什么是远期合约?远期合约(forward contract)是一个双务合同，它规定了合约双方在未来某个确定的时刻以某个确定的价格交易一定数量的某项资产。也就是说，在远期合约签订之时，双方就将未来交易的时间、资产、价格和数量都确定了下来，这种确定性使得合约双方规避了未来资产现货价格波动的风险。
what is a forward contract? The forward contract is a double-serving contract, which provides for parties to trade a certain amount of an asset at a certain price at a certain point in the future. That is, at the time the forward contract is signed, the parties determine the time, asset, price, and quantity of the future transaction, and this certainty allows the parties to avoid the risk of fluctuations in the future spot price of the asset.
合约中约定交易的资产称为标的资产(underlying asset)。远期合约是场外交易的合约。
the assets for which the contract was entered into are referred to as subject-matter assets (underlying asset).
简单地说，远期合约就是一个订货合同。比如，你在上午10点打电话订购一份盖浇饭，饭店同意在12点时给你送去，收你10元，这就是一个远期合约。
&msp; Simply put, the forward contract is a contract. For example, you call at 10 a.m. to order a laundromat, and the hotel agrees to send it to you at 12 a.m. for $10, which is a long-term contract.
远期合约中同意在未来购买标的资产的一方称为多方(the long side)，其持有多头头寸(long position);而同意在未来出售标的资产的一方称为空方(the short side)，其持有空头头寸(short position)。
&msp; the party in the forward contract who agreed to purchase the subject matter assets in the future is referred to as the long side, which holds multiple positions; and the party who agreed to sell the subject asset in the future as the short side, which holds an empty position.
交易远期合约的动机主要包括对冲风险(hedge risk)和投机(speculation)两种。
&msp; Motivation for trading forward contracts consists mainly of hedge risk and speculation.
例如，小麦种植商A在3个月后会收成1万吨小麦，由于3个月后小麦的现货价格未知，为了对冲小麦的价格风险，A可以签订小麦远期合约，担任合约的空方，即同意在未来卖出小麦。假如约定的未来交易小麦的价格为2000元/吨，则A就锁定了未来的收入。又比如，面包厂B在3个月后需要购买1万吨小麦作为生产原料，由于3个月后小麦的现货价格未知，为了对冲小麦的价格风险，B可以签订小麦远期合约，担任合约的多方，即同意在未来买入小麦。假如约定的未来交易小麦的价格为2000元/吨，则B也就锁定了未来的成本支出。这都是对冲风险的动机。
&msp; for example, wheat grower A will harvest 10,000 tons of wheat in three months, and because the spot price of wheat is not known after three months, A can enter into a forward contract for wheat against the price risk of wheat rushing, which is to agree to sell wheat in the future. If the price of wheat for future deals is $2,000/tonne, A locks in future revenue. For example, bakery B buys 10,000 tons of wheat as raw materials in three months, and because the spot price of wheat in three months is unknown, B can enter into a forward contract for wheat in order to cover the price risk of hitting wheat, and he agrees to buy wheat in the future. If the price of wheat for future deals is $2,000/t, B locks in future costs.
投机动机是指投机标的资产的价格。例如，对冲基金C预期小麦价格会上涨，就签订小麦远期合约，担任合约的多方;对冲基金D预期小麦价格会下跌，就签订小麦远期合约，担任合约的空方。
&msp; speculative motivation refers to the price of speculative assets. For example, hedge fund C expects the price of wheat to rise, then contracts for wheat for multiple contracts; hedge fund D expects the price of wheat to fall, contracts for wheat for empty contracts.
远期合约中商定的价格称为远期价格(forward price)。如果标的资产的价格上涨，则对多方有利。如果在到期日时，标的资产的价格大于合约约定的远期价格，则多方收益就为正。因为多方可以以一个较低的价格(远期价格)购买到高价格的资产。反之，如果标的资产的价格下跌，则对空方有利。如果在到期日时，标的资产的价格小于合约约定的远期价格，则空方收益就为正。在远期合约中，一方的盈利就是另一方的亏损，因此称远期合约为零和游戏。
The price agreed in the forward contract is referred to as forward price (forward price). If the price of the asset is higher than the agreed forward price of the asset at maturity date, the multiple gains are positive. Because many can purchase the asset at a lower price (for forward price). Conversely, if the price of the asset falls, the empty gain is positive. If, at maturity date, the price of the asset is less than the agreed forward price, the empty gain is positive. In forward contracts, the profit of one party is the loss of the other, so the forward contract is called a zero-sum game.
由于远期合约在订立之时，双方不支付任何现金，这就使得合约双方都存在潜在的违约风险。也就是说，未来亏损的一方可能会不履行合约(即违约)，因此赚钱的一方就会有违约风险。所以，通常只有大机构之间才能交易远期合约，如政府、央行、投资银行、商业银行、大企业等。
& because the forward contract is not paid in any cash at the time of its conclusion, there is a potential risk of default on both sides of the contract. That is, if one party to a future loss fails to comply with the contract (i.e. default), there is a risk of default on the one that earns money.
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