إخلاء المسؤولية: تُعد عقود الفروقات أدوات مالية معقدة تنطوي على مخاطر عالية قد تؤدي إلى خسارة أموالك بسرعة بسبب استخدام الرافعة المالية. قبل البدء بالتداول،
عليك التأكد من فهمك الكامل لكيفية عمل عقود الفروقات، وتقييم ما إذا كنت قادرًا على تحمّل مخاطر الخسارة العالية.
منصة الويب MT5
الكل
Cold Storage
A method to store cryptocurrency private keys offline. Transactions on the blockchain are signed with a private key, so if it is kept offline, it cannot be compromised by remote hacking, malware, or phishing.
Common cold storage options range from hardware wallets (purpose-built physical wallets that hold keys and sign transactions without being connected to a computer) to paper wallets (keys printed or written on paper) to air-gapped computers (computers that have never been connected to a network).
For large cryptocurrency holdings, cold storage is the standard practice. Institutional holders, custodians, and exchanges usually store most of their assets in cold wallets and have a smaller hot wallet for operational liquidity. The trade-off for that accessibility is the need to sign a transaction in cold storage, which means friction from turnover, physical loss, or damage risks.
Example: A custodian holding digital assets for institutional clients stores 95% of the assets in multi-signature cold storage in geographically separated, physically secure vaults. Only 5% is stored in hot wallets to meet daily redemption demand, reducing the online attack surface and providing ample liquidity for regular operations.
Collateral
An asset that is pledged by a borrower or counterparty to secure an obligation. If the borrower defaults or the position goes against the borrower beyond a certain point, the lender or counterparty can take and sell the collateral to recover the amount owed. It is the basic risk-mitigation tool of the financial system.
What qualifies as acceptable collateral depends who’s asking. Central banks normally only purchase top quality government bonds. Clearing houses accept government bonds, cash and sometimes equities with a haircut . Prime brokers extend collateral eligibility further down the credit curve for institutional customers. Haircuts, which is the discount to the market value of the collateral, are a function of the volatility of the asset and its liquidity risk.
Systemic risk is lurking in collateral chains. The same collateral may be rehypothecated, or pledged by the first borrower to a second lender, time and time again. When the market goes bad, everyone wants their collateral back.
Example: In the UK gilt crisis of September 2022, pension funds using liability-driven investment strategies had to post additional collateral as gilt prices fell. Many had to sell gilts to meet the calls, pushing the price of gilts down further a collateral spiral that needed the intervention of the Bank of England to halt.
Colombian Peso (COP)
The official currency of Colombia issued by the Banco de la República. The higher the nominal unit of the money, the more years of inflation without redenomination, and the higher the price of a typical coffee in pesos that you’ll be paying for. The exchange rate is a managed float in which the central bank conducts rule-based FX auctions to minimize uncertainty.
The COP is sensitive to oil prices. Colombia is a key crude exporter, and oil affects the current account directly and, by extension, the exchange rate: lower oil prices squeeze the peso; higher oil prices strengthen it. That means that the sensitivity to this commodity makes the peso behave much like other petrocurrencies when the energy markets move.
The Banco de la República is considered one of the more credible and independent central banks in Latin America, and offers the peso greater institutional support than many other Latin American central banks.
Example: A Colombian oil firm issues dollar-denominated debt, its business expenses are also in pesos, and it’s watching as crude prices drop sharply. The drop in commodity prices and, at the same time, the depreciation of the peso cause revenues to shrink in dollars but not in local terms. The company enters forward contracts to insure against further declines in its dollar earnings.
Comdoll
FX trader slang for commodity-linked currencies, specifically the Australian dollar (AUD), New Zealand dollar (NZD), and Canadian dollar (CAD). The name combines “commodity” and “dollar. All three are commodity exporters with floating exchange rates, which are meaningfully associated with commodity price cycles.
The correlation depends on the currency. AUD is the indicator that is most closely associated with the iron ore and coal markets. The NZD is an index of dairy products and agricultural commodities. CAD follows the price of crude oil. In reality, all three also have a risk-on/risk-off factor that is higher when global growth prospects are improving (hence pushing up commodity demand) and lower when fear is taking over markets.
Comdolls are commodity proxies used by traders when the FX market is more liquid or accessible than the commodity market. They also play a role in what’s called a carry trade, as all three have historically paid interest rates higher than those of the USD, EUR, or JPY, but the carry can end suddenly when commodity cycles shift and risk appetite wanes.
Example: A large disruption in iron ore supply in Brazil leads to an increase in its price. AUD/USD is on a sharp upswing as traders revise their estimates of Australian export earnings. In a comdoll position benefiting from the interest-rate differential (IRD) during a commodity upswing, a trader going long AUD/JPY will receive the IRD and the currency’s upswing.
Commercial Corporations
Commercial traders, as defined in the Commitments of Traders (COT) report, are companies that are trading futures to offset actual exposures in the market, not to speculate. The following are all commercials: A wheat farmer locking in a harvest price; an airline limiting its jet fuel costs; a manufacturer locking in copper input prices.
The CFTC requires large futures traders to declare their category. Commercials can also get exemptions from some speculative position limits due to the fact that their futures positions do not create risk but offset risk in the real world. The designation is accompanied by a commercial activity that needs to be documented.
Commercial positioning attracts attention as a commodity is viewed as informed money, with a strong understanding of the physical supply/demand situation in that sector. At multi-year net-long extremes, they are purchasing at a price below their own fair-value estimate. In history, instances of divergences between extremes in commercial and speculative positioning have been followed by major directional moves.
Example: When prices are falling, as is the case in wheat, commercial grain traders, such as millers and food companies, build up a near-record net-long position in the futures, where net-long means that they buy more futures than they sell. At the same time, speculative funds are net short. The divergence is a contrarian signal, since the people who know the physical market best are strongly buying the market.
Commission
A service charge by a broker or dealer for conducting trade executions or providing investment advice.
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