財政金融英譯中翻譯樣稿

期貨網站英譯中翻譯樣稿

Revolutionize the global futures market
為全球期貨市場帶來一次革命
EverMarkets is a cheaper, fairer, and easier way to trade futures.
EverMarkets是一個更便宜、更公平、更容易地進行期貨交易的途徑。
open-source blockchain technology
開源的區塊鏈技術
decentralized platform
分散化的平臺
emphasis on liquidity provision
強調流動性提供

What are futures?
什么是期貨?
Futures contracts are agreements to buy or sell at a fixed price now for delivery at a set date in the future
期貨合約是指現在以固定價格買進或賣出而在未來某一特定日期交割的合約。

Futures trading is a $20+ Billion global industry with hubs in Chicago, Shanghai, Frankfurt, Moscow, and Mumbai
期貨交易是一個高達20多億美元的全球產業,在芝加哥、上海、法蘭克福、莫斯科和孟買都有期貨交易中心。
Its growth trajectory is stunning particularly in China and India
期貨的發展軌跡令人驚嘆,尤其是在中國和印度
Comparison of major futures exchanges by billions of contracts traded (2016)
各主要期貨交易所之間的數十億交易合約的比較(2016)
Exchange revenues are between $0.60 to $1.60 per contract
每個合約的交易收入在0.60美元至1.60美元之間。

But trading is expensive, global access is difficult, and fees are unfair
但交易費用很高,全球市場準入很困難,收費不公平。
High frequency traders can trade the EMini S&P 500 futures at $0.15/contract
高頻次交易者可以按每合約0.15美元來交易EMini S&P 500期貨
TDAmeritrade charges retail investors $3.40/contract
TDAmeritrade向散戶投資者收取每合約3.40美元的費用

Unlike stock markets, futures markets are heavily monopolized; there is only one place to trade any contract
與股票市場不同的是,期貨市場被嚴重壟斷,任何合約只有一個交易地點。
This creates significant market impact costs as the fastest traders can trade ahead of everyone else
這產生了巨大的市場沖擊成本,因為最快交易者能夠搶在其他人之前交易。

Our goal is to trade any futures contract from around the world, on one platform, at a fraction of today's cost, and with minimal market impact.
我們的目標是在一個平臺上,在只需付出今天成本的一小部分而且產生的市場沖擊力最小的條件下來交易世界上所有的期貨合約。

FAIR MARKET ACCESS
公平的市場準入
You won’t need special contracts, faster servers, or friends in high places to get the best rates and data.  By design all participants are treated equally.
你不需要有特殊的合約,有更快的服務器,或者有位高權重的朋友就能獲得最好的價格和數據。根據設計,所有的參與者都享受同等待遇。
VASTLY LOWER FEES
費用大幅降低
Gone are high brokerage, clearing, and exchange fees; by utilizing blockchain technology we can lower costs to the absolute minimum.
高昂的經紀、清算、交易費用一去不復返了;我們利用區塊鏈技術可以把成本降至最低。
GLOBAL PARTICIPATION
全球參與
Without barriers, we allow unprecedented worldwide engagement.  Trade any contract, from Chicago to Shanghai, all on the same platform.
不再有任何障礙,我們可以做到史無前例的全球參與。從芝加哥到上海,任何合約都可在同一個平臺上交易。
REAL WORLD FUNGIBILITY
具備真實世界替代性
Our inaugural products are modeled from contracts on traditional exchanges, making the transition as easy as possible for current traders.
我們的初始產品是通過模擬傳統交易所合約而得來,因而當前交易者能容易地進行轉換。
MINIMAL MARKET IMPACT
最小的市場沖擊力
Our call auction microstructure will reduce volatility, improve the execution of large orders, and is less susceptible to “flash crashes”.
我們的集合競價微結構將減少波動性,改善大訂單執行情況,并且不太容易受到“閃電崩盤”的影響。
LEVERAGE DONE RIGHT
很好地利用杠桿
Our market-based approach to margin allows traders to utilize leverage while controlling for dangerous counterparty-risk.
我們采取以市場為基礎的盈利方法,從而使交易者可以很好地利用杠桿,同時控制危險的對手風險。

Introducing The EVR Token
引入EVR代幣(The EVR Token)
A unit of transaction, settlement, and administration
一個交易、結算和管理的單位

Traders use tokens to take risk.  When purchasing a futures contract, a trader makes a bet on the price of an instrument at a future expiration time.  When expiry occurs, traders are paid out the difference of the price at purchase and the price at the expiry, denominated in our token.
交易者使用代幣來承擔風險。在購買期貨合約時,交易者對未來到期時間的金融工具價格做出預期并按預期價格購買。當到期時,交易者支付購買時價格和到期時價格之差,并用我們的代幣來計價。

Margin syndicates accept collateral and provide leverage.  They are implemented as smart contracts within our system, which means that they can be trusted entities despite having no particular owner.  They accept collateral from traders, permit them certain amounts of leverage, and charge them a fee for this service.
保證金辛迪加(Margin syndicates)接受抵押品并提供杠桿。它們在我們的系統中是作為智能合約來實現的,這意味著盡管它們沒有特定的所有者,但它們可以是可信任的實體。它們接受交易者的抵押品,允許交易者獲得一定數量的杠桿,并向他們收取這項服務的費用。

Leverage is provided by token holders who act as lenders within the syndicate.  Lender deposit their coins in a margin syndicate and are paid from the traders’ fees.  Lending is not without risk: staked tokens are the primary backstop against counterparty risk.
代幣持有者在辛迪加中作為貸方提供杠桿。貸方將其代幣存入保證金辛迪加,并從交易者的費用中支付。貸款并非沒有風險:抵押代幣是對抗交易對手風險的主要保證。

Matching engines accept and match orders for a specific futures contract, and ensure the stability of markets.  They charge a per-contract transaction fee to traders.
撮合交易引擎(Matching engines)接受和匹配特定期貨合約的訂單,并確保市場的穩定性。他們向交易者按每份合約收取交易費。

Token holders can also earn money by joining a matching engine.  Matching engine members vote on contract parameters like price bands, order types, crossing times, and settlement procedures.  They are paid a fee on expiry conditional on a successful and stable market.
代幣持有者也可以通過加入撮合交易引擎來賺錢。撮合交易引擎的成員就諸如價格帶、訂單類型、交叉時間和結算程序等合約參數進行投票。他們在成功和穩定的市場條件下支付到期費用。

Transactions are crossed using a pro-rata call auction.
交易是通過按比例的集合競價的方式進行。
This algorithm reduces price volatility by allowing more time for supply-demand imbalances to equalize.  It also removes a dependence on speed, preventing participants from trading ahead of large orders.
該算法通過給予更多的時間來緩解供需不平衡狀況,從而降低價格的波動性。它也消除了對速度的依賴,阻止了參與者在大訂單之前進行交易。

For a deeper dive into how our platform works, please download our white paper.
欲深入了解我們的平臺如何運作,請下載我們的白皮書。

A Focus On Liquidity
強調流動性
A central part of our strategy is building liquidity from the start.  Here's how.
我們戰略的核心部分是從一開始就建立起流動性。采取的策略是。

ACHIEVING LEGITIMACY
取得合法性
We intend on working fully with the CFTC and other regulators on creating a legal method of trading futures on our platform.
我們的計劃是,與商品期貨交易委員會和其他監管機構開展充分的合作,在我們的平臺上創造一種合法的期貨交易方法。
Our goal is not to subvert existing exchanges, but to introduce a blockchain-based paradigm which would benefit all traders.
我們的目標不是顛覆現有的期貨交易所,而是引入對所有交易者有利的區塊鏈模式。

HEDGING CRYPTO-RISK
套期保值加密—風險
The volatility of crypto-currencies in recent years present risks which many traders may not want exposure to. Our contracts are designed to be neutral against crypto- movements.
近年來,加密貨幣的波動性帶來了許多交易者可能不想接受的風險。我們將合約設計成中立的可防止加密變動的合約。
While our contracts may track real world commodities like oil or soybean, they are all denominated and payable in our platform’s token only at the time of expiration. This means that you only have crypto- exposure on expiry day, at which point it is possible to immediately trade out if desired.
雖然我們的合約可跟蹤像石油或大豆這樣的真實世界商品,但它們只在到期時才按我們的平臺代幣來計價和支付。這意味著,你只有在到期日才會使用密碼,而且如果需要的話,在這個時候就可以立即進行交易。

OPEN SOURCE PLATFORM
開源平臺
Our platform technology will be open source, with regular audits. We hope that this will alleviate any reservations to trading on a decentralized platform, and enforce trust amongst potentially anonymous parties.
我們的平臺技術將是開源的,并進行定期審計。我們希望借此消除人們對于在分散式平臺上交易的一切顧慮,并加強潛在的匿名參與者之間的信任。

LIQUIDITY PROVISION TEAM
流動性提供團隊
With experience in data science and market making, we will spinoff a small quantitative trading team aimed solely at providing liquidity and reducing supply-demand imbalances.
借助我們在數據科學和市場營銷方面的經驗,我們將另外建立一個量化交易小團隊,唯一的目的是提供流動性和降低供需不平衡。
This team will be compensated based on unmatched volume they are able to cross, and will not have unfair access to data or technology.
該團隊將根據他們能夠交叉交易的無法匹配量來獲取報酬,并且不會不公平地獲取數據或技術。

MARKETING & SALES
市場營銷和銷售
A large portion of our budget is allocated towards the hiring of dedicated sales and marketing personnel, whose job is to attract interest from institutional investors.
我們預算中的很大一部分用于聘用專門的市場營銷人員和銷售人員,他們的工作是吸引機構投資者的興趣。
We also allocate a portion of our tokens towards our liquidity provider program, which subsidizes the on-boarding of dedicated liquidity providers.
我們也將一部分代幣分配給我們的流動性提供者計劃,為有奉獻精神的流動性提供者的進入提供補貼。

MARKET STABILITY
市場穩定性
We will conduct rigorous and regular stress tests against our code, platform, and any associated infrastructure.
我們將對我們的代碼、平臺和任何相關的基礎設施進行嚴格、定期的壓力測試。
We will also adopt the suspension, halt, and price limit / banding approaches which many exchanges use.
我們還將采用很多交易所使用的暫停、中止和限價/捆綁等方法。

Token Sale
代幣銷售
More details on our upcoming token sale will be announced in the coming weeks.
關于即將到來的代幣銷售的更多細節將在未來幾周內公布。
Sign up to receive news about our project and the sale as it happens.
請注冊,以實時接收我們的項目和銷售消息。
Early subscribers will receive preferential token sale access and special bonus awards.
早期用戶將獲得代幣銷售優惠和特別獎金。

Our Team
我們的團隊
We are a team of technologists from San Francisco and quantitative traders from Chicago.
我們是一個由來自舊金山的技術員和來自芝加哥的量化交易員組成的團隊。
We run on ambition and dedication, and are always looking for new additions to our team.
我們胸懷遠大抱負,具備奉獻精神,并一直在為我們的團隊尋找以補充新的血液。

 

MILESTONES
里程碑
What we hope to accomplish at various sale amounts
為了達成各種銷售金額目標我們所期望做到的

Generic platform for user-described futures. Matching engine and margin syndicate
用戶描述期貨的通用平臺。撮合交易引擎和保證金辛迪加
Headcount: 4
員工人數:4人

Trading of CME fungible contracts. Legal expenses for US trading. Support for trading liquid CME futures (includes oracles)
芝加哥商品交易所(CME)互換合約的交易。美國交易的法律費用。支持具流動性的芝加哥商品交易所期貨交易(包括甲骨文)

Market making ES, start of China trading
開展標準普爾期貨(ES)的市場推廣,開始中國的交易
Small internal market making team for E-Mini S&P 500 (ES) futures, Legal expenses for China trading, Support for subset of one Chinese exchange, Small American sales & marketing team
為E-Mini S&P 500 (ES)期貨建立一個小型的內部市場團隊,中國交易的法律費用,支持一個中國交易所的子集,美國小型銷售和市場營銷團隊

Market making global contracts, expansion to Europe
開展全球合約的市場推廣,擴大到歐洲
Support for all China exchanges and Eurex. Internal market making on ES, CL, EuroStoxx 50, and subset of Chinese contracts. Larger American sales & marketing team; small overseas effort
支持所有中國交易所和歐洲期貨交易所。對標準普爾(ES)期貨、原油(CL)期貨、Eurostoxx 50期貨和中國合約子集開展內部市場推廣。大型美國銷售和市場營銷團隊;海外小規模的推廣工作

Worldwide support
全世界范圍內的支持
Support for all liquid futures contracts around the world. Internal market making in as many liquid futures as possible. Expansive international sales & marketing effort
支持全世界所有的具流動性的期貨合約。盡可能多地對具流動性的期貨進行內部市場推廣。廣泛的國際銷售和市場推廣工作

Expansion into other asset classes and more
擴展到其他的和更多的資產類型
Expansion into single stock futures and options.Exciting plans still under wraps -- to be revealed!
擴展到單一股票期貨和期權。令人興奮的計劃仍在保密之中——有待揭曉!


TEAM
團隊

9 years at Citigroup & Graham Capital
在花旗集團(Citigroup)和Graham Capital公司工作9年
Trades commodity futures with personal capital
用個人資本進行商品期貨交易
Founded machine learning startup
創建機器學習初創企業
B.S. Computer Science, Carnegie Mellon University
卡內基梅隆大學計算機科學專業,本科理學學位


Technologist
技術專家
7 years at Microsoft & Amazon, Founded several finance and social startups, Early cryptocurrency investor, B.S. Computer Science, Duke University
在微軟和亞馬遜工作7年,創立了幾個金融和社會初創企業,早期的加密貨幣投資者,杜克大學計算機科學專業,本科理學學位

Technologist
技術專家
11 Years Leading Software Development
有11年領導軟件開發的經驗
Co-founded Push Computing
合伙創建了Push Computing公司
Led firm in acquisition by MobileIron
領導公司接受MobileIron的收購
Founded machine learning startup with Jim
與吉姆一起創建機器學習初創企業
M.S. Computer Science, Stanford University
斯坦福大學計算機科學專業,碩士理學學位

Quantitative Research
定量研究
10 years at Citadel Investment Group, Managed flow-facing execution strategies, Developed mid to high frequency alpha models, M.S. Information Networking, Carnegie Mellon University
在城堡投資集團(Citadel Investment Group)工作10年,管理“面向流動”(flow-facing)執行策略,開發了中高頻阿爾法模型,卡內基梅隆大學信息網絡建設專業碩士理學學位


Advisor
顧問
16+ years leadership in quantitative finance
16年以上的量化金融方面的領導工作
Was Managing Director at Citadel Investment Group, Was Managing Director at Knight Capital Group, Built largest dark pool in the U.S., October 2008, M.S. Computer Science, Stanford University
曾任城堡投資集團的董事總經理,騎士資本集團(Knight Capital Group)的董事總經理,2008年10月在美國建立了最大的暗池,斯坦福大學計算機科學專業,碩士理學學位

15+ years at Goldman Sachs, Citadel Investment Group, and Radix Trading
在高盛公司(Goldman Sachs)、城堡投資集團和Radix Trading 公司工作15年以上
Alpha research and portfolio implementation at GS and Radix
在高盛公司和Radix Trading 公司開展了阿爾法研究和投資組合實施
Head of execution strategy at Citadel
城堡投資集團的執行戰略負責人
B.S. Computational Finance, Carnegie Mellon University
卡內基梅隆大學計算金融專業,本科理學學位

Founded discretionary macro fund Abingdon Global after 15+ years of futures trading experience
經過15年以上的期貨交易經歷后,建立了自由型宏觀基金“阿賓登全球基金”(Abingdon Global)
Managed capital for Brevan Howard, Graham Capital, AT Global, and Goldman Sachs Asset Management
為Brevan Howard資產管理公司、Graham Capital資本管理公司、AT Global公司和高盛資產管理公司等管理資產
B.S. Economics, Vassar College
瓦薩學院經濟學專業,本科理學學位

Portfolio Manager at Capstone Investment Advisors, 10+ years trading experience at Citi and Millennium Management, Trades volatility strategies in futures space
頂點投資咨詢公司(Capstone Investment Advisors)的投資組合經理,10年以上在花旗和千禧管理公司(Millennium Management)的交易經驗,在期貨期權領域的交易波動性戰略。
M.S. Financial Engineering, Columbia University
哥倫比亞大學金融工程專業,碩士理學學位

Chief Investment Officer at Linnis, a systematic CTA
名為Linnis的程序化商品交易顧問基金公司的首席投資官
12+ years Portfolio Management experience at Linnis, Capula, and BlackRock
在linnis基金公司、Capula投資管理公司和貝萊德集團(BlackRock)工作了12年以上,積累了豐富的投資組合管理經驗
Specialist in systematic futures trading and market structure
是程序化期貨交易和市場結構方面的專家
M.S. Computer Science, Cornell University
康奈爾大學計算機科學專業,碩士理學學位

 

 

ROADMAP
路線圖
We have an ambitious three year plan in place
我們已經制定了一個雄心勃勃的三年計劃。

2017 is the year of beginnings.  We architected the platform, conducted a token sale, and started building the team.
2017年是計劃啟動的第一年。我們設計了平臺,進行了代幣銷售,并開始建立團隊。

Launch of website & initial marketing efforts
網站的啟動和初期的營銷推廣
After months of planning, we formally announce our project to the world. Community outreach is a large part of building a platform and we are excited to get things underway. Besides email communication, we have a slack channel, a subreddit, and a post on bitcointalk to reach us.
經過幾個月的計劃,我們正式向世界宣布了我們的項目。社區推廣是搭建平臺的一個重要組成部分,我們很興奮能讓工作順利進行。除了電子郵件通信外,還有一個松散的渠道,即子版塊(subreddit),以及一個BitcoinTalk郵箱可以聯系到我們。

Public token sale
公共代幣銷售
Our public token sale is estimated to start around late August and end in September. Subject to change; more details to come. Shoot us an email if you're interested in participating in our pre-sale.

我們的公共代幣銷售預計在8月末開始,九月結束。具體視情況變化而定;將會發布更多細節。如果您有興趣參加我們的售前會議,請發電子郵件給我們。
Onboard market data and infrastructure developers
獲取市場數據和開始基礎設施開發
Our first priority will be to purchase historical market data for the major American, European, and Asian exchanges. We plan to have a presence in futures from all three continents as quickly as possible.
我們的首要任務將是為美國、歐洲和亞洲的主要期貨交易所購買歷史數據。我們計劃盡快地在三大洲的期貨交易所中占據一席之地。

Additional developers will also be needed to build research and production infrastructure for our liquidity provision team. We need to emphasize our liquidity team early on, as it will take time to clean market data, build a research suite, and write predictive alpha models. We both platform and liquidity teams to proceed in tandem.
還需要更多的開發人員來為我們的流動性供應團隊建立研究和生產基礎設施。我們需要盡早地重點發展我們的流動性團隊,因為清理市場數據、建立研究室和編寫阿爾法預測模型等工作都需要時間。我們同時建立平臺和發展流動性團隊。

Onboard sales and marketing
管理銷售和市場營銷
We plan to start hiring sales & marketing personnel towards the end of the year. It is crucial to start building relationships early with institutional investors and liquidity providing firms.
我們計劃年底前招聘銷售人員和市場營銷人員。至關重要的是要盡早與機構投資者和流動性提供公司建立關系。


Initial beta release
最初的測試版本
The planned beta release of our platform will be in Q1 2018.
我們的平臺計劃的測試版本將在2018年第一季度發布。
We plan to have three auctions a day, and our inaugural contract to be analogous to the E-Mini S&P 500 future.
我們計劃有一個三天的競價,我們的初始合約與E-Mini S&P 500期貨類似。

Initial market making on CME
在芝加哥商品交易所(CME)的初步市場推廣
Our market making team will be putting out their first models in the Spring of 2018 for the E-Mini S&P 500.
我們的市場團隊將在2018年春季推出他們第一個E-Mini S&P 500期貨模型。

Additional CME-fungible products
額外的芝加哥商品交易所可互換產品
Our beta platform will be progressing nicely and we will be adding additional CME-fungible products. We will be targeting Crude Oil (WTI), EUR/USD, and Gold futures as the next few rollouts.
我們將大力推進測試平臺的建設,我們將增加額外的芝加哥商品交易所可互換產品。我們接下來推出的目標產品是原油(WTI)、歐元/美元和黃金期貨等。

Introduce Chinese exchanges
進入中國的交易所
We want to start trading futures fungible with Chinese exchanges as quickly as possible. Our first Chinese contract will be trading around mid-2018. The identity of the contract itself is still to be determined.
我們希望盡快開始與中國交易所可互換交易期貨。我們的第一個中國的合約大概將在2018年年中開始交易。合約本身的身份仍有待確定。

Risk assessment
風險評估
In preparation for our formal launch, we plan to hire outside firms to help us do a full security and risk assessment.
為做好正式啟動的準備工作,我們計劃聘請外部公司來幫助我們進行全面的安全評估與風險評估。

We also hope to start testing the platform against some less liquid products, to make sure we are as robust as possible against all scenarios.
我們還希望開始對一些流動性較差的產品進行測試,以確保我們在所有情況下都實現最大程度的穩健性。


Rollout Eurex-fungible contract
推出歐洲期貨交易所的可互換合約
We plan to rollout liquid European futures in the Fall of 2018, starting with the EuroStoxx 50 index futures.
我們計劃在2018年秋天推出歐洲具有流動性的期貨,從EuroStoxx 50指數期貨開始。

Formal launch of V1.0
正式啟動V1.0
We plan to formally launch about a year after our token sale. We plan to facilitate trading at least three auctions/day on at least a dozen of most liquid contracts across CME, Eurex, China Financial Futures, Shanghai, and the Dalian Commodity Exchanges.
我們計劃在我們的代幣銷售開展一年后正式啟動。我們計劃在芝加哥商品交易所、歐洲期貨交易所、中國金融期貨交易所、上海期貨交易所和大連商品交易所推動至少每天有三個競價的交易,達成至少十幾個最具流動性的合約。

Our liquidity provision team will aim to fill at least 50% of orders which would normally go unfilled in the US.
我們的流動性供應團隊的目標是至少執行50%的訂單,而這些訂單通常在美國是未執行的。

Expanding our global reach
進一步開拓全球市場
During this year we plan to target additional exchanges around the world, such as ICE, BM&F Bovespa, Moscow, Zhengzhou Commodity, Osaka, Bombay, and Singapore Exchanges.
在這一年里,我們計劃以全世界更多的交易所為目標進行市場開拓,例如洲際交易所(ICE)、巴西證券期貨交易所(BM&FBovespa)、莫斯科交易所、鄭州商品交易所、大阪證券交易所、孟買證券交易所和新加坡交易所等。

Check-in on market share
占據市場份額
By mid-year we hope to be trading 1% of the volumes in the most liquid CME futures, and at least .5% in the contracts we target in Eurex and the Chinese exchanges.
到年中的時候,我們希望能夠在最具流動性的芝加哥商品交易所(CME)期貨交易量中的占比達到1%,而在我們的目標合約中歐洲期貨交易所和中國交易所至少能夠占到5%。

Liquidity provision target
流動性提供目標
Though our focus is on international expansion, we will not forget about liquidity. Our aggressive target is to be filling close to 65% of auction imbalances by Fall of 2019.
雖然我們的重點是開拓全球市場,但我們不會忘記流動性。我們雄心勃勃的目標是到2019年底填補將近65%的競價不平衡。

Pivot into growth
實現增長的關鍵轉向
Towards the end of 2019 we will pivot into growth mode, ramping up marketing budgets for customers to trade against our existing exchanges.
到2019年的年底,我們將進行關鍵轉向,轉向增長模式,逐步增加市場預算以幫助客戶在我們現有的交易所進行交易。

We plan to be breaking 1.5% of market share in the US, and 1% in Europe and Asia at this time for the contracts we target. Our aggressive goals will be to double these in the following year.
我們計劃在這個時期使我們的目標合約在美國突破1.5%的市場份額,在歐洲和亞洲則突破1%的市場份額。在接下來的一年我們將實現市場份額翻一番的積極目標。

 


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