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Перевод «current contract» на русский
The union hopes that we will be able to reach an agreement before our current contract expires on June 30.
Посмотрим, чего нам удастся добиться до 30 июня, когда истекает мой нынешний контракт.
The current contract expires in two weeks time.
Действующее соглашение истекает через две недели.
The Englishman’s current contract will end next summer.
Действующее соглашение англичанина заканчивается следующим летом.
The current contract for advance procurement funded efforts has been in place since 2016.
Действующий контракт на авансовые закупки финансировался с 2016 года.
The current contract with the company expires in 2007.
Нынешний контракт с компанией истекает в 2007 году.
Go to the new reagent public utilities does not allow the current contract, but such a possibility in the future they do not rule.
Перейти же на новый реагент коммунальщикам пока не позволяет действующий контракт, однако такую возможность в дальнейшем они не исключают.
The current contract of the 26-year-old football player expires only in 2022.
Действующий контракт 26-летнего футболиста истекает лишь в 2022 году.
Zenit and the Czech halfback have signed an agreement whereby the player’s current contract is considered void.
Клуб и чешский полузащитник команды подписали соглашение, согласно которому действующий контракт с игроком считается расторгнутым.
The current contract with Cable and Wireless expires in 2007.
Действующий контракт с компанией «Кэйбл энд уайрлес» истекает в 2007 году.
Gazprom is the sponsor of this club since 2010, and the current contract ends in 2015.
«Газпром» выступает спонсором этого клуба с 2010 года, и нынешний контракт истекает в 2015 году.
Meanwhile, the American media are discussing the possible completion of a career as a star striker after his current contract expires in 2021.
Между тем американские СМИ обсуждают возможное завершение карьеры звёздного форварда после того, как в 2021 году истечёт его нынешний контракт.
Neuer’s current contract with the German outfit ends in 18 months.
Действующий контракт немца с австрийской командой заканчивается через три сезона.
Russia is ready to extend the current contract on gas transit via the Ukrainian territory or discuss a new one.
Россия готова продлить действующий контракт на транзит газа через территорию Украины или обсудить заключение нового.
His current contract with the French side lasts until June 2009.
Его действующий контракт с французским клубом рассчитан до июня 2015 года.
The current contract between Fujifilm and Xerox specifies the trademark rights and regional sales territories of the two companies.
Действующий контракт между Fujifilm и Xerox определяет права на товарные знаки и региональные торговые территории двух компаний.
Messi’s current contract with FC Barcelona, which expires in 2021, pays him more than $80 million annually.
Нынешний контракт Месси с «Барселоной», истекающий в 2021 году, ежегодно приносит ему более 80 миллионов долларов.
Warsaw will not renew the current contract with Gazprom.
Варшава не будет продлевать действующий контракт с «Газпромом».
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What are 1! and 2! continuous futures contracts?
A continuous futures contract is an artificial financial instrument derived by linking multiple individual futures contracts with different expiration dates. This method creates a smooth price series that helps traders identify long-term trends and patterns, eliminating the need to manually switch between individual contracts. You can learn more about the switching continuous futures contracts on TradingView Chart in this article.
1! continuous contract (front month)
The 1! continuous contract represents the front or nearest expiration month contract. It rolls over to the next contract when the current front-month contract expires. This series is widely used for short-term analysis and trading, as it provides an accurate reflection of the current market sentiment and price movements.
2! continuous contract (second month)
The 2! continuous contract represents the second nearest expiration month contract. It rolls over to the next contract upon the expiration of the current second-month contract. This series is often used for medium-term analysis and trading, as it captures the market’s expectations for the next contract period and provides insight into potential price movements.
Benefits of continuous futures contracts
- Seamless price series: Continuous contracts provide a smooth price series that facilitates trend analysis and pattern identification, helping traders make better-informed decisions.
- Simplified analysis: By creating a single continuous price series, these contracts eliminate the need to manually switch between individual futures contracts, simplifying the analysis process.
Limitations of continuous futures Contracts
Despite their benefits, continuous futures contracts also have some limitations:
- Artificial prices: Since continuous contracts are synthetic instruments, they may not accurately represent the actual traded prices of individual futures contracts.
- Rollover effects: Rollover periods can cause sudden price jumps or gaps, which may impact technical analysis and trading strategies. See this article to learn more about back-adjustment for continuous futures on TradingView Charts.
- Trading limitations: It is possible to trade only 1! continuous contracts for a limited number of exchanges. Currently, trading is available for 1! continuous contracts only for the CME exchange. However, 2! continuous contracts are not available for trading. You can switch to a 1! continuous contract or a contract with an expiration date for trading.You can learn more about continuous futures trading in this article.
What Is Front Month? Definition, How It Works, and Example
Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas’ experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.
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Skylar Clarine is a fact-checker and expert in personal finance with a range of experience including veterinary technology and film studies.
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What Is Front Month?
The term «front month» refers to the nearest expiration date in futures trading. It is commonly used when describing futures or options contracts with earlier expiration dates. Put simply, it is the shortest length of time for which the contract can be purchased. Contracts that fall into this category tend to be very heavily traded and are often very liquid because of the short expiry date. A front month is the opposite of a back month, which denotes expiration dates for contracts that are far off in the future.
Key Takeaways
- A front month is the nearest expiration date for a futures or options contract.
- The front month represents the shortest length of time for which the contract can be purchased
- Front months are typically the most heavily traded and most liquid options and futures contracts.
- The spread between the underlying security’s front month futures price and its spot price will usually narrow until converging at expiration.
- The opposite of a front month is the back month, which refers to a date further off in the future.
Understanding Front Month
Derivatives are financial contracts whose value is based on the price of an underlying asset. Both options and futures are two types of contracts. An options contract gives the investor the right but not the obligation to buy or sell the underlying asset at a specific price by a certain date. A futures contract, on the other hand, obligates the holder to buy or sell the asset on a specific date in the future.
A contract’s expiration date refers to the time at which it matures. In some cases, contracts expire far off in the future. In other instances, they expire within a relatively shorter period of time. The expiration month in these latter contracts is called a front month.
These contracts tend to be the most heavily traded and the most liquid options and futures contracts for a given series or issue. Although it’s not always the case, the listed front month is typically in the same calendar month. Front-month prices are normally the ones used when quoting that security’s futures price.
The spread between the underlying security’s front month futures price and its spot price is normally the narrowest and continues to shrink until they converge at expiration. The use of front-month contracts requires an increased level of care since the delivery date may lapse shortly after purchase. That’s because it requires the buyer or seller to actually receive or deliver the contracted commodity.
The front month is also sometimes referred to as the near month or the spot month.
Special Considerations
Futures contracts have different expiration months throughout the year and many extend into the next year. Each futures market has its own specific expiration sequence. For example:
- Financial instruments, such as Standard & Poor’s (S&P) 500 E-mini futures or U.S. Treasury bond futures, use the quarterly expiration months of March, June, September, and December (contract month coded — H, M, U, and Z).
- Commodities markets are loosely tied to their mining, harvest, or planting cycles, and may have five or more delivery months in one year. Energy futures, such as crude oil, have monthly expiration dates as far into the future as ten years.
It is important to note that expiration dates and the last day of trading dates are not the same. For energy especially, contracts stop trading in the month prior to the expiration month. Therefore, selecting the proper expiration month for a trading strategy is quite important.
Backwardation and Contango
Backwardation and contango are terms that describe the shape of a commodity futures curve.
Backwardation occurs when a commodity’s futures price is lower for each successive month along the curve, resulting in an inverted futures curve. The futures spot price, which is the front month price, will be higher than the next month’s price and so on. This is usually the result of some disruption to the current supply of that commodity. In other words, backwardation is when a commodity’s current price is higher than its expected future price.
Contango refers to a normal futures curve for a commodity where its futures price is higher for each successive month along the curve. The spot price is lower than the next month’s price and so on. This makes sense intuitively given that physical commodities will incur costs for storage, financing, and insurance. The longer out until expiration, the higher the costs. Simply put, contango is when a commodity’s futures price is expected to be more expensive than the spot price.
Both states of the market are important to know for futures trading strategies that involve rolling over positions as they near their respective expiration dates.
Front Month vs. Back Month
As noted above, contracts with front month expiration dates are those that come due in the shortest amount of time possible. These contracts are often paired with back-month contracts to create calendar spreads.
Back-month contracts have later expiration dates than front-month contracts and are also called far-month contracts. Unlike front-month contracts, prices for contracts that expire in back months have different prices. As such, they tend to be more expensive. That’s because there is a lot more uncertainty associated with these contracts.
Back-month contracts are also less liquid than those with front-month expiration dates. Because of this, there is a lot less trading volume, which can add to the overall risk
Example of Front Month
Here’s a hypothetical example to show demonstrate how a front-month contract works. Let’s say a day trader in crude oil futures purchases a futures contract and agrees to purchase 1,000 barrels of oil for $62 per barrel with the front month being July. This means the contract expires in July and there is no earlier contract available.
If the trader still holds the contract at its expiration, they will need to take possession of 1,000 barrels of crude oil. The trader will take advantage of market volatility in the days leading up to the expiry date and attempt to make a profit on their right to the barrels of oil before the contract expires.