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自1982年首次推出股票价格指数期货后,期货市场发生了巨大改变。金融衍生品很快成为期货市场的主流。自期货交易产生以来,价格发现一直是其基本功能之一。对于什么是期货的价格发现功能,国内较权威的定义是通过期货交易机制形成具有真实性、预期性、连续性和权威性的价格过程。由于金融衍生品定价与早期的期货存在着巨大差异,金融衍生品的价格发现功能一直被广泛地误读。
The futures market has changed dramatically since the stock index futures were first introduced in 1982. Financial derivatives quickly became the mainstream of the futures market. Since the futures trading, price discovery has always been one of its basic functions. For what is the price discovery function of futures, the more authoritative definition in our country is the formation of the price process with authenticity, expectancy, continuity and authority through the futures trading mechanism. Because of the huge differences between the pricing of financial derivatives and the early futures, the price discovery function of financial derivatives has been widely misread.