法意PHIGROUP

http://www.cftc.gov/marketreports/commitmentsoftraders/index.htm
我討論的是：點選報表後，有All、Old、Spreading、四大和八大交易人、Gross、Net，我要解譯的就是這些細微的東西。不知各位是否能了解這個價值？










今天這篇，和昨天的文章，就是在解譯上述的東西。
  

Note: CBOT: Chicago Board of Trade; KCBT: Kansas City Board of Trade; MGE: Minneapolis Grain Exchange; CME: Chicago Mercantile Exchange; NYBT: New York Board of Trade.

Last Updated: October 25, 2007

 Concentration Ratios (long form only). The report shows the percents of open interest held by the largest four and eight reportable traders, without regard to whether they are classified as commercial or non-commercial. The concentration ratios are shown with trader positions computed on a gross long and gross short basis and on a net long or net short basis. The "Net Position" ratios are computed after offsetting each trader’s equal long and short positions. A reportable trader with relatively large, balanced long and short positions in a single market, therefore, may be among the four and eight largest traders in both the gross long and gross short categories, but will probably not be included among the four and eight largest traders on a net basis.

針對4大及8大交易人做說明：

"Net Position"抵消了交易人同時持有的多空單。也就是說，當交易人同時持有夠多的多空部位後，將會被列在「Gross」中，但多空抵消後，或許不會列在「Net」中。

重要說明：關於指數型基金

Supplemental Report. Based on the information contained in the report of futures-and-options combined in the short format, the Supplemental report shows an additional category of “Index Traders” in selected agricultural markets. These traders are drawn from the noncommercial and commercial categories.

“Index Traders”在特定的農產品市場中被抽出。不包含在Noncommercial and Commercial categories.注意：在一般期貨的投機者部位中這幾種商品的部位未必有參考性：小麥、堪薩斯小麥、玉米、黃豆、黃豆油、2號綿、瘦豬、活牛、肉牛、可可、11號糖、咖啡。以上幾種商品，指數型基金經常佔了期多頭部位1~3.5成。

The noncommercial category includes positions of managed funds, pension funds, and other investors that are generally seeking exposure to a broad index of commodity prices as an asset class in an unleveraged and passively-managed manner. The commercial category includes positions for entities whose trading predominantly reflects hedging of over-the-counter transactions involving commodity indices—for example, a swap dealer holding long futures positions to hedge a short commodity index exposure opposite institutional traders, such as pension funds.

投機者部位包含管理基金、退休基金，不使用槓桿且為被動管理。不管是Noncommercial or Commercial categories他們只是按照商品指數來建立長期的部位。而且會定時換倉。

All of these traders—whether coming from the noncommercial or commercial categories—are generally replicating a commodity index by establishing long futures positions in the component markets and then rolling those positions forward from future to future using a fixed methodology. Some traders assigned to the Index Traders category are engaged in other futures activity that could not be disaggregated. As a result, the Index Traders category, which is typically made up of traders with long-only futures positions replicating an index, will include some long and short positions where traders have multi-dimensional trading activities, the preponderance of which is index trading. Likewise the Index Traders category will not include some traders who are engaged in index trading, but for whom it does not represent a substantial part of their overall trading activity.