看，证券期货合同的收益与购买期权的收益相似，同时购买一份证券期货合同的风险也与卖出一份期权的风险相仿。
Both the purchaser and the seller of a security futures contract have daily margin obligations. At least once each day, security futures contracts are marked-to-market and the increase or decrease in the value of the contract is credited or debited to the buyer and the seller. As a result, any person who has an open position in a security futures contract may be called upon to meet additional margin requirements or may receive a credit of available funds.
证券期货合同的买方和卖方都有存入每日保证金的责任。一天至少一次，证券期货合同在市场上进行交易，合同价值的增加或者减少记入买方和卖方帐户的贷方或者借方。因此，任何人如果在一份证券期货合同中拥有未平仓头寸可能被要求提交付价的保证金，满足交易的要求或者可能接收一笔可供使用资金的信用证。
Example: 举例说明：
Assume that Customers A and B each anticipate an increase in the market price of XYZ stock, which is currently $50 a share. Customer A purchases an XYZ 50 call (covering 100 shares of XYZ at a premium of $5 per share). The option premium is $500 ($5 per share X 100 shares). Customer B purchases an XYZ security futures contract
(covering 100 shares of XYZ). The total value of the contract is $5000 ($50 share value X 100 shares). The required margin is $1000 (or 20% of the contract value).
假定客户A和客户B都预期XYZ股票的市场价格将上涨，XYZ股票当前的价格是50美元每股。客户A购买一份XYZ的看涨期权（包括XYZ股票100股，每一股的股票溢价为5美元）。期权溢价为500美元（5美元/股X 100股），客户B购买了一份XYZ证券期货合同（总共100股XYZ股票）。证券期货合同的总价值为5000 美元（50元每股×100股）。所需的保证金为1000美元（或者合同价值的20%）。
The most that Customer A can lose is $500, the option premium. Customer A breaks even at $55 per share, and makes money at higher prices. Customer B may lose more than his initial margin deposit. Unlike the options premium, the margin on a futures contract is not a cost but a performance bond. The losses for Customer B are not
limited by this performance bond. Rather, the losses or gains are determined by the settlement price of the contract, as provided in the example above. Note that if the price of XYZ falls to $35 per share, Customer A loses only $500, whereas Customer B loses $1500.
客户A最多可能损失500美元，也就是期权溢价。客户A即使在股票价格为55美元每股的情况下也将亏损，只有在更高的股票价位上才可能赚钱。客户B损失的钱可能将超过其初始保证金存款。跟期权溢价有所不同，期货合同的保证金不是成本，而是履约保函。客户B的损失并不仅仅限于这一履约保函的价值。更进一步来说，损失或者盈利是由合同的结算价格决定的，如上面所提供的事例所述。值得注意的是，如果XYZ的价格跌至35美元每股，客户A的损失仅为500美元，然而客户B的损失则为1500美元。
2.6. Components of a Security Futures Contract
一份证券期货合同的组成部分
Each regulated exchange can choose the terms of the security futures contracts it lists, and those terms may differ from exchange to exchange or contract to contract. Some of those contract terms are discussed below. However, you should ask your broker for a copy of the contract specifications before trading a particular contract.
每一笔受监管的交易可以选择证券期货合同所列出的条款，这些条款根据交易的不同而有所不同，也随着合同的不同而有所不同。那些合同条款中的一部分将在下文中进行讨论。无论怎样，在进行一笔特殊的合同交易之前，你应该向你的经纪人要求一份合同规定的复印件。
2.6.1. Each security futures contract has a set size. The size of a security futures contract is determined by the regulated exchange on which the contract trades. For example, a security futures contract for a single stock may be based on 100 shares of that stock. If prices are reported per share, the value of the contract would be the price times 100. For narrow-based security indices, the value of the contract is the price of the component securities times the multiplier set by the exchange as part of the contract terms.
每一份证券期货合同都有既定的尺寸，一份证券期货合同的大小是由受监控的交易市场所决定的，合同交易正是通过受监控的交易得以进行的。举例来说，一种单一股票的证券期权合同可能以股票100股为基础。如果每股的价格是牌价上公布的价格，那么合同的价值将为价格的100倍。对于小范围证券指数期货，合同的价值部分证券的价格乘以由交易作为合同条款的一部分设定的倍数。
2.6.2. Security futures contracts expire at set times determined by the listing exchange. For example, a particular contract may expire on a particular day, e.g., the third Friday of the expiration month. Up until expiration, you may liquidate an open position by offsetting your contract with a fungible opposite contract that expires in the same month. If you do not liquidate an open position before it expires, you will be required to make or take delivery of the underlying security or to settle the contract in cash after expiration.
证券期货合同在某一特定的、由上市交易所决定的时间期满终止。举例来说，某一特殊的期货合同在某一特殊时日期满终止。例如，期满终止月的第三个星期五。在合同有效期满之前，你可以通过使用一个可替换的相对的合同（在同一个月有效期满）来抵补你的合同，从而可能将未平仓头寸套现。如果你在合同有效期满之前不将未平仓头寸套现，你将需要提供或者接收认股权证相关的股份，或者在有效期满之后将合同以现金结算。
2.6.3. Although security futures contracts on a particular security or a narrow-based security index may be listed and traded on more than one regulated exchange, the contract specifications may not be the same. Also, prices for contracts on the same security or index may vary on different regulated exchanges because of different contract specifications.
虽然一种特殊证券或者一种小范围证券指数期货可能上市或者在多个受监管的交易市场上进行交易，合同的规范可能不相同。同样，相同证券或指数的期货合同的价格也可能随着受监管的交易市场的不同而有所不同，因为合同规格的不同。
2.6.4. Prices of security futures contracts are usually quoted the same way prices are quoted in the underlying instrument. For example, a contract for an individual security would be quoted in dollars and cents per share. Contracts for indices would be quoted by an index number, usually stated to two decimal places.
证券期货合同的定价方式通常与潜在证券的定价方式相同。举例来说，一种单一证券合同每股的价格将以美元和美分定价。指数期货合同将由一个指数数字来定价，通常表述成2位小数点的数字。
2.6.5. Each security futures contract has a minimum price fluctuation (called a tick), which may differ from product to product or exchange to exchange. For example, if a particular security futures contract has a tick size of 1￠, you can buy the contract at $23.21 or $23.22 but not at $23.215.
每一份证券期货合同都有一个最小价格浮动（称之为一个浮动点），这一最小价格浮动可能将随着产品的不同或者交易市场的不同而有所不同。例如，如果一种特殊证券期货合同的一个价格浮动点的大小为1美分，那么你可以以23.21美元或者23.22的价格购买合同，但是不能以23.215美元的价格购买合同。
2.7. Trading Halts 交易停止
The value of your positions in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. For example, trading on a particular security futures contract must be halted if trading is halted on the listed market for the underlying security as a result of pending news, regulatory concerns, or market volatility. Similarly, trading of a security futures contract on a narrow-based security index must be halted under such circumstances if trading is halted on securities accounting for at least 50 percent of the market capitalization of the index. In addition, regulated exchanges are required to halt trading in all security futures contracts for a specified period of time when the Dow Jones Industrial Average ("DJIA") experiences one-day declines of 10-, 20- and 30-percent. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances - such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market.
证券期货合同的头寸价值可能受到影响，如果证券期货市场或者认股权证相关的股份市场的交易被中断的话。在特定的情况下，受监管的证券交易所按照法律的规定停止证券期货合同的交易。举例来说，如果因为悬而未决的消息、法律规定、或者市场动荡导致的认股权证相关的股份在上市市场上交易停止，那么某一特殊证券期货合同交易就必须停止。类似地，一种小范围证券指数期货合同在这样的条件下也必须停止，如果占了整个指数的市场资本总额至少50%的证券交易中止的话。此外，当道琼斯工业平均指数（“DJIA”）经历一整天的10个、20个和30个百分点的下跌时，要求受监管的证券交易所停止所有证券期货合同的交易，持续某一指定的时期。在其他条件下，受监管的证券交易所在他们的法规约束下具有一定的斟酌实际情况停止交易的权限 – 例如当证券交易所确定停止交易将是明智之举时，因为停止交易有利于维持一个公正、有序的市场。
A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent you from liquidating a position in security futures contracts in a timely manner, which could prevent you from liquidating a position in security futures contracts at that time.
交易停止，无论其是由一个受监管的交易证券期货的证券交易所还是一个进行认股权证相关的股份或股票的证券交易所决定的，可以阻止客户随时将证券期货合同头寸套现，这样也可以阻止客户在那时将证券期货合同套现。
2.8. Trading Hours交易时间
Each regulated exchange trading a security futures contract may open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.
每一个进行证券期货合同交易的受监管证券交易所与其他进行证券期货合同交易的受监管证交所或者认股权证相关的股份交易市场，可能开市和闭市的时间都各不相同。在开市之前或者在认股权证相关的股份的初级市场闭市之后进行证券期货合同的交易与在正常市场交易期间的交易相比更缺乏流动性。
Section 3 - Clearing Organizations and Mark-to-Market Requirements
第3部分. 票据交换机构和挂牌上市的要求
Every regulated U.S. exchange that trades security futures contracts is required to have a relationship with a learing organization that serves as the guarantor of each security futures contract traded on that exchange. A clearing organization performs the following functions: matching trades; effecting settlement and payments; guaranteeing performance; and facilitating deliveries.
按照证监会规定，要求每一个进行证券期货合同交易的受监管的美国证券交易所都与一个票据交换机构有密切联系，这一票据交换机构起着在那些证交所交易的每一份证券期货合同的担保人的作用。一个票据交换机构执行的职能如下：匹配交易；影响结算和支付；保证绩效；以及促进交付。
Throughout each trading day, the clearing organization matches trade data submitted by clearing members on behalf of their customers or for the clearing member's proprietary accounts. If an account is with a brokerage firm that is not a member of the clearing organization, then the brokerage firm will carry the security futures
position with another brokerage firm that is a member of the clearing organization. Trade records that do not match, either because of a discrepancy in the details or because one side of the transaction is missing, are returned to the submitting clearing members for resolution. The members are required to resolve such "out trades" before or on the open of trading the next morning.
贯穿每个交易日，票据交换机构匹配由交换机构成员代表他们的客户所提交的交易数据，或者为交换机构成员的私人账户提供交易数据匹配。如果一个账户是为一个不属于票据交换机构中的一员的经纪公司所有，那么这一经纪公司就必须与其他属于票据交换机构一员的经纪公司合力承担证券期货交易的买卖。或者由于细节出现矛盾，或者由于交易一方的消失导致交易记录无法匹配，那么这些交易信息将返回到提供解决方案的提交信息的交换机构成员处。要求这些交换机构成员能够在第二天早上开市时或者开市之前解决这些“异常交易”。
When the required details of a reported transaction have been verified, the clearing organization assumes the legal and financial obligations of the parties to the transaction. One way to think of the role of the clearing organization is that it is the "buyer to every seller and the seller to every buyer." The insertion or substitution of the clearing organization as the counterparty to every transaction enables a customer to liquidate a security futures position without regard to what the other party to the original security futures contract decides to do.
当一个提交报告的交易所需的细节已经修改好时，票据交换机构将承担交易各方的法定和财务责任。牢牢记住票据交换机构的作用的一个有效途径就是交换机构是“每一个出售者相对的购买者和每一个购买者相对的出售者”。票据交换机构作为每一笔交易对立方的斡旋或替代作用可以使客户随时将证券期货头寸套现，而不需要考虑初始证券期货合同的另一方决定怎么做的。
The clearing organization also effects the settlement of gains and losses from security futures contracts between clearing members. At least once each day, clearing member brokerage firms must either pay to, or receive from, the clearing organization the difference between the current price and the trade price earlier in the day, or for a position carried over from the previous day, the difference between the current price and the previous day's settlement price. Whether a clearing organization effects settlement of gains and losses on a daily basis or more frequently will depend on the conventions of the clearing organization and market conditions. Because the clearing organization assumes the legal and financial obligations for each security futures contract, you should expect it to ensure that payments are made promptly to protect its obligations.
票据交换机构同样也会影响交换机构成员之间证券期货合同的盈利和损失的结算。至少每天一次，属于交换机构成员的经纪公司必须支付给交换机构或者从交换机构领取当前价格和白天早些时候的交易价格之间的差额，或者对于从前一天转移过来的头寸，经纪公司支付或者领取当前价格和前一天结算结算价格之间的差额。一个票据交换机构是否在每天基础上或者更为频繁影响盈利和损失，这将取决于票据交换机构和市场条件之间的协定。因为票据交换机构承担了每一份证券期货合同的法定和财务责任，你应该希望确保账款及时支付，从而保护它的责任。
Gains and losses in security futures contracts are also reflected in each customer's account on at least a daily basis. Each day's gains and losses are determined based on a daily settlement price disseminated by the regulated exchange trading the security futures contract or its clearing organization. If the daily settlement price of a particular security futures contract rises, the buyer has a gain and the seller a loss. If the daily settlement price declines, the buyer has a loss and the seller a gain. This process is known as "marking-to-market" or daily settlement. As a result, individual customers normally will be called on to settle daily.
证券期货合同的盈利和损失至少是以一天为基础也将在每个客户的账户上反映出来。每一天的盈利和损失建立在由进行证券期货合同交易的受监管的证券交易所或者其票据交换机构制定的结算价格的基础上的，盈利和损失由此决定。如果某一特殊的证券期货合同的每日结算价格上涨，购买者获得盈利，而出售者遭遇损失。如果每日结算价格下降，购买者遭遇损失，而出售者获得盈利。这一过程也被称之为“挂牌上市”或者日结。因此，通常要求个体客户每日结算。
The one-day gain or loss on a security futures contract is determined by calculating the difference between the current day's settlement price and the previous day's settlement price.
证券期货合同每日的盈利或损失是由当天结算价格和前一天结算价格之前的差额计算得到的。
For example, assume a security futures contract is purchased at a price of $120. If the daily settlement price is either $125 (higher) or $117 (lower), the effects would be as follows: (1 contract representing 100 shares)
举例来说，假定一份证券期货合同是在120美元的价格下购买的。如果日结算价格为125美元（更高）或者117美元（更低），影响结果如下所示： （一份合同代表100股）
The cumulative gain or loss on a customer's open security futures positions is generally referred to as "open trade equity" and is listed as a separate component of account equity on your customer account statement. A discussion of the role of the clearing organization in effecting delivery is discussed in Section 5.
一般而言，一个客户的开放式证券期货头寸的累积盈利或者损失被称之为“开放式交易证券”，并且作为账户证券的一个独立组成部分在你的客户账户说明书上罗列出来。有关票据交换机构在影响期货交付方面的作用的讨论将在第5部分详细讨论。
Section 4 - Margin and Leverage 第4部分– 保证金和杆杠作用
When a broker-dealer lends a customer part of the funds needed to purchase a security such as common stock, the term "margin" refers to the amount of cash, or down payment, the customer is required to deposit. By contrast, a security futures contract is an obligation and not an asset. A security futures contract has no value as collateral for a loan. Because of the potential for a loss as a result of the daily marked-to-market process, however, a margin deposit is required of each party to a security futures contract. This required margin deposit also is referred to as a
"performance bond."
当一个经纪人借给一个客户购买证券例如普通股所需的部分资金，“保证金”这一术语是指客户需要存入的现金数额，或者预先支付。比较而言，一份证券期货合同是一种责任，而不是一项资产。证券期货合同与一项贷款相同，不具有任何价值。由于每日挂牌上市交易过程所导致的损失潜在可能性，无论怎样，证券期货合同每一方一定数量的保证金存款是必须的。这一必需的保证金存款也被称作“履约保函”。
In the first instance, margin requirements for security futures contracts are set by the exchange on which the contract is traded, subject to certain minimums set by law. The basic margin requirement is 20% of the current value of the security futures contract, although some strategies may have lower margin requirements. Requests for additional margin are known as "margin calls." Both buyer and seller must individually deposit the required margin to their respective accounts.
在第一种情况下，证券期货合同的保证金需求是由合同交易所进行的证交所制定的，同时受到法律规定的特定最小设定值的限制。基础保证金需求为证券期货合同当前价值的20%，虽然采取某些战略可能降低保证金需求。对额外保证金的要求被称之为“保证金看涨”。购买者和出售者双方都必须单独将所需的保证金存入到他们各自的账户。
It is important to understand that individual brokerage firms can, and in many cases do, require margin that is higher than the exchange requirements. Additionally, margin requirements may vary from brokerage firm to brokerage firm. Furthermore, a brokerage firm can increase its "house" margin requirements at any time without providing advance notice, and such increases could result in a margin call.
理解单个经纪公司可以，并且在许多情况下的确需要高于证券交易所的保证金需求标准的保证金。此外，保证金需求可能根据经纪公司的不同而不断变化。更进一步地说，一家经纪公司可以在不需要提供预先通知的情况下，随时增加其“家庭（内部）”保证金需求，而且这一保证金需求的增加将导致保证金看涨。
For example, some firms may require margin to be deposited the business day following the day of a deficiency, or some firms may even require deposit on the same day. Some firms may require margin to be on deposit in the account before they will accept an order for a security futures contract. Additionally, brokerage firms may have special requirements as to how margin calls are to be met, such as requiring a wire transfer from a bank, or deposit of a certified or cashier's check. You should thoroughly read and understand the customer agreement with your brokerage firm before entering into any transactions in security futures contracts.
举例来说，有些公司可能要求在出现保证金余额不足的接下来的第二个营业日时必须存入所需的保证金，或者有些公司甚至可能要求在他们将接到证券期货合同订购单之前往账户中存入所需的保证金。除此之外，对于如何满足保证金看涨方面经纪公司可能会有一些特殊的要求，例如需要从一个银行中的电报转帐，或者一个经认可或现金支票的存款。在进入证券期货合同的任何交易之前，你应该彻底地阅读和理解客户与你的经纪公司签订的协议。
If through the daily cash settlement process, losses in the account of a security futures contract participant reduce the funds on deposit (or equity) below the maintenance margin level (or the firm's higher "house" requirement), the brokerage firm will require that additional funds be deposited.
如果在整个每日现金结算过程中，证券期货合同账户的损失预期将导致存款（或者股票）中资金的减少至低于需最小保证金水平（或者是经纪公司更高的“家庭”保证金需求），经纪公司将要求存入附加的资金。
If additional margin is not deposited in accordance with the firm's policies, the firm can liquidate your position in security futures contracts or sell assets in any of your accounts at the firm to cover the margin deficiency. You remain responsible for any shortfall in the account after such liquidations or sales. Unless provided otherwise in your customer agreement or by applicable law, you are not entitled to choose which futures contracts, other securities or other assets are liquidated or sold to meet a margin call or to obtain an extension of time to meet a margin call.
如果附加的保证金并没有按照经纪公司的政策存入到账户中，经纪公司可以将你的证券期货合同头寸套现，或者出售公司任何账户下的资产，一次来填补保证金不足额部分。你仍然有责任承担在这样套现或者销售之后账户上的任何短缺。除非提供保证金短缺，否则按照你签订的客户协议或者依据法律，你将不会有权利选择哪个期货合同、其他证券或其他`资产将被套现或者卖出，从而满足保证金看涨或者以此获得满足保证金看涨的时间延长。
Brokerage firms generally reserve the right to liquidate a customer's security futures contract positions or sell customer assets to meet a margin call at any time without contacting the customer. Brokerage firms may also enter into equivalent but opposite positions for your account in order to manage the risk created by a margin call. Some customers mistakenly believe that a firm is required to contact them for a margin call to be valid, and that the firm is not allowed to liquidate securities or other assets in their accounts to meet a margin call unless the firm has contacted them first. This is not the case. While most firms notify their customers of margin calls and allow some time for deposit of additional margin, they are not required to do so. Even if a firm has notified a customer of a margin call and set a specific due date for a margin deposit, the firm can still take action as necessary to protect its financial interests, including the immediate liquidation of positions without advance notification to the customer.
经纪公司会保留将客户的证券期货合同头寸套现或者不需要联系客户就可以随时出售客户的资产以满足保证金看涨的要求的权利。经纪公司也可能购买与你的帐户相当而又相对的头寸，以便管理由保证金看涨导致的风险。有些客户错误地相信经纪公司需要联系他们，这样保证金看涨才能生效，因此经纪公司不被允许将他们账户中的证券或者其他资产套现，以便满足保证金看涨的要求，除非在这之前，经纪公司已经联系过他们，并征得他们的同意。这不是真实的情况。虽然大多数公司将会通知他们的客户有关保证金看涨，并给与客户一段时间，让他们存入附加保证金，但是经纪公司并没有要求必须这样做。即使经纪公司通知客户有关保证金看涨，为客户存入附加的保证金设定一个限定时间，经纪公司仍然可以采取必要的措
施，以此来保护其经济利益，其中包括在不事先书面通知客户的条件下立即将头寸套现。
Here is an example of the margin requirements for a long security futures position.
以下是一个长期证券期货头寸保证金需求的事例。
A customer buys 3 July EJG security futures at 71.50. Assuming each contract represents 100 shares, the nominal value of the position is $21,450 (71.50 x 3 contracts x 100 shares). If the initial margin rate is 20% of the nominal value, then the customer's initial margin requirement would be $4,290. The customer deposits the initial margin, bringing the equity in the account to $4,290.
一位客户以71.50的价格购买了三份EJG证券。假定每一份合同代表100股证券，头寸的名义价值为21.450美元（71.50 x 3份合同 x 100股）。如果初始保证金率为名义价值的20%，那么客户的初始保证金需求将为4，290美元。客户存入初始保证金，并将证券引入账户，金额为4，290美元。
First, assume that the next day the settlement price of EJG security futures falls to 69.25. The marked-to-market loss in the customer's equity is $675 (71.50 - 69.25 x 3 contacts x 100 shares). The customer's equity decreases to $3,615 ($4,290 - $675). The new nominal value of the contract is $20,775 (69.25 x 3 contracts x 100 shares). If the maintenance margin rate is 20% of the nominal value, then the customer's maintenance margin requirement would be $4,155. Because the customer's equity had decreased to $3,615 (see above), the customer would be required to have an additional $540 in margin ($4,155 - $3,615).
首先，假定第二天GJG证券期货的结算价格下跌至69.25美元。客户股票的挂牌交易损失为675美元（71.50 – 69.25 x 3 份合同 x 100 股s）。客户股票价值贬值至3615美元（$4,290 – $675）。如果最低保证金率是名义价值的20%，那么客户的最低保证金需求将是4155美元。因为客户的股票已经贬值至3615美元（参看上面），要求客户交纳附加的540美元的保证金（$4,155 – $3,615）。
Alternatively, assume that the next day the settlement price of EJG security futures rises to 75.00. The mark-to-market gain in the customer's equity is $1,050 (75.00 - 71.50 x 3 contacts x 100 shares). The customer's equity increases to $5,340 ($4,290 + $1,050). The new nominal value of the contract is $22,500 (75.00 x 3 contracts x 100 shares). If the maintenance margin rate is 20% of the nominal value, then the customer's maintenance margin requirement would be $4,500. Because the customer's equity had increased to $5,340 (see above), the customer's excess equity would be $840.
相应地，假定EJG证券期货第二天的结算价格提高至75美元。客户挂牌上市交易的盈利是1050美元（75.00 – 71.50 x 3 份合同x 100 股）。客户的股票价值增加到5340美元（$4,290 + $1,050）。合同新的名义价值为22500美元（75.00 x 3 份合同 x 100 股）。如果最低保证金率为名义价值的20%，那么客户的最低保证金需求将为4500美元。因为客户的证券价值已经增加至5340美元（参看上面）。客户的证券剩余价值为840美元。
The process is exactly the same for a short position, except that margin calls are generated as the settlement price rises rather than as it falls. This is because the customer's equity decreases as the settlement price rises and increases as the settlement price falls.
短期头寸的运算过程与上面所述完全一样，除了保证金看涨是当结算价格上涨而非结算价格下跌时产生的之外。这是因为当结算价格上涨时客户的证券贬值，而当结算价格下跌时，客户的证券升值。
Because the margin deposit required to open a security futures position is a fraction of the nominal value of the contracts being purchased or sold, security futures contracts are said to be highly leveraged. The smaller the margin requirement in relation to the underlying value of the security futures contract, the greater the leverage. Leverage allows exposure to a given quantity of an underlying asset for a fraction of the investment needed to purchase that quantity outright. In sum, buying (or selling) a security futures contract provides the same dollar and cents profit
and loss outcomes as owning (or shorting) the underlying security. However, as a percentage of the margin deposit, the potential immediate exposure to profit or loss is much higher with a security futures contract than with the underlying security.
因为开设一个证券期货头寸帐户所需的保证金存款是正在被购买或者出售的合同的名义价值的一部分，据称证券期货合同起着高效的杆杠作用。保证金需求占证券期货合同潜在价值的比重越小，证券期货合同所起的杆杠作用越大。杆杠作用允许通过借贷给定数量的潜在资产，用于购买相同数量证券所需的一部分投资。总而言之，购买（或出售）一份证券期货合同提供与拥有（或者缺乏）认股权证相关的股份相同数量的美元和美分计量的盈利和损失后果。然而，作为保证金存款的一个百分比，一份证券期货合同将立即遭遇的潜在盈利或者损失比认股权证相关的股份高得多。
For example, if a security futures contract is established at a price of $50, the contract has a nominal value of $5,000 (assuming the contract is for 100 shares of stock). The margin requirement may be as low as 20%. In the example just used, assume the contract price rises from $50 to $52 (a $200 increase in the nominal value). This represents a $200 profit to the buyer of the security futures contract, and a 20% return on the $1,000 deposited as margin. The reverse would be true if the contract price decreased from $50 to $48. This represents a $200 loss to the buyer, or 20% of the $1,000 deposited as margin. Thus, leverage can either benefit or harm an investor.
举例来说，如果证券期货合同是在价格为50美元的条件下订立的，合同的名义价值为5000美元（假定一份合同代表100股）。保证金需求尽可能地低，低至名义价值的20%。在刚刚用到的例子中，假定合同价格从50美元上涨至52美元（名义价值上涨200美元）。这意味着为证券期货合同的购买者带来了200美元的盈利，而且1000美元中返回20%作为保证金存入账户。反之亦然，如果合同价格从50美元下跌至48美元。这就意味着证券期货合同的购买者遭受200美元的损失，或者1000美元的20%作为保证金存入帐户。因此，杆杠作用可能为投资者带来利润，也可能损害投资者利益。
Note that a 4% decrease in the value of the contract resulted in a loss of 20% of the margin deposited. A 20% decrease would wipe out 100% of the margin deposited on the security futures contract.
值得注意的是，证券期货合同价值4%的贬值导致了保证金存款遭受20%的损失。20%的合同价值贬值将会驱逐出100%的存入证券期货合同账户的保证金。
Section 5 - Settlement 第5部分：结算
If you do not liquidate your position prior to the end of trading on the last day before the expiration of the security futures contract, you are obligated to either 1) make or accept a cash payment ("cash settlement") or 2) deliver or accept delivery of the underlying securities in exchange for final payment of the final settlement price ("physical delivery"). The terms of the contract dictate whether it is settled through cash settlement or by physical delivery.
若您在证券期货契约期满最后一日交易结束前未进行清算，则您有义务1做出或接受现金偿付（现金结算）2交付或接受优先证券以进行最终结算价格的最终支付（物质支付）合同条款指示通过现金结算方式或物质支付方式。
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