白银期货

目前，香港唯一从事大宗商品衍生产品业务的交易所是新成立的香港商品交易所（HKMEx）。该交易所去年才开始交易，提供黄金和白银期货合约。

The only existing Hong Kong-based bourse to offer commodity derivatives is the Hong Kong Mercantile Exchange ( HKMEx ), a new venture which last year made its debut with gold and silver futures contracts .

只有规范和成熟的白银期货市场才能充分发挥它的套期保值功能。

Only standardized and mature silver futures market can fully play its hedging function .

金块和黄金白银期货价格在过去三年连续上升。

Gold bullion prices and gold and silver equities have risen for the last three consecutive years .

我国白银期货上市时间虽然很短，但是已经显示出了期货具有的套期保值功能。

Silver futures in our market is very short , but has been shown to have a futures hedging function .

重点研究交易者使用白银期货对现货资产进行套期保值时，如何能达到最优的套期保值效果。

Focus on silver futures traders using to hedge assets on the spot , how to achieve optimal hedging results .

目前，黄金与白银期货品种都已经在上海期货交易所上市并已经启动了连续交易制度。

Currently , gold and silver commodity futures have been listed on the Shanghai Futures Exchange and have initiated the continuous trading system .

纽约白银期货是流动性最强的白银期货合约，今年4月，纽约白银期货日平均交易量约为7亿盎司。

Turnover in New York silver futures , the most liquid futures contract in the metal , averaged about 700m ounces a day in April .

现实意义：白银期货主要是为我国白银加工、制造、生产企业规避现货市场上的价格风险而出现的。

Reality significance : the emergence of silver futures is mainly for our silver processing , manufacturing , production companies circumvent the spot market price arising risks .

结果表明，白银和黄金期货市场与股市的波动溢出效应较弱；而白银期货市场与黄金期货市场具有高传染性，波动溢出效应非常强。

The results showed that the volatility spillover effects between the silver future market and stock market is weak , and the gold future is the same as silver future market , while the gold future market and the silver future market have strong volatility spillover effect .