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1
、
Convenience yield vs Cost of Carry
（
P120
便利收益率
vs
持有成本
）
：
The benefits from holding
the physical asset are sometimes referred to as
the
convenience
yield
provided by the commodity;The
relationship between
futures
prices
and
spot
price
can
be
summarized
in
terms
of
the
cost
of
carry
.
2
、
Currency
Swap
vs
Interest
Swap
(
P165
货币互换、
P148
利率互换
)
:In
this
simplest form,this involves exchanging
principal and interest payments in
one
currency for principal and interest payments in an
other.
货币互换
是指
为降低借款
成本或避免远期汇率风险，将一种货币的债务转换成另一种货币
的债务的交易
; In this swap a company agrees to pay cash flows equal to
interest
at
a
predetermined
fixed
rate
on
a
notional
principal
for
a
predetermined
number
of
rn,it
receives
interest
at
a
floating
rate on the same
notional principal for the same period of time.
利率互换
是
指交易双方以一定的名义本金为基
础，将该本金产生的以一种利率计算的利
息收入
（支出）
流与对方的以另一种利率计算的利息收入
（支出）
流相交换，
交换的只是不同特征的利息，没有实质本金的互换。
3
、
FRA
(P86)
:A
forward
rate
agreement(FRA)
is
an
over-the-counter
agreement
designed
to
ensure
that
a
certain
interest
rate
will
apply
or
lending a certain principal during a
specified future period of time.
4
、
Par
Yield
(
P81
收益率
)
:The
par
yield
for
a
certain
bond
maturity
is
the
coupon rate that causes the bond price
to equal its par value.
5
、
Maintenance Margin vs Initial
Margin(
维持保证金、初始保证金
) :
维持保证
金（
Maintenance Margin
s
）
是当期货契约价格发生变动时，客户必须保持
其保证金帐户内的最低保证金金额；
初始保证金
(I
nitial
Margin)
是指期货交
易者在开始建立期货交易部位时，要交纳的保证金。
6
、
OTC
Market
vsTraded
On
Exchanges(P30
柜
台
交
易
市
场
、
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