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backwardation
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backwardation
backwardation (bækwəˈdeɪʃən) [f. prec. vb. + -ation (after ns. from vbs. of Latin origin as retard-ation).] Stock Exchange term for a percentage paid by a seller of stock for the privilege of keeping back or delaying its delivery till the following account or to any other future day agreed upon.1850...
Oxford English Dictionary
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Normal backwardation
Normal backwardation, also sometimes called backwardation, is the market condition where the price of a commodity's forward or futures contract is trading Normal backwardation vs. backwardation
The term backwardation, when used without the qualifier "normal", can be somewhat ambiguous.
wikipedia.org
en.wikipedia.org
Forward curve
If the PFC is descending, it is a so-called backwardation and investors will make money by exchanging (rolling) their old futures contracts to new ones
wikipedia.org
en.wikipedia.org
特定のモデルに別モデルのカラムを別名で追加する方法 `SQL``Company` `belongs_to` `Balance``Backwardation` sql =<<-SQL SELECT balances.*, backwardations.rate FROM balances LEFT JOIN backwardations ON balances.date ...
`AS``ActiveRecord::Base.connection.select_all``Model.find_by_sql` sql = 0.5
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Forward price
See also
Forward rate
Forward measure
Convenience yield
Cost of carry
Backwardation
Contango
References
Bibliography
Binomial Models in Finance -
wikipedia.org
en.wikipedia.org
contango
▪ I. contango, n. Stock Exchange. (kənˈtæŋgəʊ) [App. an arbitrary or fortuitous formation from continue.] The percentage which a buyer of stock pays to the seller to postpone transfer to the next or any future settling day; continuation; the opposite of backwardation. contango-day: continuation-day,...
Oxford English Dictionary
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Contango
The opposite market condition to contango is known as backwardation. contango, backwardation, contango theory and theory of normal backwardation.
wikipedia.org
en.wikipedia.org
Theory of storage
cost of storage
When supplies are tight, and purchasing managers build production inventory levels to ensure availability,
Futures prices tend toward backwardation
wikipedia.org
en.wikipedia.org
期货升水
与之相反的称为期货贴水或「逆价差」(backwardation)。
描述
对于不会腐烂的商品(例如黄金),正价差属于正常(normal)。在升水情况下,交易者愿意现在支付比未来预期现货价格更高的费用,以在将来收到某种商品。
wikipedia.org
zh.wikipedia.org
Spot–future parity
See also
Contango
Backwardation
Put–call parity
References
Futures markets
Financial economics
Arbitrage
wikipedia.org
en.wikipedia.org
如何看待这一轮国际原油暴跌?
商品中的套息交易是做多Backwardation,我的知道的,这个世界上有两个商品是天生的Backwardation,一个是大部分时候的原油,一个是螺纹钢。然后你会发现一个奇妙的巧合,甚至感觉没有逻辑可言,螺纹钢和布油差不多2020年1月同一时间见顶...... 等到美国期限利差开始走阔的时候,油价从contango变回Backwardation的时候又可以重温去年秋日好时光 此时最需要耐心等待。 我真的并非此中专家,多多指正
zhihu
www.zhihu.com
Soft commodity
Soft commodities have been known to adopt a backwardation trend until the late 1990s when futures were actively traded.
wikipedia.org
en.wikipedia.org
为什么石油价格短期崩不了?
数据来源:Barchart网站
由上图可以看出,目前的期货市场维持了此前现货溢价(Backwardation)的结构,即近期月份合约价格高于远期月份合约价格,价差维持在2-3美元/桶左右(正常情况在1美元/桶以内),在历史上也属于非常高的水平。
36kr.com
36kr.com
Perpetual futures
All these innovations enabled to set lots to convenient size in USD, keep price contango or backwardation under control, and settle all operations in cryptocurrency
wikipedia.org
en.wikipedia.org
OneChicago
underlying stock is hard to borrow, the hard to borrow premium is reflected in the futures buy price being lower than the stock sale price (a so called backwardation
wikipedia.org
en.wikipedia.org