基差的中文解释
基差为期货价格与标的资产现货价格的差距,通常是指最近月期货价减去现货价的结果。现货价与期货价有高度的相关性,但基差并非一成不变。基差交易(basis trade)就是根据对基差变动的预期而进行的买卖。随着期货趋近到期日,基差一般会逐渐缩窄,最终归于零(见图2)。
Basis的英文解释
The difference between futures prices and the
correspondingunderlying cash price. Basis is
normally quoted as cash price deducted from futures price of the nearest
delivery month. There is a high degree of correlation between cash and futures prices but the basis is not constant. A basis trade exploits the expected movements in basis. Basis is likely to reduce and
eventually to
shrink to nothing as the futures contract approaches its expiry date.