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Native in: Chinese

Hi, my name is
jie

French/English to Chinese

English to Chinese

accounting

law

academic

Native language:

Chinese

18
Translation Units

0
Term Concepts

Top Fields of Expertise

banking

finance

financial markets

My Work

Sample Translation Banking

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Source (English)	Target (Chinese)
There are two basic concepts in finance: time-value of money and uncertainty about expectations.	金融行业中的基本概念可以分为两类：金钱的时间价值和期望值的不确定性。
The two concepts are the core of financial valuations, including futures contracts.	这两个概念是金融评估的核心，包括对期货合同的评估。
cost-of-carry model is the most widely accepted and used for pricing futures contract	持有成本模型是在评估期货合同价值中最广泛运用和被接受的方法
Cost-of-carry Model	持有成本模型
Cost-of-carry model is an arbitrage-free pricing model.	持有成本模型是一种不具有套利性的模式。
Its central theme is that futures contract is so priced as to preclude arbitrage profit.	它的中心主题是说期货合同是这样定价的以便于预算套利。
In other words, investors will be indifferent to spot and futures market to execute their buying and selling of underlying asset because the prices they obtain are effectively the same.	换句话说，投资人并不在乎交易地点和哪个期货市场来进行他们对某个金融产品买入和售出，因为他们得到的价格都基本上相同。
Expectations do influence the price, but they influence the spot price and, through it, the futures price.	期望当然会影响价格，因为它们影响现货价格，从而通过这个，影响期货的价格。
They do not directly influence the futures price.	但期望值并不直接影响期货价格。
According to the cost-of-carry model, the futures price is given by Futures price(Fp) = Spot Price(Sp) + Carry Cost(Cc) - Carry Return(Cr) (1)	根据持有成本模型，期货价格可以这样计算：期货价值(Fp) = 现货价值(Sp) + 进位成本(Cc) - 进位返回(Cr) (1)
Carry cost (CC) is the interest cost of holding the underlying asset (purchased in spot market) until the maturity of futures contract.	进位成本 (CC) 是持有某金融产品(在现货市场购买的)的利息支出直到该期货合同的成熟。
Carry return (CR) is the income (e.g., dividend) derived from underlying asset during holding period.	进位返回(CR) 是从在对该金融产品的持有期间的收入 (比方说：分红)。
Thus, the futures price (F) should be equal to spot price (S) plus carry cost minus carry return.	这样来，期货价格 (F) 就是等于现货价格(S) 加上进位成本减去进位返回。
If it is otherwise, there will be arbitrage opportunities as follows	在其他的情况下，会有以下的套利机会
When F > (S + CC - CR): Sell the (overpriced) futures contract, buy the underlying asset in spot market and carry it until the maturity of futures contract.	当F > (S + CC - CR) 的时候: 卖掉 (价格过高) 的期货合同，在现货市场买入相关的资产并保留直到期货合同成熟。
This is called "cash-and-carry" arbitrage.	这称为“现金和运费”套利。
When F < (S + CC - CR): Buy the (under priced) futures contract, short-sell the underlying asset in spot market and invest the proceeds of short-sale until the maturity of futures contract.	当F <（S + CC-CR）的时候：买入（价格过低）期货合约，在现货市场卖出该资产，并将卖空收益投进行资，直到期货合约到期。
This is called "reverse cash-and-carry" arbitrage.	这被称为“反向现金和结转”套利。

My Experience

Experience

18 yrs.

Education

2016 MA/MS at Université de Sorbonne
2015 MA/MS at université Paris 7
2005 MA/MS at université Paris 12
2001 BA at the American university of Paris

France

Available Today

April 2024

Recent Activity

Translated 18 translation units
in the fields of banking, finance and financial markets

Language pair: English to Chinese

Jan 24, 2017

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