双语金融术语：Forward Contract（远期合约）

What Is a Forward Contract?

什么是远期合约？

A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract can be used for hedging or speculation, although its non-standardized nature makes it particularly apt for hedging.

远期合约是双方在未来某一日期以指定价格买卖资产的定制合同。远期合约可用于套期保值或投机，尽管其非标准化的性质使其特别适合于套期保值。

Example of a Forward Contract

远期合约的示例

Assume that an agricultural producer has two million bushels of corn to sell six months from now and is concerned about a potential decline in the price of corn. It thus enters into a forward contract with its financial institution to sell two million bushels of corn at a price of $4.30 per bushel in six months, with settlement on a cash basis.

假设一个农业生产者从现在起6个月内有200万蒲式耳的玉米出售，但担心玉米价格可能下跌。因此，它与其金融机构签订了一份远期合约，在6个月内以每蒲式耳4.30美元的价格出售200万蒲式耳玉米，并以现金结算。

In six months, the spot price of corn has three possibilities:

六个月内，玉米现货价格有三种可能:

1. It is exactly $4.30 per bushel. In this case, no monies are owed by the producer or financial institution to each other and the contract is closed.

2. It is higher than the contract price, say $5 per bushel. The producer owes the institution $1.4 million, or the difference between the current spot price and the contracted rate of $4.30.

3. It is lower than the contract price, say $3.50 per bushel. The financial institution will pay the producer $1.6 million, or the difference between the contracted rate of $4.30 and the current spot price.

1. 正好是每蒲式耳4.30美元。在这种情况下，生产者或金融机构彼此不欠任何款项，合同也就结束了。

2. 比合约价格高，比方说每蒲式耳5美元。生产商欠该机构140万，即当前现货价格与合约费率4.30美元之间的差额。

3. 低于合同价格，比如说每蒲式耳3.50美元。金融机构将向生产商支付160万，即4.30美元的合同费率与当前现货价格之间的差额。

Risks with Forward Contracts

远期合约的风险

The market for forward contracts is huge since many of the world’s biggest corporations use it to hedge currency and interest rate risks. However, since the details of forward contracts are restricted to the buyer and seller – and are not known to the general public – the size of this market is difficult to estimate.

远期合约市场宏大，因为世界上许多大公司都用它来对冲货币和应对利率风险。然而，由于远期合约的细节仅限于买方和卖方，一般公众并不知道，因此这个市场的规模很难估计。

The large size and unregulated nature of the forward contracts market mean that it may be susceptible to a cascading series of defaults in the worst-case scenario. While banks and financial corporations mitigate this risk by being very careful in their choice of counterparty, the possibility of large-scale default does exist.

远期合约市场的庞大规模和不受监管的性质意味着，在最坏的情况下，它可能会受到一连串违约的影响。虽然银行和金融公司通过非常谨慎地选择交易对手来减轻这种风险，但大规模违约的可能性确实存在。

Another risk that arises from the non-standard nature of forward contracts is that they are only settled on the settlement date and are not marked-to-market like futures. What if the forward rate specified in the contract diverges widely from the spot rate at the time of settlement?

远期合约的非标准性质产生的另一个风险是，它们只在结算日结算，不像期货那样按市值计价。如果合约规定的远期汇率与结算时的即期汇率相差较大怎么办？

In this case, the financial institution that originated the forward contract is exposed to a greater degree of risk in the event of default or non-settlement by the client than if the contract were marked-to-market regularly.

在这种情况下，订立远期合约的金融机构在客户违约或不结算的情况下所面临的风险比定期按市值计价的合同更大。