差价合约

差价合约可以反映股票或指数的价格变化并提供价格变动所带来的盈利或亏损，而无须实际拥有股票或指数期货。

CFD could reflect the price changes of stocks or indexes and offer the profits or losses brought about by price fluctuations , without possessing the stocks or index futures actually .

随着更多的点差交易公司利用其规模经济，在其它国家提供低成本的点差交易和差价合约交易，这种好处将变成现实。

That upside is expected to be realised as more spread betting companies use their economies of scale to offer low-cost spread betting and CFD trading in other countries .

如果人们在电视上看到CMC差价合约，那也会提升我们的知名度。

If people see CMC CFDs on the television , it raises our profile .

越来越多的投资者使用差价合约CFD作为交易组合的一部分获股票实物交易的一种替代。

More and more investors are now using CFD as a part of transaction combinations to replace stock bartering .

如果你必须为21世纪选择一项能源政策，你会选择一个基于“差价合约”（cfd）的系统吗？这个系统拥有一个单一交易对手、一个征税控制框架以及一个容量市场。

If you had to choose an energy policy for the 21st century , would you prefer a system based on " contracts for difference " , with a single-party counterparty , a levy control framework and a capacity market ?

电力市场中差价合约的合谋效应

The Collusion Effect of Contracts for Differences in the Electricity Market

基于风险效益均衡的电煤差价合约研究

Study on Contract for Difference between Coal Producer and Electricity Generator under Equilibrium of Risk and Benefit

电力市场中风险规避问题的研究（二）&差价合约分析系统的实现

STUDY ON RISK EVASION IN ELECTRICITY MARKET Part Two Implementation of an Analytical System of the Contract for Differences

管制机构可以通过限定最小差价合约电量消除差价合约的合谋效应。

The regulation organization can eliminate the collusion effect by placing the limit of minimum in the contract for differences .

事实证明，澳大利亚的前景特别好，现在有50%的股东从事差价合约交易。

Australia has proved particularly good for prospecting , with 50 per cent of shareholders now trading CFDs as well .

本文通过一个古诺双寡头模型分析了差价合约对厂商市场行为的影响。

This paper analyses the influence of contracts for differences upon the market for the manufacturers through a Cournot model .

再将差价合约引入模型中，构造发电公司的非合作动态竞价博弈模型。

Then introduce the Vesting Contract into the model , and constructs the dynamic bidding model of Power Generation Company .

二者重要的区别在于交易差价合约不收取交易费，而许多交易实际股票效率低下的情况也可以避免。

A major difference is that there are no exchange fees and many of the inefficiencies of trading the underlying shares on the exchange are eliminated .

与传统差价合约相比，这些是压注6个月以内市场走向的一种相对安全的方法，不过杠杆比例可能会很高。

These are a relatively safer way of betting on market direction over up to six months than conventional CFDs although the gearing can be huge .

最后，以有6个发电公司参与的电力市场为算例，说明所提出方法的基本特征，并讨论了差价合约电量、发电公司风险规避程度等因素对最优报价策略的影响。

A numerical example with six companies participating in this market is used to illustrate the methodological features , and some of the sensitivity analyses are discussed .

但在一个无限重复博弈的动态环境中，差价合约促进了发电厂商之间的合谋，损害了竞争。

However , in the dynamic environment of infinite repeated game , contracts for differences accelerate the collusion of a couple of firms , and thus render the market less competitive .

论证了需求侧竞价情况下市场均衡解存在且唯一，并探讨了均衡解和市场力之间的关系，证明差价合约对均衡解和发电商市场力的影响。

The relation between the equilibrium solution and the market force is discussed , and the influence of the Contract for Difference on the equilibrium solution and the market force is studied .

着重对浙江省试点的单一购买者+竞价开机、竞价带负荷的交易模式进行了较详细的说明，分析了浙江如何用差价合约来控制市场风险。

The author makes detailed account for single-buyer model added running unit through price competition , load through price competition , then analyzes how to control market risk using price difference agreement .

最后结合算例分析了发电公司同时考虑差价合约市场和现货市场时的竞价策略，并分析了需求弹性、发电公司数目等因素是如何影响发电公司策略性报价的。

In the end , it studies how the bidding strategies of power generation companies are affected by some factors such as demand elasticity and the number of companies though some numerical example .

结合我国现阶段电力市场发展的实际情况，指出对冲性差价合约是降低电力交易风险最为合适的金融衍生工具。

Considered the practical situation of the development of Chinese power market on the stage , it indicates that the hedge contract for difference is the most appropriate financial derivatives to reduce power operating risk .

在有些日前市场中采用了差价合约来规避单一购买者和发电公司可能面对的由于电价波动所带来的财政风险。

In order to hedge the price risk for generation companies and the single buyer , contract for difference ( CFD ), as a form of financial contracts , has been employed in some operating electricity markets .

针对电力市场中发电公司滥用市场力的情况，全面介绍了相应防范措施，并运用博弈理论具体分析了差价合约和价格上限的积极作用和实现策略。

This part presents many measures for mitigation the market power of generation companies , and uses game theory to analyze the impacts of Contracts for Difference and Price Cap on the bidding strategies of generation companies .

针对有差价合约存在的电力市场，研究了具有不完全信息的发电公司最优报价策略问题。

The focus of this paper is on the development of risk-constrained optimal bidding strategies for generation companies participating in an electricity market where the linear bidding functions and Contract for Difference ( CFD ) are utilized .

订单：差价合约的止损，获利，购买限价，停止购买，销售限价等价格是以客户最先要求的价格执。

Orders : Stop Loss , Take Profit , Buy Limit , Buy Stop , Sell Limit , Sell Stop on CFD contracts are executed at the declared by Client price on the first current price touch .

目前华东电力市场是发电侧单边竞争市场，发电市场采用差价合约结算方式，按照10%电量的有限竞争。

The electricity market in Eastern China is a single side competition market for power companies . Contract for difference is used for settling accounts . Limited competition is on the basis of 10 % electric quantity .

通过模型分析认为发电公司最优报价随市场化进程中差价合约电量的变化而动态变化，变化趋势受差价合约价格影响。

Through solving the model , it concludes that the optimal bidding will change with the quantity of Vesting Contract during the deepening of Chinese Electricity Market , and the change is affected by the price of Vesting Contract .

理论分析和算例结果表明，电力市场中的差价合约交易有助于减少发电公司利用市场力来操纵市场的行为，从而有利于形成高效的市场均衡电价。

Theoretical analysis and numerical results show that electricity forward transactions play a significant role in reducing the incentives of power generation companies to exercise market power to manipulate the market , and help to achieving a more efficient market equilibrium price .