一个交易商指出，目前的现货交易和票据市场的价值保持一致，另一个则指出作为煤炭掉期交易的标准的API2指数是从现货实际交易中产生。

While one trader said that current physical deals were aligned with paper values, another pointed out that the API2 index, against which coal swaps are settled, is derived from spot physical trades.

youdao

这就是他为什么买这么多，如期货指数挂钩票据，这是昂贵的和无效的，并造成重大损失渣打银行(中国)。

That's why he bought so many futures such as index-linked notes, which are expensive and ineffective and have caused great loss to SCB (China).

youdao