什麼是牛熊證、期貨、未日輪、窩輪?

期貨 = forward contract = that mean you have sign a contract with the 期貨 issue company and you have to pay a certain amount of money to get the 貨 on a certain specified date in the (near or distant) future. The 貨 should be the physical goods, such as oil, gold, coal, etc. Normally the contract cannot be traded on market and you must implement the contract to get the physical product. Forward contract is normally used by company of similar industry.

future contract = that mean you have sign a contract with the 期貨 issue company and you have to pay a certain amount of money to get the 貨 on a certain specified date in the (near or distant) future. The difference is the 貨 may not be physical product. It can be an index, a stock price, etc. Future contract can be traded on the market. Company normally use it to hedge the risk of future frustration of price of a certain 貨. e.g., if you expect to get a certain amount of AUS$ in the next three month for your business purpose, you can buy a future contract now with an execrise date in three month later, so that you can fix your exchange rate now. Future contract can be execrised in terms of its monetary value, but not the physical product.

窩輪 = warrants = option = 期權 = it is similar to future contract, but you choose not to execrise it at its execrise date, if a loss is expected. You have to pay a certain premium to get the option. The option can be traded on the market. There are mainly 2 type of options: call option and put option. the long side of the call option is to buy a certain underlying asset at a certain price on a certain date. the long side of a put option is to sell a certain underlying asset at a certain price on a certain date.

未日輪 = an option near its execrise date

牛熊證 = bull spread or bear spread = a combination of call option and put option so that you can earn money if the market frustrates very much or does not frustrate and keeps stable.

牛熊証 - 買正股 / 產品 的上落, 牛為買升, 熊為買跌, 當中有好多TERMS, PREIMUM, DELTA, THETA, 詳情可去DBWARRANTS睇都得..
期貨 - 有EXERCISE DATE既合約, 倒如期指, 有分即月, 下月, 季月. 意思係係特定既時間內做交收.
末日輪 - 同窩輪一樣, 末日, 通常指即月至三個月既輪, 由於接近行使日 (EXERCISE DATE), 其內在時間值會比較縮得快, 亦因為近行使日, 爆發力亦比遠期大.
可能解釋得唔係咁好.. 可以去D 輪站睇下.. DBWARRANTS, 法興..等等.