風險聲明：差價合約（CFD）是屬於複雜的投資產品，因杠杆而存在快速虧損的高度風險。
交易前您應衡量是否瞭解差價合約以及是否能夠承擔發生虧損的高風險。
Web Trader MT5
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Filled orders
A filled order is simply the execution of an order – meaning your request to buy or sell something has been matched with a counterparty and completed. The fill is the confirmation of this and includes the price at which it was executed.
In a liquid market where you are looking to trade in small sizes, fills are often instantaneous and at the desired price. However, in a thin market or where you are looking to execute large orders, slippage can occur if an order is filled at a less-than-favorable price due to insufficient liquidity at the exact level.
A fill can also be a partial fill, in which only a portion of a large order is completed while the remainder is still being executed.
Example: A trader places a market order to buy 500 shares. The immediate notification returns “filled at 34.62.” However, if the order is a market order for 50,000 shares, and there are only 10,000 available at 34.62 and 20,000 available at 34.63, the broker will instantly sweep both levels.
The trader receives a partial-fill notification for 30,000 shares, leaving the remaining 20,000 shares still seeking a match.
FIMA Repo Facility
The FIMA (Foreign and International Monetary Authorities) Repo Facility allows foreign central banks and international monetary authorities to temporarily exchange US Treasury securities for US dollars with the Federal Reserve. It was made permanent in 2021 to meet a crucial global liquidity demand.
During times of global market stress, dollar liquidity can evaporate swiftly, leaving foreign central banks desperate for cash. They can instead repo their Treasuries directly with the Fed for immediate dollar funding, rather than selling them into a weak market that would crush Treasury prices and send yields soaring.
Example: In the March 2020 pandemic, institutions hoarded cash, and global dollar funding markets froze. Foreign central banks may access the Fed’s facilities for much-needed dollar liquidity without having to offload their Treasury holdings and rock an already unstable bond market.
While not grabbing the same headlines as the Fed’s emergency measures at home, the facility had a huge, practical impact on stabilizing global dollar funding at the height of the crisis.
Financial analyst
A financial analyst is someone who analyzes financial data and turns it into valuable insights, whether that’s a view on a company’s profits projections, an assessment of a bond’s credit risk, or a recommendation on whether or not to purchase or sell an asset.
You can find the role in a range of environments including investment banks, asset management businesses, corporate finance teams, rating agencies and research boutiques. The real work is hugely variable, depending on where you sit.
A sell-side analyst at a bank does analysis and recommendations for customers. A buy-side analyst at a fund undertakes comparable work, but to help their own firm make investment decisions.
A corporate financial analyst might spend their days generating budget models and variance reports and not think about markets at all. What the roles have in common is a reliance on numerical reasoning, financial modelling and the ability to create a clear case from confusing data.
Example: A sell-side analyst covering the European automotive sector spends weeks constructing a thorough model of a manufacturer’s cost structure, and then produces a research note arguing that the market is underestimating the margin impact of the transition to electric vehicles.
Fund managers reading the note will use it as one input, among many, when choosing whether to change their position.
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the UK’s main financial services regulator, supervising some 45,000 firms in UK markets. In 2013, the former Financial Services Authority was split into two organizations: the FCA, which regulates market conduct and consumer protection, and the Prudential Regulation Authority (PRA), which is responsible for the financial stability of banks and insurers.
The FCA sets very strict rules for dealing with consumers, investigates misconduct, imposes heavy fines, and can even ban individuals from the industry altogether. So the first thing any UK investor should do before engaging a broker or financial adviser is to check that the business is FCA authorized.
Example: A business comes to a retail investor, offering abnormally high guaranteed returns. Before parting with any money, the investor checks the official, free FCA Register to determine whether the firm is authorized. The investor tries to look up the company’s record but can’t find it and quickly cuts off all contact.
This basic assessment allows the investor to rapidly understand that the offer is most likely a scam, protecting their wealth from unauthorized businesses operating outside the safety net of UK financial legislation.
Financial Contagion
Financial contagion occurs when the stress of one institution, market, or country quickly trickles into other institutions, markets, and countries to an extent that does not correspond to direct economic connections. It travels on fear. Once the bank goes bust, or the currency fails, investors begin to wonder why they should invest in other institutions or markets as well, and take their money out just in case.
Those outflows subsequently cause the very issues they were trying to combat, turning what should have been a contained crisis into a systemic one. It may be balance sheet linkages, joint investment in assets, or just sentiment.
Example: The collapse of Thailand’s baht in 1997 was not anticipated to drag Indonesia, South Korea, Malaysia, and the Philippines down within a few months. The immediate financial connections didn’t fully account for the rapidity and extent of what followed.
Investor sentiment had turned, money was flowing out of the whole region, and every currency that had been under pressure confirmed the fear that had led the other currencies down. That cascade is financial contagion, which is exactly what Minsky and others warned it would be.
Financial contract
A financial contract is a legally binding agreement between two parties that specifies rights and duties with respect to money, assets, or financial instruments. It is a catch-all term for a wide range of arrangements, a loan agreement, a derivatives contract, an insurance policy, a bond indenture, and a forward currency deal.
What they all have in common is that one party is pledging to do something financial – pay a sum, provide an asset, issue a guarantee – and the other side is relying on that pledge.
You can enforce a financial contract, and that makes the whole system work. Without it, the counterparties would not trust each other enough to do business, and the markets would grind to a standstill.
Example: When a corporation signs into an interest rate swap with a bank, it’s entering into a financial contract that will determine cash flows between the two for years to come. The contract spells out precisely who pays whom, under what circumstances, and what happens if either side defaults.
It’s not a fun read, but that document is what turns a verbal agreement between two traders into something the legal system will actually enforce.
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