Speculators plug the gap when the hedging requirements of raw-material producers and buyers do not coincide, offering a counterparty for trades that might otherwise have no takers.

当原材料生产商和买家的对冲要求不符时，投机者填补这一空白，从而避免这一交易无人问津。

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The pricing formulae for copper, which allow buyers to set prices after the cargo arrives, as well as the extensive use of hedging instruments, have helped blunt some of the price gyrations.

铜的定价模式和对冲工具的广泛运用缓和了价格波动，这种模式允许买家收货后再定价。

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Credit derivatives are also negative benefit assets, so it can completed the credit risk hedging positions by the transaction between sellers and buyers.

信用衍生产品又是一种负利资产，其买卖双方在交易中完成了信用风险头寸的对冲。

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Speculators plug the gap when the hedging requirements of raw-material producers and buyers do not coincide, offering a counterparty for trades that might otherwise have no takers.

ECONOMIST: Commodity speculators do more good than harm

If, as even critics concede, CDSs can be a useful hedging instrument, then excluding "naked" buyers would reduce the breadth and depth of the market, putting "legitimate" hedgers at a disadvantage.

WSJ: Give Some Credit to Credit-Default Swaps