In a nutshell, a hedge is placed by taking a futures position opposite to the position held in the cash market, and exactly equivalent in value.

简言之，期货保值就是指在期货市场上采取和现货市场头寸方向相反，而价值完全相等的合约部位的交易。

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Recently, he shifted some of the organization's gold bullion into an equivalent bet on gold using futures, a move that freed up cash that was plowed into stocks.

WSJ: Gold's Fall Stings Texas Universities' Endowment

Dean Curnutt at Macro Risk Advisors figures that in early March the Credit Suisse fund had to trade the equivalent of 3, 300 VIX futures contracts daily, or about 4% of the entire day's volume.

WSJ: Chaos Over a Plunging Note

The other dinosaur den is financial options--the equivalent of the right, for example, to buy Treasury bond futures at a certain strike price--where traders hang over the railings, screaming and waving frantically.

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