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期货市场最为重要的两个功能就是规避风险和价格发现,它为套期保值者提供了风险转移的场所并同时给商品定价。投机则对两个功能的实现起着至关重要的作用:有助于提高期货市场流动性,为套期保值者找到交易对手,利于期货市场发挥价格发现功能。如果没有投机资金期货市场将会成为一个没有流动性的地方,其基本功能将受到冲击。限制市场中某一特定投资者的行为可能人为地减少农产品市场的套利行为,极可能破坏期货市场为实际贸易套期保值、规避价格风险的功能……
Two of the most important functions of the futures market are risk aversion and price discovery, which provide hedgers a place to risk transfer and pricing of goods at the same time. Speculation plays a crucial role in the realization of the two functions: helping to increase the liquidity in the futures market, finding counterparties for hedgers, and facilitating the discovery of the price in the futures market. If there is no speculative capital futures market will become a lack of liquidity, its basic function will be under attack. Limiting the behavior of a particular investor in the market may artificially reduce the arbitrage on the agricultural product market and is likely to undermine the function of the futures market in hedging actual trade and avoiding price risk ......