“移仓”指的是什么意思?“逼仓”呢?英文如何表达?

“移仓”指的是什么意思?“逼仓”呢?英文如何表达?

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移仓指的是以当前持仓合约的相同持仓方向和相同持仓量对所要移至的合约进行开仓,实现仓位的转移。


这里的仓指的就是“头寸position”,因而“移仓”可以直接用“transfer position”来表示。

如《中国金融期货交易所结算细则》中第六章客户移仓即采用此等表述:


第六章 客户移仓

Chapter VI Transfer of Client Positions


第六十三条 会员因故不能从事金融期货经纪业务或者中国证监会要求移仓时,由会员提出移仓申请并经交易所批准,交易所可以对该会员客户的持仓及相应的交易保证金进行移仓。

Article 63 In the case that a member is no longer able to conduct futures brokerage business for some reason, or when required by the CSRC, the member shall file an application for the transfer of positions. After the application is approved by the Exchange, the Exchange may transfer the

positions and related trading margin of the clients of the member.


第六十四条 会员提交的移仓申请材料应当包括移出会员及其客户、移入会员同意移仓的声明书及需要移转的客户持仓的详细清单。移入会员或者移出会员为交易会员的,还应当提交其委托结算的结算会员同意移仓的声明书。

Article 64 The application documents submitted by the member shall include the declarations by the transferring member, its clients and the receiving member on their agreement for the transfer, and a detailed list of the clients’ positions to be transferred. If the receiving member or transferring member is a trading member, a similar declaration by the clearing member appointed by the trading member shall also be submitted.


第六十五条 移仓申请批准后,交易所通知会员移仓的约定日期。

Article 65 After the application for position transfer is approved, the Exchange will notify the member of the date designated for the transfer.


第六十六条 交易所在约定日结算后,为会员实施客户移仓,并向相关会员提供移转清单,会员应当对移转清单进行核对确认。移入会员或者移出会员为交易会员的,还应当将移转清单提交其委托结算的结算会员确认。

Article 66 The Exchange will transfer positions for the member after settlement on the designated date and provide a list of transferred positions to relevant members. The member shall verify and confirm the transfer list. If the receiving member or the transferring member is a

trading member, such list must also be provided to the clearing member appointed by the trading member for confirmation.


第六十七条 在约定日结算后,市场出现重大风险或者交易所认定的其他情形的,交易所可以暂停办理客户移仓手续。

Article 67 The Exchange may refrain from transferring positions if, after settlement on the designated date, significant risk arises in the market or any other circumstance as recognized by the Exchange occurs. 


此外,“移仓”也可以用“porting”一词来表述,如:

Post-crisis regulatory reforms have reshaped and increased the amount of clearing activity in the OTC derivatives market. An emerging issue is so-called “client porting” – i.e. how central counterparties (CCPs) can transfer positions from one clearing member (CM) to another in the aftermath of one member defaulting. 


逼仓

逼仓是非法的,在美国,逼仓一般出现在可交割的现货量不大的情况下,逼仓者是市场中的买方,它既拥有大量的现货头寸又拥有大量的期货头寸,这样可以使没有现货的空方或卖方在进入交割月以后只好以较高价格平掉自己的部位,期货价格一般会偏离现货价格较远,这就是逼仓。逼仓大致可分为两种方式,一种是通过做多头实现、另一种是通过做空头实现。


“逼仓”可以用“market corner”来表述:

The term, to corner a market simply means to acquire a satisfiable number of shares of a specific type of security, like those of a company in a niche industry. It can also refer to the ability to hold a security or a substantial portion of a significant market to the extent that one can manipulate the market of that commodity at will. Generally, the term to corner a market simply means that a security or commodity market has been pushed into a position where it is unable to attract new buyers and sellers.

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