Including hedging, arbitraging and speculation.

包括套期保值、套利及投机。

There are mainly three functions of IF: hedging, speculating and arbitraging.

股指期货主要有三个功能：套期保值，投机和套利。

Alastair Ryan, an analyst at UBS, says the rules have become a "smorgasbord" and that "everyone is arbitraging" them.

UBS的一个分析师Alastair Ryan说：规则已经变成了自助餐，可以任人去用。

The spreading trade, including hedging and the arbitraging, is the important and safe operations in derivative security market.

对冲交易包括套期保值和跨期套利，是金融衍生商品交易市场中非常重要且较为安全的交易方式。

For such firms, being able to trade on multiple platforms and arbitraging between price differentials on them is important to their trading strategies.

对这些公司来说，能够在多个平台开展交易，并利用其中的价差进行套利，对它们的交易战略十分重要。

Analysis of the term structure of interest rate is the basis of asset pricing, financial product design, hedging and risk management, arbitraging and so on.

利率期限结构分析是资产定价、金融产品设计、保值和风险管理、套利等的基础。

The level of spreads is particularly significant because private-equity groups have been arbitraging between the debt and equity markets, using cheap debt to buy companies.

息差的水平特别显著是因为私人股份集团已经在债务工具市场和股票市场之间进行套利, 通过使用债务工具借入资金去收购公司.

The conclusion: 1. The futures market has the function of price discovery, whether cross commodity arbitraging or the same industry cross commodity arbitraging, there are chances for arbitrage; 2.

结论就是：1。无论利用跨商品套利模型还是产业链跨商品套利模型都存在着套利机会，并能获得比较客观的收益，说明期货市场具有价格发现功能；