差價合約(CFD)的交易成本》「點差」與「隔夜利息費用」是什麼？如何計算？

Therefore, if one trader buys the goods and sells them back to the dealer, even if the market price (median or average) remains unchanged, there will still be a loss on the margin, i.e. the price differential transaction cost ratio (%)

• 買入價：1324.90
• 賣出價：1324.60

代表投資人用1324.90買進，賣出時則是用1324.60，點差是0.3點：

The investor buys it for 1324.90 and sells it for 1324.60. The difference is 0.3:

• 點差：1324.90 – 1324.60=0.3

因此價差交易成本是0.023%：

As a result, the price differential transaction cost was 0.023 per cent:

• 價差交易成本：0.3點 ÷ 中間價 1324.75=0.023%

除了點差及隔夜費用以外，差價合約交易商並不收取其他的費用，

With the exception of the difference and the overnight fee, the difference traders do not charge any other fee.

而這樣的交易成本，相對股票的交易成本低非常多，也只有這麼低的買賣成本，才有可能讓交易者在短線上進行頻繁的交易。

Such transaction costs, coupled with very low transaction costs for equities, and only such low purchase and sale costs, make it possible for traders to conduct frequent transactions on the short line.

而外匯商品類型提供的其實是浮動點差，由於匯率波動變動快速，點差可能隨時變動，尤其是當市況波動大時。

The foreign-export commodity type, on the other hand, provides a floating point difference, which can change at any time, especially when the market is volatile, due to the speed with which the flow rate changes.

交易商為了讓交易者可以有效評估交易成本，通常會提供平均點差與最小點差的數據給交易者參考。不過一般況下，外匯類商品差價合約的點差大多接近最小點差。

In order to allow traders to assess transaction costs effectively, traders usually provide information on the average and minimum differences to the traders. But, in general, most of the differences in foreign-export commodity price agreements are close to the minimum.

差價合約交易也是一種保證金交易，或稱為保證金槓桿交易。意思是交易者買賣的合約價值很高，但是只需要動用很少的「保證金」，就可以操作這樣的部位。

The price difference deal is also a bond transaction, or a bond bar transaction. It means that the dealr buys and sells a very high value, but it only needs to use a very small " guarantee " to operate a part of it.

你可以想像成是類似股票的融資買進，不過利率通常比較低，這個利息費用就稱為隔夜融資費，有時候也簡稱隔夜費用、隔夜利息。

You can imagine an equity-like buy-in, but interest rates are usually lower, and this interest charge is referred to as overnight financing, and sometimes, briefly, as overnight fees and overnight interest.

市場先生補充：期貨合約類型的CFD都不收取隔夜融資費用。

Mr.

CFD一般有兩種類型，一種是現貨，另一種則是期貨。

There are generally two types of CFC, one on the spot and the other on the future.

期貨類型的CFD通常不收取隔夜融資費；但是通常點差較高，而且有到期日，到期就必須轉倉。

Future type CFCs do not normally charge overnight charges; however, the difference is usually higher and there is a maturity date, which has to be transferred to the warehouse.

但如果要做長周期的交易，相比於逐日計算的隔夜融資費，期貨CFD在交易成本上還是比現貨CFD來的有優勢，因此交易者大多使用期貨類型的CFD來持有長期部位。

But if long-cycle transactions are to be made, the futures CFC is still better at transaction costs than the current CFC, and most traders therefore use futures-type CFCs to hold long-term positions.

1. 按日計息

1.

隔夜融資費(隔夜利息)並不是一次收取，而是一天一天按日計息。只有當交易者持有部位超過一天以上，才會產生這個費用，也因此單日需要支付的融資隔夜利息其實很低。

The overnight charge (the overnight interest) is not a single charge, but a day-to-day interest. Only when the dealer holds more than a day will this cost be incurred, and therefore the overnight interest charge that will have to be paid on a single day is very low.

舉例子說，年利率2.5%如果分成365天，一天的利息費用大約只需要0.00685%。這樣的利息其實很低，如果交易的標的上漲0.1%，大概就相當於可以抵消2週左右的利息。

For example, an annual interest rate of 2.5 per cent, if divided into 365 days, would cost about 0.000685 per cent a day. Such interest would be very low, and if the price of the transaction rose by 0.1 per cent, it would be equivalent to offsetting interest for about two weeks.

2. 隔夜結算點可能不同

交易者在下單交易前務必清楚自己持有部位的隔夜融資利息費用結算規範。

At the end of the day, the traders must be aware of the rules for calculating the interest charges on the overnight loan they hold in advance of the next transaction.

3. 利率會根據銀行的基準利率變動

3. Interest rates change according to the bank's base interest rate

所謂銀行利率指的是同業拆借利率，而且每個時間點的銀行利率同，比方說有的時候這個利率是0.5%，有的時候是1%，交易商的利率也會根據這個數字進行調整。

The so-called bank interest rate refers to the co-lending rate, and the bank interest rate is the same at each point in time, for example, when it is 0.5 per cent and sometimes 1 per cent, and the dealer's interest rate is adjusted according to this figure.

4. 多/空部位對利率的調整方向不同

strong> 4. Multi/empty adjustment of interest rates in different directions

當你交易部位是方向不同時(多方/空方)，會影響到利率費用的調整方向。做多的部位，隔夜拆款利率會往上加，支付的利息會增加；做空的部位，隔夜拆款利率會往下減，支付的利息會減少。

When your trade is in a different direction (multiple/empty), it affects the adjustment of interest rates. If you do more, the interest rate increases up and the interest rate increases, and if you do more, the interest rate falls down and the interest rate is reduced.

舉例來說，如果基本隔夜利息費用年利率是2.5%，銀行隔夜拆款利率是0.5%，那麼：

For example, if the basic overnight interest rate is 2.5 per cent per annum and the bank's overnight interest rate is 0.5 per cent, then:

• 做多(買進)：利率往上加，此時利率會是原始隔夜利息2.5% + 0.5%=3%。
• 做空(看跌)：利率往下減，此時利率會是原始隔夜利息2.5% – 0.5%=2%。

這樣的調整方式是因為在做多(買進)的時候，意義上等同於交易者「借錢」買進部位，因此交易者需要支付銀行隔夜拆款利率的資金成本。

This adjustment is due to the fact that, in doing more (buy-in), it is equivalent to buying in the same way that the traders “lending money”, so that traders have to pay the cost of the bank’s overnight interest rate on unbundling money.

反過來說，如果交易者的部位方向是做空，相當於你先賣掉合約並持有現金(之後再買回來)，於是交易商要支付你這段期間內現金生出的利息。

On the other hand, if the dealer's location is empty, it is equivalent to selling the contract and holding the cash (and then buying it back), so the dealer pays the interest generated by the cash during the period.

這些交易機制的細節，差價合約交易商都會自動幫你算好，我們只需要知道相關概念就好。

The details of these trading mechanisms, the difference dealers will automatically help you figure it out, and we just need to know the concept.

1. 合約價值的大小與槓桿比率