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15 4月 2024

Eurex Asia

【特约专稿】放下電話筒— 鉅額交易新時代

CNFA期貨人季刊2024年第1季第89期


前言

自2000年代全球期貨市場走向電子化以來,不少曾經以市場喊價(floor outcry)交易 為主的期貨逐漸從市場引退。取而代之的,是被各大交易所轉為主力的小型期貨合約,吸引 以電子交易為主的散戶交易人參與,增加市場深度與普及程度。故此,最近十年才加入期貨 業界的新秀夥伴們,有不少是純粹電子交易的專員,日常工作內容裡並沒有接觸過鉅額交易 (block trade)。

事實上,除了散戶熱衷的、一天幾十萬口的旗艦股指期貨外,期貨業界仍然存在另一 面,以買方(buy side)交易人進行鉅額交易為主力的衍生品。本文將解說鉅額交易發生的原 因、常見種類、如何進行、並於最後為大家帶出鉅額交易在新時代的演進方向。

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