Sunday, 18 November 2012

睇 LME Calendar 原來都係一門學問!


因為工作關係,早兩日去咗上一個有關 LME (London Metal Exchange) training。嘩,不上白不上,training 的一第個環節,係教睇 calendar。。。

唔係呀話,睇日曆都要教???

係呀,就係咁離奇!


原來 LME trading settlement 嘅日程表,好有自己嘅一套,雖然係 London based 嘅市場,可能因為美國係大嘅 market player,而且大部份 contracts 都用美金交收,個日程表又要就英國假期丶又要就美國假期丶更要就 bank holiday丶可以 trade 果日又唔一定有 settlement or vice versa,攪到常人難以理解,個 trainer 重話,試過為咗攪清楚個 calendarLME internal 要開 cross departments 大會,而 IT department 就頭都痕晒都攪唔掂啲 system,要將個 calendar sync 晒上所有systems,係一個大 project !

咁,即係有幾複雜呢?一齊來睇睇,例如以下嘅 statements 就算識晒啲英文,你都未必知佢想做乜,信不信由你,讀完之後,重要考試。。。

1) TOM = tomorrow settlement
2) For a Non LME prompt date (which is usually an US holiday), there is no TOM
3) Cash = 2 days settlement (currency market spot trade 的概念相似)
4) If Cash falls on a Non LME prompt date or UK holiday, Cash date shall be rolled forward to the next date
5) If T+1 is a Non LME prompt date or UK holiday, Cash date is still = Trade date + 2
6) Combining 4 & 5 above, there can be a scenario where 2 trade dates’ settlement fall onto the same Cash date => double Cash date
7) Monthly contract can only be opened on every Wednesday
8) 3-month contract can only be opened on the third Wednesday of a month
9) For a 3 month contract, if the settlement date falls on a non LME date, it shall be rolled back / forward to the nearest LME date, e.g. falling on Saturday, rolling back to Friday. However, it will never be rolled to the 4th month.
10) Non prompt LME date => can trade but no settlement
11) LME Closed date => no trading nor settlement

夠了,再寫下去 S 怕會把讀者都嚇走!

不過,雖然好麻煩,S 依然覺得這個 training 好有用,因為香港一直冇 commodities trading,唔似得星加玻咁,一早就有呢方面的 expertise,你鍾唔鍾意都好,暫時 LME 仍然係呢個範籌嘅龍頭,識始終好過唔識!





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2 comments:

攞你命三千 said...

唔係好難啦,講到尾都係規矩嘛

SKII said...

哈哈,唔係難,係煩!!

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